Document:

Unassociated Document

    BEAR
      STEARNS ASSET BACKED SECURITIES I LLC

     

    Depositor

     

    EMC
      MORTGAGE CORPORATION

     

    Seller,
      Master Servicer and Company

     

    and

     

    WELLS
      FARGO BANK, NATIONAL ASSOCIATION

     

    Trustee

     

    ____________________

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of June 1, 2007

     

    ________________________________________

     

    BEAR
      STEARNS ASSET BACKED SECURITIES I TRUST 2007-AC5

     

    ASSET-BACKED
      CERTIFICATES, SERIES 2007-AC5

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
       

      ARTICLE
        I
        DEFINITIONS

       

      
        	
                Section
                  1.01

              	
                Defined
                  Terms.

              
	
                Section
                  1.02

              	
                Allocation
                  of Certain Interest Shortfalls.

              
	
                 

                ARTICLE
                  II CONVEYANCE OF TRUST FUND REPRESENTATIONS AND WARRANTIES

                 

              
	
                Section
                  2.01

              	
                Conveyance
                  of Trust Fund.

              
	
                Section
                  2.02

              	
                Acceptance
                  of the Mortgage Loans.

              
	
                Section
                  2.03

              	
                Representations,
                  Warranties and Covenants of the Company, the Master Servicer, the
                  Trustee
                  and the Seller.

              
	
                Section
                  2.04

              	
                Representations
                  and Warranties of the Depositor.

              
	
                Section
                  2.05

              	
                Delivery
                  of Opinion of Counsel in Connection with Substitutions and
                  Repurchases.

              
	
                Section
                  2.06

              	
                Countersignature
                  and Delivery of Certificates.

              
	
                Section
                  2.07

              	
                Purposes
                  and Powers of the Trust.

              
	
                 

                ARTICLE
                  III ADMINISTRATION AND SERVICING OF EMC MORTGAGE LOANS BY
                  COMPANY

                 

              
	
                Section
                  3.01

              	
                The
                  Company.

              
	
                Section
                  3.02

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  3.03

              	
                Subservicers.

              
	
                Section
                  3.04

              	
                Documents,
                  Records and Funds in Possession of Company To Be Held for
                  Trustee.

              
	
                Section
                  3.05

              	
                Maintenance
                  of Hazard Insurance.

              
	
                Section
                  3.06

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  3.07

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  3.08

              	
                Fidelity
                  Bond, Errors and Omissions Insurance.

              
	
                Section
                  3.09

              	
                Realization
                  Upon Defaulted Mortgage Loans; Determination of Excess Liquidation
                  Proceeds and Realized Losses; Repurchases of Certain Mortgage
                  Loans.

              
	
                Section
                  3.10

              	
                Servicing
                  Compensation.

              
	
                Section
                  3.11

              	
                REO
                  Property.

              
	
                Section
                  3.12

              	
                Liquidation
                  Reports.

              
	
                Section
                  3.13

              	
                Books
                  and Records.

              
	
                 

                ARTICLE
                  IV ADMINISTRATION AND MASTER SERVICING OF MORTGAGE LOANS BY MASTER
                  SERVICER

                 

              
	
                Section
                  4.01

              	
                Master
                  Servicer.

              
	
                Section
                  4.02

              	
                REMIC-Related
                  Covenants.

              
	
                Section
                  4.03

              	
                Monitoring
                  of Company and Servicer.

              
	
                Section
                  4.04

              	
                Fidelity
                  Bond.

              
	
                Section
                  4.05

              	
                Power
                  to Act; Procedures.

              
	
                Section
                  4.06

              	
                Due-on-Sale
                  Clauses; Assumption Agreements.

              
	
                Section
                  4.07

              	
                Release
                  of Mortgage Files.

              
	
                Section
                  4.08

              	
                Documents,
                  Records and Funds in Possession of Master Servicer, Company and
                  Servicer
                  To Be Held for Trustee.

              
	
                Section
                  4.09

              	
                Standard
                  Hazard Insurance and Flood Insurance Policies.

              
	
                Section
                  4.10

              	
                Presentment
                  of Claims and Collection of Proceeds.

              
	
                Section
                  4.11

              	
                Maintenance
                  of the Primary Mortgage Insurance Policies.

              
	
                Section
                  4.12

              	
                Trustee
                  to Retain Possession of Certain Insurance Policies and
                  Documents.

              
	
                Section
                  4.13

              	
                Realization
                  Upon Defaulted Mortgage Loans.

              
	
                Section
                  4.14

              	
                Compensation
                  for the Master Servicer.

              
	
                Section
                  4.15

              	
                REO
                  Property.

              
	
                Section
                  4.16

              	
                Annual
                  Statement as to Compliance.

              
	
                Section
                  4.17

              	
                Assessments
                  of Compliance and Attestation Reports.

              
	
                Section
                  4.18

              	
                Reports
                  Filed with Securities and Exchange Commission.

              
	
                Section
                  4.19

              	
                Intention
                  of the Parties and Interpretation.

              
	
                Section
                  4.20

              	
                UCC.

              
	
                Section
                  4.21

              	
                Optional
                  Purchase of Certain Mortgage Loans.

              
	
                 

                ARTICLE
                  V ACCOUNTS

                 

              
	
                Section
                  5.01

              	
                Collection
                  of Mortgage Loan Payments; Protected Account.

              
	
                Section
                  5.02

              	
                Permitted
                  Withdrawals From the Protected Account.

              
	
                Section
                  5.03

              	
                Reports
                  to Master Servicer.

              
	
                Section
                  5.04

              	
                Collection
                  of Taxes; Assessments and Similar Items; Escrow
                  Accounts.

              
	
                Section
                  5.05

              	
                Servicer
                  Protected Accounts.

              
	
                Section
                  5.06

              	
                Master
                  Servicer Collection Account.

              
	
                Section
                  5.07

              	
                Permitted
                  Withdrawals From the Master Servicer Collection
                  Account.

              
	
                Section
                  5.08

              	
                Distribution
                  Account.

              
	
                Section
                  5.09

              	
                Permitted
                  Withdrawals and Transfers from the Distribution
                  Account.

              
	
                 

                ARTICLE
                  VI DISTRIBUTIONS AND ADVANCES

                 

              
	
                Section
                  6.01

              	
                Advances.

              
	
                Section
                  6.02

              	
                Compensating
                  Interest Payments.

              
	
                Section
                  6.03

              	
                REMIC
                  Distributions.

              
	
                Section
                  6.04

              	
                Distributions.

              
	
                Section
                  6.05

              	
                Allocation
                  of Realized Losses.

              
	
                Section
                  6.06

              	
                Monthly
                  Statements to Certificateholders.

              
	
                Section
                  6.07

              	
                REMIC
                  Designations and REMIC Distributions.

              
	
                Section
                  6.08

              	
                Class
                  P Certificate Account.

              
	
                 

                ARTICLE
                  VII THE CERTIFICATES

                 

              
	
                Section
                  7.01

              	
                The
                  Certificates.

              
	
                Section
                  7.02

              	
                Certificate
                  Register; Registration of Transfer and Exchange of
                  Certificates.

              
	
                Section
                  7.03

              	
                Mutilated,
                  Destroyed, Lost or Stolen Certificates.

              
	
                Section
                  7.04

              	
                Persons
                  Deemed Owners.

              
	
                Section
                  7.05

              	
                Access
                  to List of Certificateholders’ Names and Addresses.

              
	
                Section
                  7.06

              	
                Book-Entry
                  Certificates.

              
	
                Section
                  7.07

              	
                Notices
                  to Depository.

              
	
                Section
                  7.08

              	
                Definitive
                  Certificates.

              
	
                Section
                  7.09

              	
                Maintenance
                  of Office or Agency.

              
	
                 

                ARTICLE
                  VIII THE COMPANY AND THE MASTER SERVICER

                 

              
	
                Section
                  8.01

              	
                Liabilities
                  of the Depositor, the Company and the Master Servicer.

              
	
                Section
                  8.02

              	
                Merger
                  or Consolidation of the Depositor, the Company or the Master
                  Servicer.

              
	
                Section
                  8.03

              	
                Indemnification
                  of the Master Servicer.

              
	
                Section
                  8.04

              	
                Limitations
                  on Liability of the Depositor, the Company, the Master Servicer
                  and
                  Others.

              
	
                Section
                  8.05

              	
                Master
                  Servicer and Company Not to Resign.

              
	
                Section
                  8.06

              	
                Successor
                  Master Servicer.

              
	
                Section
                  8.07

              	
                Sale
                  and Assignment of Master Servicing.

              
	
                 

                ARTICLE
                  IX DEFAULT; TERMINATION OF MASTER SERVICER; TERMINATION OF
                  COMPANY

                 

              
	
                Section
                  9.01

              	
                Events
                  of Default.

              
	
                Section
                  9.02

              	
                Trustee
                  to Act; Appointment of Successor.

              
	
                Section
                  9.03

              	
                Notification
                  to Certificateholders and Rating Agencies.

              
	
                Section
                  9.04

              	
                Waiver
                  of Defaults.

              
	
                Section
                  9.05

              	
                Company
                  Default.

              
	
                Section
                  9.06

              	
                Waiver
                  of Company Defaults.

              
	
                 

                ARTICLE
                  X CONCERNING THE TRUSTEE

                 

              
	
                Section
                  10.01

              	
                Duties
                  of Trustee.

              
	
                Section
                  10.02

              	
                Certain
                  Matters Affecting the Trustee.

              
	
                Section
                  10.03

              	
                Trustee
                  Not Liable for Certificates or Mortgage Loans.

              
	
                Section
                  10.04

              	
                Trustee
                  May Own Certificates.

              
	
                Section
                  10.05

              	
                Trustee’s
                  Fees and Expenses.

              
	
                Section
                  10.06

              	
                Eligibility
                  Requirements for Trustee.

              
	
                Section
                  10.07

              	
                Insurance.

              
	
                Section
                  10.08

              	
                Resignation
                  and Removal of Trustee.

              
	
                Section
                  10.09

              	
                Successor
                  Trustee.

              
	
                Section
                  10.10

              	
                Merger
                  or Consolidation of Trustee.

              
	
                Section
                  10.11

              	
                Appointment
                  of Co-Trustee or Separate Trustee.

              
	
                Section
                  10.12

              	
                Tax
                  Matters.

              
	
                Section
                  10.13

              	
                Indemnification
                  of the Trustee.

              
	
                Section
                  10.14

              	
                Limitations
                  on Liability of the Trustee.

              
	
                 

                ARTICLE
                  XI TERMINATION

                 

              
	
                Section
                  11.01

              	
                Termination
                  upon Liquidation or Repurchase of all Mortgage Loans.

              
	
                Section
                  11.02

              	
                Final
                  Distribution on the Certificates.

              
	
                Section
                  11.03

              	
                Additional
                  Termination Requirements.

              
	
                 

                ARTICLE
                  XII MISCELLANEOUS PROVISIONS

                 

              
	
                Section
                  12.01

              	
                Amendment.

              
	
                Section
                  12.02

              	
                Recordation
                  of Agreement; Counterparts.

              
	
                Section
                  12.03

              	
                Governing
                  Law.

              
	
                Section
                  12.04

              	
                Intention
                  of Parties.

              
	
                Section
                  12.05

              	
                Notices.

              
	
                Section
                  12.06

              	
                Severability
                  of Provisions.

              
	
                Section
                  12.07

              	
                Assignment.

              
	
                Section
                  12.08

              	
                Limitation
                  on Rights of Certificateholders.

              
	
                Section
                  12.09

              	
                Inspection
                  and Audit Rights.

              
	
                Section
                  12.10

              	
                Certificates
                  Nonassessable and Fully Paid.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBITS

       

      
        
          	
                  Exhibit
                    A-1

                	
                  Form
                    of Class A Certificates

                
	
                  Exhibit
                    A-2

                	
                  Form
                    of Class X Certificates

                
	
                  Exhibit
                    A-3

                	
                  Form
                    of Class PO Certificates

                
	
                  Exhibit
                    A-4

                	
                  Form
                    of Class R Certificates

                
	
                  Exhibit
                    A-5

                	
                  Form
                    of Class B Certificates

                
	
                  Exhibit
                    A-6

                	
                  Form
                    of Class P Certificates

                
	
                  Exhibit
                    B

                	
                  Mortgage
                    Loan Schedule

                
	
                  Exhibit
                    C

                	
                  Form
                    of Transferee Affidavit and Agreement

                
	
                  Exhibit
                    D

                	
                  Form
                    of Transferor Certificate

                
	
                  Exhibit
                    E

                	
                  Form
                    of Investment Letter (Non-Rule 144A)

                
	
                  Exhibit
                    F

                	
                  Form
                    of Rule 144A and Related Matters Certificate

                
	
                  Exhibit
                    G

                	
                  Form
                    of Request for Release

                
	
                  Exhibit
                    H

                	
                  DTC
                    Letter of Representations

                
	
                  Exhibit
                    I

                	
                  Schedule
                    of Mortgage Loans with Lost Notes

                
	
                  Exhibit
                    J

                	
                  Form
                    of Custodial Agreement

                
	
                  Exhibit
                    K

                	
                  Form
                    of Back-Up Certification to Form 10-K Certificate

                
	
                  Exhibit
                    L

                	
                  Form
                    of Mortgage Loan Purchase Agreement

                
	
                  Exhibit
                    M

                	
                  [Reserved]

                
	
                  Exhibit
                    N

                	
                  Servicing
                    Criteria to Be Addressed in Assessment of Compliance

                
	
                  Exhibit
                    O

                	
                  Form
                    10-D, Form 8-K and Form 10-K Reporting Responsibility

                
	
                  Exhibit
                    P

                	
                  Additional
                    Disclosure Notification

                
	
                  Exhibit
                    Q-1

                	
                  Bank
                    of America Servicing Agreement

                
	
                  Exhibit
                    Q-2

                	
                  Branch
                    Banking Servicing Agreement

                
	
                  Exhibit
                    Q-3

                	
                  Fifth
                    Third Servicing Agreement

                
	
                  Exhibit
                    Q-4

                	
                  GreenPoint
                    Servicing Agreement

                
	
                  Exhibit
                    Q-5

                	
                  HSBC
                    Servicing Agreement

                
	
                  Exhibit
                    Q-6

                	
                  Mid
                    America Servicing Agreement

                
	
                  Exhibit
                    Q-7

                	
                  National
                    City Servicing Agreement

                
	
                  Exhibit
                    R-1

                	
                  Form
                    of Bank of America Assignment Agreement

                
	
                  Exhibit
                    R-2

                	
                  Form
                    of Branch Banking Assignment Agreement

                
	
                  Exhibit
                    R-3

                	
                  Form
                    of Fifth Third Assignment Agreement

                
	
                  Exhibit
                    R-4

                	
                  Form
                    of GreenPoint Assignment Agreement

                
	
                  Exhibit
                    R-5

                	
                  Form
                    of HSBC Assignment Agreement

                
	
                  Exhibit
                    R-6

                	
                  Form
                    of Mid America Assignment Agreement

                
	
                  Exhibit
                    R-7

                	
                  Form
                    of National City Assignment Agreement

                
	
                  Exhibit
                    S

                	
                  Remittance
                    Overview Report

                
	
                  Exhibit
                    T

                	
                  Remittance
                    Summary Report

                
	
                  Exhibit
                    U

                	
                  Calculation
                    of Gain-Loss Delinquent Loans

                
	
                  Exhibit
                    V

                	
                  Form
                    of Certification to be provided by the Trustee to the
                    Depositor

                
	
                  Exhibit
                    W

                	
                  [Reserved]

                
	
                  Exhibit
                    X

                	
                  Claims
                    Submitted

                
	
                  Exhibit
                    Y

                	
                  Default
                    Overview Report

                
	
                  Exhibit
                    Z

                	
                  Delinquent
                     Summary Report

                
	
                  Exhibit
                    AA

                	
                  Loss
                    Severity Summary Report

                
	
                  Exhibit
                    BB

                	
                  Modified
                    Loans Report

                
	
                  Exhibit
                    CC

                	
                  Form
                    of Transferor Affidavit

                
	
                  Exhibit
                    DD

                	
                  Trustee
                    Certification of Exchange Act
                    reporting

                

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    POOLING
      AND SERVICING AGREEMENT, dated as of June 1, 2007, among BEAR STEARNS ASSET
      BACKED SECURITIES I LLC, a Delaware limited liability company, as depositor
      (the
“Depositor”), EMC MORTGAGE CORPORATION, a Delaware corporation, as seller (in
      such capacity, the “Seller”), as master servicer (in such capacity, the “Master
      Servicer”) and as company (in such capacity, the “Company”) and WELLS FARGO
      BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the
      “Trustee”).

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee
      in return for the Certificates.

     

    REMIC
      I

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the Mortgage Loans and certain other related assets subject to
      this Agreement (other than any Prepayment Charge Waiver Amounts) as a REMIC
      for
      federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC I”. The Class R-1 Certificates will represent the sole
      class of Residual Interests in REMIC I for purposes of the REMIC Provisions.
      The
      following table irrevocably sets forth the designation, the Uncertificated
      REMIC
      I Pass-Through Rate, the initial Uncertificated Principal Balance and, 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. None
      of the REMIC I Regular Interests will be certificated.

     

    
      	
              Designation

            	
              Initial
                Uncertificated

              Principal
                Balance

            	
              Uncertificated
                REMIC I

              Pass-Through
                Rate

            	
               

              Related
                Subgroup

            	
              Latest
                Possible Maturity Date(1)

            
	
              PO

            	
               $           1,037,274.14

            	
              0.000%

            	
              Subgroup
                1

            	
              July
                25, 2037

            
	
              1-Sub

            	
               $                16,289.98

            	
              6.000%

            	
              Subgroup
                1

            	
              July
                25, 2037

            
	
              1-ZZZ

            	
               $       196,964,690.73

            	
              6.000%

            	
              Subgroup
                1

            	
              July
                25, 2037

            
	
              2-Sub

            	
               $                20,831.11

            	
              7.000%

            	
              Subgroup
                2

            	
              July
                25, 2037

            
	
              2-ZZZ

            	
               $       251,865,276.37

            	
              7.000%

            	
              Subgroup
                2

            	
              July
                25, 2037

            
	
              R-2/R-3

            	
                     $    
                                100.00

            	
              0.000%

            	
              N/A

            	
              July
                25, 2037

            
	
              P

            	
                     $            
                        100.00

            	
              0.000%

            	
              N/A

            	
              July
                25, 2037

            
	
              X

            	
              (3)

            	
              (2)

            	
              Subgroup
                2

            	
              July
                25, 2037

            

    

    ___________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month 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 “Uncertificated REMIC I Pass-Through
                Rate” herein.

            

    

    

    
      	
              (3)

            	
              REMIC
                I Regular Interest X will not have an Uncertificated Principal Balance
                but
                will accrue interest on its uncertificated notional amount calculated
                in
                accordance with the definition of “Uncertificated Notional Amount”
                herein.

            

    

     

    REMIC
      II

     

    As
      provided herein, the Trustee shall 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-2 Certificates will represent the sole class of Residual Interests
      in REMIC II for purposes of the REMIC Provisions. The following table
      irrevocably sets forth the designation, the Uncertificated REMIC II Pass-Through
      Rate, the initial Uncertificated Principal Balance and, for purposes of
      satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible
      maturity date” for each of the REMIC II Regular Interests. None of the REMIC II
      Regular Interests will be certificated.

     

    
      	
              
                Designation

              

            	
              
                Initial
                  Uncertificated

                Principal
                  Balance

              

            	
              
                Uncertificated
                  REMIC II

                Pass-Through
                  Rate

              

            	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              A-1

            	
               $       141,766,000.00

            	
              6.000%

            	
              July
                25, 2037

            
	
              A-2

            	
               $         20,856,000.00

            	
              6.000%

            	
              July
                25, 2037

            
	
              A-3

            	
               $         15,305,000.00

            	
              6.000%

            	
              July
                25, 2037

            
	
              A-4

            	
               $           2,764,000.00

            	
              6.000%

            	
              July
                25, 2037

            
	
              A-5

            	
               $       226,630,000.00

            	
              7.000%

            	
              July
                25, 2037

            
	
              A-7

            	
               $           4,425,000.00

            	
              7.000%

            	
              July
                25, 2037

            
	
              B-1

            	
               $         13,947,000.00

            	
              (2)

            	
              July
                25, 2037

            
	
              B-2

            	
               $           7,873,000.00

            	
              (2)

            	
              July
                25, 2037

            
	
              B-3

            	
               $           4,949,000.00

            	
              (2)

            	
              July
                25, 2037

            
	
              B-4

            	
               $           3,150,000.00

            	
              (2)

            	
              July
                25, 2037

            
	
              B-5

            	
               $           1,800,000.00

            	
              (2)

            	
              July
                25, 2037

            
	
              B-6

            	
               $           5,402,088.19

            	
              (2)

            	
              July
                25, 2037

            
	
              PO

            	
              $           1,037,274.14

            	
              0.000%

            	
              July
                25, 2037

            
	
              X

            	
              (4)

            	
              (2)(3)

            	
              July
                25, 2037

            
	
              R-3

            	
               $       
                               50.00

            	
              0.000%

            	
              July
                25, 2037

            
	
              P

            	
               $      
                              100.00

            	
              0.000%

            	
              July
                25, 2037

            

    

    ___________________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month 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 II Regular
                Interest.

               

            
	
              (2)

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

               

            
	
              (3)

            	
              For
                federal income tax purposes, REMIC II Regular Interest X will not
                have an
                Uncertificated REMIC II Pass-Through Rate, but will be entitled to
                100% of
                the amounts distributed on REMIC I Regular Interest X.

               

            
	
              (4)

            	
              For
                federal income tax purposes, REMIC II Regular Interest X will not
                have an
                Uncertificated Principal Balance, but will have an uncertificated
                notional
                amount equal to the Uncertificated Notional Amount of REMIC I Regular
                Interest X.

            

    

    

    REMIC
      III

     

    As
      provided herein, the Trustee shall elect to treat the segregated pool of assets
      consisting of the REMIC II Regular Interests as a REMIC for federal income
      tax
      purposes, and such segregated pool of assets will be designated as “REMIC III”.
      The Class R-3 Certificates will represent the sole class of Residual Interests
      in REMIC III for purposes of the REMIC Provisions.

     

    The
      following table irrevocably sets forth the designation, Pass-Through Rate,
      Initial Certificate Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each Class of Certificates that represents ownership of Regular Interests in
      REMIC III created hereunder and the Class R Certificates.

     

    
      	
              
                Designation

              

            	 	
              
                Initial
                  Certificate or Uncertificated

                Principal
                  Balance

              

            	 	
              
                Pass-Through
                  Rate

              

            	 	
              
                Latest
                  Possible Maturity Date(1)

              

            
	
              A-1

            	 	
              $   
   141,766,000.00

            	 	
              Class
                A-1 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-2

            	 	
              $
    20,856,000.00

            	 	
              Class
                A-2 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-3

            	 	
              $     
                   15,305,000.00

            	 	
              Class
                A-3 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-4

            	 	
              $  
    2,764,000.00

            	 	
              Class
                A-4 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-5

            	 	
              $   
   226,630,000.00

            	 	
              Class
                A-5 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-6

            	 	
              (2)

            	 	
              Class
                A-6 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              A-7

            	 	
              $  
    4,425,000.00

            	 	
              Class
                A-7 Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              X

            	 	
              (3)

            	 	
              Class
                X Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              PO

            	 	
              $    1,037,274.14

            	 	
              0.00%(4)

            	 	
              July
                25, 2037

            
	
              R-1

            	 	
                    $               
                        50.00

            	 	
              N/A(4)

            	 	
              July
                25, 2037

            
	
              R-2

            	 	
              $               
                        50.00

            	 	
              N/A(4)

            	 	
              July
                25, 2037

            
	
              R-3

            	 	
              $               
                        50.00

            	 	
              N/A(4)

            	 	
              July
                25, 2037

            
	
              B-1

            	 	
              $  
   13,947,000.00

            	 	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              B-2

            	 	
              $    7,873,000.00

            	 	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              B-3

            	 	
              $    4,949,000.00

            	 	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              B-4

            	 	
              $    3,150,000.00

            	 	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              B-5

            	 	
              $    1,800,000.00

            	
               

            	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              B-6

            	 	
              $    5,402,088.19

            	 	
              Class
                B Pass-Through Rate

            	 	
              July
                25, 2037

            
	
              P

            	 	
              $    
                         100.00

            	 	
              0.00%(4)

            	 	
              July
                25, 2037

            

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan with the latest maturity date has been designated as
                the
                “latest possible maturity date” for each Class of Certificates other than
                the Class R Certificates.

               

            
	
              (2)

            	
              The
                Class A-6 Certificates do not have a Certificate Principal Balance
                but
                will accrue interest on a Notional Amount which shall be equal the
                aggregate Certificate Principal Balance of the Class A-5 Certificates
                and
                Class A-7 Certificates. For federal income tax purposes, the Notional
                Amount of the Class A-6 Certificates will be an amount equal to the
                aggregate Uncertificated Principal Balance of REMIC II Regular Interests
                A-5 and A-7.

               

            
	
              (3)

            	
              The
                Class X Certificates do not have a Certificate Principal Balance
                but will
                accrue interest on a Notional Amount which shall be equal the aggregate
                Stated Principal Balance of the Mortgage Loans in Subgroup 2 that
                have Net
                Mortgage Rates greater than or equal to 7.000% per annum. For federal
                income
                tax purposes, the Notional Amount of the Class X Certificates will
                be an
                amount equal to the Uncertificated Notional Amount of REMIC II Regular
                Interest X.

               

            
	
              (4)

            	
              The
                Class PO, Class R and Class P Certificates are not entitled to
                distributions of interest.

            

    

    

    The
      Trust
      Fund shall be named, and may be referred to as, the “Bear Stearns Asset Backed
      Securities I Trust 2007-AC5.” The Certificates issued hereunder may be referred
      to as “Asset-Backed Certificates Series 2007-AC5” (including for purposes of any
      endorsement or assignment of a Mortgage Note or Mortgage).

     

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01  Defined
      Terms.

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the following meanings:

     

    Accepted
      Master Servicing Practices: With respect to any Mortgage Loan, those
      customary mortgage servicing practices of prudent mortgage servicing
      institutions that master service mortgage loans of the same type and quality
      as
      such Mortgage Loan in the jurisdiction where the related Mortgaged Property
      is
      located, to the extent applicable to the Trustee or the Master Servicer (except
      in its capacity as successor to Servicer).

     

    Accepted
      Servicing Practices: With respect to each EMC Mortgage Loan, the procedures,
      including prudent collection and loan administration procedures, and the
      standard of care (i) employed by prudent mortgage servicers which service
      mortgage loans of the same type as the EMC Mortgage Loans in the jurisdictions
      in which the related Mortgaged Properties are located or (ii) in accordance
      with
      the Fannie Mae Guide or Freddie Mac Guide, subject to any variances negotiated
      with Fannie Mae or Freddie Mac and subject to the express provisions of this
      Agreement.  Such standard of care shall not be lower than that the
      Company customarily employs and exercises in servicing and administering similar
      mortgage loans for its own account and shall be in full compliance with all
      federal, state, and local laws, ordinances, rules and regulations.

     

    Accrued
      Certificate Interest: With respect to any Class of Certificates (other than
      the Class PO, Class P and Class R Certificates) for any Distribution Date,
      means
      an amount equal to the interest accrued during the related Interest Accrual
      Period at the applicable Pass-Through Rate on the Certificate Principal Balance
      or Notional Amount of such Certificate immediately prior to such Distribution
      Date less (i) in the case of any such Senior Certificate, such Certificate’s
      share of any Net Interest Shortfalls from the related Mortgage Loans and, after
      the Cross-Over Date, the interest portion of any Realized Losses on the related
      Mortgage Loans and (ii) in the case of a Subordinate Certificate, such
      Certificate’s share of any Net Interest Shortfalls and the interest portion of
      any Realized Losses on the Mortgage Loans. Such Net Interest Shortfalls will
      be
      allocated among the Certificates in proportion to the amount of Accrued
      Certificate Interest that would have been allocated thereto in the absence
      of
      such shortfalls. No Accrued Certificates Interest is payable to the Class PO,
      Class P or Class R Certificates. Accrued Certificate Interest with respect
      to
      the Class A, Class X and Class B Certificates will be based on a 360-day year
      that consists of twelve 30-day months. No Accrued Certificate Interest will
      be
      payable with respect to any Class of Certificates after the Distribution Date
      on
      which the outstanding Certificate Principal Balance or Notional Amount of such
      Certificate has been reduced to zero.

     

    Account:
      The Distribution Account, the Master Servicer Collection Account and any
      Protected Account.

     

    Additional
      Disclosure: As defined in Section 4.18.

     

    Additional
      Form 10-D Disclosure: As defined in Section 4.18.

     

    Additional
      Form 10-K Disclosure: As defined in Section 4.18.

     

    Adjustable
      Rate Mortgage Loan:  Each of the Mortgage Loans identified in 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 an Adjustable Rate 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:
      An advance of delinquent payments of principal or interest in respect of a
      Mortgage Loan required to be made by the Company as provided in Section 6.01(a)
      hereof, by the related Servicer in accordance with the related Servicing
      Agreement or by the Master Servicer as provided in Section 6.01(b)
      hereof.

     

    Agreement:
      This Pooling and Servicing Agreement and any and all amendments or supplements
      hereto made in accordance with the terms herein.

     

    Allocable
      Share: With respect to any Class of Subordinate Certificates on any
      Distribution Date will generally equal such Class’s pro rata share (based on the
      Certificate Principal Balance of each Class entitled thereto) of the sum of
      each
      of the components of the definition of Subordinate Optimal Principal Amount
      for
      each Subgroup; provided that, except as described in the second succeeding
      sentence, no Class of Subordinate Certificates (other than the Class of
      Subordinate Certificates outstanding with the lowest numerical designation)
      shall be entitled on any Distribution Date to receive distributions pursuant
      to
      clauses (2), (3) and (5) of the definition of Subordinate Optimal Principal
      Amount unless the Class Prepayment Distribution Trigger for the related Class
      is
      satisfied for such Distribution Date. The “Class Prepayment Distribution
      Trigger” for a Class of Subordinate Certificates for any Distribution Date is
      satisfied if the fraction (expressed as a percentage), the numerator of which
      is
      the aggregate Certificate Principal Balance of such Class and each Class
      subordinated thereto, if any, and the denominator of which is the aggregate
      Stated Principal Balance of all of the Mortgage Loans as of the related Due
      Date, equals or exceeds such percentage calculated as of the Closing Date.
      If on
      any Distribution Date the Certificate Principal Balance of any Class of
      Subordinate Certificates for which the related Class Prepayment Distribution
      Trigger was satisfied on such Distribution Date is reduced to zero, any amounts
      distributable to such Class pursuant to clauses (2), (3) and (5) of the
      definition of Subordinate Optimal Principal Amount, to the extent of such
      Class’s remaining Allocable Share, shall be distributed to the remaining Classes
      of Subordinate Certificates in reduction of their respective Certificate
      Principal Balances, sequentially, in the order of their numerical Class
      designations. If the Class Prepayment Distribution Trigger is not satisfied
      for
      any Class of Subordinate Certificates on any Distribution Date, this may have
      the effect of accelerating the amortization of more senior Classes of
      Subordinate Certificates.

     

    Amounts
      Held for Future Distribution: As to any Distribution Date, the aggregate
      amount held in the Company’s or the related Servicer’s Protected Accounts on any
      date of determination on account of (i) all Scheduled Payments or portions
      thereof received in respect of the Mortgage Loans due after the related Due
      Period and (ii) Principal Prepayments received in respect of such Mortgage
      Loans
      after the last day of the related Prepayment Period, (iii) Liquidation Proceeds
      and Insurance Proceeds received in respect of such Mortgage Loans after the
      last
      day of the calendar month immediately preceding such Distribution
      Date.

     

    Annual
      Statement of Compliance: As defined in Section 4.16.

     

    Appraised
      Value: With respect to any Mortgage Loan originated in connection with a
      refinancing, the appraised value of the Mortgaged Property based upon the
      appraisal made at the time of such refinancing or, with respect to any other
      Mortgage Loan, the lesser of (x) the appraised value of the Mortgaged Property
      based upon the appraisal made by a fee appraiser at the time of the origination
      of the related Mortgage Loan, and (y) the sales price of the Mortgaged Property
      at the time of such origination.

     

    Assignment
      Agreement: Shall mean any of the Bank of America Assignment Agreement,
      Branch Banking Assignment Agreement, Fifth Third Assignment Agreement,
      GreenPoint Assignment Agreement, HSBC Assignment Agreement, Mid America
      Assignment Agreement or National City Assignment Agreement.

     

    Assessment
      of Compliance: As defined in Section 4.17.

     

    Attesting
      Party: As defined in Section 4.17.

     

    Attestation
      Report: As defined in Section 4.17.

     

    Available
      Funds: Shall mean the sum of Interest Funds and Principal Funds relating to
      the Mortgage Loans plus the Class R Deposit.

     

    Bank
      of America:  Bank of America, National Association.

     

    Bank
      of America Assignment Agreement:  The Assignment, Assumption and
      Recognition Agreement, dated as of June 29, 2007, by and among the Seller,
      Bank
      of America and the Trustee evidencing the assignment of the Bank of America
      Servicing Agreement to the Trust, attached hereto as Exhibit R-1.

     

    Bank
      of America Servicing Agreement:  The Second Amended and Restated
      Flow Mortgage Loan Sale and Servicing Agreement, dated as of February 1, 2006,
      between the Seller and Bank of America, as amended by Regulation AB Compliance
      Addendum to Second Amended and Restated Flow Mortgage Loan Sale and Servicing
      Agreement, dated as of February 1, 2006, attached hereto as Exhibit Q-1, as
      modified by the Bank of America Assignment Agreement.

     

    Bankruptcy
      Code: Title 11 of the United States Code.

     

    Book-Entry
      Certificates: Any of the Certificates that shall be registered in the name
      of the Depository or its nominee, the ownership of which is reflected on the
      books of the Depository or on the books of a person maintaining an account
      with
      the Depository (directly, as a “Depository Participant”, or indirectly, as an
      indirect participant in accordance with the rules of the Depository and as
      described in Section 7.06). As of the Closing Date, each Class of Offered
      Certificates constitutes a Class of Book-Entry Certificates.

     

    Branch
      Banking:  Branch Banking and Trust Company.

     

    Branch
      Banking Assignment Agreement:  The Assignment, Assumption and
      Recognition Agreement, dated as of June 29, 2007, by and among the Seller,
      Branch Banking and the Trustee evidencing the assignment of the Bank of America
      Servicing Agreement to the Trust, attached hereto as Exhibit R-2.

     

    Branch
      Banking Servicing Agreement:  The Purchase, Warranties and
      Servicing Agreement, dated as of March 1, 2007, between the Seller and Branch
      Banking, attached hereto as Exhibit Q-2, as modified by the Branch Banking
      Assignment Agreement.

     

    Business
      Day:  Any day other than (i) a Saturday or a Sunday, or (ii) a day
      on which banking institutions in the City of New York, New York, Columbia,
      Maryland, Minneapolis, Minnesota or the city in which the Corporate Trust Office
      of the Trustee or the principal office of the Company or the Master Servicer
      is
      located are authorized or obligated by law or executive order to be
      closed.

     

    Capitalization
      Reimbursement Amount: With respect to any Distribution Date, the aggregate
      of amounts added to the Stated Principal Balance of the Mortgage Loans during
      the preceding calendar month representing reimbursements to the related Servicer
      on or prior to such Distribution Date in connection with the modification of
      such Mortgage Loan.

     

    Certificate:
      Any one of the certificates of any Class executed and authenticated by the
      Trustee in substantially the forms attached hereto as Exhibits A-1 through
      A-6.

     

    Certificateholder
      or Holder: The person in whose name a Certificate is registered in the
      Certificate Register (initially, Cede & Co., as nominee for the Depository,
      in the case of any Book-Entry Certificates).

     

    Certificate
      Owner: With respect to a Book-Entry Certificate, the Person that is the
      beneficial owner of such Book-Entry Certificate.

     

    Certificate
      Principal Balance: As to any Certificate (other than the Class A-6
      Certificates or Class X Certificates) and as of any Distribution Date, the
      Initial Certificate Principal Balance of such Class, less the sum of (i) all
      amounts in respect of principal distributed to such Class on previous
      Distribution Dates, and (ii) any Realized Losses allocated to such Class on
      previous Distribution Dates; provided that, the Certificate Principal Balance
      of
      any class of Certificates (other than the Class A-6, Class X, Class R and Class
      P Certificates) with the highest payment priority to which Realized Losses
      have
      been allocated will be increased by the amount of any Subsequent Recoveries
      received on the Mortgage Loans in the related Subgroup not previously allocated,
      but not by more than the amount of Realized Losses previously allocated to
      reduce the Certificate Principal Balance of that Certificate.

     

    Certificate
      Register: The register maintained pursuant to Section 7.02
      hereof.

     

    Class:
      All Certificates bearing the same Class designation as set forth in Section
      7.01
      hereof.

     

    Class
      A Certificate: Any of the Class A-1, Class A-2, Class A-3, Class A-4, Class
      A-5, Class A-6 and Class A-7 Certificates.

     

    Class
      A-1 Certificate:  Any Certificate designated as a “Class A-1
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-1 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-1 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate
      equal to 6.000% per annum.

     

    Class
      A-2 Certificate:  Any Certificate designated as a “Class A-2
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-2 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-2 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate
      equal to 6.000% per annum.

     

    Class
      A-3 Certificate:  Any Certificate designated as a “Class A-3
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-3 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-3 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate
      equal to 6.000% per annum.

     

    Class
      A-4 Certificate:  Any Certificate designated as a “Class A-3
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-3 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-4 Pass-Through Rate: Shall mean on any Distribution Date, a fixed rate
      equal to 6.000% per annum.

     

    Class
      A-5 Certificate:  Any Certificate designated as a “Class A-5
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-5 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-5 Pass-Through Rate: Shall mean on any Distribution Date, One-Month LIBOR
      plus 0.450% per annum, subject to a maximum rate of 7.000% per annum and a
      minimum rate of 0.450% per annum.

     

    Class
      A-6 Certificate:  Any Certificate designated as a “Class A-6
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-6 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-6 Pass-Through Rate: Shall mean on any Distribution Date, 6.550% per annum
      minus One-Month LIBOR, subject to a maximum rate of 6.550% per annum and a
      minimum rate of 0.000% per annum.

     

    Class
      A-7 Certificate:  Any Certificate designated as a “Class A-7
      Certificate” on the face thereof, in the form of Exhibit A-1 hereto,
      representing the right to the Percentage Interest of distributions provided
      for
      the Class A-7 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      A-7 Pass-Through Rate: Shall mean on any Distribution Date, One-Month LIBOR
      plus 0.450% per annum, subject to a maximum rate of 7.000% per annum and a
      minimum rate of 0.450% per annum.

     

    Class
      B Certificates: Any of the Class B-1, Class B-2, Class B-3, Class B-4, Class
      B-5 and Class B-6 Certificates.

     

    Class
      B Pass-Through Rate: With regard to the Class B Certificates and any
      Distribution Date, the weighted average of 6.000% per annum and 7.000% per
      annum, weighted in proportion to the results of subtracting from the aggregate
      Stated Principal Balance of the Mortgage Loans in Subgroup 1 and Subgroup 2,
      respectively (other than the PO Percentage of the principal balance of any
      of
      such Mortgage Loans), the aggregate Certificate Principal Balance of the related
      Class or Classes of Senior Certificates, other than the Class PO Certificates.
      For federal income tax purposes, the Class B Pass-Through Rate for any
      Distribution Date shall be the equivalent of the foregoing expressed as a per
      annum rate equal to the weighted average of the Uncertificated REMIC II
      Pass-Through Rates for REMIC II Regular Interest B-1, REMIC II Regular Interest
      B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4, REMIC II
      Regular Interest B-5 and REMIC II Regular Interest B-6, weighted on the basis
      of
      the Uncertificated Principal Balances of each such REMIC II Regular Interest
      immediately prior to such Distribution Date.

     

    Class
      B-1 Certificate:  Any Certificate designated as a “Class B-1
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-1 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      B-2 Certificate:  Any Certificate designated as a “Class B-2
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-2 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      B-3 Certificate:  Any Certificate designated as a “Class B-3
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-3 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III..

     

    Class
      B-4 Certificate:  Any Certificate designated as a “Class B-4
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-4 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      B-5 Certificate:  Any Certificate designated as a “Class B-5
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-5 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      B-6 Certificate:  Any Certificate designated as a “Class B-6
      Certificate” on the face thereof, in the form of Exhibit A-5 hereto,
      representing the right to its Percentage Interest of distributions provided
      for
      the Class B-6 Certificates as set forth herein and evidencing a Regular Interest
      in REMIC III.

     

    Class
      P Certificate: Any Certificate designated as a “Class P Certificate” on the
      face thereof, in the form of Exhibit A-6 hereto, representing the right to
      its
      Percentage Interest of distributions provided for the Class P Certificates
      as
      set forth herein and evidencing (i) a Regular Interest in REMIC III and (ii)
      the
      right to receive any Prepayment Charge Waiver Amounts.

     

    Class
      P Certificate Account: The account established and maintained by the Trustee
      pursuant to Section 6.08 hereof.

     

    Class
      PO Certificate: Any Certificate designated as a “Class PO Certificate” on
      the face thereof, in the form of Exhibit A-3 hereto, representing the right
      to
      the Percentage Interest of distributions provided for the Class PO Certificates
      as set forth herein and evidencing a Regular Interest in REMIC III.

     

    Class
      PO Certificate Deferred Payment Writedown Amount:  With respect to
      any Distribution Date and the Class PO Certificates, the amount distributed
      to
      the Class PO Certificates on such Distribution Date pursuant to priority
fourth under Section 6.04 herein. The Class PO Certificate Deferred
      Payment Writedown Amount will be allocated to the Classes of Subordinate
      Certificates in inverse order of their numerical class designations, until
      the
      Certificate Principal Balance of each such Class has been reduced to
      zero.

     

    Class
      PO Certificate Principal Distribution Amount:  With respect to
      each Distribution Date and the Class PO Certificates, means an amount equal
      to
      the sum of the following (but in no event greater than the aggregate Certificate
      Principal Balance of the Class PO Certificates immediately prior to such
      Distribution Date):

     

    (i)           the
      PO Percentage of the principal portion of all monthly payments due on the
      Discount Mortgage Loan in Subgroup 1 on the related Due Date, as specified
      in
      the amortization schedule at the time applicable thereto (after adjustment
      for
      previous principal prepayments but before any adjustment to such amortization
      schedule by reason of any bankruptcy or similar proceeding or any moratorium
      or
      similar waiver or grace period);

     

    (ii)           the
      PO Percentage of the Stated Principal Balance of each Discount Mortgage Loan
      in
      Subgroup 1 which was the subject of a prepayment in full received by the related
      servicer during the applicable Prepayment Period;

     

    (iii)           the
      PO Percentage of all partial prepayments allocated to principal received during
      the applicable Prepayment Period with respect to any Discount Mortgage Loan
      in
      Subgroup 1;

     

    (iv)           the
      lesser of (a) the PO Percentage of the sum of (A) all Net Liquidation Proceeds
      allocable to principal received in respect of each Discount Mortgage Loan in
      Subgroup 1 which became a Liquidated Loan during the related Prepayment Period
      (other than a Discount Mortgage Loan described in the immediately following
      clause (B)) and all Subsequent Recoveries received in respect of each defaulted
      Discount Mortgage Loan in Subgroup 1 during the related Due Period and (B)
      the
      Stated Principal Balance of each such Discount Mortgage Loan in Subgroup 1
      purchased by an insurer from the trustee during the related Prepayment Period
      pursuant to the related primary mortgage insurance policy, if any, or otherwise;
      and (b) the PO Percentage of the sum of (A) the Stated Principal Balance of
      each
      Discount Mortgage Loan in Subgroup 1 which became a Liquidated Loan during
      the
      related Prepayment Period (other than a Discount Mortgage Loan described in
      the
      immediately following clause (B)) and (B) the Stated Principal Balance of each
      such Discount Mortgage Loan that was purchased by an insurer from the trustee
      during the related Prepayment Period pursuant to the related primary mortgage
      insurance policy, if any or otherwise; and

     

    (v)           the
      PO Percentage of the sum of (a) the Stated Principal Balance of each Discount
      Mortgage Loan in Subgroup 1 which was repurchased by the seller in connection
      with such Distribution Date and (b) the excess, if any, of the Stated Principal
      Balance of each Discount Mortgage Loan in Subgroup 1 that has been replaced
      by
      the seller with a substitute Mortgage Loan pursuant to this Agreement in
      connection with such Distribution Date over the Stated Principal Balance of
      each
      such substitute Discount Mortgage Loan.

     

    Class
      R Certificate: Any of the Class R-1, Class R-2 or Class R-3
      Certificates.

     

    Class
      R Deposit: The $150 deposit into the Distribution Account by the Depositor
      on the Closing Date to pay the Class R Certificates in accordance with Section
      6.04(f) on the Distribution Date occurring in July 2007.

     

    Class
      R-1 Certificate:  Any Certificate designated a “Class R-1
      Certificate” on the face thereof, in the form set forth in Exhibit A-4 hereto,
      evidencing the Residual Interest in REMIC I and representing the right to the
      Percentage Interest of distributions provided for the Class R-1 Certificates
      as
      set forth herein.

     

    Class
      R-2 Certificate:  Any Certificate designated a “Class R-2
      Certificate” on the face thereof, in the form set forth in Exhibit A-4 hereto,
      evidencing the Residual Interest in REMIC II and representing the right to
      the
      Percentage Interest of distributions provided for the Class R-2 Certificates
      as
      set forth herein.

     

    Class
      R-3 Certificate:  Any Certificate designated a “Class R-3
      Certificate” on the face thereof, in the form set forth in Exhibit A-4 hereto,
      evidencing the Residual Interest in REMIC III and representing the right to
      the
      Percentage Interest of distributions provided for the Class R-3 Certificates
      as
      set forth herein.

     

    Class
      X Certificate: Any Certificate designated as a “Class X Certificate” on the
      face thereof, in the form of Exhibit A-2 hereto, representing the right to
      its
      Percentage Interest of distributions provided for the Class X Certificates
      as
      set forth herein and evidencing a Regular Interest in REMIC III.

     

    Class
      X Pass-Through Rate: With respect to the Class X Certificates and to any
      Distribution Date, the excess, if any, of (a) the weighted average net mortgage
      rate of the Mortgage Loans in Subgroup 2 with Net Mortgage Rates greater than
      or
      equal to 7.000% per annum over (b) 7.000% per annum. For federal income tax
      purposes, the Class X Certificates shall not have a Pass-Through Rate, but
      shall
      be entitled to receive 100% of the interest payable with respect to REMIC II
      Regular Interest X.

     

    Closing
      Date: June 29, 2007.

     

    Code:
      The Internal Revenue Code of 1986, including any successor or amendatory
      provisions.

     

    Commission:  The
      Securities and Exchange Commission.

     

    Company:
      EMC.

     

    Company
      Information: As defined in Section 4.18(b).

     

    Compensating
      Interest: An amount, not to exceed the Servicing Fee, to be deposited in the
      Distribution Account by the Company or the related Servicer with respect to
      the
      payment of a Prepayment Interest Shortfall on a Mortgage Loan subject to this
      Agreement.

     

    Corporate
      Trust Office:  With respect to the Trustee, the designated
      corporate trust office of the Trustee where at any particular time its corporate
      trust business with respect to this Agreement shall be administered, which
      office at the date of the execution of this agreement is located at 9062 Old
      Annapolis Road, Columbia, MD 21045, Attention: Corporate Trust Services, BSABS
      I
      2007-AC5.  For purposes of certificate transfer purposes, such term
      shall mean the office or agency of the Trustee located at Wells Fargo Bank,
      N.A., Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
      Attention: Corporate Trust Services, BSABS I 2007-AC5.

     

    Corresponding
      Certificate:  With respect to each REMIC II Regular Interest
      (other than REMIC II Regular Interest P), the Certificate with the corresponding
      designation.

     

    Cross-Over
      Date: The Distribution Date on which the aggregate Certificate Principal
      Balance of the Subordinate Certificates has been reduced to zero (giving effect
      to all related distributions for such Distribution Date).

     

    Current
      Report:  The Current Report pursuant to Section 13 or 15(d) of the
      Exchange Act.

     

    Custodial
      Agreement: An agreement, dated as of June 29, 2007, among the Depositor, the
      Company as a seller, Master Funding as a seller, the Trustee, the Master
      Servicer and the Custodian, in substantially the form of Exhibit J
      hereto.

     

    Custodian:
      Wells Fargo Bank, National Association, or any successor custodian appointed
      pursuant to the provisions hereof and the Wells Fargo Custodial
      Agreement.

     

    Cut-off
      Date: June 1, 2007.

     

    Cut-off
      Date Principal Balance: As to any Mortgage Loan, the unpaid principal
      balance thereof on the Cut-off Date after application of all Principal
      Prepayments received prior to the Cut-off Date and scheduled payments of
      principal due on or before the Cut-off Date, whether or not received, but
      without giving effect to any installments of principal received in respect
      of
      Due Dates after the Cut-off Date. The aggregate Cut-off Date Principal Balance
      of the Mortgage Loans is $449,904,362.33.

     

    Debt
      Service Reduction: With respect to any Mortgage Loan, a reduction by a court
      of competent jurisdiction in a proceeding under the Bankruptcy Code in the
      Scheduled Payment for such Mortgage Loan that became final and non-appealable,
      except such a reduction resulting from a Deficient Valuation or any other
      reduction that results in a permanent forgiveness of principal.

     

    Deficient
      Valuation: With respect to any Mortgage Loan, a valuation by a court of
      competent jurisdiction of the Mortgaged Property in an amount less than the
      then
      outstanding indebtedness under such Mortgage Loan, or any reduction in the
      amount of principal to be paid in connection with any Scheduled Payment that
      results in a permanent forgiveness of principal, which valuation or reduction
      results from an order of such court that is final and non-appealable in a
      proceeding under the Bankruptcy Code.

     

    Definitive
      Certificates: As defined in Section 7.06.

     

    Deleted
      Mortgage Loan: A Mortgage Loan replaced or to be replaced by a Replacement
      Mortgage Loan.

     

    Delinquent:
      The delinquency method used for calculations with respect to the Mortgage Loans
      will be in accordance with the methodology used by lenders regulated by the
      Office of Thrift Supervision. Under this method, a mortgage loan is considered
      “30 days or more Delinquent” if the borrower fails to make a scheduled payment
      prior to the close of business on the mortgage loan’s first succeeding due
      date.  For example, if a securitization had a closing date occurring
      in August and a cut-off date of August 1, a mortgage loan with a payment due
      on
      July 1 that remained unpaid as of the close of business on July 31 would not
      be
      described as 30 days delinquent as of the cut-off date. Such mortgage loan
      with
      a payment due on June 1 that remained unpaid as of the close of business on
      July
      31 would be described as 30 days delinquent as of the cut-off date. A mortgage
      loan would be considered “60 days or more Delinquent” with respect to such
      scheduled payment if such scheduled payment were not made prior to the close
      of
      business on the mortgage loan’s second succeeding due date  (or, in
      the preceding example, if the mortgage loan with a payment due on May 1 remained
      unpaid as of the close of business on July 31). Similarly for “90 days or more
      Delinquent” and so on.  Unless otherwise specified, with respect to
      any date of determination, determinations of delinquency are made as of the
      last
      day of the prior calendar month.  This method of determining
      delinquencies is referred to as the OTS method.

     

    Denomination:
      With respect to each Certificate, the amount set forth on the face thereof
      as
      the “Initial Certificate Principal Balance” or the “Initial Certificate Notional
      Amount”.

     

    Depositor:
      Bear Stearns Asset Backed Securities I LLC, a Delaware limited liability
      company, or its successor in interest.

     

    Depositor
      Information: As defined in Section 4.18(b).

     

    Depository:
      The initial Depository shall be The Depository Trust Company (“DTC”), the
      nominee of which is Cede & Co., or any other organization registered as a
“clearing agency” pursuant to Section 17A of the Securities Exchange Act of
      1934, as amended. The Depository shall initially be the registered Holder of
      the
      Book-Entry Certificates. The Depository shall at all times be a “clearing
      corporation” as defined in Section 8-102(a)(5) of the Uniform Commercial Code of
      the State of New York.

     

    Depository
      Agreement: With respect to the Class of Book-Entry Certificates, the
      agreement between the Issuing Entity and the initial Depository, dated as of
      the
      Closing Date, substantially in the form of Exhibit H.

     

    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 any Distribution Date, the 15th day of the month of
      such Distribution Date or, if such 15th day is not a Business Day, the
      immediately preceding Business Day.

     

    Discount
      Mortgage Loan: With respect to Subgroup 1, any Mortgage Loan with a Net
      Mortgage Rate less than 6.000% per annum.

     

    Distribution
      Account Deposit Date: The Business Day prior to each Distribution
      Date.

     

    Distribution
      Account: The separate Eligible Account created and maintained by the Trustee
      pursuant to Section 5.08 in the name of the Trustee for the benefit of the
      Certificateholders and designated “Wells Fargo Bank, National Association, in
      trust for registered Holders of Bear Stearns Asset Backed Securities I LLC,
      Asset-Backed Certificates, Series 2007-AC5” shall be held in trust for the
      Certificateholders for the uses and purposes set forth in this
      Agreement.

     

    Distribution
      Date: The 25th day of each calendar month after the initial issuance of the
      Certificates, or if such 25th day is not a Business Day, the next succeeding
      Business Day, commencing in July 2007.

     

    Distribution
      Report:  The Asset-Backed Issuer Distribution Report pursuant to
      Section 13 or 15(d) of the Exchange Act.

     

    Due
      Date: As to any Mortgage Loan, the date in each month on which the related
      Scheduled Payment is due, as set forth in the related Mortgage
      Note.

     

    Due
      Period: With respect to any Distribution Date, the period from the second
      day of the calendar month preceding the calendar month in which such
      Distribution Date occurs through close of business on the first day of the
      calendar month in which such Distribution Date occurs.

     

    EDGAR:
      As defined in Section 4.18.

     

    Eligible
      Account: Any of (i) an account or accounts maintained with a federal or
      state chartered depository institution or trust company, the long-term unsecured
      debt obligations and short-term unsecured debt obligations of which (or, in
      the
      case of a depository institution or trust company that is the principal
      subsidiary of a holding company, the debt obligations of such holding company,
      so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in
      one of its two highest long-term and its highest short-term rating categories
      respectively, at the time any amounts are held on deposit therein; provided,
      that following a downgrade, withdrawal, or suspension of such institution's
      rating  as set forth above, each account shall promptly (and in
      any case within not more than 30 calendar days) be moved to one or more
      segregated trust accounts in the trust department of such institution, or to
      an
      account at another institution that complies with the above requirements, or
      (ii) a trust account or accounts maintained with the corporate trust department
      of a federal or state chartered depository institution or trust company having
      capital and surplus of not less than $50,000,000, acting in its fiduciary
      capacity or (iii) any other account acceptable to the Rating Agencies, as
      evidenced in writing. Eligible Accounts may bear interest, and may include,
      if
      otherwise qualified under this definition, accounts maintained with the
      Trustee.  Notwithstanding Section 12.01, this Agreement may be amended
      to reduce the rating requirements in clause (i) above, without the consent
      of
      any of the Certificateholders, provided that the Person requesting such
      amendment obtains a letter from each Rating Agency stating that such amendment
      would not result in the downgrading or withdrawal of the respective ratings
      then
      assigned to the Certificates.

     

    EMC:
      EMC Mortgage Corporation, a Delaware corporation, and its successors and
      assigns.

     

    EMC
      Flow Loans: The Mortgage Loans purchased by EMC pursuant to a flow loan
      purchase agreement.

     

    EMC
      Mortgage Loans: Those Mortgage Loans serviced by the Company pursuant to the
      terms of this Agreement.

     

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

     

    ERISA
      Restricted Certificates: Any of the Class C, Class P and Residual
      Certificates.

     

    Event
      of Default: As defined in Section 9.01 hereof.

     

    Excess
      Liquidation Proceeds: To the extent not required by law to be paid to the
      related Mortgagor, the excess, if any, of any Liquidation Proceeds with respect
      to a Mortgage Loan over the Stated Principal Balance of such Mortgage Loan
      and
      accrued and unpaid interest at the related Mortgage Rate through the last day
      of
      the month in which the Mortgage Loan has been liquidated.

     

    Exchange
      Act:  Securities Exchange Act of 1934, as amended.

     

    Exchange
      Act Reports:  Any reports required to be filed pursuant to Section
      4.18 of this Agreement.

     

    Exemption:
      Prohibited Transaction Exemption 90-30, as amended from time to
      time.

     

    Fannie
      Mae: Fannie Mae (formerly, Federal National Mortgage Association), or any
      successor thereto.

     

    Fannie
      Mae Guide:   The Fannie Mae Selling Guide and the Fannie Mae
      Servicing Guide and all amendments or additions thereto.

     

    FDIC:
      The Federal Deposit Insurance Corporation, or any successor
      thereto.

     

    Fifth
      Third:  Fifth Third Mortgage Company.

     

    Fifth
      Third Assignment Agreement:  The Assignment, Assumption and
      Recognition Agreement, dated as of June 29, 2007, by and among the Seller,
      Fifth
      Third and the Trustee evidencing the assignment of the Fifth Third Servicing
      Agreement to the Trust, attached hereto as Exhibit R-3.

     

    Fifth
      Third Servicing Agreement:  The Purchase, Warranties and Servicing
      Agreement, dated as of September 1, 2002, between the Seller and Fifth Third,
      as
      amended by Amendment Number One, dated as of April 1, 2006, attached hereto
      as
      Exhibit Q-3, as modified by the Fifth Third Assignment Agreement.

     

    Final
      Recovery Determination: With respect to any defaulted Mortgage Loan or any
      REO Property (other than a Mortgage Loan or REO Property purchased by EMC (on
      its own behalf as Seller and on behalf of Master Funding) pursuant to or as
      contemplated by Section 2.03(f) or Section 11.01), a determination made by
      the
      Company pursuant to this Agreement or the applicable Servicer pursuant to the
      related Servicing Agreement that all Insurance Proceeds, Liquidation Proceeds
      and other payments or recoveries which the Company or such Servicer, in its
      reasonable good faith judgment, expects to be finally recoverable in respect
      thereof have been so recovered. The Master Servicer shall maintain records,
      based solely on information provided by the Company and each Servicer, of each
      Final Recovery Determination made thereby.

     

    Final
      Scheduled Distribution Date:  With respect to the Certificates,
      July 25, 2037.

     

    Fiscal
      Quarter: December 1 to February 29 (or the last day in such month), March 1
      to May 31, June 1 to August 31, or September to November 30, as
      applicable.

     

    Form
      8-K Disclosure Information: As defined in Section
      4.18(a)(ii)(A).

     

    Freddie
      Mac: Freddie Mac (formerly, The Federal Home Loan Mortgage Corporation), or
      any successor thereto.

     

    Freddie
      Mac Guide:   The Freddie Mac Selling Guide and the Freddie
      Mac Servicing Guide and all amendments or additions thereto.

     

    Global
      Certificate: Any Private Certificate registered in the name of the
      Depository or its nominee, beneficial interests in which are reflected on the
      books of the Depository or on the books of a Person maintaining an account
      with
      such Depository (directly or as an indirect participant in accordance with
      the
      rules of such depository).

     

    GreenPoint:  GreenPoint
      Mortgage Funding, Inc.

     

    GreenPoint
      Assignment Agreement:  The Assignment, Assumption and Recognition
      Agreement, dated as of June 29, 2007, by and among the Seller, GreenPoint and
      the Trustee evidencing the assignment of the GreenPoint Servicing Agreement
      to
      the Trust, attached hereto as Exhibit R-4.

     

    GreenPoint
      Servicing Agreement:  The Purchase, Warranties and Servicing
      Agreement, dated as of September 1, 2003, between the Seller and GreenPoint,
      as
      amended by Amendment Number One, dated as of January 1, 2006, attached hereto
      as
      Exhibit Q-4, as modified by the GreenPoint Assignment Agreement.

     

    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 Mortgage Loan.

     

    HSBC:  HSBC
      Mortgage Corporation (USA).

     

    HSBC
      Assignment Agreement:  The Assignment, Assumption and Recognition
      Agreement, dated as of June 29, 2007, by and among the Seller, HSBC and the
      Trustee evidencing the assignment of the HSBC Servicing Agreement to the Trust,
      attached hereto as Exhibit R-5.

     

    HSBC
      Servicing Agreement:  The Amended and Restated Purchase,
      Warranties and Servicing Agreement, dated as of September 1, 2005, between
      EMC
      and HSBC, as amended by Amendment Reg AB, dated as of November 7, 2005, attached
      hereto as Exhibit Q-5, as modified by the HSBC Assignment
      Agreement.

     

    Indemnified
      Persons: The Trustee, the Master Servicer, the Company and the Trust Fund
      and their officers, directors, agents and employees and, with respect to the
      Trustee, any separate co-trustee and its officers, directors, agents and
      employees.

     

    Individual
      Certificate:  Any Private Certificate registered in the name of
      the Holder other than the Depository or its nominee.

     

    Initial
      Certificate Principal Balance: With respect to any Certificate (other than
      the Class X Certificates and Class A-5 Certificates), the Certificate Principal
      Balance of such Certificate or any predecessor Certificate on the Closing
      Date.

     

    Insurance
      Policy: With respect to any Mortgage Loan included in the Trust Fund, any
      insurance policy or LPMI Policy, including all riders and endorsements thereto
      in effect with respect to such Mortgage Loan, including any replacement policy
      or policies for any Insurance Policies.

     

    Insurance
      Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant to any
      Insurance Policy or any other insurance policy covering a Mortgage Loan, to
      the
      extent such proceeds are payable to the mortgagee under the Mortgage, the
      Company, the related Servicer or the Trustee under the deed of trust and are
      not
      applied to the restoration of the related Mortgaged Property or released to
      the
      Mortgagor in accordance with the procedures that the Company or the related
      Servicer would follow in servicing mortgage loans held for its own account,
      in
      each case other than any amount included in such Insurance Proceeds in respect
      of Insured Expenses.

     

    Insured
      Expenses: Expenses covered by an Insurance Policy or any other insurance
      policy with respect to the Mortgage Loans.

     

    Interest
      Accrual Period: With respect to the Class A (other than the Class A-5, Class
      A-6 and Class A-7 Certificates), Class X and Class B Certificates and any
      Distribution Date, the calendar month immediately preceding such Distribution
      Date.  With respect to the Class A-5, Class A-6 and Class A-7
      Certificates and any Distribution Date, the period from and including the 25th
      day of the calendar month preceding the month in which such Distribution Date
      occurs to and including the 24th day of the calendar month in which such
      Distribution Date occurs. The Class PO, Class R and Class P Certificates are
      not
      entitled to distributions of interest and do not have an Interest Accrual
      Period. All calculations of interest on the Class A, Class X and Class B
      Certificates will be made on the basis of a 360-day year consisting of twelve
      30-day months.

     

    Interest
      Determination Date: Shall mean the second LIBOR Business Day preceding the
      commencement of each Interest Accrual Period.

     

    Interest
      Funds: For any Distribution Date for each Subgroup, (i) the sum, without
      duplication, of (a) all scheduled interest during the related Due Period with
      respect to the related Mortgage Loans less the Servicing Fee, the Trustee Fee
      and the LPMI Fee, if any, (b) all Advances relating to interest with respect
      to
      the related Mortgage Loans remitted by the related Servicer, the Company or
      Master Servicer, as applicable, on or prior to the related Remittance Date,
      (c)
      all Compensating Interest with respect to the related Mortgage Loans required
      to
      be remitted by the Company pursuant to this Agreement or the related Servicer
      pursuant to the related Servicing Agreement with respect to such Distribution
      Date, (d) Net Liquidation Proceeds, Insurance Proceeds and Subsequent Recoveries
      with respect to the related Mortgage Loans collected during the prior calendar
      month (to the extent such Net Liquidation Proceeds, Insurance Proceeds and
      Subsequent Recoveries relate to interest), (e) all amounts relating to interest
      with respect to each Mortgage Loan repurchased by the Seller pursuant to
      Sections 2.02 and 2.03 and by EMC (on its own behalf as Seller and on behalf
      of
      Master Funding) pursuant to Section 4.21 and (f) the interest portion of any
      proceeds received from the exercise of an Optional Termination with respect
      to
      the Mortgage Loans in the related Subgroup pursuant to Section 11.01 minus
      (ii)
      all amounts required to be reimbursed pursuant to Sections 5.02, 5.05, 5.07
      and
      5.09 or as otherwise set forth in this Agreement.

     

    Interest
      Only Certificates: The Class A-6 Certificates and Class X
      Certificates.

     

    Interest
      Shortfall: With respect to any Distribution Date, the aggregate shortfall,
      if any, in collections of interest (adjusted to the related Net Mortgage Rates)
      on the Mortgage Loans resulting from (a) prepayments in full received during
      the
      related Prepayment Period, (b) partial prepayments received during the related
      Prepayment Period to the extent applied prior to the Due Date in the month
      of
      the Distribution Date and (c) interest payments on certain of the Mortgage
      Loans
      being limited pursuant to the provisions of the Relief Act or similar state
      or
      local laws.

     

    Issuing
      Entity: Bear Stearns Asset Backed Securities I Trust 2007-AC5.

     

    Latest
      Possible Maturity Date:  July 25, 2037, which is the Distribution
      Date in the month following the final scheduled maturity date of the Mortgage
      Loan in the Trust Fund having the latest scheduled maturity date as of the
      Cut-off Date. For purposes of the Treasury regulations under Sections 860A
      through 860G of the Code, the latest possible maturity date of each Regular
      Interest issued by REMIC I, REMIC II and REMIC III shall be the Latest Possible
      Maturity Date.

     

    LIBOR
      Business Day: Shall mean a day on which banks are open for dealing in
      foreign currency and exchange in London and New York City.

     

    LIBOR
      Certificates: Any of the Class A-5, Class A-6 and Class A-7
      Certificates.

     

    Liquidated
      Loan: With respect to any Distribution Date, a defaulted Mortgage Loan that
      has been liquidated through deed-in-lieu of foreclosure, foreclosure sale,
      trustee’s sale or other realization as provided by applicable law governing the
      real property subject to the related Mortgage and any security agreements and
      as
      to which the Company or the related Servicer has made a Final Recovery
      Determination with respect thereto.

     

    Liquidation
      Proceeds: Amounts, other than Insurance Proceeds, received in connection
      with the partial or complete liquidation of a Mortgage Loan, whether through
      trustee’s sale, foreclosure sale or otherwise, or in connection with any
      condemnation or partial release of a Mortgaged Property and any other proceeds
      received with respect to an REO Property.

     

    Loan-to-Value
      Ratio: The fraction, expressed as a percentage, the numerator of which is
      the original principal balance of the related Mortgage Loan and the denominator
      of which is the Appraised Value of the related Mortgaged Property.

     

    Loss
      Allocation Limitation: The meaning specified in Section 6.05
      hereof.

     

    LPMI
      Fee: Shall mean the fee payable to the insurer for each Mortgage Loan
      subject to an LPMI Policy as set forth in such LPMI Policy and on the Mortgage
      Loan Schedule.

     

    LPMI
      Policy: A policy of mortgage guaranty insurance issued by an insurer meeting
      the requirements of Fannie Mae and Freddie Mac in which the Company or the
      related Servicer of the related Mortgage Loan is responsible for the payment
      of
      the LPMI Fee thereunder from collections on the related Mortgage
      Loan.

     

    Master
      Funding: Master Funding LLC, a Delaware limited liability company, and its
      successors and assigns, in its capacity as the seller of the Master Funding
      Mortgage Loans to the Depositor.

     

    Master
      Funding Mortgage Loans:  The Mortgage Loans identified as such on
      the Mortgage Loan Schedule for which Master Funding is the applicable
      seller.

     

    Master
      Servicer: As of the Closing Date, EMC Mortgage Corporation and, thereafter,
      its respective successors in interest who meet the qualifications of the
      Servicing Agreements and this Agreement.

     

    Master
      Servicer Collection Account: The trust account or accounts created and
      maintained pursuant to Section 5.01, which shall be denominated “EMC Mortgage
      Corporation, as Master Servicer for the benefit of the Wells Fargo Bank,
      National Association, in trust for registered Holders of Bear Stearns Asset
      Backed Securities I LLC, Asset-Backed Certificates, Series 2007-AC5 – Master
      Servicer Collection Account.” The Master Servicer Collection Account shall be an
      Eligible Account.

     

    Master
      Servicer Information: As defined in Section 4.18(b).

     

    Master
      Servicing Compensation: For any Distribution Date, any amounts earned on the
      investment of funds on deposit in the Master Servicer Collection
      Account.

     

    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.

     

    Mid
      America: Mid America Bank, fsb.

     

    Mid
      America Assignment Agreement:  The Assignment, Assumption and
      Recognition Agreement, dated as of June 29, 2007, by and among the Seller,
      Mid
      America and the Trustee evidencing the assignment of the Mid America Servicing
      Agreement to the Trust, attached hereto as Exhibit R-6.

     

    Mid
      America Servicing Agreement:  The Purchase, Warranties and
      Servicing Agreement, dated as of February 1, 2006, between the Seller and Mid
      America, as amended by Amendment No. 1, dated as of February 1, 2006, attached
      hereto as Exhibit Q-6, as modified by the Mid America Assignment
      Agreement.

     

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

     

    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.

     

    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.

     

    Monthly
      Statement: The statement delivered pursuant to Section 6.06.

     

    Moody’s:  Moody’s
      Investors Service, Inc., and any successor thereto.

     

    Mortgage:
      The mortgage, deed of trust or other instrument creating a first lien on or
      first priority ownership interest in an estate in fee simple in real property
      securing a Mortgage Note.

     

    Mortgage
      File: The mortgage documents listed in Section 2.01 hereof pertaining to a
      particular Mortgage Loan and any additional documents delivered to the Trustee
      or the Custodian on its behalf to be added to the Mortgage File pursuant to
      this
      Agreement.

     

    Mortgage
      Loans: Such of the Mortgage Loans transferred and assigned to the Trustee
      pursuant to the provisions hereof, as from time to time are held as a part
      of
      the Trust Fund (including any REO Property), the mortgage loans so held being
      identified in the Mortgage Loan Schedule, notwithstanding foreclosure or other
      acquisition of title of the related Mortgaged Property. Any mortgage loan that
      was intended by the parties hereto to be transferred to the Trust Fund as
      indicated by such Mortgage Loan Schedule which is in fact not so transferred
      for
      any reason including, without limitation, a breach of the representation
      contained in Section 2.03(b)(v) hereof, shall continue to be a Mortgage Loan
      hereunder until the Purchase Price with respect thereto has been paid to the
      Trust Fund.

     

    Mortgage
      Loan Purchase Agreement: Shall mean the Mortgage Loan Purchase Agreement,
      dated as of June 29, 2007, among EMC, as a seller, Master Funding, as a seller
      and the Depositor, as purchaser in the form attached hereto as Exhibit
      L.

     

    Mortgage
      Loan Purchase Price: The price, calculated as set forth in Section 11.01, to
      be paid in connection with the repurchase of the Mortgage Loans pursuant to
      Section 11.01.

     

    Mortgage
      Loan Schedule: The list of Mortgage Loans (as from time to time amended by
      the Trustee to reflect the deletion of Deleted Mortgage Loans and the addition
      of Replacement Mortgage Loans pursuant to the provisions of this Agreement)
      transferred to the Trustee as part of the Trust Fund and from time to time
      subject to this Agreement, the initial Mortgage Loan Schedule being attached
      hereto as Exhibit B, setting forth the following information with respect to
      each Mortgage Loan:

     

    (a)  the
      city,
      state and zip code of the Mortgaged Property;

     

    (b)  the
      property type;

     

    (c)  the
      Mortgage Interest Rate;

     

    (d)  the
      Servicing Fee Rate;

     

    (e)  [reserved];

     

    (f)  the
      LPMI
      Fee, if applicable;

     

    (g)  the
      Trustee Fee Rate, if applicable;

     

    (h)  the
      Net
      Rate;

     

    (i)  the
      maturity date;

     

    (j)  the
      stated original term to maturity;

     

    (k)  the
      stated remaining term to maturity;

     

    (l)  the
      original Principal Balance;

     

    (m)  the
      first
      payment date;

     

    (n)  the
      principal and interest payment in effect as of the Cut-off Date;

     

    (o)  the
      unpaid Principal Balance as of the Cut-off Date;

     

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

     

    (q)  the
      insurer of any Primary Mortgage Insurance Policy;

     

    (r)  the
      MIN
      with respect to each MOM Loan;

     

    (s)  the
      Gross
      Margin, if applicable;

     

    (t)  the
      next
      Adjustment Date, if applicable;

     

    (u)  the
      Maximum Mortgage Rate, if applicable;

     

    (v)  the
      Minimum Mortgage Rate, if applicable;

     

    (w)  the
      Periodic Rate Cap, if applicable;

     

    (x)  the
      Loan
      Group, if applicable;

     

    (y)  a
      code
      indicating whether the Mortgage Loan is negatively amortizing;

     

    (z)  which
      Mortgage Loans adjust after an initial fixed-rate period of one, two, three,
      five, seven or ten years or any other period;

     

    (aa)  the
      Prepayment Charge, if any;

     

    (bb)  lien
      position (e.g., first lien or second lien);

     

    (cc)  a
      code
      indicating whether the Mortgage Loan is has a balloon payment;

     

    (dd)  a
      code
      indicating whether the Mortgage Loan is an interest-only loan;

     

    (ee)  the
      interest-only term, if applicable;

     

    (ff)  the
      Mortgage Loan Seller; and

     

    (gg)  the
      original amortization term.

     

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (n) and (o)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (c) through (h) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    Mortgage
      Loan Seller:  EMC or Master Funding, as applicable.

     

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

     

    Mortgage
      Rate: The annual rate of interest borne by a Mortgage Note.

     

    Mortgaged
      Property: The underlying property securing a Mortgage Loan.

     

    Mortgagor:
      The obligors on a Mortgage Note.

     

    National
      City:  National City Mortgage Co.

     

    National
      City Assignment Agreement:  The Assignment, Assumption and
      Recognition Agreement, dated as of June 29, 2007, by and among the Seller,
      National City and the Trustee evidencing the assignment of the National City
      Servicing Agreement to the Trust, attached hereto as Exhibit R-7.

     

    National
      City Servicing Agreement:  The Amended and Restated Purchase,
      Warranties and Servicing Agreement, dated as of October 1, 2001, between the
      Seller and National City, as amended by Amendment Reg AB dated as of March
      1,
      2006, attached hereto as Exhibit Q-7, as modified by the National City
      Assignment Agreement.

     

    Net
      Interest Shortfalls: The Interest Shortfalls net of payments by
      the related Servicer in respect of Compensating Interest, together with Interest
      Shortfalls due to the application of the Relief Act or similar state or local
      laws.

     

    Net
      Liquidation Proceeds: Amounts, other than Insurance Proceeds, received in
      connection with the partial or complete liquidation of a Mortgage Loan, whether
      through trustee’s sale, foreclosure sale or otherwise, or in connection with any
      condemnation or partial release of a Mortgaged Property and any other proceeds
      received with respect to an REO Property, less the sum of related unreimbursed
      Advances, Servicing Fees and Servicing Advances and all expenses of liquidation,
      including property protection expenses and foreclosure and sale costs, including
      court and reasonable attorneys fees reimbursable to the Master Servicer pursuant
      to this Agreement and the related Servicer pursuant to the related Servicing
      Agreement.

     

    Net
      Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum rate
      equal to the Mortgage Rate less the sum of (i) the related Servicing Fee Rate,
      (ii) the Trustee Fee Rate and (iii) the rate at which the LPMI Fee is
      calculated, if any.

     

    Non-Book-Entry
      Certificate: Any Certificate other than a Book-Entry
      Certificate.

     

    Non-Discount
      Mortgage Loan: Any Mortgage Loan with a Net Mortgage Rate greater than or
      equal to 6.000% per annum.

     

    Non-PO
      Percentage: With respect to any Mortgage Loan with a Net Mortgage Rate less
      than 6.000% per annum, a fraction, expressed as a percentage, (x) the numerator
      of which is equal to the related Net Mortgage Rate, and (y) the denominator
      of
      which is equal to 6.000% per annum. With respect to any Non-Discount Mortgage
      Loan, 100%.

     

    Nonrecoverable
      Advance: Any portion of an Advance previously made or proposed to be made by
      the Company or the Master Servicer pursuant to this Agreement or the related
      Servicer pursuant to the related Servicing Agreement, that, in the good faith
      judgment of the Company, the Master Servicer or the related Servicer, will
      not
      or, in the case of a proposed advance, would not, be ultimately recoverable
      by
      it from the related Mortgagor, related Liquidation Proceeds, Insurance Proceeds
      or otherwise.

     

    Notional
      Amount: As of any Determination Date and (i) with respect to the Class A-6
      Certificates and any Distribution Date, an amount equal to the aggregate
      Certificate Principal Balance of the Class A-5 Certificates and Class A-7
      Certificates for such Distribution Date and (ii) with respect to the Class
      X
      Certificates, the aggregate Stated Principal Balance of the Mortgage Loans
      in
      Subgroup 2 with Net Mortgage Rates greater than or equal to 7.000% per annum.
      For federal income tax purposes, the Notional Amount of the Class A-6
      Certificates shall be an amount equal to the aggregate Uncertificated Principal
      Balance of REMIC II Regular Interests A-5 and A-7, and the Notional Amount
      of
      the Class X Certificates shall be an amount equal to the Uncertificated Notional
      Amount of REMIC II Regular Interest X.

     

    Offered
      Certificates: Any of the Class A, Class PO, Class X, Class R, Class B-1,
      Class B-2 and Class B-3 Certificates.

     

    Officer’s
      Certificate: A certificate (i) signed by the Chairman of the Board, the Vice
      Chairman of the Board, the President, a Vice President (however denominated),
      an
      Assistant Vice President, the Treasurer, the Secretary, or one of the assistant
      treasurers or assistant secretaries of the Depositor, the Seller, any Servicer
      or the Master Servicer (or any other officer customarily performing functions
      similar to those performed by any of the above designated officers and also
      to
      whom, with respect to a particular matter, such matter is referred because
      of
      such officer’s knowledge of and familiarity with a particular subject) or (ii),
      if provided for in this Agreement, signed by a Servicing Officer, as the case
      may be, and delivered to the Depositor, the Seller, Master Funding, the Master
      Servicer and/or the Trustee, as the case may be, as required by this
      Agreement.

     

    One-Month
      LIBOR: With respect to any Interest Accrual Period and the LIBOR
      Certificates, the rate determined by the Trustee on the related Interest
      Determination Date on the basis of the rate for U.S. dollar deposits for one
      month that appears on Bloomberg Terminal Telerate Successor Page 3750, as of
      11:00 a.m. (London time) on such Interest Determination Date. If such rate
      does
      not appear on such page (or such other page as may replace that page on that
      service, or if such service is no longer offered, such other service for
      displaying One-Month LIBOR or comparable rates as may be reasonably selected
      by
      the Trustee), One-Month LIBOR for the applicable Interest Accrual Period will
      be
      the Reference Bank Rate. If no such quotations can be obtained by the Trustee
      and no Reference Bank Rate is available, One-Month LIBOR shall be One-Month
      LIBOR applicable to the preceding Interest Accrual Period. The establishment
      of
      One-Month LIBOR on each Interest Determination Date by the Trustee and the
      Trustee’s calculation of the rate of interest applicable to the LIBOR
      Certificates for the related Interest Accrual Period shall, in the absence
      of
      manifest error, be final and binding. One-Month LIBOR for the initial Interest
      Accrual Period will be 5.320% per annum with regard to the Class A-5, Class
      A-6
      and Class A-7 Certificates.

     

    Opinion
      of Counsel: A written opinion of counsel, who may be counsel for the Seller,
      the Depositor, the Company, the Trustee or the Master Servicer, reasonably
      acceptable to each addressee of such opinion; provided that with respect to
      Section 2.05, 8.05, 8.07 or 12.01, or the interpretation or application of
      the
      REMIC Provisions, such counsel must (i) in fact be independent of the Seller,
      the Depositor, the Company, the Trustee and the Master Servicer, (ii) not have
      any direct financial interest in the Seller, Depositor, the Company, the Trustee
      or the Master Servicer or in any affiliate of either, and (iii) not be connected
      with the Seller, Depositor, the Company, the Trustee or the Master Servicer
      as
      an officer, employee, promoter, underwriter, trustee, partner, director or
      person performing similar functions.

     

    Optional
      Termination: The termination of the Trust created hereunder as a result of
      the purchase of all of the assets of the Trust and any related REO Property
      pursuant to Section 11.01.

     

    Optional
      Termination Date:  The Distribution Date on which the aggregate
      Stated Principal Balance of the Mortgage Loans is equal to or less than 10%
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date.

     

    Original
      Value: The value of the property underlying a Mortgage Loan based, in the
      case of the purchase of the underlying Mortgaged Property, on the lower of
      an
      appraisal or the sales price of such property or, in the case of a refinancing,
      on an appraisal.

     

    Originator:
      With respect to each Mortgage Loan, shall mean the originator set forth in
      the
      Mortgage Loan Schedule for such Mortgage Loan.

     

    OTS:
      The Office of Thrift Supervision.

     

    Outstanding:
      With respect to the Certificates as of any date of determination, all
      Certificates theretofore executed and authenticated under this Agreement
      except:

     

    (a)           Certificates
      theretofore canceled by the Trustee or delivered to the Trustee for
      cancellation; and

     

    (b)           Certificates
      in exchange for which or in lieu of which other Certificates have been executed
      and delivered by the Trustee pursuant to this Agreement.

     

    Outstanding
      Mortgage Loan: As of any date of determination, a Mortgage Loan with a
      Stated Principal Balance greater than zero that was not the subject of a
      Principal Prepayment in full, and that did not become a Liquidated Loan, prior
      to the end of the related Prepayment Period.

     

    Ownership
      Interest: As to any Certificate, any ownership 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.

     

    Pass-Through
      Rate:  With respect to each Class of Certificates, the Class A-1
      Pass-Through Rate, Class A-2 Pass-Through Rate, Class A-3 Pass-Through Rate,
      Class A-4 Pass-Through Rate, Class A-5 Pass-Through Rate, Class A-6 Pass-Through
      Rate, Class A-7 Pass-Through Rate, Class X Pass-Through Rate or Class B
      Pass-Through Rate, as applicable.

     

    With
      respect to the Class P, Class R and Class PO Certificates, 0.00% per
      annum.

     

    Pass-Through
      Transfer: Any transaction involving either (1) a sale or other transfer of
      mortgage loans directly or indirectly to an issuing entity in connection with
      an
      issuance of publicly offered or privately placed, rated or unrated
      mortgage-backed securities or (2) an issuance of publicly offered or privately
      placed, rated or unrated securities, the payments on which are determined
      primarily by reference to one or more portfolios of residential mortgage
      loans.

     

    Percentage
      Interest: With respect to any Certificate of a specified Class, the
      Percentage Interest set forth on the face thereof or the percentage obtained
      by
      dividing the Denomination of such Certificate by the aggregate of the
      Denominations of all Certificates of the such Class.

     

    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: At any time, any one or more of the following obligations and
      securities:

     

    (i)  obligations
      of the United States or any agency thereof, provided such obligations are backed
      by the full faith and credit of the United States;

     

    (ii)  general
      obligations of or obligations guaranteed by any state of the United States
      or
      the District of Columbia receiving the highest long-term debt rating of each
      Rating Agency, or such lower rating as will not result in the downgrading or
      withdrawal of the ratings then assigned to the Certificates by each Rating
      Agency;

     

    (iii)  commercial
      or finance company paper which is then receiving the highest commercial or
      finance company paper rating of each Rating Agency, or such lower rating as
      will
      not result in the downgrading or withdrawal of the ratings then assigned to
      the
      Certificates by each Rating Agency;

     

    (iv)  certificates
      of deposit, demand or time deposits, or bankers’ acceptances issued by any
      depository institution or trust company incorporated under the laws of the
      United States or of any state thereof and subject to supervision and examination
      by federal and/or state banking authorities (including the Trustee in its
      commercial banking capacity), provided that the commercial paper and/or long
      term unsecured debt obligations of such depository institution or trust company
      are then rated one of the two highest long-term and the highest short-term
      ratings of each such Rating Agency for such securities, or such lower ratings
      as
      will not result in the downgrading or withdrawal of the rating then assigned
      to
      the Certificates by any Rating Agency;

     

    (v)  guaranteed
      reinvestment agreements issued by any bank, insurance company or other
      corporation containing, at the time of the issuance of such agreements, such
      terms and conditions as will not result in the downgrading or withdrawal of
      the
      rating then assigned to the Certificates by any such Rating Agency;

     

    (vi)  repurchase
      obligations with respect to any security described in clauses (i) and (ii)
      above, in either case entered into with a depository institution or trust
      company (acting as principal) described in clause (iv) above;

     

    (vii)  securities
      (other than stripped bonds, stripped coupons or instruments sold at a purchase
      price in excess of 115% of the face amount thereof) bearing interest or sold
      at
      a discount issued by any corporation incorporated under the laws of the United
      States or any state thereof which, at the time of such investment, have one
      of
      the two highest long term ratings of each Rating Agency (except if the Rating
      Agency is Moody’s, such rating shall be the highest commercial paper rating of
      Moody’s for any such securities), or such lower rating as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    (viii)  interests
      in any money market fund (including any such fund managed or advised by the
      Trustee or any affiliate thereof) which at the date of acquisition of the
      interests in such fund and throughout the time such interests are held in such
      fund has the highest applicable long term rating by each Rating Agency rating
      such fund or such lower rating as will not result in the downgrading or
      withdrawal of the ratings then assigned to the Certificates by each Rating
      Agency;

     

    (ix)  short
      term investment funds sponsored by any trust company or banking association
      incorporated under the laws of the United States or any state thereof (including
      any such fund managed or advised by the Trustee or any affiliate thereof) which
      on the date of acquisition has been rated by each Rating Agency in their
      respective highest applicable rating category or such lower rating as will
      not
      result in the downgrading or withdrawal of the ratings then assigned to the
      Certificates by each Rating Agency; and

     

    (x)  such
      other investments having a specified stated maturity and bearing interest or
      sold at a discount acceptable to each Rating Agency as will not result in the
      downgrading or withdrawal of the rating then assigned to the Certificates by
      any
      Rating Agency, as evidenced by a signed writing delivered by each Rating
      Agency;

     

    provided,
      that no such instrument shall be a Permitted Investment if such instrument
      (i)
      evidences the right to receive interest only payments with respect to the
      obligations underlying such instrument, (ii) is purchased at a premium or (iii)
      is purchased at a deep discount; provided further that no such instrument shall
      be a Permitted Investment (A) if such instrument evidences principal and
      interest payments derived from obligations underlying such instrument and the
      interest payments with respect to such instrument provide a yield to maturity
      of
      greater than 120% of the yield to maturity at par of such underlying
      obligations, or (B) if it may be redeemed at a price below the purchase price
      (the foregoing clause (B) not to apply to investments in units of money market
      funds pursuant to clause (viii) above); provided further that no amount
      beneficially owned by any REMIC may be invested in investments (other than
      money
      market funds) treated as equity interests for federal income tax purposes,
      unless the Trustee shall receive an Opinion of Counsel, at the expense of the
      Trustee, to the effect that such investment will not adversely affect the status
      of any such REMIC as a REMIC under the Code or result in imposition of a tax
      on
      any such REMIC. Permitted Investments that are subject to prepayment or call
      may
      not be purchased at a price in excess of par.

     

    Permitted
      Transferee: Any Person (x) other than (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, (ii) a foreign government,
      International Organization or any agency or instrumentality of either of the
      foregoing, (iii) an organization (except certain farmers’ cooperatives described
      in Section 521 of the Code) that is exempt from tax imposed by Chapter 1 of
      the
      Code (including the tax imposed by Section 511 of the Code on unrelated business
      taxable income) on any excess inclusions (as defined in Section 860E(c)(1)
      of
      the Code) with respect to any Residual Certificate, (iv) rural electric and
      telephone cooperatives described in Section 1381(a)(2)(C) of the Code or (v)
      an
      electing large partnership within the meaning of Section 775(a) of the Code,
      (y)
      that is a citizen or resident of the United States, a corporation, partnership
      (other than a partnership that has any direct or indirect foreign partners)
      or
      other entity (treated as a corporation or a partnership for federal income
      tax
      purposes), created or organized in or under the laws of the United States,
      any
      State thereof or the District of Columbia, an estate whose income 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 or if it has a valid election in effect
      under
      applicable U.S. Treasury regulations to be treated as a United States person
      and
      (z) other than any other Person so designated by the Trustee based upon an
      Opinion of Counsel addressed to the Trustee (which shall not be an expense
      of
      the Trustee) that states that the Transfer of an Ownership Interest in a
      Residual Certificate to such Person may cause REMIC I, REMIC II or REMIC III
      to
      fail to qualify as a REMIC at any time that any Certificates are Outstanding.
      The terms “United States,” “State” and “International Organization” shall have
      the meanings set forth in Section 7701 of the Code or successor provisions.
      A
      corporation will not be treated as an instrumentality of the United States
      or of
      any State or political subdivision thereof for these purposes if all of its
      activities are subject to tax and, with the exception of Freddie Mac, a majority
      of its board of directors is not selected by such government unit.

     

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

     

    PO
      Percentage: With respect any related Discount Mortgage Loan a fraction,
      expressed as a percentage, (x) the numerator of which is equal to 6.000% per
      annum minus the Net Mortgage Rate thereof and (y) the denominator of which
      is
      equal to 6.000% per annum.

     

    Prepayment
      Assumption: The applicable rate of prepayment, as described in the
      Prospectus Supplement.

     

    Prepayment
      Charge: 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.

     

    Prepayment
      Charge Waiver Amount:  Any amount paid by the Company or related
      Servicer to the Master Servicer in respect of waived Prepayment Charges pursuant
      to Section 5.01(a) of this Agreement or the related Servicing
      Agreement.

     

    Prepayment
      Interest Excess: With respect to any Distribution Date, for each EMC
      Mortgage Loan that was the subject of a Principal Prepayment in full during
      the
      portion of the related Prepayment Period occurring between the first day of
      the
      calendar month in which such Distribution Date occurs and the Determination
      Date
      of the calendar month in which such Distribution Date occurs, an amount equal
      to
      interest (to the extent received) at the applicable Net Mortgage Rate on the
      amount of such Principal Prepayment for the number of days commencing on the
      first day of the calendar month in which such Distribution Date occurs and
      ending on the last date through which interest is collected from the related
      Mortgagor.

     

    Prepayment
      Interest Shortfall: With respect to any Distribution Date, for each Mortgage
      Loan that was the subject of a partial Principal Prepayment during the related
      Prepayment Period, or a Principal Prepayment in full during the related
      Prepayment Period, or that became a Liquidated Loan during the prior calendar
      month, (other than a Principal Prepayment in full resulting from the purchase
      of
      a Mortgage Loan pursuant to Section 2.02, 2.03, 4.21 or 11.01 hereof), the
      amount, if any, by which (i) one month’s interest at the applicable Net Mortgage
      Rate on the Stated Principal Balance of such Mortgage Loan immediately prior
      to
      such prepayment (or liquidation) or in the case of a partial Principal
      Prepayment on the amount of such prepayment (or Liquidation Proceeds) exceeds
      (ii) the amount of interest paid or collected in connection with such Principal
      Prepayment or such Liquidation Proceeds less the sum of (a) the related
      Servicing Fee, (b) the Trustee Fee Rate and (c) the LPMI Fee, if
      any.

     

    Prepayment
      Period: As to any Distribution Date (except the first Distribution Date) and
      each EMC Mortgage Loan, for each Principal Prepayment in full, the period
      commencing on the 16th day of the month prior to the month in which the related
      Distribution Date occurs and ending on the 15th day of the month in which such
      Distribution Date occurs (as to the first Distribution Date and any Mortgage
      Loan, the period commencing on the Cut-off Date and ending on the 15th day
      of
      the month in which such Distribution Date occurs) and for each partial Principal
      Prepayment, the calendar month prior to the month in which such Distribution
      Date occurs. As to any Distribution Date and each Mortgage Loan that is not
      an
      EMC Mortgage Loan, in accordance with the related Servicing
      Agreement

     

    Primary
      Mortgage Insurance Policy: Any primary mortgage guaranty insurance policy
      issued in connection with a Mortgage Loan which provides compensation to a
      Mortgage Note holder in the event of default by the obligor under such Mortgage
      Note or the related security instrument, if any or any replacement policy
      therefor through the related Interest Accrual Period for such Class relating
      to
      a Distribution Date.

     

    Principal
      Funds: With respect to any Distribution Date and for each Subgroup, (i) the
      sum, without duplication, of (a) all scheduled principal collected on the
      related Mortgage Loans during the related Due Period, (b) all Advances relating
      to principal made with respect to the related Mortgage Loans remitted by the
      related Servicer or Master Servicer, as applicable, on or prior to the
      Remittance Date, (c) Principal Prepayments with respect to the related Mortgage
      Loans exclusive of Prepayment Charges or penalties collected during the related
      Prepayment Period, (d) the Stated Principal Balance of each related Mortgage
      Loan that was repurchased by the Seller pursuant to Sections 2.02 or 2.03 or
      by
      EMC (on its own behalf as Seller and on behalf of Master Funding) pursuant
      to
      Section 4.21, (e) the aggregate of all Substitution Adjustment Amounts with
      respect to the related Mortgage Loans for the related Determination Date in
      connection with the substitution of related Mortgage Loans pursuant to Section
      2.03(f), (f) Net Liquidation Proceeds, Insurance Proceeds and Subsequent
      Recoveries with respect to the Mortgage Loans collected during the prior
      calendar month (to the extent such Net Liquidation Proceeds, Insurance Proceeds
      and Subsequent Recoveries relate to principal) and remitted by the Company
      or
      the related Servicer to the Master Servicer Collection Account pursuant to
      this
      Agreement or the related Servicing Agreement and (g) amounts in respect of
      principal paid by the Depositor or its designee with respect to the Mortgage
      Loans in the related Subgroup pursuant to Section 11.01 minus (ii) the sum
      of
      (a) all related amounts required to be reimbursed pursuant to Sections 5.02,
      5.05, 5.07 and 5.09 or as otherwise set forth in this Agreement and (b) any
      Capitalization Reimbursement Amount to the extent such amount related to any
      Mortgage Loan in the related Subgroup.

     

    Principal
      Prepayment: Any Mortgagor payment or other recovery of (or proceeds with
      respect to) principal on a Mortgage Loan (including loans purchased or
      repurchased under Sections 2.02, 2.03, 4.21 and 11.01 hereof) that is received
      in advance of its scheduled Due Date and is not accompanied by an amount as
      to
      interest representing scheduled interest due on any date or dates in any month
      or months subsequent to the month of prepayment. Partial Principal Prepayments
      shall be applied by the Company or the related Servicer, as appropriate, in
      accordance with the terms of the related Mortgage Note.

     

    Priority
      Amount:  For any Distribution Date the product of (i) the Shift
      Percentage and (ii) the sum of (x) the Scheduled Principal Payment Amount for
      such Distribution Date and (y) the Unscheduled Principal Payment Amount for
      such
      Distribution Date.

     

    Private
      Certificates: Any of the Class B-4, Class B-5, Class B-6 and Class P
      Certificates.

     

    Prospectus
      Supplement: The Prospectus Supplement dated June 28, 2007 relating to the
      public offering of the Offered Certificates.

     

    Protected
      Account: Each account established and maintained by the Company with respect
      to receipts on the Mortgage Loans and REO Property in accordance with Section
      5.01 hereof or by the related Servicer in accordance with the related Servicing
      Agreement.

     

    PUD:
      A Planned Unit Development.

     

    Purchase
      Price: With respect to any Mortgage Loan (x) to be purchased pursuant to the
      applicable provisions of this Agreement or (y) that EMC has a right to purchase
      pursuant to Section 4.21 hereof,  an amount equal to the sum of (i)
      100% of the outstanding principal balance of the Mortgage Loan as of the date
      of
      such purchase plus (ii) accrued interest thereon at the applicable Mortgage
      Rate
      through the first day of the month in which the Purchase Price is to be
      distributed to Certificateholders, reduced by any portion of the Servicing
      Fee,
      Servicing Advances and Advances payable to the purchaser of the Mortgage Loan
      (iii) amounts advanced by the Company or the related Servicer in respect of
      such
      repurchased Mortgage Loan which are being held in the Master Servicer Collection
      Account for remittance to the Trustee and (iv) any costs and damages (if any)
      incurred by the Trust in connection with any violation of such Mortgage Loan
      of
      any predatory lending laws.

     

    Rating
      Agency: Each of Moody’s and S&P. If any such organization or its
      successor is no longer in existence, “Rating Agency” shall be a nationally
      recognized statistical rating organization, or other comparable Person,
      designated by the Depositor, notice of which designation shall be given to
      the
      Trustee. References herein to a given rating category of a Rating Agency shall
      mean such rating category without giving effect to any modifiers.

     

    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 or advanced 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, minus (iii) 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 Master Servicer pursuant to this Agreement which
      have not been previously reimbursed.  With respect to each Mortgage
      Loan which is the subject of a Servicing Modification during the calendar month
      immediately preceding the related Distribution Date, the sum of (a) the total
      amount of interest and principal which is forgiven with respect to the related
      Mortgage Loan and (b) the amount of any Advances and Servicing Advances, to
      the
      extent forgiven, made by the Master Servicer or the related Servicer with
      respect to such Mortgage Loan which are reimbursable from the Trust to the
      Master Servicer or the related Servicer with respect to that Servicing
      Modification, subject to the terms of this Agreement or the related Servicing
      Agreement, as applicable; provided that the amounts expressed in clause (a)
      above shall not include the amounts expressed in clause (b) above. In addition,
      to the extent the Master Servicer receives Subsequent Recoveries with respect
      to
      any Mortgage Loan, the amount of the Realized Losses with respect to that
      Mortgage Loan will be reduced to the extent such recoveries are distributed
      to
      any Class of Certificates.

     

    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, minus (iv) the aggregate of all unreimbursed Advances and Servicing
      Advances.

     

    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 any Distribution Date and the Class A (other than the
      Class A-5, Class A-6 and Class A-7 Certificates) Class X, Class PO, Class R,
      Class P and Class B Certificates, the close of business on the last Business
      Day
      of the month preceding the month in which such Distribution Date occurs. With
      respect to any Distribution Date and the Class A-5, Class A-6 and Class A-7
      Certificates, so long as such Classes of Certificates are Book-Entry
      Certificates, the Business Day preceding such Distribution Date, and otherwise,
      the close of business on the last Business Day of the month preceding the month
      in which such Distribution Date occurs.

     

    Reference
      Banks: Shall mean leading banks selected by the Trustee and engaged in
      transactions in Eurodollar deposits in the international Eurocurrency market
      (i)
      with an established place of business in London, (ii) which have been designated
      as such by the Trustee and (iii) which are not controlling, controlled by,
      or
      under common control with, the Depositor, the Seller or the
      Trustee.

     

    Reference
      Bank Rate: With respect to any Interest Accrual Period shall mean the
      arithmetic mean, rounded upwards, if necessary, to the nearest whole multiple
      of
      0.03125%, of the offered rates for United States dollar deposits for one month
      that are quoted by the Reference Banks as of 11:00 a.m., New York City time,
      on
      the related Interest Determination Date to prime banks in the London interbank
      market for a period of one month in an amount approximately equal to the
      aggregate Certificate Principal Balance of the LIBOR Certificates for such
      Interest Accrual Period, provided that at least two such Reference Banks provide
      such rate. If fewer than two offered rates appear, the Reference Bank Rate
      will
      be the arithmetic mean, rounded upwards, if necessary, to the nearest whole
      multiple of 0.03125%, of the rates quoted by one or more major banks in New
      York
      City, selected by the Trustee, as of 11:00 a.m., New York City time, on such
      date for loans in United States dollars to leading European banks for a period
      of one month in amounts approximately equal to the aggregate Certificate
      Principal Balance of the LIBOR Certificates for such Interest Accrual
      Period.

     

    Regular
      Certificate: Any Certificate other than a Residual Certificate.

     

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

     

    Regulation
      AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
      §§229.1100-229.1123, as such may be amended from time to time, and subject to
      such clarification and interpretation as have been provided by the Commission
      in
      the adopting release (Asset-Backed Securities, Securities Act Release No.
      33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
      Commission, or as may be provided by the Commission or its staff from time
      to
      time.

     

    Relief
      Act: The Servicemembers Civil Relief Act, as amended, or any similar state
      or local law.

     

    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 Due Period as a result of the
      application of the Relief Act.

     

    Remaining
      Excess Spread:  With respect to any Distribution Date, the Excess
      Spread less any Extra Principal Distribution Amount, in each case for such
      Distribution Date.

     

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

     

    REMIC
      I:  The segregated pool of assets described in the Preliminary
      Statement and Section 6.07(a).

     

    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 Uncertificated REMIC I Pass-Through Rate in effect from time
      to
      time, and (except for REMIC I Regular Interest X) shall be entitled to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal 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 Subordinated Balance Ratio:  The ratio among the Uncertificated
      Principal Balances of each of the REMIC I Regular Interests ending with the
      designation “Sub,” equal to the ratio among, with respect to each such REMIC I
      Regular Interest, the excess, if any, of (x) the aggregate Stated Principal
      Balance of the Mortgage Loans in the related Subgroup (other than the PO
      Percentage of the Stated Principal Balance of any such Mortgage Loans), over
      (y)
      the aggregate Certificate Principal Balance of the Senior Certificates (other
      than the Class PO Certificates) in the related
      Subgroup.

     

    REMIC
      II:  The segregated pool of assets described in the Preliminary
      Statement consisting of the REMIC I Regular Interests.

     

    REMIC
      II Regular Interest:  Any of the separate non-certificated
      beneficial ownership interests in REMIC II issued hereunder and designated
      as a
      Regular Interest in REMIC II. Each REMIC II Regular Interest shall accrue
      interest at the related Uncertificated REMIC II Pass-Through Rate in effect
      from
      time to time, and (except for REMIC II Regular Interest X) shall be entitled
      to
      distributions of principal, subject to the terms and conditions hereof, in
      an
      aggregate amount equal to its initial Uncertificated Principal Balance as set
      forth in the Preliminary Statement hereto. The designations for the respective
      REMIC II Regular Interests are set forth in the Preliminary Statement
      hereto.

     

    REMIC
      III:  The segregated pool of assets described in the Preliminary
      Statement consisting of the REMIC II Regular Interests.

     

    REMIC
      Opinion:  Shall mean an Opinion of Counsel to the effect that the
      proposed action will not have an adverse effect on any REMIC created
      hereunder.

     

    REMIC
      Provisions:  Provisions of the federal income tax law relating to
      real estate mortgage investment conduits, which appear at Sections 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, as well as
      provisions of applicable state laws.

     

    REMIC
      Regular Interests: The REMIC I Regular Interests and REMIC II Regular
      Interests.

     

    Remittance
      Date: Shall mean (i) with respect to the Company, the 18th day
      of any month
      or if such 18th
      day is not a Business Day, the first Business Day immediately preceding such
      18th day, and
      (ii) with respect to any other Servicer, the date specified in the related
      Servicing Agreement.

     

    Remittance
      Report: As defined in Section 6.04(c).

     

    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
      Property: A Mortgaged Property acquired by the Company or the related
      Servicer through foreclosure or deed-in-lieu of foreclosure in connection with
      a
      defaulted Mortgage Loan.

     

    Replacement
      Mortgage Loan: A Mortgage Loan or Mortgage Loans in the aggregate
      substituted by the Seller for a Deleted Mortgage Loan, which must, on the date
      of such substitution, as confirmed in a Request for Release, (i) have a Stated
      Principal Balance, after deduction of the principal portion of the Scheduled
      Payment due in the month of substitution, not in excess of, and not less than
      90% of, the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have
      a
      fixed Mortgage Rate not less than or more than 1% per annum higher than the
      Mortgage Rate of the Deleted Mortgage Loan; (iii) have the same or higher credit
      quality characteristics than that of the Deleted Mortgage Loan; (iv) have a
      Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (v) have
      a
      remaining term to maturity no greater than (and not more than one year less
      than) that of the Deleted Mortgage Loan; (vi) not permit conversion of the
      Mortgage Rate from a fixed rate to a variable rate; (vii) have the same lien
      priority as the Deleted Mortgage Loan; (viii) constitute the same occupancy
      type
      as the Deleted Mortgage Loan or be owner occupied; and (ix) comply with each
      representation and warranty set forth in Section 2.03 hereof.

     

    Reportable
      Event: As defined in Section 4.18.

     

    Request
      for Release: The Request for Release to be submitted by the Seller, the
      Company, the related Servicer or the Master Servicer to the Custodian
      substantially in the form of Exhibit G. Each Request for Release furnished
      to
      the Custodian by the Seller, the Company, the related Servicer or the Master
      Servicer shall be in duplicate and shall be executed by an officer of such
      Person or a Servicing Officer (or, if furnished electronically to the Custodian,
      shall be deemed to have been sent and executed by an officer of such Person
      or a
      Servicing Officer) of the Company or the related Servicer, as
      applicable.

     

    Required
      Insurance Policy: With respect to any Mortgage Loan, any insurance policy
      that is required to be maintained from time to time under this Agreement or
      the
      related Servicing Agreement.

     

    Residual
      Certificates:  The Class R-1, Class R-2 and Class R-3
      Certificates, each evidencing the sole class of Residual Interests in the
      related REMIC.

     

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

     

    Responsible
      Officer: With respect to the Trustee, any Vice President, any Assistant Vice
      President, the Secretary, any Assistant Secretary, or any Trust Officer with
      specific responsibility for the transactions contemplated hereby, any other
      officer customarily performing functions similar to those performed by any
      of
      the above designated officers or other officers of the Trustee specified by
      the
      Trustee, as to whom, with respect to a particular matter, such matter is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

    S&P:
      Standard & Poor’s, a division of The McGraw-Hill Companies,
      Inc.

     

    Scheduled
      Payment: The scheduled monthly payment on a Mortgage Loan due on any Due
      Date allocable to principal and/or interest on such Mortgage Loan.

     

    Scheduled
      Principal Payment Amount:  For any Distribution Date and with
      respect to the Class A-3 Certificates and Class A-4 Certificates, an amount
      equal to the product of (x) the aggregate of the collections described in clause
      (1) of the definition of Subgroup Principal Distribution Amount for the related
      Subgroup and that Distribution Date (without application of the related Subgroup
      Senior Percentage) multiplied by (y) a fraction, (i) the numerator of which
      is
      the aggregate Certificate Principal Balance of the Class A-3 Certificates and
      Class A-4 Certificates immediately prior to that Distribution Date and (ii)
      the
      denominator of which is the sum of the Non-PO Percentages of the Stated
      Principal Balances of the Mortgage Loans in Subgroup 1 and Subgroup 2 as of
      the
      first day of the related Due Period.

     

    Securities
      Act: The Securities Act of 1933, as amended, and the rules and regulations
      thereunder.

     

    Seller:
      EMC in its capacity as seller of the Mortgage Loans to the
      Depositor.

     

    Senior
      Certificates: Any of the Class A, Class X and Class PO
      Certificates.

     

    Servicer:
      Any of Bank of America, Branch Banking, EMC, Fifth Third, GreenPoint, HSBC,
      Mid
      America and National City and their successors and assigns.

     

    Servicing
      Advances: All customary, reasonable and necessary “out of pocket” costs and
      expenses (including reasonable legal fees) incurred in the performance by the
      Company or the related Servicer of its servicing obligations hereunder or under
      the related Servicing Agreement, 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 foreclosures, and including
      any
      expenses incurred in relation to any such proceedings that result from the
      Mortgage Loan being registered in the MERS® System, (iii) the management and
      liquidation of any REO Property (including, without limitation, realtor’s
      commissions) and (iv) compliance with any obligations under Section 3.07 hereof
      to cause insurance to be maintained.

     

    Servicing
      Agreement: Any of the Countrywide Servicing Agreement, Fifth Third Servicing
      Agreement, GreenPoint Servicing Agreement, HSBC Servicing Agreement, Mid America
      Servicing Agreement or National City Servicing Agreement.

     

    Servicing
      Criteria:  The “servicing criteria” set forth in Item 1122(d) of
      Regulation AB, as such may be amended from time to time, or those Servicing
      Criteria otherwise mutually agreed to by EMC, the Master Servicer, the Trustee
      and the applicable Servicer in response to evolving interpretations of
      Regulation AB and incorporated into a revised Exhibit N.

     

    Servicing
      Fee: As to each Mortgage Loan and any Distribution Date, an amount equal to
      1/12th of the related Servicing Fee Rate multiplied by the Stated Principal
      Balance of such Mortgage Loan as of the Due Date in the month preceding the
      month in which such Distribution Date occurs.

     

    Servicing
      Fee Rate: An amount ranging from 0.250% per annum to 0.625% per annum, each
      as set forth in the Mortgage Loan Schedule.

     

    Servicing
      Modification: Any modification of a Mortgage Loan which is effected by the
      Company in accordance with the terms of this Agreement.

     

    Servicing
      Officer: Any officer of the Company or the related Servicer involved in, or
      responsible for, the administration and servicing of the Mortgage Loans (i)
      in
      the case of the Company, whose name and facsimile signature appear on a list
      of
      servicing officers furnished to the Trustee by the Company on the Closing Date
      pursuant to this Agreement, as such list may from time to time be amended and
      (ii) in the case of the related Servicer, as to which evidence reasonably
      acceptable to the Trustee, as applicable, of due authorization, by such party
      has been furnished from time to time to the Trustee.

     

    Shift
      Percentage: On any Distribution Date occurring during the periods set forth
      below will be as follows:

     

    
      	
              
                Period
                  (dates inclusive)

              

            	
              
                Shift
                  Percentage

              

            
	
              July
                25, 2007 – June 25,
                2012                                                                    

            	
              0%

            
	
              July
                25, 2012 – June 25,
                2013                                                                    

            	
              30%

            
	
              July
                25, 2013 – June 25,
                2014                                                                    

            	
              40%

            
	
              July
                25, 2014 – June 25,
                2015                                                                    

            	
              60%

            
	
              July
                25, 2015 – June 25,
                2016                                                                    

            	
              80%

            
	
              July
                25, 2016 and
                thereafter                                                                    

            	
              100%

            

    

     

    Sponsor:
      EMC Mortgage Corporation, a Delaware corporation, and its successors and
      assigns, in its capacity as sponsor.

     

    Startup
      Day: The Startup Day for each REMIC formed hereunder shall be the Closing
      Date.

     

    Stated
      Principal Balance: With respect to any Mortgage Loan or related REO Property
      and any Distribution Date, the Cut-off Date Principal Balance plus amounts
      added
      to the principal balance of such Mortgage Loan due to a Servicing Modification
      thereof minus the sum of (i) the principal portion of the Scheduled Payments
      due
      with respect to such Mortgage Loan during each Due Period ending prior to such
      Distribution Date (and irrespective of any delinquency in their payment), (ii)
      all Principal Prepayments with respect to such Mortgage Loan received prior
      to
      or during the related Prepayment Period, and all Net Liquidation Proceeds and
      Insurance Proceeds to the extent applied by the Company or the related Servicer
      as recoveries of principal in accordance with Section 3.09 or the related
      Servicing Agreement with respect to such Mortgage Loan, that were received
      by
      the Company or the related Servicer as of the close of business on the last
      day
      of the calendar month immediately preceding such Distribution Date and (iii)
      any
      Realized Losses on such Mortgage Loan incurred during the prior calendar month.
      The Stated Principal Balance of a Liquidated Loan equals zero.

     

    Subgroup:
      Any of Subgroup 1 and Subgroup 2.

     

    Subgroup
      1: All of the Mortgage Loans with a Net Mortgage Rate of less than or equal
      to 6.000% per annum, plus the Subgroup 1 Fraction of the Stated Principal
      Balance of any Mortgage Loan with a Net Mortgage Rate greater than 6.000% per
      annum and less than 7.000% per annum.

     

    Subgroup
      1 Certificates: The Class A-1, Class A-2, Class A-3, Class A-4 and Class PO
      Certificates.

     

    Subgroup
      1 Fraction: With respect to any Mortgage Loan with a Net Mortgage Rate of
      greater than 6.000% per annum and less than 7.000% per annum, is a fraction,
      (x)
      the numerator of which is equal to 7.000% minus the Net Mortgage Rate of such
      Mortgage Loan, and (y) the denominator of which is equal to 1.000%.

     

    Subgroup
      2: The Subgroup 2 Fraction of the Stated Principal Balance of any Mortgage
      Loan with a Net Mortgage Rate greater than 6.000% per annum and less than 7.000%
      per annum, plus all of the Mortgage Loans with a Net Mortgage Rate greater
      than
      or equal to 7.000% per annum.

     

    Subgroup
      2 Certificates: The Class A-5, Class A-6, Class A-7 and Class X
      Certificates.

     

    Subgroup
      2 Fraction: With respect to any Mortgage Loan with a Net Mortgage Rate of
      greater than 6.000% per annum and less than 7.000% per annum, is a fraction,
      (x)
      the numerator of which is equal to the Net Mortgage Rate of such Mortgage Loan
      minus 6.000%, and (y) the denominator of which is equal to 1.000%.

     

    Subgroup
      Principal Distribution Amount: With respect to each of the Subgroup 1
      Certificates and Subgroup 2 Certificates and each Distribution Date, an amount
      equal to

     

    (x)           the
      sum of the following (but in no event greater than the aggregate Certificate
      Principal Balance of the Subgroup 1 Certificates or Subgroup 2 Certificates,
      as
      applicable, immediately prior to such Distribution Date):

     

    (1)           the
      applicable Subgroup Senior Percentage of the Non-PO Percentage of the principal
      portion of all Monthly Payments due on the Mortgage Loans in the related
      Subgroup on the related Due Date, as specified in the amortization schedule
      at
      the time applicable thereto (after adjustment for previous principal prepayments
      but before any adjustment to such amortization schedule by reason of any
      bankruptcy or similar proceeding or any moratorium or similar waiver or grace
      period);

     

    (2)           the
      applicable Subgroup Senior Prepayment Percentage of the Non-PO Percentage of
      the
      Stated Principal Balance of each Mortgage Loan in the related Subgroup which
      was
      the subject of a prepayment in full received by the Master Servicer during
      the
      applicable Prepayment Period;

     

    (3)           the
      applicable Subgroup Senior Prepayment Percentage of the Non-PO Percentage of
      all
      partial prepayments allocated to principal received during the applicable
      Prepayment Period;

     

    (4)           the
      lesser of (a) the applicable Subgroup Senior Prepayment Percentage of the Non-PO
      Percentage of the sum of (i) all Net Liquidation Proceeds allocable to principal
      received in respect of each Mortgage Loan in the related Subgroup which became
      a
      Liquidated Mortgage Loan during the related Prepayment Period (other than
      Mortgage Loans described in the immediately following clause (ii)) and all
      Subsequent Recoveries received in respect of each Liquidated Mortgage Loan
      in
      the related Subgroup during the related Due Period and (ii) the Stated Principal
      Balance of each such Mortgage Loan in the related Subgroup purchased by an
      insurer from the Trustee during the related Prepayment Period pursuant to the
      related primary mortgage insurance policy, if any, or otherwise; and (b) the
      applicable Subgroup Senior Percentage of the Non-PO Percentage of the sum of
      (i)
      the Stated Principal Balance of each Mortgage Loan in the related Subgroup
      which
      became a Liquidated Mortgage Loan during the related Prepayment Period (other
      than the Mortgage Loans described in the immediately following clause (ii))
      and
      (ii) the Stated Principal Balance of each such Mortgage Loan in the related
      Subgroup that was purchased by an insurer from the Trustee during the related
      Prepayment Period pursuant to the related primary mortgage insurance policy,
      if
      any or otherwise; and

     

    (5)           the
      applicable Subgroup Senior Prepayment Percentage of the Non-PO Percentage of
      the
      sum of (a) the Stated Principal Balance of each Mortgage Loan in the related
      Subgroup which was repurchased by EMC or its designee in connection with such
      Distribution Date and (b) the excess, if any, of the Stated Principal Balance
      of
      each Mortgage Loan in the related Subgroup that has been replaced by EMC or
      its
      designee with a substitute Mortgage Loan pursuant to the Mortgage Loan Purchase
      Agreement in connection with such Distribution Date over the Stated Principal
      Balance of each such substitute Mortgage Loan; minus

     

    (y)           any
      Capitalization Reimbursement Amount to the extent such amounts relate to any
      Mortgage Loan in the related Subgroup.

     

    Subgroup
      Senior Percentage: With respect to each Subgroup, the lesser of (a) 100% and
      (b) the percentage obtained by dividing the aggregate Certificate Principal
      Balance of the Senior Certificates of such Subgroup (other than the Interest
      Only Certificates and Class PO Certificates), immediately prior to such
      Distribution Date, by the aggregate Stated Principal Balance of the Mortgage
      Loans in the related Subgroup (other than the PO Percentage thereof with respect
      to the related Discount Mortgage Loans) as of the beginning of the related
      Due
      Period.

     

    Subgroup
      Senior Prepayment Percentage: The Subgroup Senior Prepayment Percentage for
      the Subgroup 1 Certificates and Subgroup 2 Certificates, on any Distribution
      Date occurring during the periods set forth below will be as
      follows:

     

    
      
        	
                Period
                  (dates inclusive)

                 

              	
                Subgroup
                  Senior Prepayment Percentage

                 

              
	
                July
                  25, 2007 – June 25, 2012

                 

              	
                100%

                 

              
	
                July
                  25, 2012 – June 25, 2013

                 

              	
                Subgroup
                  Senior Percentage for the related Subgroup plus 70% of the related
                  Subordinate Percentage.

                 

              
	
                July
                  25, 2013 - June 25, 2014

                 

              	
                Subgroup
                  Senior Percentage for the related Subgroup plus 60% of the related
                  Subordinate Percentage.

                 

              
	
                July
                  25, 2014 - June 25, 2015

                 

              	
                Subgroup
                  Senior Percentage for the related Subgroup plus 40% of the related
                  Subordinate Percentage.

                 

              
	
                July
                  25, 2015 – June 25, 2016

                 

              	
                Subgroup
                  Senior Percentage for the related Subgroup plus 20% of the related
                  Subordinate Percentage.

                 

              
	
                July
                  25, 2016 and thereafter

                 

              	
                Subgroup
                  Senior Percentage for the related Subgroup.

                 

              

      

    

    
      Any
        scheduled reduction to the Subgroup Senior Prepayment Percentage for the
        Subgroup 1 and Subgroup 2 Certificates shall not be made as of any Distribution
        Date unless, as of the last day of the month preceding such Distribution
        Date
        (1) the aggregate Stated Principal Balance of the Mortgage Loans delinquent
        60
        days or more (including for this purpose any such Mortgage Loans in foreclosure
        and such Mortgage Loans with respect to which the related mortgaged property
        has
        been acquired by the trust) averaged over the last six months, as a percentage
        of the aggregate Certificate Principal Balance of the Subordinate Certificates
        does not exceed 50% and (2) cumulative Realized Losses on the Mortgage Loans
        do
        not exceed (a) 30% of the aggregate Certificate Principal Balance of the
        Subordinate Certificates as of the closing date (“Original Subordinate Principal
        Balance”) if such Distribution Date occurs between and including July 2012 and
        June 2013, (b) 35% of the Original Subordinate Principal Balance if such
        Distribution Date occurs between and including July 2013 and June 2014, (c)
        40%
        of the Original Subordinate Principal Balance if such Distribution Date occurs
        between and including July 2014 and June 2015, (d) 45% of the Original
        Subordinate Principal Balance if such Distribution Date occurs between and
        including July 2015 and June 2016, and (e) 50% of the Original Subordinate
        Principal Balance if such Distribution Date occurs during or after July
        2016.

    

     

    Notwithstanding
      the foregoing, if on any Distribution Date, the percentage for Subgroup 1 or
      Subgroup 2, the numerator of which is the aggregate Certificate Principal
      Balance of the Senior Certificates (other than the Interest Only Certificates
      and Class PO Certificates) related to a Subgroup immediately preceding such
      Distribution Date, and the denominator of which is the aggregate Stated
      Principal Balance of the Mortgage Loans in such Subgroup (other than the PO
      Percentage thereof with respect to the related Discount Mortgage Loans) as
      of
      the beginning of the related Due Period, exceeds such percentage as of the
      cut-off date, then the Subgroup Senior Prepayment Percentage with respect to
      the
      Senior Certificates of each Subgroup for such Distribution Date will equal
      100%.

     

    Subordinate
      Certificate Writedown Amount: With respect to the Subordinate Certificates,
      the amount by which (x) the sum of the Certificate Principal Balances of the
      Certificates (other than the Class A-6, Class X, Class R and Class P
      Certificates) (after giving effect to the distribution of principal and the
      allocation of Realized Losses in reduction of the Certificate Principal Balances
      of the Certificates (other than the Class A-6, Class X, Class R and Class P
      Certificates) on such Distribution Date) exceeds (y) the Stated Principal
      Balances of the Mortgage Loans on the Due Date related to such Distribution
      Date.

     

    Subordinate
      Optimal Principal Amount: With respect to the Subordinate Certificates and
      each Distribution Date will be an amount equal to

     

    (x)           the
      sum of the following from each Subgroup (but in no event greater than the
      aggregate Certificate Principal Balance of the Subordinate Certificates
      immediately prior to such Distribution Date):

     

    (1)           the
      applicable Subordinate Percentage of the Non-PO Percentage of the principal
      portion of all Monthly Payments due on each Mortgage Loan in the related
      Subgroup on the related Due Date, as specified in the amortization schedule
      at
      the time applicable thereto (after adjustment for previous principal prepayments
      but before any adjustment to such amortization schedule by reason of any
      bankruptcy or similar proceeding or any moratorium or similar waiver or grace
      period);

     

    (2)           the
      applicable Subordinate Prepayment Percentage of the Non-PO Percentage of the
      Stated Principal Balance of each Mortgage Loan in the related Subgroup which
      was
      the subject of a prepayment in full received by the Master Servicer during
      the
      applicable Prepayment Period;

     

    (3)           the
      applicable Subordinate Prepayment Percentage of the Non-PO Percentage of all
      partial prepayments of principal received during the applicable Prepayment
      Period for each Mortgage Loan in the related Subgroup;

     

    (4)           the
      excess, if any, of (a) the Net Liquidation Proceeds allocable to principal
      received during the related Prepayment Period in respect of each liquidated
      Mortgage Loan in the related Subgroup over (b) the sum of the amounts
      distributable to the holders of the related Senior Certificates (other than
      the
      Class A-6, Class X and Class PO Certificates) pursuant to clause (4) of the
      definition of “Subgroup Principal Distribution Amount” and clause (iv) of the
      definition of “Class PO Certificate Principal Distribution Amount” on such
      Distribution Date;

     

    (5)           the
      applicable Subordinate Prepayment Percentage of the Non-PO Percentage of the
      sum
      of (a) the Stated Principal Balance of each Mortgage Loan in the related
      Subgroup which was repurchased by EMC or its designee in connection with such
      Distribution Date and (b) the difference, if any, between the Stated Principal
      Balance of a Mortgage Loan in the related Subgroup that has been replaced by
      EMC
      or its designee with a substitute Mortgage Loan pursuant to the Mortgage Loan
      Purchase Agreement in connection with such Distribution Date and the Stated
      Principal Balance of such substitute Mortgage Loan; and

     

    (6)           on
      the Distribution Date on which the Certificate Principal Balances of the related
      Senior Certificates (other than the related Interest Only Certificates and
      Class
      PO Certificates) have all been reduced to zero, 100% of any applicable Subgroup
      Principal Distribution Amount; minus

     

    (y)           any
      Capitalization Reimbursement Amount to the extent such amounts relate to any
      Mortgage Loan in the related Subgroup.

     

     Subordinate
      Percentage: As of any Distribution Date and with respect to any Subgroup,
      100% minus the related Subgroup Senior Percentage for the Senior Certificates
      related to such Subgroup. The initial Subordinate Percentage for Subgroup 1
      and
      Subgroup 2 will be equal to 8.27%.

     

    Subordinate
      Prepayment Percentage: As of any Distribution Date and with respect to any
      Subgroup, 100% minus the related Subgroup Senior Prepayment Percentage for
      such
      Subgroup, except that on any Distribution Date after the Certificate Principal
      Balance of each Class of Senior Certificates have each been reduced to zero,
      the
      Subordinate Prepayment Percentage for the Subordinate Certificates with respect
      to such Subgroup will equal 100%.

     

    Subordinated
      Certificates:  The Class B Certificates.

     

    Subsequent
      Recoveries:  As of any Distribution Date, amounts received by the
      Master Servicer or any Servicer (net of any related expenses permitted to be
      reimbursed pursuant to Section 6.05) or surplus amounts held by the Master
      Servicer and the related Servicer to cover estimated expenses (including, but
      not limited to, recoveries in respect of the representations and warranties
      made
      by the Seller pursuant to the Mortgage Loan Purchase Agreement) specifically
      related to a Mortgage Loan that was the subject of a liquidation, a Mortgage
      Loan that has been modified which resulted in a Realized Loss or final
      disposition of any REO Property as of the end of the prior calendar month that
      resulted in a Realized Loss.

     

    Subservicing
      Agreement: Any agreement entered into between the Company and a subservicer
      with respect to the subservicing of any Mortgage Loan hereunder by such
      subservicer.

     

    Substitution
      Adjustment Amount: The meaning ascribed to such term pursuant to Section
      2.03(f).

     

    Successor
      Master Servicer: The meaning ascribed to such term pursuant to Section
      9.01.

     

    Tax
      Matters Person: The person designated as “tax matters person” in the manner
      provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T.
      The Holder of the greatest Percentage Interest in a Class of Residual
      Certificates shall be the Tax Matters Person for the related REMIC. The Trustee
      or any successor thereto or assignee thereof shall serve as tax administrator
      hereunder and as agent for the related Tax Matters Person.

     

    Transferee
      Affidavit: As defined in Section 7.02(c).

     

    Transferor
      Affidavit: As defined in Section 7.02(c).

     

    Transfer:
      Any direct or indirect transfer or sale of any Ownership Interest in a
      Certificate.

     

    Trust
      or Trust Fund: The corpus of the trust created hereunder consisting of (i)
      the Mortgage Loans and all interest accruing and principal due with respect
      thereto after the Cut-off Date to the extent not applied in computing the
      Cut-off Date Principal Balance thereof; (ii) the Class P Certificate Account,
      the Distribution Account maintained by the Trustee, the Master Servicer
      Collection Account maintained by the Master Servicer and the Protected Accounts
      maintained by the Company and the Servicers and all amounts deposited therein
      pursuant to the applicable provisions of this Agreement and the Servicing
      Agreements; (iii) property that secured a Mortgage Loan and has been acquired
      by
      foreclosure, deed in lieu of foreclosure or otherwise; (iv) the mortgagee’s
      rights under the Insurance Policies with respect to the Mortgage Loans; (v)
      the
      Servicing Agreements and the Assignment Agreements; (vi) the rights under the
      Mortgage Loan Purchase Agreement; and (vii) all proceeds of the foregoing,
      including proceeds of conversion, voluntary or involuntary, of any of the
      foregoing into cash or other liquid property. Prepayment Charge Waiver Amounts
      shall not be included in REMIC I, REMIC II or REMIC III.

     

    Trustee:
      Wells Fargo Bank, National Association, a national banking association, as
      trustee for the benefit of the Certificateholders under this Agreement, and
      any
      successor thereto, and any corporation or national banking association resulting
      from or surviving any consolidation or merger to which it or its successors
      may
      be a party and any successor trustee as may from time to time be serving as
      successor trustee hereunder.

     

    Trustee
      Fee: As to each Mortgage Loan and any Distribution Date, an amount equal to
      1/12th of the Trustee Fee Rate multiplied by the Stated Principal Balance of
      such Mortgage Loans as of the Due Date in the month preceding the month in
      which
      such Distribution Date occurs.

     

    Trustee
      Fee Rate: 0.010% per annum.

     

    Trustee
      Information: As defined in Section 4.18(b).

     

    Uncertificated
      Accrued Interest:  With respect to each REMIC Regular Interest on
      each Distribution Date, an amount equal to one month’s interest at the related
      Uncertificated REMIC I Pass-Through Rate or Uncertificated REMIC II Pass-Through
      Rate on the Uncertificated Principal Balance or Uncertificated Notional Amount,
      as applicable, of such REMIC Regular Interest. In each case, Uncertificated
      Accrued Interest will be reduced by any Net Interest Shortfalls (allocated
      to
      such REMIC Regular Interests as set forth in Section 1.02).

     

    Uncertificated
      Notional Amount:  With respect to REMIC I Regular Interest X and
      any Distribution Date, an amount equal to the aggregate Stated Principal Balance
      of the Mortgage Loans in Subgroup 2 with Net Mortgage Rates greater than or
      equal to 7.000% per annum. With respect to REMIC II Regular Interest X and
      any
      Distribution Date, an amount equal to the Uncertificated Notional Amount of
      REMIC I Regular Interest X for such Distribution Date.

     

    Uncertificated
      Principal Balance:  With respect to each REMIC Regular Interest,
      the principal amount of such REMIC Regular Interest outstanding as of any date
      of determination. As of the Closing Date, the Uncertificated Principal Balance
      of each REMIC Regular Interest shall equal the amount set forth in the
      Preliminary Statement hereto as its initial uncertificated principal balance.
      On
      each Distribution Date, the Uncertificated Principal Balance of the REMIC
      Regular Interests shall be reduced by all distributions of principal made on
      such REMIC Regular Interests on such Distribution Date pursuant to Section
      6.07
      and, if and to the extent necessary and appropriate, shall be further reduced
      on
      such Distribution Date by Realized Losses as provided in Section 6.05. The
      Uncertificated Principal Balance of each REMIC Regular Interest shall never
      be
      less than zero.

     

    Uncertificated
      REMIC I Pass-Through Rate: With respect to each REMIC I Regular Interest,
      other than REMIC I Regular Interest X, and any Distribution Date, a per annum
      rate equal to the related fixed rate set forth in the Preliminary Statements
      as
      the Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular
      Interest.

     

    With
      respect to REMIC I Regular Interest X, a per annum rate equal to the excess,
      if
      any, of (a) the weighted average Net Mortgage Rate of the Mortgage Loans with
      Net Mortgage Rates greater than or equal to 7.000%, over (b) 7.000% per
      annum.

     

    Uncertificated
      REMIC II Pass-Through Rate: With respect to each REMIC II Regular Interest,
      other than REMIC II Regular Interests X, B-1, B-2, B-3, B-4, B-5 and B-6, and
      any Distribution Date, a per annum rate equal to the related fixed rate set
      forth in the Preliminary Statements as the Uncertificated REMIC II Pass-Through
      Rate for such REMIC II Regular Interest.

     

    With
      respect to REMIC II Regular Interest X and any Distribution Date, REMIC II
      Regular Interest X shall not have an Uncertificated REMIC II Pass-Through Rate,
      but shall be entitled to 100% of the amounts distributable to REMIC I Regular
      Interest X for such Distribution Date.

     

    With
      respect to REMIC II Regular Interests B-1, B-2, B-3, B-4, B-5 and B-6 and any
      Distribution Date, a
      per annum rate equal to the weighted average of the Uncertificated REMIC I
      Pass-Through Rates for REMIC I Regular Interests 1-Sub and 2-Sub, weighted
      on
      the basis of the Uncertificated Principal Balances of each such REMIC I Regular
      Interest immediately prior to such Distribution Date.

     

    Unscheduled
      Principal Payment Amount:  For any Distribution Date and with
      respect to the Class A-3 Certificates and Class A-4 Certificates, an amount
      equal to the product of (x) the aggregate of the collections described in
      clauses (2) through (5) of the definition of Subgroup Principal Distribution
      Amount for the related Subgroup and that Distribution Date (without application
      of the related Subgroup Senior Prepayment Percentage) multiplied by (y) a
      fraction, (i) the numerator of which is the aggregate Certificate Principal
      Balance of the Class A-3 Certificates and Class A-4 Certificates immediately
      prior to that Distribution Date and (ii) the denominator of which is the sum
      of
      the Non-PO Percentages of the Stated Principal Balances of the Mortgage Loans
      in
      Subgroup 1 and Subgroup 2 as of the first day of the related Due
      Period.

     

     Voting
      Rights:  The portion of the voting rights of all the Certificates
      that is allocated to any Certificate for purposes of the voting provisions
      hereunder. Voting Rights shall be allocated (i) 94.50% to the Class A
      Certificates (other than the Class A-6 Certificates) and Class B Certificates,
      (ii) 1% to each of the Class A-6, Class X, Class PO and Class P Certificates
      and
      (iii) 0.50% to each of the Class R Certificates, with the allocation among
      the
      Class A Certificates (other than the Class A-6 Certificates) and Class B
      Certificates to be in proportion to the Certificate Principal Balance of each
      Class relative to the Certificate Principal Balance of all other such Classes.
      Voting Rights will be allocated among the Certificates of each such Class in
      accordance with their respective Percentage Interests.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Section
      1.02  Allocation
      of Certain Interest Shortfalls.

     

    For
      purposes of calculating the amount of the Accrued Certificate Interest for
      the
      Class A, Class X and Class B Certificates for any Distribution Date, (1) the
      aggregate amount of any Net Interest Shortfalls for any Distribution Date shall
      be allocated among such Certificates in proportion to the amount of Interest
      Funds that would have been allocated to such Certificates in the absence of
      such
      Net Interest Shortfalls, and (2) the interest portion of Realized Losses shall
      be allocated first, to the Class B-6 Certificates, second to the Class B-5
      Certificates, third to the Class B-4 Certificates, fourth to the Class B-3
      Certificates, fifth to the Class B-2 Certificates and sixth to the Class B-1
      Certificates, and following the Cross-Over Date, fourth to the Senior
      Certificates, on a pro rata basis.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC I Regular Interests (other than REMIC I Regular Interests P, PO and
      R-2/R-3) for any Distribution Date, the aggregate amount of any Net Interest
      Shortfalls and interest portion of Realized Losses for any Distribution Date
      shall be allocated first, among REMIC I Regular Interest
      1-Sub, REMIC I Regular Interest 1-ZZZ, REMIC I Regular Interest 2-Sub, REMIC
      I
      Regular Interest 2-ZZZ and REMIC I Regular Interest X, pro rata, based on,
      and
      to the extent of, one month’s interest at the then applicable respective
      Uncertificated REMIC I Pass-Through Rates on the respective Uncertificated
      Principal Balances of each such REMIC I Regular Interest.

     

    For
      purposes of calculating the amount of Uncertificated Accrued Interest for the
      REMIC II Regular Interests (other than REMIC II Regular Interests P, PO and
      R-3)
      for any Distribution Date, the aggregate amount of any Net Interest Shortfalls
      and interest portion of Realized Losses for any Distribution Date shall be
      allocated among such REMIC II Regular Interests as such amounts are allocable
      to
      the Corresponding Certificates; provided that, solely for purposes of the
      foregoing, any shortfalls allocable to the Class A-6 Certificates shall be
      deemed to be allocated to the Class A-5 Certificates and Class A-7 Certificates
      on a pro rata basis.

     

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

     

    CONVEYANCE
      OF TRUST FUND REPRESENTATIONS
      AND WARRANTIES

     

    Section
      2.01  Conveyance
      of Trust Fund.

     

    Pursuant
      to the Mortgage Loan Purchase Agreement, the Seller sold, transferred, assigned,
      set over and otherwise conveyed to the Depositor, without recourse, all the
      right, title and interest of the Seller in and to the assets sold by it in
      the
      Trust Fund. Pursuant to the Mortgage Loan Purchase Agreement, Master Funding
      sold, transferred, assigned, set over and otherwise conveyed to the Depositor,
      without recourse, all the right, title and interest of Master Funding in and to
      the assets sold by it in the Trust Fund.

     

    The
      Seller has entered into this Agreement in consideration for the purchase of
      the
      Mortgage Loans by the Depositor pursuant to the Mortgage Loan Purchase Agreement
      and has agreed to take the actions specified herein. Although it is the intent
      of the parties to this Agreement that the conveyance of the Depositor’s right,
      title and interest in and to the Mortgage Loans and other assets in the Trust
      Fund pursuant to this Agreement shall constitute a purchase and sale and not
      a
      loan, in the event that such conveyance is deemed to be a loan, it is the intent
      of the parties to this Agreement that the Depositor shall be deemed to have
      granted to the Trustee a first priority perfected security interest in all
      of
      the Depositor’s right, title and interest in, to and under the Mortgage Loans
      and other assets in the Trust Fund, and that this Agreement shall constitute
      a
      security agreement under applicable law.

     

    The
      Depositor, concurrently with the execution and delivery hereof, hereby sells,
      transfers, assigns, sets over and otherwise conveys to the Trustee for the
      use
      and benefit of the Certificateholders without recourse, all the right, title
      and
      interest of the Depositor in and to the Trust Fund.

     

    In
      connection with such sale, the Depositor has delivered to, and deposited with,
      or caused to be delivered to and deposited with, the Trustee or the Custodian,
      as its agent, the following documents or instruments with respect to each
      Mortgage Loan so assigned: (i) the original Mortgage Note, including any riders
      thereto, endorsed without recourse (A) in blank or to the order of “Wells Fargo
      Bank, National Association, as Trustee for Certificateholders of Bear Stearns
      Asset Backed Securities I LLC, Asset Backed Certificates, Series 2007-AC5”, or
      (B) in the case of a loan registered on the MERS system, in blank, and in each
      case showing an unbroken chain of endorsements from the related originator,
      at
      the time they made the initial endorsement, to the last endorsee up to and
      including the point the Sponsor acquired such mortgage loan, (ii) the original
      Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the presence
      of
      the MIN and language indicating that such Mortgage Loan is a MOM Loan, which
      shall have been recorded (or, for Mortgage Loans other than the EMC Flow Loans,
      if the original is not available, a copy), with evidence of such recording
      indicated thereon (or if clause (x) in the proviso below applies, shall be
      in
      recordable form), (iii) unless the Mortgage Loan is either a MOM Loan or has
      been assigned in the name of MERS®, the assignment (either an original or a
      copy, which may be in the form of a blanket assignment if permitted in the
      jurisdiction in which the Mortgaged Property is located) to blank or to the
      Trustee of the Mortgage with respect to each Mortgage Loan in the name of “Wells
      Fargo Bank, National Association, as Trustee for Certificateholders of Bear
      Stearns Asset Backed Securities I LLC, Asset Backed Certificates, Series
      2007-AC5,” which shall have been recorded (or if clause (x) in the proviso below
      applies, shall be in recordable form) (iv) an original or a copy of all
      intervening assignments of the Mortgage, if any, with evidence of recording
      thereon, (v) with respect to any Mortgage Loan, the original policy of title
      insurance or mortgagee’s certificate of title insurance or commitment or binder
      for title insurance or, in the event such original title policy has not been
      received from the title insurer, such title policy will be delivered within
      one
      year of the Closing Date or, in the event such original title policy is
      unavailable, a photocopy of such title policy, or, in lieu thereof, a current
      lien search on the related Mortgaged Property; and (vi) originals or copies
      of
      all available assumption, modification or substitution agreements, if any;
      provided, however, that in lieu of the foregoing, EMC or Master Funding, as
      applicable, may deliver the following documents, under the circumstances set
      forth below: (x) if any Mortgage (other than the Mortgages related to the EMC
      Flow Loans), assignment thereof to or intervening assignments thereof have
      been
      delivered or are being delivered to recording offices for recording and have
      not
      been returned in time to permit their delivery as specified above, the Depositor
      may deliver, or cause to be delivered, a true copy thereof with a certification,
      on the face of such copy, substantially as follows: “Certified to be a true and
      correct copy of the original”; (y) in lieu of the Mortgage (other than the
      Mortgages related to the EMC Flow Loans), assignment or intervening assignments
      thereof, if the applicable jurisdiction retains the originals of such documents
      (as evidenced by a certification to such effect) the Depositor may deliver,
      or
      cause to be delivered, photocopies of such documents containing an original
      certification by the judicial or other governmental authority of the
      jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage
      Notes relating to the Mortgage Loans identified in the list set forth in Exhibit
      I, the Depositor may deliver, or cause to be delivered, a lost note affidavit
      and indemnity and a copy of the original note, if available; and provided,
      further, however, that in the case of Mortgage Loans which have been prepaid
      in
      full after the Cut-off Date and prior to the Closing Date, the Depositor, in
      lieu of delivering the above documents, may deliver, or cause to be delivered,
      to the Trustee and the Custodian a certification of a Servicing Officer to
      such
      effect and in such case shall deposit all amounts paid in respect of such
      Mortgage Loans, in the Protected Account, in the Master Servicer Collection
      Account or in the Distribution Account on the Closing Date. In the case of
      the
      documents referred to in clause (x) above, the Depositor shall deliver, or
      cause
      to be delivered, such documents to the Trustee or the Custodian promptly after
      they are received.

     

    EMC
      (on
      its own behalf as Seller and on behalf of Master Funding) shall cause, at its
      expense, the Mortgage and intervening assignments, if any, and to the extent
      required in accordance with the foregoing, the assignment of the Mortgage to
      the
      Trustee to be submitted for recording promptly after the Closing Date; provided
      that, the Seller need not cause to be recorded (a) any assignment in any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      addressed to the Trustee delivered by EMC (on its own behalf as Seller and
      on
      behalf of Master Funding)  to the Trustee and the Rating Agencies, the
      recordation of such assignment is not necessary to protect the Trustee’s
      interest in the related Mortgage Loan or (b) if MERS is identified on the
      Mortgage or on a properly recorded assignment of the Mortgage as the mortgagee
      of record solely as nominee for the Seller and Master Funding and its successors
      and assigns. In the event that the Seller, Master Funding, the Depositor or
      the
      Master Servicer gives written notice to the Trustee that a court has
      recharacterized the sale of the Mortgage Loans as a financing, EMC (on its
      own
      behalf as Seller and on behalf of Master Funding) shall submit or cause to
      be
      submitted for recording as specified above each such previously unrecorded
      assignment to be submitted for recording as specified above at the expense
      of
      the Trust.

     

    In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as Seller and on behalf of Master
      Funding)  further agrees that it will cause, at the Seller’s own
      expense, within 30 days after the Closing Date, the MERS® System to indicate
      that such Mortgage Loans have been assigned by EMC (on its own behalf as Seller
      and on behalf of Master Funding) to the Depositor and 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. EMC (on its own behalf as Seller and
      on
      behalf of Master Funding) further agrees that it will not, and will not permit
      the Master Servicer to, and the Master 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 or the Mortgage Loan Purchase
      Agreement.

     

    All
      original documents relating to the Mortgage Loans that are not delivered to
      the
      Trustee or the Custodian on its behalf are and shall be held by or on behalf
      of
      the Seller or the Depositor, as the case may be, in trust for the benefit of
      the
      Trustee on behalf of the Certificateholders. Any such original document
      delivered to or held by the Depositor, shall be delivered promptly to the
      Custodian on the Trustee’s behalf.

     

    Whenever
      it is provided for in this Agreement that any document, evidence or information
      relating to a Mortgage Loan to be included in a Mortgage File be delivered
      or
      supplied to the Trustee, such delivery or supply shall be made to the Custodian
      pursuant to the Custodial Agreement.

     

    Section
      2.02  Acceptance
      of the Mortgage Loans.

     

    (a)  Based
      on
      the Initial Certification received by it from the Custodian, the Trustee
      acknowledges receipt of, subject to the further review and exceptions reported
      by the Custodian pursuant to the procedures described below, the documents
      (or
      certified copies thereof) delivered to the Trustee or the Custodian on its
      behalf pursuant to Section 2.01 and declares that it holds and will continue
      to
      hold directly or through a custodian those documents and any amendments,
      replacements or supplements thereto and all other assets of the Trust Fund
      delivered to it in trust for the use and benefit of all present and future
      Holders of the Certificates. On the Closing Date, the Trustee or the Custodian
      on its behalf will deliver to EMC (on its behalf and on behalf of Master
      Funding), the Master Servicer and the Trustee an Initial Certification
      substantially in the form of Exhibit One to the Custodial Agreement confirming
      whether or not it has received the Mortgage File for each Mortgage Loan, but
      without review of such Mortgage File, except to the extent necessary to confirm
      whether such Mortgage File contains the original Mortgage Note or a lost note
      affidavit and indemnity in lieu thereof. No later than 90 days after the Closing
      Date, the Trustee or the Custodian on its behalf shall, for the benefit of
      the
      Certificateholders, review each Mortgage File delivered to it and execute and
      deliver to EMC (on its own behalf and on behalf of Master Funding), the Master
      Servicer and, if reviewed by the Custodian, the Trustee, an Interim
      Certification substantially in the form of Exhibit Two to the Custodial
      Agreement. In conducting such review, the Trustee or the Custodian on its behalf
      will ascertain whether all required documents have been executed and received
      and whether those documents relate, determined on the basis of the Mortgagor
      name, original principal balance and loan number, to the Mortgage Loans
      identified in Exhibit B to this Agreement, as supplemented (provided, however,
      that with respect to those documents described in subclauses (iv) and (vi)
      of
      Section 2.01, such obligations shall extend only to documents actually delivered
      pursuant to such subclauses). In performing any such review, the Trustee and
      the
      Custodian may conclusively rely on the purported due execution and genuineness
      of any such document and on the purported genuineness of any signature thereon.
      If the Trustee or the Custodian on its behalf finds any document constituting
      part of the Mortgage File not to have been executed or received, or to be
      unrelated to the Mortgage Loans identified in Exhibit B or to appear to be
      defective on its face (i.e. torn, mutilated, or otherwise physically altered),
      the Trustee or the Custodian on its behalf shall include such information in
      the
      exception report. EMC (on its own behalf and on behalf of Master Funding) shall
      correct or cure any such defect or, if prior to the end of the second
      anniversary of the Closing Date, EMC (on its own behalf and on behalf of Master
      Funding) may substitute for the related Mortgage Loan a Replacement Mortgage
      Loan, which substitution shall be accomplished in the manner and subject to
      the
      conditions set forth in Section 2.03 or shall deliver to the Trustee an Opinion
      of Counsel addressed to the Trustee to the effect that such defect does not
      materially or adversely affect the interests of the Certificateholders in such
      Mortgage Loan within 90 days from the date of notice from the Trustee of the
      defect and if EMC (on its own behalf and on behalf of Master Funding) fails
      to
      correct or cure the defect or deliver such opinion within such period, EMC
      (on
      its own behalf and on behalf of Master Funding) will, subject to Section 2.03,
      within 90 days from the notification of the Trustee purchase such Mortgage
      Loan
      at the Purchase Price; provided, however, that if such defect relates solely
      to
      the inability of EMC (on its own behalf and on behalf of Master Funding) to
      deliver the Mortgage, assignment thereof to the Trustee, or intervening
      assignments  thereof with evidence of recording thereon because such
      documents have been submitted for recording and have not been returned by the
      applicable jurisdiction, EMC (on its own behalf and on behalf of Master Funding)
      shall not be required to purchase such Mortgage Loan if EMC (on its own behalf
      and on behalf of Master Funding) delivers such documents promptly upon receipt,
      but in no event later than 360 days after the Closing Date.

     

    (b)  No
      later
      than 180 days after the Closing Date, the Trustee or the Custodian on its behalf
      will review, for the benefit of the Certificateholders, the Mortgage Files
      and
      will execute and deliver or cause to be executed and delivered to EMC (on its
      own behalf and on behalf of Master Funding), the Master Servicer and, if
      reviewed by the Custodian, to the Trustee, a Final Certification substantially
      in the form of Exhibit Three to the Custodial Agreement. In conducting such
      review, the Trustee or the Custodian on its behalf will ascertain whether each
      document required to be recorded has been returned from the recording office
      with evidence of recording thereon and the Trustee or the Custodian on its
      behalf has received either an original or a copy thereof, as required in Section
      2.01 (provided, however, that with respect to those documents described in
      subclauses (iv) and (vi) of Section 2.01, such obligations shall extend only
      to
      documents actually delivered pursuant to such subclauses). If the Trustee or
      the
      Custodian on its behalf finds any document with respect to a Mortgage Loan
      has
      not been received, or to be unrelated, determined on the basis of the Mortgagor
      name, original principal balance and loan number, to the Mortgage Loans
      identified in Exhibit B or to appear defective on its face, the Trustee or
      the
      Custodian on its behalf shall note such defect in the exception report attached
      to the Final Certification and shall promptly notify EMC. EMC (on its own behalf
      and on behalf of Master Funding) shall correct or cure any such defect or,
      if
      prior to the end of the second anniversary of the Closing Date, EMC (on its
      own
      behalf and on behalf of Master Funding) may substitute for the related Mortgage
      Loan a Replacement Mortgage Loan, which substitution shall be accomplished
      in
      the manner and subject to the conditions set forth in Section 2.03 or shall
      deliver to the Trustee an Opinion of Counsel addressed to the Trustee to the
      effect that such defect does not materially or adversely affect the interests
      of
      Certificateholders in such Mortgage Loan within 90 days from the date of notice
      from the Trustee of the defect and if EMC (on its own behalf and on behalf
      of
      Master Funding) is unable within such period to correct or cure such defect,
      or
      to substitute the related Mortgage Loan with a Replacement Mortgage Loan or
      to
      deliver such opinion, EMC (on its own behalf and on behalf of Master Funding)
      shall, subject to Section 2.03, within 90 days from the notification of the
      Trustee, purchase such Mortgage Loan at the Purchase Price; provided, however,
      that if such defect relates solely to the inability of EMC (on its own behalf
      and on behalf of Master Funding) to deliver the Mortgage, assignment thereof
      to
      the Trustee or intervening assignments thereof with evidence of recording
      thereon, because such documents have not been returned by the applicable
      jurisdiction, EMC (on its own behalf and on behalf of Master Funding) shall
      not
      be required to purchase such Mortgage Loan, if EMC (on its own behalf and on
      behalf of Master Funding) delivers such documents promptly upon receipt, but
      in
      no event later than 360 days after the Closing Date.

     

    (c)  In
      the
      event that a Mortgage Loan is purchased by EMC (on its own behalf and on behalf
      of Master Funding) in accordance with subsections 2.02(a) or (b) above or
      Section 2.03, EMC (on its own behalf and on behalf of Master Funding) shall
      remit the applicable Purchase Price to the Master Servicer, for deposit in
      the
      Master Servicer Collection Account and shall provide written notice to the
      Trustee detailing the components of the Purchase Price, signed by a Servicing
      Officer. Upon deposit of the Purchase Price in the Master Servicer Collection
      Account and upon receipt of a Request for Release with respect to such Mortgage
      Loan, the Trustee or the Custodian will release to the Seller the related
      Mortgage File and the Trustee shall execute and deliver all instruments of
      transfer or assignment, without recourse, representation or warranty furnished
      to it by EMC (on its own behalf and on behalf of Master Funding), as are
      necessary to vest in the Seller title to and rights under the Mortgage Loan.
      Such purchase shall be deemed to have occurred on the date on which the deposit
      into the Master Servicer Collection Account was made. The Trustee shall promptly
      notify the Rating Agencies of such repurchase. The obligation of the Seller
      to
      cure, repurchase or substitute for any Mortgage Loan as to which a defect in
      a
      constituent document exists shall be the sole remedies respecting such defect
      available to the Certificateholders or to the Trustee on their
      behalf.

     

    (d)  EMC
      (on
      its own behalf and on behalf of Master Funding) shall deliver to the Trustee
      or
      the Custodian on its behalf, and Trustee agrees to accept the Mortgage Note
      and
      other documents constituting the Mortgage File with respect to any Replacement
      Mortgage Loan, which the Trustee or the Custodian will review as provided in
      subsections 2.02(a) and 2.02(b), provided, that the Closing Date referred to
      therein shall instead be the date of delivery of the Mortgage File with respect
      to each Replacement Mortgage Loan.

     

    Section
      2.03  Representations,
      Warranties and Covenants of the Company, the Master Servicer, the Trustee and
      the Seller.

     

    (a)  EMC
      as
      Company hereby represents and warrants to the Depositor, the Master Servicer
      and
      the Trustee as follows, as of the Closing Date:

     

    (i)  It
      is
      duly organized and is validly existing and in good standing under the laws
      of
      the State of Delaware and is duly authorized and qualified to transact any
      and
      all business contemplated by this Agreement to be conducted by it in any state
      in which a Mortgaged Property related to an EMC Mortgage Loan 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 EMC Mortgage Loan,
      to
      service the EMC Mortgage Loans in accordance with the terms of this Agreement
      and to perform any of its other obligations under this Agreement in accordance
      with the terms hereof.

     

    (ii)  It
      has
      the full corporate power and authority to service each EMC 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 its part the execution, delivery and performance of this
      Agreement; assuming the due authorization, execution and delivery hereof by
      the
      other parties hereto, constitutes its legal, valid and binding obligation,
      enforceable against it in accordance with its terms, except that (a) the
      enforceability hereof 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 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 it, the servicing of the EMC
      Mortgage Loans by it under this Agreement, the consummation of any other of
      the
      transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a breach of any term or provision of its charter or by-laws
      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 it is a party or by which it may be bound, or (C) constitute a violation
      of any statute, order or regulation applicable to it of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it;
      and it is not in breach or violation of any material indenture or other material
      agreement or instrument, or in violation of any statute, order or regulation
      of
      any court, regulatory body, administrative agency or governmental body having
      jurisdiction over it which breach or violation may materially impair its ability
      to perform or meet any of its obligations under this Agreement.

     

    (iv)  It
      is an
      approved servicer of conventional mortgage loans for Fannie Mae or Freddie
      Mac
      and is a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to sections 203 and 211 of the National Housing Act.

     

    (v)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to service the EMC Mortgage
      Loans or to perform any of its other obligations under this Agreement in
      accordance with the terms hereof.

     

    (vi)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated
      hereby, or if any such consent, approval, authorization or order is required,
      it
      has obtained the same.

     

    (vii)  The
      Company has delivered to the Depositor and the Trustee financial statements
      of
      its parent, for its last two complete fiscal years. All such financial
      information fairly presents the pertinent results of operations and financial
      position for the period identified and has been prepared in accordance with
      GAAP
      consistently applied throughout the periods involved, except as set forth in
      the
      notes thereto.  There has been no change in the servicing policies and
      procedures (outside of the normal changes warranted by regulatory and product
      type changes in the portfolio), business, operations, financial condition,
      properties or assets of the Company since the date of the Company’s financial
      information that would have a material adverse effect on its ability to perform
      its obligations under this Agreement.

     

    (b)  EMC
      as
      Company hereby covenants to the Depositor, the Master Servicer and the Trustee
      as follows, as of the Closing Date:

     

    (i)  As
      of the
      Closing Date and except as has been otherwise disclosed to the Trustee and
      the
      Depositor, or disclosed in any public filing: (1) no default or servicing
      related performance trigger has occurred as to any other Pass-Through Transfer
      due to any act or failure to act of the Company; (2) no material noncompliance
      with applicable servicing criteria as to any other Pass-Through Transfer has
      occurred, been disclosed or reported by the Company; (3) the Company has not
      been terminated as servicer in a residential mortgage loan Pass-Through
      Transfer, either due to a servicing default or to application of a servicing
      performance test or trigger; (4) no material changes to the Company’s servicing
      policies and procedures for similar loans have occurred in the preceding three
      years; (5) there are no aspects of the Company’s financial condition that could
      have a material adverse impact on the performance by the Company of its
      obligations hereunder; (6) there are no legal proceedings pending, or known
      to
      be contemplated by governmental authorities, against the Company that could
      be
      material to investors in the securities issued in such Pass-Through Transfer;
      and (7) there are no affiliations, relationships or transactions relating to
      the
      Company of a type that are described under Item 1119 of Regulation
      AB.

     

    (ii)  If
      so
      requested by the Depositor or the Trustee on any date, the Company shall, within
      five Business Days following such request, confirm in writing the accuracy
      of
      the representations and warranties set forth in clause (b)(i) of this Section
      or, if any such representation and warranty is not accurate as of the date
      of
      such request, provide reasonably adequate disclosure of the pertinent facts,
      in
      writing, to the requesting party.

     

    (iii)  As
      a
      condition to the succession to the Company or any subservicer as servicer or
      subservicer under this Agreement by any Person (i) into which the Company or
      such subservicer may be merged or consolidated, or (ii) which may be appointed
      as a successor to the Company or any subservicer, the Company shall provide
      to
      the Trustee and the Depositor, at least 15 calendar days prior to the effective
      date of such succession or appointment, (x) written notice to the Trustee and
      the Depositor of such succession or appointment and (y) in writing and in form
      and substance reasonably satisfactory to the Master Servicer and the Depositor,
      all information reasonably requested by the Trustee or the Depositor in order
      to
      comply with its reporting obligation under Item 6.02 of Form 8-K with respect
      to
      any class of asset-backed securities.

     

    (c)  EMC
      as
      Master Servicer hereby covenants to the Depositor, the Company and the Trustee
      as follows, as of the Closing Date:

     

    (i)  It
      is
      duly organized and is validly existing and in good standing under the laws
      of
      the State of Delaware and is duly authorized and qualified to transact any
      and
      all business contemplated by this Agreement to be conducted by it in any state
      in which a Mortgaged Property related to an EMC Mortgage Loan 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 EMC Mortgage Loan,
      to
      service the EMC Mortgage Loans in accordance with the terms of this Agreement
      and to perform any of its other obligations under this Agreement in accordance
      with the terms hereof.

     

    (ii)  It
      has
      the full corporate power and authority 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 its part the execution,
      delivery and performance of this Agreement; and this, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes its legal, valid and binding obligation, enforceable against it
      in
      accordance with its terms, except that (a) the enforceability hereof 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
      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 it, the consummation of any other
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated hereby
      or thereby, or if any such consent, approval, authorization or order is
      required, it has obtained the same.

     

    (d)  Wells
      Fargo Bank, National Association, in its capacity as Trustee hereby represents
      and warrants to the Seller, the Master Servicer and the Depositor as follows,
      as
      of the Closing Date:

     

    (i)  It
      is a
      national banking association duly formed, validly existing and in good standing
      under the laws of the United States of America and is duly authorized and
      qualified to transact any and all business contemplated by this Agreement to
      be
      conducted by the Trustee 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, to master service the Mortgage Loans in accordance with the terms of
      this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof or thereof;

     

    (ii)  It
      has
      the full corporate power and authority 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 its part the execution,
      delivery and performance of this Agreement; and this, assuming the due
      authorization, execution and delivery hereof by the other parties hereto,
      constitutes its legal, valid and binding obligation, enforceable against it
      in
      accordance with its terms, except that (a) the enforceability hereof 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
      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 it, the consummation of any other
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in its ordinary course of business and
      will
      not (A) result in a material breach of any term or provision of its charter
      or
      by-laws or (B) materially conflict with, result in a material breach, violation
      or acceleration of, or result in a material default under, the terms of any
      other material agreement or instrument to which it is a party or by which it
      may
      be bound, or (C) constitute a material violation of any statute, order or
      regulation applicable to it of any court, regulatory body, administrative agency
      or governmental body having jurisdiction over it; and it is not in breach or
      violation of any material indenture or other material agreement or instrument,
      or in violation of any statute, order or regulation of any court, regulatory
      body, administrative agency or governmental body having jurisdiction over it
      which breach or violation may materially impair its ability to perform or meet
      any of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending or, to the best of its knowledge, threatened, against
      it
      that would materially and adversely affect the execution, delivery or
      enforceability of this Agreement or its ability to perform any of its other
      obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for its execution, delivery and performance of, or compliance
      with, this Agreement or the consummation of the transactions contemplated hereby
      or thereby, or if any such consent, approval, authorization or order is
      required, it has obtained the same.

     

    (e)  The
      Seller hereby represents and warrants to the Depositor, the Master Servicer
      and
      the Trustee as follows, as of the Closing Date:

     

    (i)  The
      Seller is duly organized as a Delaware corporation and is validly existing
      and
      in good standing under the laws of the State of Delaware and is duly authorized
      and qualified to transact any and all business contemplated by this Agreement
      and to be conducted by the Seller 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, to sell the Mortgage Loans in accordance with the terms of this
      Agreement and to perform any of its other obligations under this Agreement
      in
      accordance with the terms hereof or thereof.

     

    (ii)  The
      Seller has the full corporate power and authority to sell 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 Seller the execution, delivery
      and
      performance of this Agreement; and this Agreement, assuming the due
      authorization, execution and delivery hereof by the other parties hereto or
      thereto, as applicable, constitutes a legal, valid and binding obligation of
      the
      Seller, enforceable against the Seller in accordance with its terms, except
      that
      (a) the enforceability hereof 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 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 Seller, the sale of the Mortgage
      Loans by the Seller under the Mortgage Loan Purchase Agreement, the consummation
      of any other of the transactions contemplated by this Agreement, and the
      fulfillment of or compliance with the terms hereof and thereof are in the
      ordinary course of business of the Seller and will not (A) result in a breach
      of
      any term or provision of the charter or by-laws of the Seller 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
      Seller is a party or by which it may be bound, or (C) constitute a violation
      of
      any statute, order or regulation applicable to the Seller of any court,
      regulatory body, administrative agency or governmental body having jurisdiction
      over the Seller; and the Seller is not in breach or violation of any material
      indenture or other material agreement or instrument, or in violation of any
      statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Seller’s ability to perform or meet any of
      its obligations under this Agreement.

     

    (iv)  The
      Seller is an approved seller of conventional mortgage loans for Fannie Mae
      or
      Freddie Mac and is a mortgagee approved by the Secretary of Housing and Urban
      Development pursuant to sections 203 and 211 of the National Housing
      Act.

     

    (v)  No
      litigation is pending or, to the best of the Seller’s knowledge, threatened,
      against the Seller that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Seller to
      sell the Mortgage Loans or to perform any of its other obligations under this
      Agreement in accordance with the terms hereof or thereof.

     

    (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 Seller
      of,
      or compliance by the Seller with, this Agreement or the consummation of the
      transactions contemplated hereby or thereby, or if any such consent, approval,
      authorization or order is required, the Seller has obtained the
      same.

     

    (vii)  As
      of the
      Closing Date, the representations and warranties concerning the Mortgage Loans
      set forth in Section 7 of the Mortgage Loan Purchase Agreement are true and
      correct in all material respects.

     

    (f)  Upon
      discovery by any of the parties hereto of a breach of a representation or
      warranty set forth in Section 7 of the Mortgage Loan Purchase Agreement that
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, the party discovering such breach shall give prompt written
      notice thereof to the other parties of this Agreement. The Seller hereby
      covenants with respect to the representations and warranties set forth in
      Section 7 of the Mortgage Loan Purchase Agreement, that within 90 days of the
      discovery of a breach of any representation or warranty set forth therein that
      materially and adversely affects the interests of the Certificateholders in
      any
      Mortgage Loan, it shall cure such breach in all material respects and, if such
      breach is not so cured, (i) if such 90-day period expires prior to the second
      anniversary of the Closing Date, remove such Mortgage Loan (a “Deleted Mortgage
      Loan”) from the Trust Fund and substitute in its place a Replacement Mortgage
      Loan, in the manner and subject to the conditions set forth in this Section;
      or
      (ii) repurchase the affected Mortgage Loan or Mortgage Loans from the Trustee
      at
      the Purchase Price in the manner set forth below; provided that, any such
      substitution pursuant to (i) above or repurchase pursuant to (ii) above shall
      not be effected prior to the delivery to the Trustee and the Master Servicer
      of
      an Opinion of Counsel if required by Section 2.05 hereof and any such
      substitution pursuant to (i) above shall not be effected prior to the additional
      delivery to the applicable Custodian of a Request for Release. The Seller shall,
      or cause the related Servicer to, furnish to the Master Servicer and the Trustee
      the Officer’s Certificate required under Section 2.03(f) relating to such cure.
      If the Trustee has received (or has given, as the case may be) written notice
      of
      such a breach of a representation or warranty, the Trustee shall give prompt
      written notice to the Master Servicer and the Seller, if within 90 days of
      its
      receipt (or giving, as the case may be) of such notice of breach, the Trustee
      does not receive an Officer’s Certificate as described in the preceding sentence
      certifying as to the cure of such breached representation or warranty. The
      Seller shall promptly reimburse the Trustee for any expenses reasonably incurred
      by the Trustee in respect of enforcing the remedies for such breach. To enable
      the Trustee to amend the Mortgage Loan Schedule, the Seller shall, unless it
      cures such breach in a timely fashion pursuant to this Section 2.03, promptly
      notify the Trustee whether it intends either to repurchase, or to substitute
      for, the Mortgage Loan affected by such breach. With respect to the
      representations and warranties in Section 7 of the Mortgage Loan Purchase
      Agreement that are made to the best of the Seller’s knowledge, if it is
      discovered by any of the Depositor, the Master Servicer, the Seller or the
      Trustee that the substance of such representation and warranty is inaccurate
      and
      such inaccuracy materially and adversely affects the value of the related
      Mortgage Loan, notwithstanding the Seller’s lack of knowledge with respect to
      the substance of such representation or warranty, the Seller shall nevertheless
      be required to cure, substitute for or repurchase the affected Mortgage Loan
      in
      accordance with the foregoing.

     

    With
      respect to any Replacement Mortgage Loan or Loans, the Seller shall deliver
      to
      the Trustee for the benefit of the Certificateholders such documents and
      agreements as are required by Section 2.01. No substitution shall be made in
      any
      calendar month after the Determination Date for such month. Scheduled Payments
      due with respect to Replacement Mortgage Loans in the Due Period related to
      the
      Distribution Date on which such proceeds are to be distributed shall not be
      part
      of the Trust Fund and shall be retained by the Seller. For the month of
      substitution, distributions to Certificateholders will include the Scheduled
      Payment due on any Deleted Mortgage Loan for the related Due Period and
      thereafter the Seller shall be entitled to retain all amounts received in
      respect of such Deleted Mortgage Loan. The Trustee shall amend the Mortgage
      Loan
      Schedule for the benefit of the Certificateholders to reflect the removal of
      such Deleted Mortgage Loan and the substitution of the Replacement Mortgage
      Loan
      or Loans and the Trustee shall deliver the amended Mortgage Loan Schedule to
      the
      Master Servicer and the Custodian. Upon such substitution, the Replacement
      Mortgage Loan or Loans shall be subject to the terms of this Agreement in all
      respects, and the Seller shall be deemed to have made with respect to such
      Replacement Mortgage Loan or Loans, as of the date of substitution, the
      representations and warranties set forth in Section 7 of the Mortgage Loan
      Purchase Agreement with respect to such Mortgage Loan. Upon any such
      substitution and the deposit into the Distribution Account of the amount
      required to be deposited therein in connection with such substitution as
      described in the following paragraph and receipt by the Trustee of a Request
      for
      Release for such Mortgage Loan, the Trustee or the Custodian shall release
      to
      the Seller the Mortgage File relating to such Deleted Mortgage Loan and held
      for
      the benefit of the Certificateholders and the Trustee shall execute and deliver
      at the Seller’s direction such instruments of transfer or assignment as have
      been prepared by the Seller, in each case without recourse, representation
      or
      warranty as shall be necessary to vest in the Seller, or its respective
      designee, title to the Trustee’s interest in any Deleted Mortgage Loan
      substituted for pursuant to this Section 2.03.

     

    For
      any
      month in which the Seller substitutes one or more Replacement Mortgage Loans
      for
      a Deleted Mortgage Loan, the Master Servicer will determine the amount (if
      any)
      by which the aggregate principal balance of all the Replacement Mortgage Loans
      as of the date of substitution is less than the Stated Principal Balance (after
      application of the principal portion of the Scheduled Payment due in the month
      of substitution) of such Deleted Mortgage Loan. An amount equal to the aggregate
      of such deficiencies, described in the preceding sentence for any Distribution
      Date (such amount, the “Substitution Adjustment Amount”) shall be deposited into
      the Distribution Account by the Trustee upon receipt from the Seller delivering
      such Replacement Mortgage Loan on the Determination Date for the Distribution
      Date relating to the Prepayment Period during which the related Mortgage Loan
      became required to be purchased or replaced hereunder.

     

    In
      the
      event that the Seller shall have repurchased a Mortgage Loan, the Purchase
      Price
      therefor shall be deposited into the Master Servicer Collection Account
      maintained by the Master Servicer, on the Determination Date for the
      Distribution Date in the month following the month during which the Seller
      became obligated to repurchase or replace such Mortgage Loan and upon such
      deposit of the Purchase Price, the delivery of an Opinion of Counsel if required
      by Section 2.05 and the receipt of a Request for Release, the Trustee or the
      Custodian shall release the related Mortgage File held for the benefit of the
      Certificateholders to the Seller, and the Trustee shall execute and deliver
      at
      such Person’s direction the related instruments of transfer or assignment
      prepared by the Seller, in each case without recourse, representation or
      warranty as shall be necessary to transfer title from the Trustee for the
      benefit of the Certificateholders and transfer the Trustee’s interest to EMC (on
      its own as Seller and on behalf of Master Funding) to any Mortgage Loan
      purchased pursuant to this Section 2.03. It is understood and agreed that the
      obligation under this Agreement of the Seller to cure, repurchase or replace
      any
      Mortgage Loan as to which a breach has occurred and is continuing shall
      constitute the sole remedies against the Seller respecting such breach available
      to the Certificateholders, the Depositor or the Trustee.

     

    In
      connection with any repurchase or substitution of a Mortgage Loan or the cure
      of
      a breach of a representation or warranty set forth in Section 7 of the Mortgage
      Loan Purchase Agreement pursuant to this Section 2.03, the Seller shall, or
      cause the related Servicer to, promptly furnish to the Master Servicer and
      the
      Trustee an Officer’s Certificate, signed by a duly authorized officer of the
      Seller or the related servicer, as the case may be, to the effect that such
      repurchase, substitution or cure has been made in accordance with the terms
      and
      conditions of this Agreement and that all conditions precedent to such
      repurchase, substitution or cure have been satisfied, including the delivery
      to
      the Trustee of the Purchase Price or Substitution Adjustment Amount, as
      applicable, for deposit into the Distribution Account, together with copies
      of
      any Opinion of Counsel required to be delivered pursuant to this Agreement
      and
      the related Request for Release, on which the Master Servicer and the Trustee
      may rely. Solely for purposes of the Trustee providing an Assessment of
      Compliance, upon receipt of such documentation, the Trustee shall approve such
      repurchase, substitution or cure, as applicable, and which approval shall
      consist solely of the Trustee’s receipt of such documentation and
      deposits.  It is understood and agreed that the obligation under this
      Agreement of the Seller to cure the breach of a representation or warranty
      set
      forth in Section 7 of the Mortgage Loan Purchase Agreement or to repurchase
      or
      replace any Mortgage Loan as to which a breach has occurred and is continuing
      shall constitute the sole remedies against the Seller respecting such breach
      available to Certificateholders, the Depositor or the Trustee.

     

    (g)  The
      representations and warranties set forth in Section 2.03 hereof shall survive
      delivery of the respective Mortgage Loans and Mortgage Files to the Trustee
      or
      the Custodian for the benefit of the Certificateholders.

     

    Section
      2.04  Representations
      and Warranties of the Depositor.

     

    The
      Depositor hereby represents and warrants to the Master Servicer and the Trustee
      as follows, as of the date hereof and as of the Closing Date:

     

    (i)  The
      Depositor is duly organized and is validly existing as limited liability company
      in good standing under the laws of the State of Delaware and has full power
      and
      authority necessary to own or hold its properties and to conduct its business
      as
      now conducted by it and to enter into and perform its obligations under this
      Agreement.

     

    (ii)  The
      Depositor has the full power and authority to execute, deliver and perform,
      and
      to enter into and consummate the transactions contemplated by, this Agreement
      and has duly authorized, by all necessary action on its part, the execution,
      delivery and performance of this Agreement; and this Agreement, assuming the
      due
      authorization, execution and delivery hereof and thereof by the other parties
      hereto and thereto, constitutes a legal, valid and binding obligation of the
      Depositor, enforceable against the Depositor in accordance with its terms,
      subject, as to enforceability, to (i) bankruptcy, insolvency, reorganization,
      moratorium and other similar laws affecting creditors’ rights generally and (ii)
      general principles of equity, regardless of whether enforcement is sought in
      a
      proceeding in equity or at law.

     

    (iii)  The
      execution and delivery of this Agreement by the Depositor, the consummation
      of
      the transactions contemplated by this Agreement, and the fulfillment of or
      compliance with the terms hereof are in the ordinary course of business of
      the
      Depositor and will not (A) result in a breach of any term or provision of the
      organizational documents of the Depositor 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 Depositor is a party
      or
      by which it may be bound or (C) constitute a violation of any statute, order
      or
      regulation applicable to the Depositor of any court, regulatory body,
      administrative agency or governmental body having jurisdiction over the
      Depositor; and the Depositor is not in breach or violation of any material
      indenture or other material agreement or instrument, or in violation of any
      statute, order or regulation of any court, regulatory body, administrative
      agency or governmental body having jurisdiction over it which breach or
      violation may materially impair the Depositor’s ability to perform or meet any
      of its obligations under this Agreement.

     

    (iv)  No
      litigation is pending, or, to the best of the Depositor’s knowledge, threatened,
      against the Depositor that would materially and adversely affect the execution,
      delivery or enforceability of this Agreement or the ability of the Depositor
      to
      perform its obligations under this Agreement in accordance with the terms
      hereof.

     

    (v)  No
      consent, approval, authorization or order of any court or governmental agency
      or
      body is required for the execution, delivery and performance by the Depositor
      of, or compliance by the Depositor with, this Agreement or the consummation
      of
      the transactions contemplated hereby, or if any such consent, approval,
      authorization or order is required, the Depositor has obtained the same;
      and

     

    (vi)  The
      Depositor has filed all reports required to be filed by Section 13 or Section
      15(d) of the Exchange Act during the preceding 12 months (or for such shorter
      period that the Depositor was required to file such reports) and it has been
      subject to such filing requirements for the past 90 days.

     

    The
      Depositor hereby represents and warrants to the Trustee as of the Closing Date,
      following the transfer of the Mortgage Loans to it by the Mortgage Loan Sellers,
      the Depositor had good title to the Mortgage Loans and the related Mortgage
      Notes were subject to no offsets, claims, defenses or
      counterclaims.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      the
      immediately preceding paragraph shall survive delivery of the Mortgage Files
      to
      the Trustee or the Custodian for the benefit of the Certificateholders. Upon
      discovery by the Depositor, the Trustee of a breach of such representations
      and
      warranties, the party discovering such breach shall give prompt written notice
      to the others and to each Rating Agency.

     

    Section
      2.05  Delivery
      of Opinion of Counsel in Connection with Substitutions and
      Repurchases.

     

    (a)  Notwithstanding
      any contrary provision of this Agreement, with respect to any Mortgage Loan
      that
      is not in default or as to which default is not reasonably foreseeable, no
      repurchase or substitution pursuant to Sections 2.02 or 2.03 shall be made
      unless the Seller delivers to the Trustee an Opinion of Counsel, addressed
      to
      the Trustee, to the effect that such repurchase or substitution would not (i)
      result in the imposition of the tax on “prohibited transactions” of REMIC I,
      REMIC II or REMIC III or contributions after the Closing Date, as defined in
      Sections 860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any
      of
      REMIC I, REMIC II or REMIC III to fail to qualify as a REMIC at any time that
      any Certificates are outstanding. Any Mortgage Loan as to which repurchase
      or
      substitution was delayed pursuant to this paragraph shall be repurchased or
      the
      substitution therefor shall occur (subject to compliance with Sections 2.02
      or
      2.03) upon the earlier of (a) the occurrence of a default or a default becoming
      reasonably foreseeable with respect to such Mortgage Loan and (b) receipt by
      the
      Trustee of an Opinion of Counsel addressed to the Trustee to the effect that
      such repurchase or substitution, as applicable, will not result in the events
      described in clause (i) or clause (ii) of the preceding sentence.

     

    (b)  Upon
      discovery by the Depositor, the Seller, the Custodian or the Master Servicer
      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
      promptly (and in any event within 5 Business Days of discovery) give written
      notice thereof to the other parties and the Trustee. In connection therewith,
      the Trustee, or the Custodian on its behalf, shall require the Seller, at the
      Seller’s option, to either (i) cure such defect or breach, (ii) substitute, if
      the conditions in Section 2.03(f) with respect to substitutions are satisfied,
      a
      Replacement Mortgage Loan for the affected Mortgage Loan, or (iii) repurchase
      the affected Mortgage Loan within 90 days of such discovery in the same manner
      as it would for a defect or a breach described in Section 2.02 or Section 2.03,
      as applicable. The Trustee, or the Custodian on its behalf, shall reconvey
      to
      the Seller the Mortgage Loan to be released pursuant hereto (and the Custodian
      shall deliver the related Mortgage File) in the same manner, and on the same
      terms and conditions, as it would for a defect or a breach described in Section
      2.02 or Section 2.03, as applicable.

     

    Section
      2.06  Countersignature
      and Delivery of Certificates.

     

    (a)  The
      Trustee acknowledges the sale, transfer and assignment to it of the Trust Fund
      and, concurrently with such transfer and assignment, has executed, countersigned
      and delivered, to or upon the order of the Depositor, the Certificates in
      authorized denominations evidencing the entire ownership of the Trust Fund.
      The
      Trustee agrees to hold the Trust Fund and exercise the rights referred to above
      for the benefit of all present and future Holders of the Certificates and to
      perform the duties set forth in this Agreement in accordance with its
      terms.

     

    (b)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      I Regular Interests and the other assets of REMIC II for the benefit of the
      holders of the REMIC II Regular Interests and the Class R-2 Certificates. The
      Trustee acknowledges receipt of the REMIC I Regular Interests (which are
      uncertificated) and the other assets of REMIC II and declares that it holds
      and
      will hold the same in trust for the exclusive use and benefit of the holders
      of
      the REMIC II Regular Interests and the Class R-2 Certificates.

     

    (c)  The
      Depositor concurrently with the execution and delivery hereof, does hereby
      transfer, assign, set over and otherwise convey in trust to the Trustee without
      recourse all the right, title and interest of the Depositor in and to the REMIC
      II Regular Interests and the other assets of REMIC III for the benefit of the
      Holders of the Certificates (other than the Class R Certificates) and the Class
      R-3 Certificates. The Trustee acknowledges receipt of the REMIC II Regular
      Interests (which are uncertificated) and the other assets of REMIC III and
      declares that it holds and will hold the same in trust for the exclusive use
      and
      benefit of the holders of the Certificates (other than the Class R Certificates)
      and the Class R-3 Certificates.

     

    Section
      2.07  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
      distributions 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.

     

    (f)  The
      Trust
      is hereby authorized to engage in the foregoing activities.  The Trust
      shall not 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 2.07.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

     

    ADMINISTRATION
      AND SERVICING OF EMC
      MORTGAGE LOANS BY COMPANY

     

    Section
      3.01  The
      Company.

     

    The
      Company shall service and administer the EMC Mortgage Loans in accordance with
      customary and usual standards of practice of prudent mortgage loan servicers
      in
      the respective states in which the related Mortgaged Properties are located.
      In
      connection with such servicing and administration, the Company shall have full
      power and authority, acting alone and/or through subservicers as provided in
      Section 3.03, to do or cause to be done any and all things that it may deem
      necessary or desirable in connection with such servicing and administration,
      including but not limited to, the power and authority, subject to the terms
      hereof (i) to execute and deliver, on behalf of the Certificateholders, the
      Trustee, customary consents or waivers and other instruments and documents,
      (ii)
      to consent to transfers of any related Mortgaged Property and assumptions of
      the
      Mortgage Notes and related Mortgages (but only in the manner provided herein),
      (iii) to collect any Insurance Proceeds and any Liquidation Proceeds or
      Subsequent Recoveries, and (iv) subject to Section 3.09, to effectuate
      foreclosure or other conversion of the ownership of the Mortgaged Property
      securing any EMC Mortgage Loan; provided that the Company shall take no action
      that is inconsistent with or prejudices the interests of the Trust Fund or
      the
      Certificateholders in any EMC Mortgage Loan or the rights and interests of
      the
      Depositor or the Trustee under this Agreement.

     

    Without
      limiting the generality of the foregoing, the Company, in its own name or in
      the
      name of the Trust, the Depositor or the Trustee, is hereby authorized and
      empowered by the Trust, the Depositor and the Trustee, when the Company believes
      it appropriate in its reasonable judgment, to execute and deliver, on behalf
      of
      the Trustee, the Depositor, the Certificateholders 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 EMC Mortgage
      Loans, and with respect to the related Mortgaged Properties held for the benefit
      of the Certificateholders. The Company shall prepare and deliver to the
      Depositor, the Master Servicer and/or the Trustee such documents requiring
      execution and delivery by any or all of them as are necessary or appropriate
      to
      enable the Company to service and administer the EMC Mortgage Loans. Upon
      receipt of such documents, the Depositor, the Master Servicer and/or the Trustee
      shall execute such documents and deliver them to the Company.

     

    In
      accordance with the standards of the first paragraph of this Section 3.01,
      the
      Company shall advance or cause to be advanced funds as necessary for the purpose
      of effecting the payment of taxes and assessments on the Mortgaged Properties
      relating to the EMC Mortgage Loans, which advances shall be reimbursable in
      the
      first instance from related collections from the Mortgagors pursuant to Section
      5.04, and further as provided in Section 5.02. All costs incurred by the
      Company, if any, in effecting the timely payments of taxes and assessments
      on
      the Mortgaged Properties relating to the EMC Mortgage Loans and related
      insurance premiums shall not, for the purpose of calculating monthly
      distributions to the Certificateholders, be added to the Stated Principal
      Balance under the related EMC Mortgage Loans, notwithstanding that the terms
      of
      such Mortgage Loans so permit.

     

    Section
      3.02  Due-on-Sale
      Clauses; Assumption Agreements.

     

    (a)  Except
      as
      otherwise provided in this Section 3.02, when any property subject to a Mortgage
      has been or is about to be conveyed by the Mortgagor, the Company shall to
      the
      extent that it has knowledge of such conveyance, enforce any due-on-sale clause
      contained in any Mortgage Note or Mortgage, to the extent permitted under
      applicable law and governmental regulations, but only to the extent that such
      enforcement will not adversely affect or jeopardize coverage under any Required
      Insurance Policy. Notwithstanding the foregoing, the Company is not required
      to
      exercise such rights with respect to an EMC Mortgage Loan if the Person to
      whom
      the related Mortgaged Property has been conveyed or is proposed to be conveyed
      satisfies the terms and conditions contained in the Mortgage Note and Mortgage
      related thereto and the consent of the mortgagee under such Mortgage Note or
      Mortgage is not otherwise so required under such Mortgage Note or Mortgage
      as a
      condition to such transfer. In the event that the Company is prohibited by
      law
      from enforcing any such due-on-sale clause, or if coverage under any Required
      Insurance Policy would be adversely affected, or if nonenforcement is otherwise
      permitted hereunder, the Company is authorized, subject to Section 3.02(b),
      to
      take or enter into an assumption and modification agreement from or with the
      person to whom such property has been or is about to be conveyed, pursuant
      to
      which such person becomes liable under the Mortgage Note and, unless prohibited
      by applicable state law, the Mortgagor remains liable thereon, provided that
      the
      Mortgage Loan shall continue to be covered (if so covered before the Company
      enters such agreement) by the applicable Required Insurance Policies. The
      Company, subject to Section 3.02(b), is also authorized with the prior approval
      of the insurers under any Required Insurance Policies 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
      Mortgagor and becomes liable under the Mortgage Note. Notwithstanding the
      foregoing, the Company shall not be deemed to be in default under this Section
      3.02(a) by reason of any transfer or assumption that the Company reasonably
      believes it is restricted by law from preventing.

     

    (b)  Subject
      to the Company’s duty to enforce any due-on-sale clause to the extent set forth
      in Section 3.02(a), in any case in which a Mortgaged Property has been conveyed
      to a Person by a Mortgagor, and such Person is to enter into an assumption
      agreement or modification agreement or supplement to the Mortgage Note or
      Mortgage that requires the signature of the Trustee, or if an instrument of
      release signed by the Trustee is required releasing the Mortgagor from liability
      on the related EMC Mortgage Loan, the Company shall prepare and deliver or
      cause
      to be prepared and delivered to the Trustee for signature and shall direct,
      in
      writing, the Trustee to execute the assumption agreement with the Person to
      whom
      the Mortgaged Property is to be conveyed and such modification agreement or
      supplement to the Mortgage Note or Mortgage or other instruments as are
      reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
      or otherwise to comply with any applicable laws regarding assumptions or the
      transfer of the Mortgaged Property to such Person. In connection with any such
      assumption, no material term of the Mortgage Note (including, but not limited
      to, the Mortgage Rate, the amount of the Scheduled Payment and any other term
      affecting the amount or timing of payment on the EMC Mortgage Loan) may be
      changed. In addition, the substitute Mortgagor and the Mortgaged Property must
      be acceptable to the Company in accordance with its servicing standards as
      then
      in effect. The Company shall notify the Trustee that any such substitution
      or
      assumption agreement has been completed by forwarding to the Trustee the
      original of such substitution or assumption agreement, which in the case of
      the
      original 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. Any fee collected
      by the Company for entering into an assumption or substitution of liability
      agreement shall be retained by the Company as additional servicing
      compensation.

     

    Section
      3.03  Subservicers.

     

    The
      Company shall perform all of its servicing responsibilities hereunder or may
      cause a subservicer to perform any such servicing responsibilities on its
      behalf, but the use by the Company of a subservicer shall not release the
      Company from any of its obligations hereunder and the Company shall remain
      responsible hereunder for all acts and omissions of each subservicer as fully
      as
      if such acts and omissions were those of the Company. The Company shall pay
      all
      fees of each subservicer from its own funds, and a subservicer’s fee shall not
      exceed the Servicing Fee payable to the Company hereunder.

     

    At
      the
      cost and expense of the Company, without any right of reimbursement from its
      Protected Account, the Company shall be entitled to terminate the rights and
      responsibilities of a subservicer and arrange for any servicing responsibilities
      to be performed by a successor subservicer; provided, however, that nothing
      contained herein shall be deemed to prevent or prohibit the Company, at the
      Company’s option, from electing to service the related EMC Mortgage Loans
      itself. In the event that the Company’s responsibilities and duties under this
      Agreement are terminated pursuant to Section 9.05, the Company shall at its
      own
      cost and expense terminate the rights and responsibilities of each subservicer
      effective as of the date of termination of the Company. The Company shall pay
      all fees, expenses or penalties necessary in order to terminate the rights
      and
      responsibilities of each subservicer from the Company’s own funds without
      reimbursement from the Trust Fund.

     

    Notwithstanding
      the foregoing, the Company shall not be relieved of its obligations hereunder
      and shall be obligated to the same extent and under the same terms and
      conditions as if it alone were servicing and administering the EMC Mortgage
      Loans. The Company shall be entitled to enter into an agreement with a
      subservicer for indemnification of the Company by the subservicer and nothing
      contained in this Agreement shall be deemed to limit or modify such
      indemnification.

     

    Any
      Subservicing Agreement and any other transactions or services relating to the
      EMC Mortgage Loans involving a subservicer shall be deemed to be between such
      subservicer and the Company alone, and the Trustee shall not have any
      obligations, duties or liabilities with respect to such subservicer including
      any obligation, duty or liability of the Trustee to pay such subservicer’s fees
      and expenses. For purposes of remittances to the Master Servicer pursuant to
      this Agreement, the Company shall be deemed to have received a payment on an
      EMC
      Mortgage Loan when a subservicer has received such payment.

     

    Section
      3.04  Documents,
      Records and Funds in Possession of Company To Be Held for Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, the Company shall transmit to the
      Trustee as required by this Agreement all documents and instruments in respect
      of an EMC Mortgage Loan coming into the possession of the Company from time
      to
      time and shall account fully to the Trustee for any funds received by the
      Company or that otherwise are collected by the Company as Liquidation Proceeds
      or Insurance Proceeds in respect of any such Mortgage Loan. All Mortgage Files
      and funds collected or held by, or under the control of, the Company in respect
      of any EMC Mortgage Loans, whether from the collection of principal and interest
      payments or from Liquidation Proceeds, including but not limited to, any funds
      on deposit in the Protected Account maintained by the Company, shall be held
      by
      the Company for and on behalf of the Trustee and shall be and remain the sole
      and exclusive property of the Trustee, subject to the applicable provisions
      of
      this Agreement. The Company also agrees that it shall not create, incur or
      subject any Mortgage File or any funds that are deposited in the Protected
      Account maintained by the Company, or the Master Servicer Collection Account
      or
      the Distribution Account or in any Escrow Account, or any funds that otherwise
      are or may become due or payable to the Trustee for the benefit of the
      Certificateholders, to any claim, lien, security interest, judgment, levy,
      writ
      of attachment or other encumbrance, or assert by legal action or otherwise
      any
      claim or right of set off against any Mortgage File or any funds collected
      on,
      or in connection with, an EMC Mortgage Loan, except, however, that the Company
      shall be entitled to set off against and deduct from any such funds any amounts
      that are properly due and payable to the Company under this
      Agreement.

     

    Section
      3.05  Maintenance
      of Hazard Insurance.

     

    The
      Company shall cause to be maintained, for each EMC Mortgage Loan, hazard
      insurance on buildings upon, or comprising part of, the Mortgaged Property
      against loss by fire, hazards of extended coverage and such other hazards as
      are
      customary in the area where the related Mortgaged Property is located with
      an
      insurer which is licensed to do business in the state where the related
      Mortgaged Property is located. Each such policy of standard hazard insurance
      shall contain, or have an accompanying endorsement that contains, a standard
      mortgagee clause. The Company shall also cause flood insurance to be maintained
      on property acquired upon foreclosure or deed in lieu of foreclosure of any
      EMC
      Mortgage Loan, to the extent described below. Pursuant to Section 5.01, any
      amounts collected by the Company under any such policies (other than the 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 Company’s normal servicing procedures) shall be deposited in the Protected
      Account maintained by the Company. Any cost incurred by the Company in
      maintaining any such insurance shall not, for the purpose of calculating monthly
      distributions to the Certificateholders or remittances to the Trustee for their
      benefit, be added to the principal balance of the Mortgage Loan, notwithstanding
      that the terms of the EMC Mortgage Loan so permit. Such costs shall be
      recoverable by the Company out of late payments by the related Mortgagor or
      out
      of Liquidation Proceeds to the extent permitted by Section 3.09. It is
      understood and agreed that no earthquake or other additional insurance is to
      be
      required of any Mortgagor or maintained on property acquired in respect of
      a
      Mortgage 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 is located at the time of origination of the related EMC
      Mortgage Loan in a federally designated special flood hazard area and such
      area
      is participating in the national flood insurance program, the Company shall
      cause flood insurance to be maintained with respect to such EMC Mortgage Loan.
      Such flood insurance shall be in an amount equal to the least of (i) the Stated
      Principal Balance of the related EMC Mortgage Loan, (ii) minimum amount required
      to compensate for damage or loss on a replacement cost basis or (iii) the
      maximum amount of such insurance available for the related Mortgaged Property
      under the Flood Disaster Protection Act of 1973, as amended.

     

    In
      the
      event that the Company shall obtain and maintain a blanket policy insuring
      against hazard losses on all of the EMC Mortgage Loans, it shall conclusively
      be
      deemed to have satisfied its obligations as set forth in the first sentence
      of
      this Section 3.05, it being understood and agreed that such policy may contain
      a
      deductible clause on terms substantially equivalent to those commercially
      available and maintained by comparable servicers. If such policy contains a
      deductible clause, the Company 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 3.05, and there shall have been a loss that
      would
      have been covered by such policy, deposit in the Protected Account maintained
      by
      the Company the amount not otherwise payable under the blanket policy because
      of
      such deductible clause. Such deposit shall be from the Company’s own funds
      without reimbursement therefor. In connection with its activities as
      administrator and servicer of the EMC Mortgage Loans, the Company agrees to
      present, on behalf of itself, the Depositor and the Trustee for the benefit
      of
      the Certificateholders, claims under any such blanket policy.

     

    Section
      3.06  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Company shall prepare and present on behalf of the Trustee and the
      Certificateholders all claims under the Insurance Policies relating to the
      EMC
      Mortgage Loans and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim) as shall be necessary to
      realize recovery under such Insurance Policies. Any proceeds disbursed to the
      Company in respect of such Insurance Policies shall be promptly deposited in
      the
      Protected Account maintained by the Company upon receipt, except that any
      amounts that are to be applied upon request to the repair or restoration of
      the
      related Mortgaged Property, which repair or restoration the owner of such
      Mortgaged Property or EMC, as applicable, has agreed to make as a condition
      precedent to the presentation of claims on the related EMC Mortgage Loan under
      the applicable Insurance Policy, need not be so deposited (or
      remitted).

     

    Section
      3.07  Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a)  The
      Company shall not take any action that would result in noncoverage under any
      applicable Primary Mortgage Insurance Policy of any loss which, but for the
      actions of the Company would have been covered thereunder. The Company shall
      use
      its best efforts to keep in force and effect (to the extent that the EMC
      Mortgage Loan requires the Mortgagor to maintain such insurance), Primary
      Mortgage Insurance applicable to each EMC Mortgage Loan. The Company shall
      not
      cancel or refuse to renew any such Primary Mortgage Insurance Policy that is
      in
      effect at the date of the initial issuance of the related Mortgage Note and
      is
      required to be kept in force hereunder.

     

    (b)  The
      Company agrees to present on behalf of the Trustee and the Certificateholders,
      claims to the insurer under any Primary Mortgage Insurance Policies relating
      to
      the EMC Mortgage Loans and, in this regard, to take such reasonable action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policies respecting defaulted EMC Mortgage Loans. Pursuant to Section 5.01,
      any
      amounts collected by the Company under any Primary Mortgage Insurance Policies
      shall be deposited in the Protected Account maintained by the Company, subject
      to withdrawal pursuant to Section 5.02 hereof.

     

    Section
      3.08  Fidelity
      Bond, Errors and Omissions Insurance.

     

    The
      Company shall maintain, at its own expense, a blanket fidelity bond and an
      errors and omissions insurance policy, with broad coverage with responsible
      companies on all officers, employees or other persons acting in any capacity
      with regard to the EMC Mortgage Loans and who handle funds, money, documents
      and
      papers relating to the EMC Mortgage Loans. The fidelity bond and errors and
      omissions insurance shall be in the form of the Mortgage Banker’s Blanket Bond
      and shall protect and insure the Company against losses, including forgery,
      theft, embezzlement, fraud, errors and omissions and negligent acts of such
      persons. Such fidelity bond shall also protect and insure the Company against
      losses in connection with the failure to maintain any insurance policies
      required pursuant to this Agreement and the release or satisfaction of an EMC
      Mortgage Loan which is not in accordance with Accepted Servicing Practices.
      No
      provision of this Section 3.08 requiring the fidelity bond and errors and
      omissions insurance shall diminish or relieve the Company from its duties and
      obligations as set forth in this Agreement. The minimum coverage under any
      such
      bond and insurance policy shall be at least equal to the corresponding amounts
      required by Accepted Servicing Practices. The Company shall deliver to the
      Master Servicer a certificate from the surety and the insurer as to the
      existence of the fidelity bond and errors and omissions insurance policy and
      shall obtain a statement from the surety and the insurer that such fidelity
      bond
      or insurance policy shall in no event be terminated or materially modified
      without thirty days prior written notice to the Master Servicer and the Trustee.
      The Company shall notify the Master Servicer and the Trustee within five
      business days of receipt of notice that such fidelity bond or insurance policy
      will be, or has been, materially modified or terminated. The Trustee for the
      benefit of the Certificateholders must be named as loss payees on the fidelity
      bond and as additional insured on the errors and omissions policy.

     

    The
      Company shall provide to the Master Servicer and the Depositor evidence of
      the
      authorization of the person signing any certification or statement, copies
      or
      other evidence of fidelity bond and errors and omissions insurance, financial
      information and reports, and such other information related to the Company
      or
      any subservicer engaged by it or the Company’s or such subservicer’s performance
      hereunder or under the related Subservicing Agreement as may be reasonably
      requested by the Master Servicer or the Depositor.

     

    Section
      3.09  Realization
      Upon Defaulted Mortgage Loans; Determination of Excess Liquidation Proceeds
      and
      Realized Losses; Repurchases of Certain Mortgage Loans.

     

    (a)  The
      Company shall use reasonable efforts to foreclose upon or otherwise comparably
      convert the ownership of properties securing such of the EMC Mortgage Loans
      as
      come into and continue in default and as to which no satisfactory arrangements
      can be made for collection of delinquent payments. In connection with such
      foreclosure or other conversion, the Company shall follow such practices and
      procedures as it shall deem necessary or advisable and as shall be normal and
      usual in its general mortgage servicing activities and the requirements of
      the
      insurer under any Required Insurance Policy; provided that the Company shall
      not
      be required to expend its own funds in connection with any foreclosure or
      towards the restoration of any property unless it shall determine (i) that
      such
      restoration and/or foreclosure will increase the proceeds of liquidation of
      the
      EMC Mortgage Loan after reimbursement from the Master Servicer of such expenses
      and (ii) that such expenses will be recoverable to it through Insurance Proceeds
      or Liquidation Proceeds (respecting which it shall have priority for purposes
      of
      withdrawals from the Protected Accounts maintained by the Company pursuant
      to
      Section 5.02 or reimbursement from the Master Servicer pursuant to Section
      3.09,
      as applicable). If the Company reasonably believes that Liquidation Proceeds
      with respect to any such EMC Mortgage Loan would not be increased as a result
      of
      such foreclosure or other action, such EMC Mortgage Loan will be charged off
      and
      will become a Liquidated Loan. The Company will give notice of any such
      charge-off to the Master Servicer. The Company shall be responsible for all
      other costs and expenses incurred by it in any such proceedings; provided that
      such costs and expenses shall be Servicing Advances and that it shall be
      entitled to reimbursement thereof from the proceeds of liquidation of the
      related Mortgaged Property, as contemplated in Section 5.02. If the Company
      has
      knowledge that a Mortgaged Property that the Company is contemplating acquiring
      in foreclosure or by deed- in-lieu of foreclosure is located within a one-mile
      radius of any site with environmental or hazardous waste risks known to the
      Company, the Company will, prior to acquiring the related Mortgaged Property,
      consider such risks and only take action in accordance with its established
      environmental review procedures.

     

    With
      respect to any REO Property relating to an EMC Mortgage Loan, the deed or
      certificate of sale shall be taken in the name of the Trustee for the benefit
      of
      the Certificateholders (or the Trustee’s nominee on behalf of the
      Certificateholders). The Trustee’s name shall be placed on the title to such REO
      Property solely as the Trustee hereunder and not in its individual capacity.
      The
      Company shall ensure that the title to such REO Property references this
      Agreement and the Trustee’s capacity hereunder. Pursuant to its efforts to sell
      such REO Property, the Company shall either itself or through an agent selected
      by the Company protect and conserve such REO Property in the same manner and
      to
      such extent as is customary in the locality where such REO Property is located
      and may, incident to its conservation and protection of the interests of the
      Certificateholders, rent the same, or any part thereof, as the Company deems
      to
      be in the best interest of the Company and the Certificateholders for the period
      prior to the sale of such REO Property. The Company shall prepare for and
      deliver to the Trustee a statement with respect to each such REO Property that
      has been rented showing the aggregate rental income received and all expenses
      incurred in connection with the management and maintenance of such REO Property
      at such times as is necessary to enable the Trustee to comply with the reporting
      requirements of the REMIC Provisions. The net monthly rental income, if any,
      from such REO Property shall be deposited in the Protected Account maintained
      by
      the Company no later than the close of business on each Determination Date.
      The
      Company shall perform the tax reporting and withholding related to foreclosures,
      abandonments and cancellation of indebtedness income as specified by Sections
      1445, 6050J and 6050P of the Code by preparing and filing such tax and
      information returns, as may be required.

     

    In
      the
      event that the Trust Fund acquires any Mortgaged Property as aforesaid or
      otherwise in connection with a default or a default becoming reasonably
      foreseeable on an EMC Mortgage Loan, the Company shall dispose of such Mortgaged
      Property prior to three years after its acquisition by the Trust Fund or, at
      the
      expense of the Trust Fund, request more than 60 days prior to the day on which
      such three-year period would otherwise expire, an extension of the three-year
      grace period unless the Trustee shall have been supplied with an Opinion of
      Counsel addressed to the Trustee (such opinion not to be an expense of the
      Trustee) to the effect that the holding by the Trust Fund of such Mortgaged
      Property subsequent to such three-year period will not result in the imposition
      of taxes on “prohibited transactions” of REMIC I, REMIC II or REMIC III as
      defined in Section 860F of the Code or cause either REMIC I, REMIC II or REMIC
      III to fail to qualify as a REMIC at any time that any Certificates are
      outstanding, in which case the Trust Fund may continue to hold such Mortgaged
      Property (subject to any conditions contained in such Opinion of Counsel).
      Notwithstanding any other provision of this Agreement, no Mortgaged Property
      acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
      or otherwise used for the production of income by or on behalf of the Trust
      Fund
      in such a manner or pursuant to any terms that would (i) cause such Mortgaged
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code or (ii) subject any of REMIC I, REMIC II or
      REMIC
      III to the imposition of any federal, state or local income taxes on the income
      earned from such Mortgaged Property under Section 860G(c) of the Code or
      otherwise, unless the Company has agreed to indemnify and hold harmless the
      Trust Fund with respect to the imposition of any such taxes.

     

    The
      decision of the Company to foreclose on a defaulted EMC Mortgage Loan shall
      be
      subject to a determination by the Company that the proceeds of such foreclosure
      would exceed the costs and expenses of bringing such a proceeding. The income
      earned from the management of any Mortgaged Properties acquired through
      foreclosure or other judicial proceeding, net of reimbursement to the Company
      for expenses incurred (including any property or other taxes) in connection
      with
      such management and net of unreimbursed Servicing Fees, Advances, Servicing
      Advances and any management fee paid or to be paid with respect to the
      management of such Mortgaged Property in each case to the extent permitted
      under
      Section 5.02, shall be applied to the payment of principal of, and interest
      on,
      the related defaulted EMC Mortgage Loans (with interest accruing as though
      such
      Mortgage Loans were still current) and all such income shall be deemed, for
      all
      purposes in the Agreement, to be payments on account of principal and interest
      on the related Mortgage Notes and shall be deposited into the Protected Accounts
      maintained by the Company. To the extent the income received during a Prepayment
      Period is in excess of the amount attributable to amortizing principal and
      accrued interest at the related Mortgage Rate on the related EMC Mortgage Loan,
      such excess shall be considered to be a partial Principal Prepayment for such
      Mortgage Loan for all purposes hereof.

     

    The
      Liquidation Proceeds from any liquidation of a related EMC Mortgage Loan shall
      be deposited in the related Protected Account maintained by the Company on
      the
      next succeeding Determination Date following receipt thereof for distribution
      on
      the related Distribution Date, except that any Excess Liquidation Proceeds
      shall
      be retained by the Company as additional servicing compensation.

     

    The
      proceeds of any Liquidated Loan, as well as any recovery resulting from a
      partial collection of related Liquidation Proceeds or any income from a related
      REO Property, shall be applied in the following order of priority: first, to
      reimburse the Company for any related unreimbursed Servicing Advances and
      Servicing Fees, pursuant to this Section 3.09 and subject to Section 5.02;
      second, to reimburse the Company for any unreimbursed Advances pursuant to
      this
      Section 3.09 and subject to Section 5.02; third, to accrued and unpaid interest
      (to the extent no Advance has been made for such amount) on the EMC Mortgage
      Loan or related REO Property, at the Net Mortgage Rate to the first day of
      the
      month in which such amounts are required to be distributed; and fourth, as
      a
      recovery of principal of the EMC Mortgage Loan.

     

    (b)  On
      each
      Determination Date, the Company shall determine the respective aggregate amounts
      of Excess Liquidation Proceeds and Realized Losses, if any, for the prior
      calendar month.

     

    (c)  The
      Company has no intent to foreclose on any EMC Mortgage Loan based on the
      delinquency characteristics as of the Closing Date; provided, that the foregoing
      does not prevent the Company from initiating foreclosure proceedings on any
      date
      hereafter if the facts and circumstances of such EMC Mortgage Loans including
      delinquency characteristics in the Company’s discretion so warrant such
      action.

     

    (d)  The
      Master Servicer will fully reimburse the Company for Servicing Advances and
      Advances related to Liquidation Proceeds on the Remittance Date after such
      Servicing Advances and Advances are approved; provided, however, the Company
      must provide documentation in the form of Exhibit U hereto to the Master
      Servicer seeking approval within 90 days of final liquidation of a Mortgage
      Loan.   The Master Servicer will provide such approval or denial
      to the Company no later than thirty (30) days after receipt of such claim;
      provided, however, such claim must be complete with all supporting
      documentation.  The Company’s obligation to make such Servicing
      Advances and Advances as to any Mortgage Loan will continue through the final
      liquidation of the Mortgaged Property, unless the Company deems such advance
      nonrecoverable and submits an officer’s certificate in accordance with Section
      6.01.

     

    Section
      3.10  Servicing
      Compensation.

     

    As
      compensation for its activities hereunder and under the Servicing Agreement,
      each Servicer shall be entitled to retain or withdraw from its Protected
      Accounts out of each payment of interest on a Mortgage Loan included in the
      Trust Fund an amount equal to the related Servicing Fee.

     

    Additional
      servicing compensation in the form of any Excess Liquidation Proceeds,
      assumption fees, late payment charges, all Prepayment Interest Excess on any
      Mortgage Loan, all income and gain net of any losses realized from Permitted
      Investments with respect to funds in or credited to the Protected Accounts
      maintained by the related Servicer shall be retained by such Servicer to the
      extent not required to be deposited in the Protected Accounts maintained by
      the
      Company pursuant to Section 5.02 of this Agreement or pursuant to the related
      Servicing Agreement. Each Servicer shall be required to pay all expenses
      incurred by it in connection with its servicing activities hereunder (including
      payment of any premiums for hazard insurance, as required by Section 3.05 or
      the
      related Servicing Agreement and maintenance of the other forms of insurance
      coverage required by Section 3.07 or the related Servicing Agreement) and shall
      not be entitled to reimbursement therefor except as specifically provided in
      Section 5.02 or the related Servicing Agreement.

     

    Section
      3.11  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related EMC Mortgage Loan, the deed or certificate of sale shall be issued
      to
      the Trustee, or to its nominee, on behalf of the Certificateholders. The Company
      shall sell any such REO Property as expeditiously as possible and in accordance
      with the provisions of this Agreement. Pursuant to its efforts to sell such
      REO
      Property, the Company shall protect and conserve such REO Property in the manner
      and to the extent required herein, in accordance with the REMIC Provisions
      and
      in a manner that does not result in a tax on “net income from foreclosure
      property” or cause such REO Property to fail to qualify as “foreclosure
      property” within the meaning of Section 860G(a)(8) of the Code.

     

    (b)  The
      Company shall deposit all funds collected and received in connection with the
      operation of any REO Property in respect of any EMC Mortgage Loan into the
      Protected Accounts maintained by the Company.

     

    (c)  The
      Company, upon the final disposition of any REO Property in respect of any EMC
      Mortgage Loan, shall be entitled to reimbursement for any related unreimbursed
      Advances, unreimbursed Servicing Advances or Servicing Fees from Liquidation
      Proceeds received in connection with the final disposition of such REO Property;
      provided, that any such unreimbursed Advances or Servicing Fees as well as
      any
      unpaid Servicing Fees may be reimbursed or paid, as the case may be, prior
      to
      final disposition, out of any net rental income or other net amounts derived
      from such REO Property.

     

    Section
      3.12  Liquidation
      Reports.

     

    Upon
      the
      foreclosure of any Mortgaged Property relating to an EMC Mortgage Loan or the
      acquisition thereof by the Trust Fund pursuant to a deed-in-lieu of foreclosure,
      the Company shall submit a liquidation report to the Master Servicer containing
      such information as shall be mutually acceptable to the Company and the Master
      Servicer with respect to such Mortgaged Property.

     

    Section
      3.13  Books
      and
      Records.

     

    The
      Company shall be responsible for maintaining, and shall maintain, a complete
      set
      of books and records for the Mortgage Loans which shall be appropriately
      identified in the Company’s computer system to clearly reflect the ownership of
      the Mortgage Loans by the Trust.  In particular, the Company shall
      maintain in its possession, available for inspection by the Trustee and shall
      deliver to the Trustee upon demand, evidence of compliance with all federal,
      state and local laws, rules and regulations. To the extent that original
      documents are not required for purposes of realization of Liquidation Proceeds
      or Insurance Proceeds, documents maintained by the Company may be in the form
      of
      microfilm or microfiche or such other reliable means of recreating original
      documents, including, but not limited to, optical imagery techniques so long
      as
      the Company complies with the requirements of Accepted Servicing
      Practices.

     

    The
      Company shall maintain with respect to each Mortgage Loan and shall make
      available for inspection by the Trustee the related servicing file during the
      time such Mortgage Loan is subject to this Agreement and thereafter in
      accordance with applicable law.

     

    Payments
      on the Mortgage Loans, including any payoffs, made in accordance with the
      related Mortgage File will be entered in the Company’s set of books and records
      no more than two business days after receipt and identification, and allocated
      to principal or interest as specified in the related Mortgage File.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    ADMINISTRATION
      AND MASTER SERVICING
      OF MORTGAGE LOANS BY MASTER
      SERVICER

     

    Section
      4.01  Master
      Servicer.

     

    The
      Master Servicer shall, beginning on the Closing Date, supervise, monitor and
      oversee the obligation of the Company and the related Servicer to service and
      administer the Mortgage Loans in accordance with the terms of this Agreement
      and
      the related Servicing Agreement and shall have full power and authority to
      do
      any and all things which it may deem necessary or desirable in connection with
      such master servicing and administration. In performing its obligations
      hereunder, the Master Servicer shall act in a manner consistent with Accepted
      Master Servicing Practices. Furthermore, the Master Servicer shall oversee
      and
      consult with the Company and the related Servicer as necessary from time to
      time
      to carry out the Master Servicer’s obligations hereunder, shall receive, review
      and evaluate all reports, information and other data provided to the Master
      Servicer by the Company and the related Servicer and shall cause the Company
      and
      related Servicer to perform and observe the covenants, obligations and
      conditions to be performed or observed by such Person under this Agreement
      and
      the related Servicing Agreement. The Master Servicer shall independently and
      separately monitor the Company and the related Servicer’s servicing activities
      with respect to each related Mortgage Loan, reconcile the results of such
      monitoring with such information provided in the previous sentence on a monthly
      basis and coordinate corrective adjustments to the Company’s, the related
      Servicer’s and Master Servicer’s records, and based on such reconciled and
      corrected information, the Master Servicer shall provide such information to
      the
      Trustee as shall be necessary in order for it to prepare the statements
      specified in Section 6.06 by 2:00 p.m. Central Standard Time on the 5th Business
      Day prior to each Distribution Date, and prepare any other information and
      statements required to be forwarded by the Master Servicer hereunder; provided,
      however, in no event shall the Master Servicer be required to provide such
      information to the Trustee earlier than 2:00 p.m. Central Standard Time on
      the
      19th calendar day of the month. The Master Servicer shall reconcile the results
      of its Mortgage Loan monitoring with the actual remittances of the Servicers
      pursuant to the applicable Servicing Agreement.  The Master Servicer
      shall be entitled to conclusively rely on the Mortgage Loan data provided by
      the
      related Servicer and shall have no liability for any errors in such Mortgage
      Loan data.

     

    In
      addition to the foregoing, in connection with a modification of any Mortgage
      Loan by a Servicer, if the Master Servicer is unable to enforce the obligations
      of the Servicer with respect to such modification, the Master Servicer shall
      notify the Depositor of such Servicer’s failure to comply with the terms of the
      Servicing Agreement or this Agreement.  If the Servicing Agreement or
      this Agreement (in the case of the Company, as Servicer) requires the approval
      of the Master Servicer for a modification to a Mortgage Loan, the Master
      Servicer shall approve such modification if, based upon its receipt of written
      notification from the related Servicer outlining the terms of such modification
      and appropriate supporting documentation, the Master Servicer determines that
      the modification is permitted under the terms of the Servicing Agreement or
      this
      Agreement (in the case of the Company, as Servicer) and that any conditions
      to
      such modification set forth in the Servicing Agreement or this Agreement have
      been satisfied.  Furthermore, if the Servicing Agreement or this
      Agreement (in the case of the Company, as Servicer) requires the oversight
      and
      monitoring of loss mitigation measures with respect to the related Mortgage
      Loans, the Master Servicer will monitor any loss mitigation procedure or
      recovery action related to a defaulted Mortgage Loan (to the extent it receives
      notice of such from the related Servicer) and confirm that such loss mitigation
      procedure or recovery action is initiated, conducted and concluded in accordance
      with any timeframes and any other requirements set forth in the Servicing
      Agreement or this Agreement (in the case of the Company, as Servicer), and
      the
      Master Servicer shall notify the Depositor in any case in which the Master
      Servicer believes that the related Servicer is not complying with such
      timeframes and/or other requirements.

     

    The
      Trustee shall furnish the Company, the Servicers and the Master Servicer, upon
      written request from a servicing officer, with any powers of attorney and other
      documents in form as provided to it necessary or appropriate to enable the
      Company, the Servicer and the Master Servicer to service and administer the
      related Mortgage Loans and REO Property.

     

    The
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      shall provide access to the records and documentation in possession of the
      Trustee or the Custodian on its behalf, the Company or the related Servicer
      regarding the related Mortgage Loans and REO Property and the servicing thereof
      to the Certificateholders, the FDIC, and the supervisory agents and examiners
      of
      the FDIC, such access being afforded only upon reasonable prior written request
      and during normal business hours at the office of the Trustee, the Custodian,
      the Company or the related Servicer; provided, however, that, unless otherwise
      required by law, neither the Trustee, the Custodian, the Company nor the related
      Servicer shall be required to provide access to such records and documentation
      if the provision thereof would violate the legal right to privacy of any
      Mortgagor. The Trustee, the Custodian, the Company and the related Servicer
      shall allow representatives of the above entities to photocopy any of the
      records and documentation and shall provide equipment for that purpose at a
      charge that covers the Trustee’s, the Custodian’s, the Company’s or the related
      Servicer’s actual costs.

     

    The
      Trustee shall execute and deliver to the Company or the related Servicer and
      the
      Master Servicer, upon such party’s written instruction (which includes the
      documents to be signed) any court pleadings, requests for trustee’s sale or
      other appropriate documents necessary or desirable to (i) the foreclosure or
      trustee’s sale with respect to a Mortgaged Property; (ii) any legal action
      brought to obtain judgment against any Mortgagor on the Mortgage Note or
      Security Instrument; (iii) obtain a deficiency judgment against the Mortgagor;
      or (iv) enforce any other rights or remedies provided by the Mortgage Note
      or
      Security Instrument or otherwise available at law or equity.

     

    Section
      4.02  REMIC-Related
      Covenants.

     

    For
      as
      long as each REMIC created hereunder shall exist, the Trustee shall act in
      accordance herewith to assure continuing treatment of such REMIC as a REMIC,
      and
      the Trustee shall comply with any directions of the Seller, the Company, the
      Servicers or the Master Servicer to assure such continuing treatment. In
      particular, the Trustee shall not (except as otherwise expressly permitted
      by
      this Agreement) (a) sell or permit the sale of all or any portion of the
      Mortgage Loans or of any investment of deposits in an Account unless such sale
      is as a result of a repurchase of the Mortgage Loans pursuant to this Agreement
      or the Trustee has received a REMIC Opinion addressed to the Trustee prepared
      at
      the expense of the Trust Fund; (b) other than with respect to a substitution
      pursuant to the Mortgage Loan Purchase Agreement or Section 2.02 or 2.03 of
      this
      Agreement, as applicable, accept any contribution to any REMIC after the Startup
      Day without receipt of a REMIC Opinion; or (c) acquire any assets for any REMIC
      other than any REO Property after the Startup Day without receipt of a REMIC
      Opinion.

     

    Section
      4.03  Monitoring
      of Company and Servicer.

     

    (a)  The
      Master Servicer shall be responsible for reporting to the Trustee and the Seller
      the non-compliance by the Company and the related Servicer with its duties
      under
      this Agreement and the related Servicing Agreement. In the review of the
      Company’s and the related Servicer’s activities, the Master Servicer may rely
      upon an Officer’s Certificate of the Company and the related Servicer with
      regard to such Person’s compliance with the terms of this Agreement or the
      related Servicing Agreement. In the event that the Master Servicer, in its
      judgment, determines that a Servicer, other than the Company, should be
      terminated in accordance with this Agreement or the related Servicing Agreement,
      or that a notice should be sent pursuant to this Agreement or the related
      Servicing Agreement with respect to the occurrence of an event that, unless
      cured, would constitute grounds for such termination, the Master Servicer shall
      notify the Seller and the Trustee and the Master Servicer shall issue such
      notice or take such other action as it deems appropriate. In the event that
      the
      Master Servicer, in its judgment, determines that the Company should be
      terminated in accordance with this Agreement, or that a notice should be sent
      pursuant to this Agreement with respect to the occurrence of an event that,
      unless cured, would constitute grounds for such termination, the Master Servicer
      shall notify the Seller and the Trustee thereof in writing. Pursuant to its
      receipt of such written notification from the Master Servicer, the Trustee
      shall
      issue such notice of termination to the Company or take such other action as
      it
      deems appropriate.

     

    (b)  The
      Master Servicer, for the benefit of the Trustee and the Certificateholders,
      shall enforce the obligations of the Company under this Agreement and the
      related Servicer under the related Servicing Agreement, and shall, in the event
      that a Servicer, other than the Company, fails to perform its obligations in
      accordance with this Agreement or the related Servicing Agreement, subject
      to
      the preceding paragraph, terminate the rights and obligations of such Person
      thereunder and act as servicer of the related Mortgage Loans or to cause the
      Trustee to enter into a new Servicing Agreement with a successor Servicer
      selected by the Master Servicer; provided, however, it is understood and
      acknowledged by the parties hereto that there shall be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to such successor servicer.  In the event that the Company
      fails to perform its obligations in accordance with this Agreement, subject
      to
      the preceding paragraph, the Master Servicer shall notify the Trustee in writing
      of such failure. Pursuant to its receipt of such notification from the Master
      Servicer, the Trustee shall terminate the rights and obligations of the Company
      under this Agreement and enter into a new Servicing Agreement with a successor
      Servicer selected by the Trustee; provided, however, it is understood and
      acknowledged by the parties hereto that there will be a period of transition
      (not to exceed 90 days) before the actual servicing functions can be fully
      transferred to such successor servicer. In either event, such enforcement,
      including, without limitation, the legal prosecution of claims, termination
      of
      the related Servicing Agreement 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
      Master Servicer Servicer (or in the case the Company is terminated as the
      Servicer, the successor servicer or the Trustee, as applicable) in its good
      faith business judgment, would require were it the owner of the related Mortgage
      Loans. The Master Servicer shall pay the costs of such enforcement at its own
      expense, subject to its right of reimbursement pursuant to the provisions of
      this Agreement or the related Servicing Agreement, provided that the Master
      Servicer shall not be required to prosecute or defend any legal action except
      to
      the extent that the Master Servicer shall have received reasonable indemnity
      for
      its costs and expenses in pursuing such action.  In the event that the
      Company is terminated as the Servicer, the Trustee shall pay the costs of such
      enforcement at its own expense, subject to its right to be reimbursed for such
      costs from the Distribution Account pursuant to Section 5.09; provided that
      the
      Trustee shall not be required to prosecute or defend any legal action except
      to
      the extent that the Trustee shall have received reasonable indemnity for its
      costs and expenses in pursuing such action. Nothing herein shall impose any
      obligation on the part of the Trustee to assume or succeed to the duties or
      obligations of the Company or the Master Servicer unless the Trustee has not
      been able to find a successor servicer or a successor master
      servicer.

     

    (c)  To
      the extent that the costs and expenses of the Master Servicer or the Trustee,
      as
      applicable, related to any termination of a Servicer, or the enforcement or
      prosecution of related claims, rights or remedies or the appointment of a
      successor Servicer or the transfer and assumption of servicing by the Master
      Servicer or the Trustee, as applicable, with respect to this Agreement or the
      related Servicing Agreement (including, without limitation, (i) all legal costs
      and expenses and all due diligence costs and expenses associated with an
      evaluation of the potential termination of the Company or a Servicer as a result
      of an event of default by such Person and (ii) all costs and expenses associated
      with the complete transfer of servicing, including all servicing files and
      all
      servicing data and the completion, correction or manipulation of such servicing
      data as may be required by the successor servicer to correct any errors or
      insufficiencies in the servicing data or otherwise to enable the successor
      service to service the Mortgage Loans in accordance with this Agreement or
      the
      related Servicing Agreement) are not fully and timely reimbursed by the
      terminated Servicer, the Master Servicer or the Trustee, as applicable, shall
      be
      entitled to reimbursement of such costs and expenses from the Master Servicer
      Collection Account, pursuant to Section 5.07.

     

    (d)  The
      Master Servicer shall require the Company and the related Servicer to comply
      with the remittance requirements and other obligations set forth in this
      Agreement or the related Servicing Agreement, as applicable.

     

    (e)  If
      the
      Master Servicer acts as a servicer, it will not assume liability for the
      representations and warranties of the Company or the related Servicer, if any,
      that it replaces.

     

    Section
      4.04  Fidelity
      Bond.

     

    The
      Master Servicer, at its expense, shall maintain in effect a blanket fidelity
      bond and an errors and omissions insurance policy, affording coverage with
      respect to all directors, officers, employees and other Persons acting on such
      Master Servicer’s behalf, and covering errors and omissions in the performance
      of the Master Servicer’s obligations hereunder. The errors and omissions
      insurance policy and the fidelity bond shall be in such form and amount
      generally acceptable for entities serving as master servicers or
      trustees.

     

    Section
      4.05  Power
      to
      Act; Procedures.

     

    The
      Master Servicer shall master service the Mortgage Loans and shall have full
      power and authority, subject to the REMIC Provisions and the provisions of
      Article XI hereof, to do any and all things that it may deem necessary or
      desirable in connection with the master servicing and administration of the
      Mortgage Loans, including but not limited to the power and authority (i) to
      execute and deliver, on behalf of the Certificateholders and the Trustee,
      customary consents or waivers and other instruments and documents, (ii) to
      consent to transfers of any Mortgaged Property and assumptions of the Mortgage
      Notes and related Mortgages, (iii) to collect any Insurance Proceeds and
      Liquidation Proceeds, and (iv) to effectuate foreclosure or other conversion
      of
      the ownership of the Mortgaged Property securing any Mortgage Loan, in each
      case, in accordance with the provisions of this Agreement and the related
      Servicing Agreement, as applicable; provided, however, that the Master Servicer
      shall not (and, consistent with its responsibilities under Section 4.03, shall
      not authorize the Company or the related Servicer to) knowingly or intentionally
      take any action, or fail to take (or fail to cause to be taken) any action
      reasonably within its control and the scope of duties more specifically set
      forth herein, that, under the REMIC Provisions, if taken or not taken, as the
      case may be, would cause REMIC I, REMIC II or REMIC III to fail to qualify
      as a
      REMIC or 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) unless the Master Servicer has received an Opinion
      of Counsel (but not at the expense of the Master Servicer) to the effect that
      the contemplated action will not cause REMIC I, REMIC II or REMIC III to fail
      to
      qualify as a REMIC or result in the imposition of a tax upon REMIC I, REMIC
      II
      or REMIC III as the case may be. The Trustee shall furnish the Master Servicer,
      upon written request from a Servicing Officer, with any powers of attorney
      empowering the Master Servicer, the Company or the related Servicer to execute
      and deliver instruments of satisfaction or cancellation, or of partial or full
      release or discharge, and to foreclose upon or otherwise liquidate Mortgaged
      Property, and to appeal, prosecute or defend in any court action relating to
      the
      Mortgage Loans or the Mortgaged Property, in accordance with the related
      Servicing Agreement and this Agreement, and the Trustee shall execute and
      deliver such other documents, as the Master Servicer may request, to enable
      the
      Master Servicer to master service and administer the Mortgage Loans and carry
      out its duties hereunder, in each case in accordance with Accepted Master
      Servicing Practices (and the Trustee shall have no liability for misuse of
      any
      such powers of attorney by the Master Servicer, the Company or the related
      Servicer). If the Master Servicer or the Trustee has been advised that it is
      likely that the laws of the state in which action is to be taken prohibit such
      action if taken in the name of the Trustee or that the Trustee would be
      adversely affected under the “doing business” or tax laws of such state if such
      action is taken in its name, the Master Servicer shall join with the Trustee
      in
      the appointment of a co-trustee pursuant to Section 10.11 hereof. In the
      performance of its duties hereunder, the Master Servicer shall be an independent
      contractor and shall not, except in those instances where it is taking action
      in
      the name of the Trust, be deemed to be the agent of the Trust.

     

    Section
      4.06  Due-on-Sale
      Clauses; Assumption Agreements.

     

    To
      the
      extent provided in this Agreement or the related Servicing Agreement, to the
      extent Mortgage Loans contain enforceable due-on-sale clauses, the Master
      Servicer shall cause the Company and the related Servicer to enforce such
      clauses in accordance with this Agreement or the related Servicing Agreement.
      If
      applicable law prohibits the enforcement of a due-on-sale clause or such clause
      is otherwise not enforced in accordance with this Agreement or the related
      Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
      original Mortgagor may be released from liability in accordance with this
      Agreement or the related Servicing Agreement.

     

    Section
      4.07  Release
      of Mortgage Files.

     

    (a)  Upon
      becoming aware of the payment in full of any Mortgage Loan, or the receipt
      by
      the Company or the related Servicer of a notification that payment in full
      has
      been escrowed in a manner customary for such purposes for payment to
      Certificateholders on the next Distribution Date, the Company or the related
      Servicer will, if required under the related  Servicing Agreement (or
      if the Company or the related Servicer does not, the Master Servicer may),
      promptly furnish to the Custodian, on behalf of the Trustee, two copies of
      a
      certification substantially in the form of Exhibit G (or as otherwise provided
      in the Custodial Agreement) hereto signed by a Servicing Officer or in a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer (which certification shall include
      a
      statement to the effect that all amounts received in connection with such
      payment that are required to be deposited in the Protected Account maintained
      by
      the Company or the Servicer pursuant to Article V or by the related Servicer
      pursuant to the related Servicing Agreement have been or will be so deposited)
      and shall request that the Custodian, on behalf of the Trustee, deliver to
      the
      Company or the related Servicer the related Mortgage File. Upon receipt of
      such
      certification and request, the Custodian, on behalf of the Trustee, shall
      promptly release the related Mortgage File to the Company or the related
      Servicer and the Trustee and Custodian shall have no further responsibility
      with
      regard to such Mortgage File. Upon any such payment in full, the Company or
      the
      related Servicer is authorized, to give, as agent for the Trustee, as the
      mortgagee under the Mortgage that secured the Mortgage Loan, an instrument
      of
      satisfaction (or assignment of mortgage without recourse, representation or
      warranty) regarding the Mortgaged Property subject to the Mortgage, which
      instrument of satisfaction or assignment, as the case may be, shall be delivered
      to the Person or Persons entitled thereto against receipt therefor of such
      payment, it being understood and agreed that no expenses incurred in connection
      with such instrument of satisfaction or assignment, as the case may be, shall
      be
      chargeable to the applicable Protected Account.

     

    (b)  From
      time
      to time and as appropriate for the servicing or foreclosure of any Mortgage
      Loan
      and in accordance with this Agreement or the related Servicing Agreement, upon
      written instruction from such Servicer or the Master Servicer, the Trustee
      shall
      execute such documents as shall be prepared and furnished to the Trustee by
      the
      Company, the related Servicer or the Master Servicer (in form reasonably
      acceptable to the Trustee) and as are necessary to the prosecution of any such
      proceedings. The Custodian, on behalf of the Trustee, shall, upon the request
      of
      the Company, the related Servicer or the Master Servicer, and delivery to the
      Custodian, on behalf of the Trustee, of two copies of a request for release
      signed by a Servicing Officer substantially in the form of Exhibit G (or in
      a
      mutually agreeable electronic format which will, in lieu of a signature on
      its
      face, originate from a Servicing Officer), release the related Mortgage File
      held in its possession or control to the Company, the related Servicer or the
      Master Servicer, as applicable. Such trust receipt shall obligate the Company,
      the related Servicer or the Master Servicer to return the Mortgage File to
      the
      Custodian on behalf of the Trustee, when the need therefor by such Person 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 Mortgage File shall be released by the Custodian, on behalf
      of
      the Trustee, to the Company, the related Servicer or the Master
      Servicer.

     

    Section
      4.08  Documents,
      Records and Funds in Possession of Master Servicer, Company and Servicer To
      Be
      Held for Trustee.

     

    (a)  The
      Master Servicer shall transmit and the Company or the related Servicer (to
      the
      extent required by this Agreement or the related Servicing Agreement) shall
      transmit to the Trustee or the Custodian such documents and instruments coming
      into the possession of such Person from time to time as are required by the
      terms hereof, or in the case of the related Servicer, the related Servicing
      Agreement, to be delivered to the Trustee or the Custodian. Any funds received
      by the Master Servicer, the Company or by the related Servicer in respect of
      any
      Mortgage Loan or which otherwise are collected by the Master Servicer, the
      Company or by the related Servicer as Liquidation Proceeds or Insurance Proceeds
      in respect of any Mortgage Loan shall be held for the benefit of the Trustee
      and
      the Certificateholders subject to the Master Servicer’s right to retain or
      withdraw from the Master Servicer Collection Account, the Master Servicing
      Compensation and other amounts provided in this Agreement, and to the right
      of
      the Company and the related Servicer to retain its Servicing Fee and other
      amounts as provided in this Agreement or the related Servicing Agreement. The
      Master Servicer, the Company and the related Servicer shall provide access
      to
      information and documentation regarding the Mortgage Loans to the Trustee and,
      regarding the Mortgage Loans and their respective agents and accountants at
      any
      time upon reasonable request and during normal business hours, and to
      Certificateholders that are savings and loan associations, banks or insurance
      companies, the Office of Thrift Supervision, the FDIC and the supervisory agents
      and examiners of such Office and Corporation or examiners of any other federal
      or state banking or insurance regulatory authority if so required by applicable
      regulations of the Office of Thrift Supervision or other regulatory authority,
      such access to be afforded without charge but only upon reasonable request
      in
      writing and during normal business hours at the offices of the Master Servicer
      designated by it. In fulfilling such a request the Master Servicer shall not
      be
      responsible for determining the sufficiency of such information.

     

    (b)  All
      Mortgage Files and funds collected or held by, or under the control of, the
      Master Servicer, in respect of any Mortgage Loans, whether from the collection
      of principal and interest payments or from Liquidation Proceeds or Insurance
      Proceeds, shall be held by the Master Servicer for and on behalf of the Trustee
      and the Certificateholders and shall be and remain the sole and exclusive
      property of the Trustee; provided, however, that the Master Servicer, the
      Company and the related Servicer shall be entitled to setoff against, and deduct
      from, any such funds any amounts that are properly due and payable to the Master
      Servicer or such Servicer to the extent provided under this Agreement or the
      related Servicing Agreement.

     

    Section
      4.09  Standard
      Hazard Insurance and Flood Insurance Policies.

     

    (a)  For
      each
      Mortgage Loan, the Master Servicer shall enforce any obligation of the Company
      and the related Servicer under this Agreement or the related Servicing Agreement
      to maintain or cause to be maintained standard fire and casualty insurance
      and,
      where applicable, flood insurance, all in accordance with the provisions of
      this
      Agreement or the related Servicing Agreement. It is understood and agreed that
      such insurance shall be with insurers meeting the eligibility requirements
      set
      forth in this Agreement and the related Servicing Agreement and that no
      earthquake or other additional insurance is to be required of any Mortgagor
      or
      to be maintained on property acquired in respect of a defaulted 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.

     

    (b)  Pursuant
      to Sections 5.01 and 5.06 any amounts collected by the Company, the Servicers
      or
      the Master Servicer, or by the Company or the Servicers, under any insurance
      policies (other than amounts to be applied to the restoration or repair of
      the
      property subject to the related Mortgage or released to the Mortgagor in
      accordance with this Agreement or the Servicing Agreements) shall be deposited
      by the Company in its Protected Account or by the related Servicer or the Master
      Servicer into the Master Servicer Collection Account, subject to withdrawal
      pursuant to Sections 5.02, 5.04, 5.05 and 5.07, as applicable. Any cost incurred
      by the Master Servicer, the Company or the related Servicer in maintaining
      any
      such insurance if the Mortgagor defaults in its obligation to do so shall be
      added to the amount owing under the Mortgage Loan where the terms of the
      Mortgage Loan so permit; provided, however, that the addition of any such cost
      shall not be taken into account for purposes of calculating the distributions
      to
      be made to Certificateholders and shall be recoverable by the Master Servicer,
      the Company or the related Servicer pursuant to Sections 5.02, 5.04, 5.05 and
      5.07, as applicable.

     

    Section
      4.10  Presentment
      of Claims and Collection of Proceeds.

     

    The
      Master Servicer shall (to the extent provided in this Agreement and the related
      Servicing Agreement) cause the Company or the Servicer to, prepare and present
      on behalf of the Trustee and the Certificateholders all claims under the
      Insurance Policies and take such actions (including the negotiation, settlement,
      compromise or enforcement of the insured’s claim) as shall be necessary to
      realize recovery under such policies. Any proceeds disbursed to the Master
      Servicer (or disbursed to the Company or the related Servicer and remitted
      to
      the Master Servicer) in respect of such policies, bonds or contracts shall
      be
      promptly deposited in the Master Servicer Collection Account upon receipt,
      except that any amounts realized that are to be applied to the repair or
      restoration of the related Mortgaged Property, which repair or restoration
      the
      owner of such Mortgaged Property or EMC, as applicable, has agreed to make
      as a
      condition precedent to the presentation of claims on the related Mortgage Loan
      to the insurer under any applicable Insurance Policy need not be so deposited
      (or remitted).

     

    Section
      4.11  Maintenance
      of the Primary Mortgage Insurance Policies.

     

    (a)  The
      Master Servicer shall not take, or authorize the Company or the related Servicer
      (to the extent such action is prohibited under this Agreement or the related
      Servicing Agreement) to take, any action that would result in noncoverage under
      any applicable Primary Mortgage Insurance Policy of any loss which, but for
      the
      actions of the Master Servicer, the Company or the related Servicer, would
      have
      been covered thereunder. The Master Servicer shall use its best reasonable
      efforts to cause the Company and the related Servicer (to the extent required
      under this Agreement and the related Servicing Agreement) to keep in force
      and
      effect (to the extent that the Mortgage Loan requires the Mortgagor to maintain
      such insurance), primary mortgage insurance applicable to each Mortgage Loan
      (including any LPMI Policy) in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable. The Master Servicer shall
      not, and shall not authorize the Company or the related Servicer (to the extent
      required under this Agreement or the related Servicing Agreement) to, cancel
      or
      refuse to renew any such Primary Mortgage Insurance Policy that is in effect
      at
      the date of the initial issuance of the Mortgage Note and is required to be
      kept
      in force hereunder except in accordance with the provisions of this Agreement
      and the related Servicing Agreement, as applicable.

     

    (b)  The
      Master Servicer agrees to cause the Company and the related Servicer (to the
      extent required under this Agreement and the related Servicing Agreement) to
      present, on behalf of the Trustee and the Certificateholders, claims to the
      insurer under any Primary Mortgage Insurance Policies and, in this regard,
      to
      take such reasonable action as shall be necessary to permit recovery under
      any
      Primary Mortgage Insurance Policies respecting defaulted Mortgage Loans.
      Pursuant to Sections 5.01 and 5.06, any amounts collected by the Company or
      the
      related Servicer under any Primary Mortgage Insurance Policies shall be
      deposited by the Company in its Protected Account or by the Master Servicer
      in
      the Master Servicer Collection Account, subject to withdrawal pursuant to
      Section 5.07.

     

    Section
      4.12  Trustee
      to Retain Possession of Certain Insurance Policies and Documents.

     

    The
      Trustee (or the Custodian, as directed by the Trustee), shall retain possession
      and custody of the originals (to the extent available) of any Primary Mortgage
      Insurance Policies, or certificate of insurance if applicable, and any
      certificates of renewal as to the foregoing as may be issued from time to time
      as contemplated by this Agreement. Until all amounts distributable in respect
      of
      the Certificates have been distributed in full and the Master Servicer otherwise
      has fulfilled its obligations under this Agreement, the Trustee (or its
      Custodian, if any, as directed by the Trustee) shall also retain possession
      and
      custody of each Mortgage File in accordance with and subject to the terms and
      conditions of this Agreement. The Master Servicer shall promptly deliver or
      cause to be delivered to the Trustee (or the Custodian, as directed by the
      Trustee), upon the execution or receipt thereof the originals of any Primary
      Mortgage Insurance Policies, any certificates of renewal, and such other
      documents or instruments that constitute portions of the Mortgage File that
      come
      into the possession of the Master Servicer from time to time.

     

    Section
      4.13  Realization
      Upon Defaulted Mortgage Loans.

     

    The
      Master Servicer shall cause the Company and the related Servicer (to the extent
      required under this Agreement and the related Servicing Agreement) to foreclose
      upon, repossess or otherwise comparably convert the ownership of Mortgaged
      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, all in accordance with this Agreement or the related
      Servicing Agreement.

     

    Section
      4.14  Compensation
      for the Master Servicer.

     

    The
      Master Servicer will be entitled to receive all income and gain realized from
      any investment of funds in the Master Servicer Collection Account for the
      performance of its activities hereunder. The Master Servicer shall be required
      to pay all expenses incurred by it in connection with its activities hereunder
      and shall not be entitled to reimbursement therefor except as provided in this
      Agreement.

     

    Section
      4.15  REO
      Property.

     

    (a)  In
      the
      event the Trust Fund acquires ownership of any REO Property in respect of any
      related Mortgage Loan, the deed or certificate of sale shall be issued to the
      Trustee, or to its nominee, on behalf of the related Certificateholders. The
      Master Servicer shall, to the extent provided in this Agreement or the related
      Servicing Agreement, cause the Company or the related Servicer to sell, any
      REO
      Property as expeditiously as possible and in accordance with the provisions
      of
      this Agreement and the related Servicing Agreement, as applicable. Pursuant
      to
      such efforts to sell such REO Property, the Master Servicer shall cause the
      Company or the related Servicer to protect and conserve, such REO Property
      in
      the manner and to the extent required by this Agreement or the related Servicing
      Agreement, in accordance with the REMIC Provisions and in a manner that does
      not
      result in a tax on “net income from foreclosure property” or cause such REO
      Property to fail to qualify as “foreclosure property” within the meaning of
      Section 860G(a)(8) of the Code.

     

    (b)  The
      Master Servicer shall, to the extent required by this Agreement or the related
      Servicing Agreement, cause the Company or the related Servicer to deposit all
      funds collected and received in connection with the operation of any REO
      Property in the related Protected Account.

     

    (c)  The
      Master Servicer and the Company or the related Servicer, upon the final
      disposition of any REO Property, shall be entitled to reimbursement for any
      related unreimbursed Advances and other unreimbursed advances as well as any
      unpaid Servicing Fees from Liquidation Proceeds received in connection with
      the
      final disposition of such REO Property; provided, that any such unreimbursed
      Monthly Advances as well as any unpaid Servicing Fees may be reimbursed or
      paid,
      as the case may be, prior to final disposition, out of any net rental income
      or
      other net amounts derived from such REO Property.

     

    (d)  To
      the
      extent provided in this Agreement or the related Servicing Agreement, the
      Liquidation Proceeds from the final disposition of the REO Property, net of
      any
      payment to the Master Servicer and the Company or the related Servicer as
      provided above, subject to approval by the Master Servicer, shall be deposited
      in the related Protected Account on or prior to the Determination Date in the
      month following receipt thereof and be remitted by wire transfer in immediately
      available funds to the Master Servicer for deposit into the related Master
      Servicer Collection Account on the next succeeding Remittance Date.

     

    Section
      4.16  Annual
      Statement as to Compliance.

     

    The
      Company as a Servicer, the Master Servicer and the Trustee shall deliver (or
      otherwise make available) to the Depositor and the Trustee not later than March
      15th of each
      calendar year beginning in 2008, an Officer’s Certificate (an “Annual Statement
      of Compliance”) stating, as to each signatory thereof, that (i) a review of the
      activities of each such party during the preceding calendar year and of its
      performance under this Agreement or other applicable servicing agreement has
      been made under such officer’s supervision and (ii) to the best of such
      officer’s knowledge, based on such review, such party has fulfilled all of its
      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 any such obligation in any material respect, specifying each such
      failure known to such officer and the nature and status of the cure provisions
      thereof.  Such Annual Statement of Compliance shall contain no
      restrictions or limitations on its use.  The Master Servicer shall
      enforce the obligations of each Servicer, to the extent set forth in the related
      Servicing Agreement, to deliver a similar Annual Statement of Compliance by
      that
      Servicer to the Depositor and the Trustee as described above as and when
      required with respect to the Master Servicer.  In the event that
      certain servicing responsibilities with respect to any Mortgage Loan have been
      delegated by the Company, the Master Servicer, the Trustee or a Servicer to
      a
      subservicer or subcontractor, each such entity shall cause such subservicer
      or
      subcontractor (and with respect to each Servicer, the Master Servicer shall
      enforce the obligation of such Servicer to the extent required under the related
      Servicing Agreement) to deliver a similar Annual Statement of Compliance by
      such
      subservicer or subcontractor to the Depositor and the Trustee as described
      above
      as and when required with respect to the Master Servicer or the related Servicer
      (as the case may be).

     

    Failure
      of the Company to comply with this Section 4.16 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same.  Failure of the Master Servicer to comply with this Section 4.16
      (including with respect to the timeframes required herein) shall be deemed
      an
      Event of Default, and at the written direction of the Depositor the Trustee
      shall, 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, upon notice immediately terminate all of the rights and obligations
      of the Master Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof without compensating the Master Servicer for the same
      (but
      subject to the Master Servicer’s rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination).  Failure of the Trustee
      to comply with this Section 4.16 (including with respect to the timeframes
      required in this Section) which failure results in a failure to timely file
      the
      related Form 10-K, shall be deemed a default and the Depositor shall, in
      addition to whatever rights the Depositor may have under this Agreement and
      at
      law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Trustee under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Trustee for the same.  This
      paragraph shall supersede any other provision in this Agreement or any other
      agreement to the contrary.

     

    In
      the
      event the Company, the Master Servicer, the Trustee or any subservicer or
      subcontractor engaged by either such party is terminated or resigns pursuant
      to
      the terms of the Agreement, or any other applicable agreement in the case of
      a
      subservicer or subcontractor, as the case may be, such party shall provide
      an
      Annual Statement of Compliance pursuant to this Section 4.16 or to the related
      section of such other applicable agreement, as the case may be, as to the
      performance of its obligations with respect to the period of time it was subject
      to this Agreement or any other applicable agreement, as the case may be
      notwithstanding any such termination or resignation.

     

    Section
      4.17  Assessments
      of Compliance and Attestation Reports.

     

    Pursuant
      to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
      AB,
      each of the Company as a Servicer, the Master Servicer, the Trustee and the
      Custodian (to the extent set forth in this Section) (each, an “Attesting Party”)
      each at its own expense shall deliver (or otherwise make available) to the
      Master Servicer, the Trustee and the Depositor on or before March 15th of each
      calendar
      year beginning in 2008, a report regarding such Attesting Party’s assessment of
      compliance (an “Assessment of Compliance”) with the Servicing Criteria during
      the preceding calendar year.  The Assessment of Compliance, as set
      forth in Regulation AB, must contain the following:

     

    (a)  A
      statement by an authorized officer of such Attesting Party of its authority
      and
      responsibility for assessing compliance with the Servicing Criteria applicable
      to the related Attesting Party;

     

    (b)  A
      statement by an authorized officer that such Attesting Party used the Servicing
      Criteria attached as Exhibit N hereto, and which will also be attached to the
      Assessment of Compliance, to assess compliance with the Servicing Criteria
      applicable to the related Attesting Party;

     

    (c)  An
      assessment by such officer of the related Attesting Party’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 such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving the related Attesting Party, that are
      backed by the same asset type as the Mortgage Loans;

     

    (d)  A
      statement that a registered public accounting firm has issued an attestation
      report on the related Attesting Party’s Assessment of Compliance for the period
      consisting of the preceding calendar year; and

     

    (e)  A
      statement as to which of the Servicing Criteria, if any, are not applicable
      to
      the related Attesting Party, which statement shall be based on the activities
      such Attesting Party performs with respect to asset-backed securities
      transactions taken as a whole involving such Attesting Party, 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
      Exhibit N hereto which are indicated as applicable to the related Attesting
      Party.

     

    On
      or
      before March 15th of each
      calendar
      year beginning in 2008, each Attesting Party shall furnish to the Master
      Servicer, the Depositor and 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 related Attesting Party, 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
      Master Servicer shall enforce the obligation of each Servicer to deliver to
      the
      Trustee, the Master Servicer and the Depositor an Assessment of Compliance
      and
      Attestation Report as and when provided in the related Servicing Agreement.
      Each
      of the Company, the Master Servicer and the Trustee shall cause, and the Master
      Servicer shall enforce the obligation (as and when provided in the related
      Servicing Agreement) of each Servicer to cause, any subservicer and each
      subcontractor (to the extent such subcontractor is determined by the Company,
      the Master Servicer or the Trustee, as applicable, to be “participating in the
      servicing function” within the meaning of Item 1122 of Regulation AB) that is
      engaged by the Company, such Servicer, the Master Servicer or the Trustee,
      as
      applicable, to deliver to the Trustee, the Master Servicer and the Depositor
      an
      Assessment of Compliance and Attestation Report as and when provided under
      the
      terms of the related Servicing Agreement.

     

    Pursuant
      to this Agreement or the related Servicing Agreement, the related Servicer,
      or
      any subservicer and each subcontractor (to the extent such subcontractor is
      determined by the Master Servicer to be “participating in a servicing function”
within the meaning of Item 1122 of Regulation AB) that is engaged by such
      Servicer, is obligated to provide such Assessment of Compliance and Attestation
      Report on the 1st of March and in no event later than the 15th of March each
      year that the related Mortgage Loans are serviced under this Agreement or the
      applicable Servicing Agreement.  The Master Servicer shall deliver to
      the Trustee any such Assessment of Compliance and Attestation Report received
      from a Servicer or any subservicer and each subcontractor (to the extent such
      subcontractor is determined by the Master Servicer to be “participating in a
      servicing function” within the meaning of Item 1122 of Regulation AB) that is
      engaged by such Servicer, within two Business Days of such receipt but in no
      event later than two Business Days following the 15th day of March for each
      year
      for which a report on Form 10-K is required to be filed with respect to the
      Trust Fund. Such Assessment of Compliance, as to any subservicer or
      subcontractor, shall at a minimum address the applicable Servicing Criteria
      specified on Exhibit N hereto which are indicated as applicable to any “primary
      servicer” to the extent such subservicer or subcontractor is performing any
      servicing function for the party who engages it and to the extent such party
      is
      not itself addressing the Servicing Criteria related to such servicing function
      in its own Assessment of Compliance.  The Trustee shall confirm that
      each of the Assessments of Compliance delivered to it, taken as a whole, address
      all of the Servicing Criteria and taken individually address the Servicing
      Criteria for each party as set forth in Exhibit N and notify the Depositor
      of
      any exceptions. Notwithstanding the foregoing, as to any subcontractor, an
      Assessment of Compliance and Attestation Report is not required to be delivered
      unless it is required as part of a Form 10-K with respect to the Trust
      Fund.

     

    In
      addition, for the avoidance of doubt and without duplication, the Company as
      a
      Servicer shall (and shall cause each subservicer engaged by it to) provide
      the
      following information to the Depositor and the Trustee: (A) any Company Default
      hereunder and any subservicer event of default under the terms of the related
      Subservicing Agreement, (B) any merger, consolidation or sale of substantially
      all of the assets of the Company or, to the best of the Company’s knowledge, any
      such subservicer, and (C) the Company’s entry into an agreement with a
      subservicer to perform or assist in the performance of any of the Company’s
      obligations as Servicer.

     

    In
      addition, the Company as a Servicer, shall cause each subservicer engaged by
      it
      to provide the following information to the Depositor and the Trustee, to the
      extent applicable, within the timeframes that the Company would otherwise have
      to provide such information:

     

    (A)  any
      material modifications, extensions or waivers of pool asset terms, fees,
      penalties or payments during the distribution period or that have cumulatively
      become material over time (Item 1121(a)(11) of Regulation AB);

     

    (B)  material
      breaches of pool asset representations or warranties or transaction covenants
      (Item 1121(a)(12) of Regulation AB); and

     

    (C)  information
      regarding new asset-backed securities issuances backed by the same pool assets,
      any pool asset changes (such as, additions, substitutions or repurchases),
      and
      any material changes in origination, underwriting or other criteria for
      acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
      AB).

     

    The
      Custodian shall deliver to the Master Servicer, the Trustee and the Depositor
      an
      Assessment of Compliance and Attestation Report, as and when provided above,
      which shall at a minimum address each of the Servicing Criteria specified on
      Exhibit N hereto which are indicated as applicable to a
“custodian”.  Notwithstanding the foregoing, an Assessment of
      Compliance or Attestation Report is not required to be delivered by any
      Custodian unless it is required as part of a Form 10-K with respect to the
      Trust
      Fund.

     

    Failure
      of the Company to comply with this Section 4.17 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same.  Failure of the Master Servicer to comply with this Section 4.17
      (including with respect to the timeframes required herein) shall
      constitute an Event of Default, and at the written direction of the
      Depositor the Trustee shall, 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, upon notice immediately terminate all of the
      rights and obligations of the Master Servicer under this Agreement and in and
      to
      the Mortgage Loans and the proceeds thereof without compensating the Master
      Servicer for the same (but subject to the Master Servicer’s rights to payment of
      any Master Servicing Compensation and reimbursement of all amounts for which
      it
      is entitled to be reimbursed prior to the date of
      termination).  Failure of the Trustee to comply with this Section 4.17
      (including with respect to the timeframes required in this Section) which
      failure results in a failure to timely file the related Form 10-K, shall
      constitute a default and the Depositor shall, in addition to whatever rights
      the
      Depositor may have under this Agreement and at law or equity or to damages,
      including injunctive relief and specific performance, upon notice immediately
      terminate all of the rights and obligations of the Trustee under this Agreement
      and in and to the Mortgage Loans and the proceeds thereof without compensating
      the Trustee for the same (but subject to the Trustee’s right to reimbursement of
      all amounts for which it is entitled to be reimbursed prior to the date of
      termination).  This paragraph shall supersede any other provision in
      this Agreement or any other agreement to the contrary.

     

    In
      the
      event the Company, the Master Servicer, the Custodian, the Trustee or any
      subservicer or subcontractor engaged by any such party is terminated, assigns
      its rights and obligations under, or resigns pursuant to, the terms of the
      Agreement, the Custodial Agreement, or any other applicable agreement in the
      case of a subservicer or subcontractor, as the case may be, such party shall
      provide an Assessment of Compliance and cause to be provided an Attestation
      Report pursuant to this Section 4.17 or to the related section of such other
      applicable agreement, as the case may be, notwithstanding any such termination,
      assignment or resignation.

     

    Section
      4.18  Reports
      Filed with Securities and Exchange Commission.

     

    (a)  (i)
      (A)
      Within 15 days after each Distribution Date  (subject to permitted
      exceptions under the Exchange Act), the Trustee shall, in accordance with
      industry standards, prepare and file with the Commission via the Electronic
      Data
      Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form 10-D,
      signed by the Master Servicer, with a copy of the Monthly Statement to be
      furnished by the Trustee to the Certificateholders for such Distribution Date
      attached thereto; provided that, the Trustee shall have received no later than
      five (5) calendar days after the related Distribution Date, all information
      required to be provided to the Trustee as described in clause (a)(iv)
      below.  Any disclosure that is in addition to the Monthly Statement
      and that is required to be included on Form 10-D (“Additional Form 10-D
      Disclosure”) shall be reported by the parties set forth on Exhibit O to the
      Trustee and the Depositor, pursuant to the paragraph immediately below, and
      approved for inclusion by the Depositor, and the Trustee will have no duty
      or
      liability for any failure hereunder to determine or prepare any Additional
      Form
      10-D Disclosure absent such reporting (other than in the case where the Trustee
      is the reporting party as set forth in Exhibit O) and approval.

     

    (B)  Within
      five (5) calendar days after the related Distribution Date, (i) the parties
      set
      forth in Exhibit O shall be required to provide, and the Master Servicer shall
      enforce the obligation of each Servicer (to the extent provided in the related
      Servicing Agreement) to provide, pursuant to Section 4.18(a)(iv) below, to
      the
      Trustee and the Depositor, to the extent known by a responsible officer thereof,
      in EDGAR-compatible format, or in such other format as otherwise agreed upon
      by
      the Trustee and the Depositor and such party, the form and substance of any
      Additional Form 10-D Disclosure, if applicable, and (ii) the Depositor will
      approve, as to form and substance, or disapprove, as the case may be, the
      inclusion of the Additional Form 10-D Disclosure on Form 10-D. Subject to the
      foregoing, the Trustee has no duty under this Agreement to monitor or enforce
      the performance by the other parties listed on Exhibit O of their duties under
      this paragraph or to proactively solicit or procure from such parties any
      Additional Form 10-D Disclosure information.  The Depositor shall be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Form 10-D Disclosure on
      Form
      10-D pursuant to this Section.

     

    (C)  After
      preparing the Form 10-D, the Trustee shall forward electronically a copy of
      the
      Form 10-D to the Depositor (in the case of any Additional 10-D Disclosure and
      otherwise if requested by the Depositor) and the Master Servicer for
      review.  Within two Business Days after receipt of such copy, but no
      later than the 12th calendar day after the Distribution Date (provided that,
      the
      Trustee forwards a copy of the Form 10-D no later than the 10th calendar
      day after
      the Distribution Date), the Depositor shall notify the Trustee in writing (which
      may be furnished electronically) of any changes to or approval of such Form
      10-D.  In the absence of receipt of any written changes or approval,
      the Trustee shall be entitled to assume that such Form 10-D is in final form
      and
      the Trustee may proceed with the execution and filing of the Form
      10-D.  No later than the 13th calendar day after the related
      Distribution Date, a duly authorized officer of the Master Servicer shall sign
      the Form 10-D and return an electronic or fax copy of such signed Form 10-D
      (with an original executed hard copy to follow by overnight mail) to the
      Trustee.  If a Form 10-D cannot be filed on time or if a previously
      filed Form 10-D needs to be amended, the Trustee shall follow the procedures
      set
      forth in Section 4.18(a)(v)(B). Promptly (but no later than one (1) Business
      Day) after filing with the Commission, the Trustee shall make available on
      its
      internet website identified in Section 6.06 a final executed copy of each Form
      10-D filed by the Trustee. The signing party for the Master Servicer can be
      contacted at 214-626-3287. Form 10-D requires the registrant to indicate (by
      checking “yes” or “no”) that it (1) has filed all reports required to be filed
      by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
      for such shorter period that the registrant was required to file such reports),
      and (2) has been subject to such filing requirements for the past 90 days.
      The
      Depositor shall notify the Trustee in writing, no later than the fifth calendar
      day after the related Distribution Date with respect to the filing of a report
      on Form 10-D if the answer to the questions should be “no”.  The
      Trustee shall be entitled to rely on the representations in Section 2.04(vi)
      and
      in any such notice in preparing, executing and/or filing any such
      report.  The parties to this Agreement acknowledge that the
      performance by the Master Servicer and the Trustee of their respective duties
      under Sections 4.18(a)(i) and (v) related to the timely preparation, execution
      and filing of Form 10-D is contingent upon such parties strictly observing
      all
      applicable deadlines in the performance of their duties under such
      Sections.  Neither the Master Servicer nor the Trustee shall have any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute and/or timely file such Form 10-D,
      where such failure results from a party’s failure to deliver, on a timely basis,
      any information from such party needed to prepare, arrange for execution or
      file
      such Form 10-D, not resulting from its own negligence, bad faith or willful
      misconduct.

     

    (ii)  (A)  Within
      four (4) Business Days after the occurrence of an event requiring disclosure
      on
      Form 8-K (each such event, a “Reportable Event”), the Trustee shall prepare and
      file, on behalf of the Trust, at the direction of the Depositor, any Form 8-K,
      as required by the Exchange Act; provided that, the Depositor shall file the
      initial Form 8-K in connection with the issuance of the
      Certificates.  Any disclosure or information related to a Reportable
      Event or that is otherwise required to be included on Form 8-K (“Form 8-K
      Disclosure Information”) shall be, pursuant to the paragraph immediately below,
      reported by the parties set forth on Exhibit O to the Trustee and the Depositor
      and directed and approved for inclusion by the Depositor pursuant to the
      following paragraph, and the Trustee will have no duty or liability for any
      failure hereunder to determine or prepare any Form 8-K Disclosure Information
      absent such reporting (other than in the case where the Trustee is the reporting
      party as set forth in Exhibit O) and approval.

     

    (B)  For
      so
      long as the Trust is subject to the Exchange Act reporting requirements, (i)
      no
      later than the close of business on the 2nd Business Day after the occurrence
      of
      a Reportable Event the parties set forth in Exhibit O shall be required pursuant
      to Section 4.18(a)(iv) below to provide, and the Master Servicer shall enforce
      the obligation of each Servicer (to the extent provided in the related Servicing
      Agreement) to provide,  to the Trustee and the Depositor, to the
      extent known by a responsible officer thereof, in EDGAR-compatible format,
      or in
      such other form as otherwise agreed upon by the Trustee and the Depositor and
      such party, the form and substance of any Form 8-K Disclosure Information,
      if
      applicable, and (ii) the Depositor shall approve, as to form and substance,
      or
      disapprove, as the case may be, the inclusion of the Form 8-K Disclosure
      Information on Form 8-K. The Depositor shall be responsible for any reasonable
      fees and expenses assessed or incurred by the Trustee in connection with
      including any Form 8-K Disclosure Information on Form 8-K pursuant to this
      Section.

     

    (C)  After
      preparing the Form 8-K, the Trustee shall forward electronically a copy of
      the
      Form 8-K to the Depositor and the Master Servicer for review.  No
      later than the close of business New York City time on the 3rd Business Day
      after the Reportable Event, a duly authorized officer of the Master Servicer
      shall sign the Form 8-K and return an electronic or fax copy of such signed
      Form
      8-K (with an original executed hard copy to follow by overnight mail) to the
      Trustee.  Promptly, but no later than the close of business on the 3rd
      Business Day after the Reportable Event (provided that, the Trustee forwards
      a
      copy of the Form 8-K no later than noon New York time on the third Business
      Day
      after the Reportable Event), the Depositor shall notify the Trustee in writing
      (which may be furnished electronically) of any changes to or approval of such
      Form 8-K.  In the absence of receipt of any written changes or
      approval, the Trustee shall be entitled to assume that such Form 8-K is in
      final
      form and the Trustee may proceed with the execution and filing of the Form
      8-K.  If a Form 8-K cannot be filed on time or if a previously filed
      Form 8-K needs to be amended, the Trustee shall follow the procedures set forth
      in Section 4.18(a)(v)(B).  Promptly (but no later than one (1)
      Business Day) after filing with the Commission, the Trustee shall, make
      available on its internet website a final executed copy of each Form 8-K filed
      by the Trustee.  The signing party for the Master Servicer can be
      contacted at 212-272-7575.  The parties to this Agreement acknowledge
      that the performance by Master Servicer and the Trustee of their respective
      duties under this Section 4.18(a)(ii) related to the timely preparation,
      execution and filing of Form 8-K is contingent upon such parties strictly
      observing all applicable deadlines in the performance of their duties under
      this
      Section 4.18(a)(ii).  Neither the Master Servicer nor the Trustee
      shall have any liability for any loss, expense, damage, claim arising out of
      or
      with respect to any failure to properly prepare, execute and/or timely file
      such
      Form 8-K, where such failure results from a party’s failure to deliver, on a
      timely basis, any information from such party needed to prepare, arrange for
      execution or file such Form 8-K, not resulting from its own negligence, bad
      faith or willful misconduct.

     

    (iii)  (A)  On
      or prior to the 90th day after the end of each fiscal year of the Trust or
      such
      earlier date as may be required by the Exchange Act (the “10-K Filing Deadline”)
      (it being understood that the fiscal year for the Trust ends on December 31st
      of
      each year), commencing in March 2008, the Trustee shall prepare and file on
      behalf of the Trust a Form 10-K, in form and substance as required by the
      Exchange Act.  Each such Form 10-K shall include the following items,
      in each case to the extent they have been delivered to the Trustee within the
      applicable timeframes set forth in this Agreement, (I) an annual compliance
      statement for the Company as a Servicer, the Master Servicer, each Servicer,
      the
      Trustee and any subservicer or subcontractor, as applicable, as described under
      Section 4.16, (II)(A) the annual reports on assessment of compliance with
      Servicing Criteria for the Company as a Servicer, each Servicer, the Master
      Servicer, each subservicer and subcontractor participating in the servicing
      function, the Trustee and the Custodian, as described under Section 4.17, and
      (B) if any such report on assessment of compliance with Servicing Criteria
      described under Section 4.17 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such report
      on
      assessment of compliance with Servicing Criteria described under Section 4.17
      is
      not included as an exhibit to such Form 10-K, disclosure that such report is
      not
      included and an explanation why such report is not included, (III)(A) the
      registered public accounting firm attestation report for the Company, each
      Servicer, the Master Servicer, the Trustee, each subservicer, each
      subcontractor, as applicable, and the Custodian, as described under Section
      4.17, and (B) if any registered public accounting firm attestation report
      described under Section 4.17 identifies any material instance of noncompliance,
      disclosure identifying such instance of noncompliance, or if any such registered
      public accounting firm attestation report is not included as an exhibit to
      such
      Form 10-K, disclosure that such report is not included and an explanation why
      such report is not included, and (IV) a Sarbanes-Oxley Certification as
      described in Section 4.18(a)(iii)(D) below (provided, however, that the Trustee,
      at its discretion, may omit from the Form 10-K any annual compliance statement,
      assessment of compliance or attestation report that is not required to be filed
      with such Form 10-K pursuant to Regulation AB). Any disclosure or information
      in
      addition to (I) through (IV) above that is required to be included on Form
      10-K
      (“Additional Form 10-K Disclosure”) shall be reported by the parties set forth
      on Exhibit O to the Trustee and the Depositor and, pursuant to the paragraph
      immediately below, approved for inclusion by the Depositor, and the Trustee
      will
      have no duty or liability for any failure hereunder to determine or prepare
      any
      Additional Form 10-K Disclosure absent such reporting (other than in the case
      where the Trustee is the reporting party as set forth in Exhibit O) and
      approval.

     

    (B)  No
      later
      than March 15th
      of each year that the Trust is subject to the Exchange Act reporting
      requirements, commencing in 2008, (i) the parties set forth in Exhibit O shall
      be required to provide, and the Master Servicer shall enforce the obligation
      of
      each Servicer (to the extent provided in the related Servicing Agreement) to
      provide, pursuant to Section 4.18(a)(iv) below to the Trustee and the Depositor,
      to the extent known by a responsible officer thereof, in EDGAR-compatible
      format, or in such other format as otherwise agreed upon by the Trustee and
      the
      Depositor and such party, the form and substance of any Additional Form 10-K
      Disclosure, if applicable, and (ii) the Depositor will approve, as to form
      and
      substance, or disapprove, as the case may be, the inclusion of the Additional
      Form 10-K Disclosure on Form 10-K.  The Depositor shall be responsible
      for any reasonable fees and expenses assessed or incurred by the Trustee in
      connection with including any Additional Form 10-K Disclosure on Form 10-K
      pursuant to this Section.

     

    (C)  After
      preparing the Form 10-K, the Trustee shall forward electronically a copy of
      the
      Form 10-K to the Depositor (only in the case where such Form 10-K includes
      Additional Form 10-K Disclosure and otherwise if requested by the Depositor)
      and
      the Master Servicer for review.  Within three Business Days after
      receipt of such copy, but no later than March 25th (provided
      that,
      the Trustee forwards a copy of the Form 10-K no later than the third Business
      Day prior to March 25th), the Depositor shall notify the Trustee in writing
      (which may be furnished electronically) of any changes to or approval of such
      Form 10-K.  In the absence of receipt of any written changes or
      approval, the Trustee shall be entitled to assume that such Form 10-K is in
      final form and the Trustee may proceed with the execution and filing of the
      Form
      10-K.  No later than the close of business Eastern Standard time on
      the 4th Business Day prior to the 10-K Filing Deadline, an officer of the Master
      Servicer in charge of the master servicing function shall sign the Form 10-K
      and
      return an electronic or fax copy of such signed Form 10-K (with an original
      executed hard copy to follow by overnight mail) to the Trustee.  If a
      Form 10-K cannot be filed on time or if a previously filed Form 10-K needs
      to be
      amended, the Trustee will follow the procedures set forth in Section
      4.18(a)(v)(B).  Promptly (but no later than one (1) Business Day)
      after filing with the Commission, the Trustee shall make available on its
      internet website a final executed copy of each Form 10-K filed by the
      Trustee.  The signing party for the Master Servicer can be contacted
      at 212-272-7575.  Form 10-K requires the registrant to indicate (by
      checking “yes” or “no”) that it (1) has filed all reports required to be filed
      by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
      for such shorter period that the registrant was required to file such reports),
      and (2) has been subject to such filing requirements for the past 90
      days.  The Depositor shall notify the Trustee in writing, no later
      than March 15th of each year in which the Trust is subject to the requirements
      of the Exchange Act with respect to the filing of a report on Form 10-K, if
      the
      answer to the questions should be “no”.  The Trustee shall be entitled
      to rely on the representations in Section 2.04(vi) and in any such notice in
      preparing, executing and/or filing any such report. The parties to this
      Agreement acknowledge that the performance by the Master Servicer and the
      Trustee of their respective duties under Sections 4.18(a)(iv) and (v) related
      to
      the timely preparation, execution and filing of Form 10-K is contingent upon
      such parties strictly observing all applicable deadlines in the performance
      of
      their duties under such Sections and Sections 4.16 and Section
      4.17.  Neither the Master Servicer nor the Trustee shall have any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute and/or timely file such Form 10-K,
      where such failure results from the failure of any party hereto to deliver
      on a
      timely basis, any information needed to prepare, arrange for execution or file
      such Form 10-K.

     

    (D)  Each
      Form
      10-K shall include a certification (the “Sarbanes-Oxley Certification”) required
      to be included therewith pursuant to the Sarbanes-Oxley Act which shall be
      signed by the Certifying Person and delivered to the Trustee no later than
      March
      15th of each
      year in which the Trust is subject to the reporting requirements of the Exchange
      Act.  The Master Servicer shall cause any Servicer, and any
      subservicer or subcontractor engaged by it to, provide to the Person who signs
      the Sarbanes-Oxley Certification (the “Certifying Person”), by March 10th of
      each year in which the Trust is subject to the reporting requirements of the
      Exchange Act (or such other date specified in the related Servicing Agreement)
      and otherwise within a reasonable period of time upon request, a certification
      (each, a “Back-Up Certification”), in the form attached hereto as Exhibit K,
      upon which the Certifying Person, the entity for which the Certifying Person
      acts as an officer, and such entity’s officers, directors and Affiliates
      (collectively with the Certifying Person, “Certification Parties”) can
      reasonably rely.  In addition, the Company as a Servicer and the
      Trustee shall sign a Back-Up Certification substantially in the form of Exhibit
      V; provided, however, that the Company and the Trustee shall not be required
      to
      undertake an analysis of any accountant’s report attached as an exhibit to the
      Form 10-K.  An officer of the Master Servicer in charge of the master
      servicing function shall serve as the Certifying Person on behalf of the
      Trust.  Such officer of the Certifying Person can be contacted at
      212-272-7575.

     

    (iv)  With
      respect to any Additional Form 10-D Disclosure, Additional Form 10-K Disclosure
      or any Form 8-K Disclosure Information (collectively, the “Additional
      Disclosure”) relating to the Trust Fund, the Trustee’s obligation to include
      such Additional Information in the applicable Exchange Act report is subject
      to
      receipt from the entity that is indicated in Exhibit O as the responsible party
      for providing that information, if other than the Trustee, as and when required
      as described in Section 4.18(a)(i) through (iii) above.  Such
      Additional Disclosure shall be accompanied by a notice substantially in the
      form
      of Exhibit P.  Each of the Company as a Servicer, the Master Servicer,
      the Seller, the Trustee and the Depositor hereby agrees to notify and provide,
      and the Master Servicer shall enforce the obligation (to the extent provided
      in
      the related Servicing Agreement) of each Servicer to notify and provide, to
      the
      extent known to the Company as a Servicer, the Master Servicer, the Seller,
      the
      Trustee and the Depositor all Additional Disclosure relating to the Trust Fund,
      with respect to which such party is indicated in Exhibit O as the responsible
      party for providing that information.  The Depositor shall be
      responsible for any reasonable fees and expenses assessed or incurred by the
      Trustee in connection with including any Additional Disclosure information
      pursuant to this Section.

     

    So
      long
      as the Depositor is subject to the filing requirements of the Exchange Act
      with
      respect to the Trust Fund, the Trustee shall notify the Depositor of any
      bankruptcy or receivership with respect to the Trustee or of any proceedings
      of
      the type described under Item 1117 of Regulation AB that have occurred as of
      the
      related Due Period, together with a description thereof, no later than the
      date
      on which such information is required of other parties hereto as set forth
      under
      this Section 4.18.  In addition, the Trustee shall notify the
      Depositor of any affiliations or relationships that develop after the Closing
      Date between the Trustee and the Depositor, the Seller, the Master Servicer
      or
      the Custodian of the type described under Item 1119 of Regulation AB, together
      with a description thereof, no later than March 15 of each year that the trust
      is subject to the Exchange Act reporting requirements, commencing in 2008.
      Should the identification of any of the Depositor, the Seller, the Master
      Servicer or the Custodian change, the Depositor shall promptly notify the
      Trustee.

     

    (v)  (A)
      On or
      prior to January 30th of the first year in which the Trustee is able to do
      so
      under applicable law, the Trustee shall prepare and file a Form 15 relating
      to
      the automatic suspension of reporting in respect of the Trust under the Exchange
      Act.

     

    (B)  In
      the
      event that the Trustee is unable to timely file with the Commission all or
      any
      required portion of any Form 8-K, 10-D or 10-K required to be filed by this
      Agreement because required disclosure information was either not delivered
      to it
      or delivered to it after the delivery deadlines set forth in this Agreement
      or
      for any other reason, the Trustee shall promptly notify the Depositor and the
      Master Servicer.  In the case of Form 10-D and 10-K, the Depositor,
      the Master Servicer and the Trustee shall cooperate to prepare and file a Form
      12b-25 and a 10-DA and 10-KA as applicable, pursuant to Rule 12b-25 of the
      Exchange Act.  In the case of Form 8-K, the Trustee will, upon receipt
      of all required Form 8-K Disclosure Information and upon the approval and
      direction of the Depositor, include such disclosure information on the next
      Form
      10-D.  In the event that any previously filed Form 8-K, 10-D or 10-K
      needs to be amended, and such amendment relates to any Additional Disclosure,
      the Trustee shall notify the Depositor and the parties affected thereby and
      such
      parties will cooperate to prepare any necessary Form 8-K, 10-DA or
      10-KA.  Any Form 15, Form 12b-25 or any amendment to Form 8-K, 10-D or
      10-K shall be signed by an appropriate officer of the Master
      Servicer.  The parties hereto acknowledge that the performance by the
      Master Servicer and the Trustee of their respective duties under this Section
      4.18(a)(v) related to the timely preparation, execution and filing of Form
      15, a
      Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon the
      Master Servicer and the Depositor timely performing their duties under this
      Section.  Neither the Master Servicer nor the Trustee shall have any
      liability for any loss, expense, damage, claim arising out of or with respect
      to
      any failure to properly prepare, execute and/or timely file any such Form 15,
      Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K, where such failure
      results from a party’s failure to deliver, on a timely basis, any information
      from such party needed to prepare, arrange for execution or file such Form
      15,
      Form 12b-25 or any amendments to Form 8-K, 10-D or 10-K.

     

    The
      Depositor agrees to promptly furnish to the Trustee, from time to time upon
      request, such further information, reports and financial statements within
      its
      control related to this Agreement, the Mortgage Loans as the Trustee reasonably
      deems appropriate to prepare and file all necessary reports with the Commission.
      The Trustee shall have no responsibility to file any items other than those
      specified in this Section 4.18; provided, however, the Trustee shall cooperate
      with the Depositor in connection with any additional filings with respect to
      the
      Trust Fund as the Depositor deems necessary under the Exchange
      Act.  Fees and expenses incurred by the Trustee in connection with
      this Section 4.18 shall not be reimbursable from the Trust Fund.

     

    (b)  The
      Trustee shall indemnify and hold harmless, the Company, the Depositor and the
      Master Servicer and each of its officers, directors and affiliates from and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the Trustee’s obligations under
      Sections 4.16, 4.17 and 4.18 or the Trustee’s negligence, bad faith or willful
      misconduct in connection therewith. In addition, the Trustee shall indemnify
      and
      hold harmless the Depositor and the Master Servicer and each of their respective
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Back-Up Certification, any Annual Statement of Compliance, any Assessment
      of Compliance or any Additional Disclosure provided by the Trustee on its behalf
      or on behalf of any subservicer or subcontractor engaged by the Trustee pursuant
      to Section 4.16, 4.17 or 4.18 (the “Trustee Information”), or (ii) any omission
      or alleged omission to state therein a material fact required to be stated
      therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Trustee Information and not to any other information communicated in connection
      with the Certificates, without regard to whether the Trustee Information or
      any
      portion thereof is presented together with or separately from such other
      information.

     

    The
      Depositor shall indemnify and hold harmless the Trustee and the Master Servicer
      and each of its officers, directors and affiliates from and against any losses,
      damages, penalties, fines, forfeitures, reasonable and necessary legal fees
      and
      related costs, judgments and other costs and expenses arising out of or based
      upon a breach of the obligations of the Depositor under Sections 4.16, 4.17
      and
      4.18 or the Depositor’s negligence, bad faith or willful misconduct in
      connection therewith. In addition, the Depositor shall indemnify and hold
      harmless the Master Servicer, the Trustee and each of their respective officers,
      directors and affiliates from and against any losses, damages, penalties, fines,
      forfeitures, reasonable and necessary legal fees and related costs, judgments
      and other costs and expenses arising out of or based upon (i) any untrue
      statement or alleged untrue statement of any material fact contained in any
      Additional Disclosure provided by the Depositor that is required to be filed
      pursuant to this Section 4.18 (the “Depositor Information”), or (ii) any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Depositor Information that is required to be filed and not to any other
      information communicated in connection with the Certificates, without regard
      to
      whether the Depositor Information or any portion thereof is presented together
      with or separately from such other information.

     

    The
      Master Servicer shall indemnify and hold harmless the Company, the Trustee
      and
      the Depositor and each of its respective officers, directors and affiliates
      from
      and against any losses, damages, penalties, fines, forfeitures, reasonable
      and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the obligations of the Master Servicer
      under Sections 4.16, 4.17 and 4.18 or the Master Servicer’s negligence, bad
      faith or willful misconduct in connection therewith.  In addition, the
      Master Servicer shall indemnify and hold harmless the Depositor and each of
      its
      officers, directors and affiliates from and against any losses, damages,
      penalties, fines, forfeitures, reasonable and necessary legal fees and related
      costs, judgments and other costs and expenses arising out of or based upon
      (i)
      any untrue statement or alleged untrue statement of any material fact contained
      in any Annual Statement of Compliance, any Assessment of Compliance or any
      Additional Disclosure provided by the Master Servicer on its behalf or on behalf
      of any subservicer or subcontractor engaged by the Master Servicer pursuant
      to
      Section 4.16, 4.17 or 4.18 (the “Master Servicer Information”), or (ii) any
      omission or alleged omission to state therein a material fact required to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Master Servicer Information and not to any other information communicated in
      connection with the Certificates, without regard to whether the Master Servicer
      Information or any portion thereof is presented together with or separately
      from
      such other information.

     

    The
      Company shall indemnify and hold harmless the Depositor, the Trustee and the
      Master Servicer and each of its officers, directors and affiliates from and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon a breach of the obligations of the Company under
      Sections 4.16, 4.17 and 4.18 or the Company’s negligence, bad faith or willful
      misconduct in connection therewith including any failure by the Company to
      identify any subcontractor “participating in the servicing function” within the
      meaning of Item 1122 of Regulation AB. In addition, the Company shall indemnify
      and hold harmless the Depositor and the Master Servicer and each of their
      respective officers, directors and affiliates and the Master Servicer from
      and
      against any losses, damages, penalties, fines, forfeitures, reasonable and
      necessary legal fees and related costs, judgments and other costs and expenses
      arising out of or based upon (i) any untrue statement or alleged untrue
      statement of any material fact contained in any Back-Up Certification, any
      Annual Statement of Compliance, any Assessment of Compliance or any Additional
      Disclosure provided by the Company on its behalf or on behalf of any subservicer
      or subcontractor pursuant to Section 4.16, 4.17 or 4.18 (the “Company
      Information”), (ii) any breach by the Company of a representation, warranty or
      covenant set forth in Section 2.03(a)(vii) and Section 2.03(b)(i-iii) and (iii)
      any omission or alleged omission to state therein a material fact required
      to be
      stated therein or necessary to make the statements therein, in light of the
      circumstances in which they were made, not misleading; provided, by way of
      clarification, that this paragraph shall be construed solely by reference to
      the
      Company Information and not to any other information communicated in connection
      with the Certificates, without regard to whether the Company Information or
      any
      portion thereof is presented together with or separately from such other
      information.

     

    If
      the
      indemnification provided for herein is unavailable or insufficient to hold
      harmless the Company, the Depositor, the Trustee or the Master Servicer, as
      applicable, then the defaulting party, in connection with any conduct for which
      it is providing indemnification under this Section 4.18(b), agrees that it
      shall
      contribute to the amount paid or payable by the other parties as a result of
      the
      losses, claims, damages or liabilities of the other party in such proportion
      as
      is appropriate to reflect the relative fault and the relative benefit of the
      respective parties.

     

    The
      indemnification provisions set forth in this Section 4.18(b) shall survive
      the
      termination of this Agreement or the termination of any party to this
      Agreement.

     

    (c)  Failure
      of the Company to comply with this Section 4.18 (including with respect to
      the
      timeframes required herein) shall be deemed a Company Default, and the Master
      Servicer shall, in addition to whatever rights the Master Servicer may have
      under this Agreement and at law or equity or to damages, including injunctive
      relief and specific performance, upon notice immediately terminate all of the
      rights and obligations of the Company under this Agreement and in and to the
      Mortgage Loans and the proceeds thereof without compensating the Company for
      the
      same.  Failure of the Master Servicer to comply with this Section 4.18
      (including with respect to the timeframes required herein) shall, constitute
      an
      Event of Default, and at the written direction of the Depositor the Trustee
      shall, 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, upon notice immediately terminate all of the rights and obligations
      of the Master Servicer under this Agreement and in and to the Mortgage Loans
      and
      the proceeds thereof without compensating the Master Servicer for the same
      (but
      subject to the Master Servicer rights to payment of any Master Servicing
      Compensation and reimbursement of all amounts for which it is entitled to be
      reimbursed prior to the date of termination).  Failure of the Trustee
      to comply with this Section 4.18 (including with respect to the timeframes
      required in this Section) which failure results in a failure to timely file
      the
      related Form 10-K, shall, constitute a default and the Depositor shall, in
      addition to whatever rights the Depositor may have under this Agreement and
      at
      law or equity or to damages, including injunctive relief and specific
      performance, upon notice immediately terminate all of the rights and obligations
      of the Trustee under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof without compensating the Trustee for the same (but subject
      to
      the Trustee’s right to reimbursement of all amounts for which it is entitled to
      be reimbursed prior to the date of termination).  This paragraph shall
      supersede any other provision in this Agreement or any other agreement to the
      contrary. In connection with the termination of the Master Servicer or the
      Trustee pursuant to this Section 4.18(c), the Trustee shall be entitled to
      reimbursement of all costs and expenses associated with such termination to
      the
      extent set forth in Section 10.05.  Notwithstanding anything to the
      contrary in this Agreement, no Event of Default by the Master Servicer or
      default by the Trustee shall have occurred with respect to any failure to
      properly prepare, execute and/or timely file any report on Form 8-K, Form 10-D
      or Form 10-K, any Form 15 or Form 12b-25 or any amendments to Form 8-K, 10-D
      or
      10-K, where such failure results from any party’s inability or failure to
      deliver, on a timely basis, any information from such party needed to prepare,
      arrange for execution or file any such report, Form or amendment, and does
      not
      result from its own negligence, bad faith or willful misconduct.

     

    In
      the
      case of any failure of performance described above, the Company shall promptly
      reimburse the Depositor, the Master Servicer and the Trustee for all costs
      reasonably incurred by each such party in order to obtain the information,
      report, certification, accountants’ letter or other material not delivered
      pursuant to this Section 4.18 as required by the Company, any subservicer or
      any
      subcontractor.

     

    (d)  Notwithstanding
      the provisions of Section 12.01, this Section 4.18 may be amended without the
      consent of the Certificateholders.

     

    (e)  Any
      report, notice or notification to be delivered by the Company, the Master
      Servicer or the Trustee to the Depositor pursuant to this Section 4.18, may
      be
      delivered via email to RegABNotifications@bear.com or, in the case of a
      notification, telephonically by calling Reg AB Compliance Manager at
      212-272-7525.

     

    (f)  Within
      three (3) Business Days of the filing of a report pursuant to subsection (a)
      above, the Trustee shall execute and deliver a certification, substantially
      in
      the form attached hereto as Exhibit DD, to the Depositor, the Master Servicer
      and the Sponsor.

     

    Section
      4.19  Intention
      of the Parties and Interpretation.

     

    Each
      of
      the parties acknowledges and agrees that the purpose of Sections 4.16, 4.17
      and
      4.18 of this Agreement is to facilitate compliance by the Seller, the Depositor,
      the Trustee and the Master Servicer with the provisions of Regulation
      AB.  Therefore, each of the parties agrees that (a) the obligations of
      the parties hereunder shall be interpreted in such a manner as to accomplish
      that purpose, (b) the parties’ obligations hereunder will be supplemented and
      modified as necessary to be consistent with any such amendments, interpretive
      advice or guidance, convention or consensus among active participants in the
      asset-backed securities markets, advice of counsel, or otherwise in respect
      of
      the requirements of Regulation AB, (c) the parties shall comply with reasonable
      requests made by the Seller, the Depositor, the Master Servicer or the Trustee
      for delivery of additional or different information as the Seller, the
      Depositor, the Master Servicer or the Trustee may determine in good faith is
      necessary to comply with the provisions of Regulation AB, and (d) no amendment
      of this Agreement shall be required to effect any such changes in the
      obligations of the parties to this transaction as are necessary to accommodate
      evolving interpretations of the provisions of Regulation AB.

     

    Section
      4.20  UCC.

     

    The
      Seller shall file any financing statements, continuation statements or
      amendments thereto required by any change in the Uniform Commercial
      Code.

     

    Section
      4.21  Optional
      Purchase of Certain Mortgage Loans.

     

    With
      respect to any Mortgage Loan which as of the first day of a Fiscal Quarter
      is
      Delinquent in payment by 90 days or more or is an REO Property, EMC shall have
      the right to purchase any such Mortgage Loan or REO Property from the Trust
      at a
      price equal to the Purchase Price; provided, however, (i) that such Mortgage
      Loan is still 90 days or more Delinquent or is an REO Property as of the date
      of
      such purchase and (ii) this purchase option, if not theretofore exercised,
      shall
      terminate on the date prior to the last day of the related Fiscal
      Quarter.  This purchase option, if not exercised, shall not be
      thereafter reinstated unless the delinquency is cured and the Mortgage Loan
      thereafter again becomes 90 days or more Delinquent or becomes an REO Property,
      in which case the option shall again become exercisable as of the first day
      of
      the related Fiscal Quarter. This right may be assigned by EMC to a third party,
      including a holder of a Class of Certificates.

     

    In
      addition, EMC may, at its option, purchase any Mortgage Loan from the Trust
      for
      which the first Scheduled Payment due to the Trust after the Closing Date
      becomes thirty (30) days past due; provided, however, such Mortgage Loan was
      purchased by EMC or one of its affiliates from an originator pursuant to a
      loan
      purchase agreement that obligated such seller to repurchase such Mortgage Loan
      if one or more Scheduled Payments becomes 30 or more days delinquent (and such
      originator has agreed to repurchase such Mortgage Loan); provided, further,
      that
      such optional purchase shall be exercised no later than the 270th day after
      such
      Mortgage Loan is subject to such originator's repurchase obligation. Such
      purchase shall be made at a price equal to the Purchase Price.

     

    If
      at any
      time EMC remits to the Master Servicer a payment for deposit in the Master
      Servicer Collection Account covering the amount of the Purchase Price for such
      a
      Mortgage Loan, and EMC provides to the Trustee a certification signed by a
      Servicing Officer stating that the amount of such payment has been deposited
      in
      the Master Servicer Collection Account, then the Trustee shall execute the
      assignment of such Mortgage Loan prepared and delivered to the Trustee, at
      the
      request of EMC, without recourse, representation or warranty, to EMC which
      shall
      succeed to all of the Trustee’s right, title and interest in and to such
      Mortgage Loan, and all security and documents relative thereto.  Such
      assignment shall be an assignment outright and not for security.  EMC
      will thereupon own such Mortgage, and all such security and documents, free
      of
      any further obligation to the Trustee or the Certificateholders with respect
      thereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      V

    ACCOUNTS

     

    Section
      5.01  Collection
      of Mortgage Loan Payments; Protected Account.

     

    (a)  The
      Company shall make reasonable efforts in accordance with customary and usual
      standards of practice of prudent mortgage lenders in the respective states
      in
      which the Mortgaged Properties related to the EMC Mortgage Loans are located
      to
      collect all payments called for under the terms and provisions of the EMC
      Mortgage Loans to the extent such procedures shall be consistent with this
      Agreement and the terms and provisions of any related Required Insurance Policy.
      Consistent with the foregoing, the Company may in its discretion (i) waive
      any
      late payment charge and (ii) extend the due dates for payments due on a Mortgage
      Note related to an EMC Mortgage Loan for a period not greater than 125 days.
      In
      the event of any such arrangement, the Company shall make Advances on the
      related EMC Mortgage Loan during the scheduled period in accordance with the
      amortization schedule of such EMC Mortgage Loan without modification thereof
      by
      reason of such arrangements, and shall be entitled to reimbursement therefor
      in
      accordance with Section 6.01. The Company shall not be required to institute
      or
      join in litigation with respect to collection of any payment (whether under
      a
      Mortgage, Mortgage Note or otherwise or against any public or governmental
      authority with respect to a taking or condemnation) if it reasonably believes
      that enforcing the provision of the Mortgage or other instrument pursuant to
      which such payment is required is prohibited by applicable law. Consistent
      with
      and in addition to the terms set forth in this Agreement, if an EMC Mortgage
      Loan is in default or such default is reasonably foreseeable, the Company may
      waive, modify or vary any term of any EMC Mortgage Loan or consent to the
      postponement of strict compliance with any such term or in any manner grant
      indulgence to any Mortgagor, including without limitation, to (1) capitalize
      any
      amounts owing on the EMC Mortgage Loan by adding such amount to the outstanding
      principal balance of the EMC Mortgage Loan, (2) defer such amounts to a later
      date or the final payment date of such Mortgage Loan, (3) extend the maturity
      of
      any such EMC Mortgage Loan, (4) amend the related Mortgage Note to reduce the
      related Mortgage Rate with respect to any EMC Mortgage Loan, (5) convert the
      Mortgage Rate on any EMC Mortgage Loan from a fixed rate to an adjustable rate
      or vice versa, (6) with respect to an EMC Mortgage Loan with an initial fixed
      rate period followed by an adjustable rate period, extend the fixed period
      and
      reduce the adjustable rate period, and/or (7) forgive the amount of any interest
      and principal owed by the related Mortgagor; provided that, in the Company’s
      reasonable and prudent determination, such waiver, modification, postponement
      or
      indulgence (A) is not materially adverse to the interests of the
      Certificateholders in the aggregate on a present value basis using reasonable
      assumptions (including taking into account any estimated Realized Loss that
      might result absent such action); and (B) does not amend the related Mortgage
      Note to extend the maturity thereof later than the date of the Latest Possible
      Maturity Date; provided, further, with respect to any EMC Mortgage Loan that
      is
      not in default or if default is not reasonably foreseeable, unless the Company
      has provided to the Trustee a certification addressed to the Trustee, based
      on
      the advice of counsel or certified public accountants, in either case, that
      have
      a national reputation with respect to taxation of REMICs, that such modification
      of such EMC Mortgage Loan will not result in the imposition of taxes on or
      disqualify from REMIC status any of REMIC I, REMIC II or REMIC III, the Company
      may not permit any modification with respect to any EMC Mortgage Loan.
      Notwithstanding the foregoing, for any modification which may result in a
      Realized Loss of 20% or more of the outstanding principal balance of a Mortgage
      Loan, the Company shall present such proposed modification, together with any
      supporting documentation, to the Master Servicer for consideration and
      approval.

     

    In
      connection with any such Servicing Modification, the related Servicer or the
      Master Servicer may reimburse itself from the Trust for any outstanding Advances
      and Servicing Advances at the time of the modification to the extent that such
      related Advances or Servicing Advances are reimbursable to the related Servicer
      or the Master Servicer and to the extent of Principal Funds in the Protected
      Account for the related Distribution Date. Any such reimbursement shall occur
      during the same calendar month as the Servicing Modification and, to the extent
      such Advance or Servicing Advance is forgiven, any such reimbursement will
      be
      treated as a Realized Loss which will be incurred on the Distribution Date
      related to the calendar month during which the Servicing Modification occurred.
      To the extent Advances and Servicing Advances or other amounts owed the related
      Servicer or the Master Servicer are capitalized, the related Servicer or the
      Master Servicer may reimburse itself from such arrearages on a first priority
      basis to the extent of Principal Funds for the related Distribution
      Date.

     

    In
      accordance with the standards of the first paragraph of Section 3.01, the
      Company shall not waive (or permit a sub-servicer to waive) any Prepayment
      Charge related to an EMC Mortgage Loan unless: (i) the enforceability thereof
      shall have been limited by bankruptcy, insolvency, moratorium, receivership
      and
      other similar laws relating to creditors’ rights generally, (ii) the enforcement
      thereof is illegal, or any local, state or federal agency has threatened legal
      action if the prepayment penalty is enforced, (iii) the mortgage debt has been
      accelerated in connection with a foreclosure or other involuntary payment or
      (iv) such waiver is standard and customary in servicing similar Mortgage Loans
      and relates to a default or a reasonably foreseeable default and would, in
      the
      reasonable judgment of the Company, maximize recovery of total proceeds taking
      into account the value of such Prepayment Charge and the related EMC Mortgage
      Loan. If a Prepayment Charge is waived, but does not meet the standards
      described above, then the Company is required to pay the amount of such waived
      Prepayment Charge, for the benefit of Class P Certificates, by remitting such
      amount to the Master Servicer by the Remittance Date.

     

    (b)  The
      Company shall establish and maintain a Protected Account (which shall at all
      times be an Eligible Account) with a depository institution in the name of
      the
      Company for the benefit of the Trustee on behalf of the Certificateholders
      and
      designated “Wells Fargo Bank, National Association, in trust for registered
      holders of Bear Stearns Asset Backed Securities I LLC, Asset-Backed Certificates
      Series 2007-AC5”. The Company shall deposit or cause to be deposited into the
      Protected Account on a daily basis within two Business Days of receipt and
      identification, except as otherwise specifically provided herein, the following
      payments and collections remitted by subservicers or received by it in respect
      of the EMC Mortgage Loans subsequent to the Cut-off Date (other than in respect
      of principal and interest due on the EMC Mortgage Loans on or before the Cut-off
      Date) and the following amounts required to be deposited hereunder:

     

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

     

    (ii)  all
      payments on account of interest on the EMC Mortgage Loans net of the related
      Servicing Fee permitted under Section 3.10 and LPMI Fees, if any;

     

    (iii)  all
      Liquidation Proceeds and Insurance Proceeds with respect to any EMC Mortgage
      Loans, other than proceeds to be applied to the restoration or repair of the
      Mortgaged Property or released to the Mortgagor in accordance with the Company’s
      normal servicing procedures;

     

    (iv)  any
      amount required to be deposited by the Company pursuant to Section 5.01(c)
      in
      connection with any losses on Permitted Investments;

     

    (v)  any
      amounts required to be deposited by the Company pursuant to Section
      3.05;

     

    (vi)  any
      Prepayment Charges collected on the EMC Mortgage Loans; and

     

    (vii)  any
      other
      amounts required to be deposited hereunder.

     

    The
      foregoing requirements for remittance by the Company into the Protected Account
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of late payment charges
      or
      assumption fees, if collected, need not be remitted by the Company. In the
      event
      that the Company shall remit any amount not required to be remitted and not
      otherwise subject to withdrawal pursuant to Section 5.02, it may at any time
      withdraw or direct the institution maintaining the Protected Account, to
      withdraw such amount from the Protected Account, any provision herein to the
      contrary notwithstanding. Such withdrawal or direction may be accomplished
      by
      delivering written notice thereof to the institution maintaining the Protected
      Account, that describes the amounts deposited in error in the Protected Account.
      The Company shall maintain adequate records with respect to all withdrawals
      made
      pursuant to this Section. Reconciliations will be prepared for the Protected
      Account within 45 calendar days after the bank statement cut-off
      date.  All items requiring reconciliation will be resolved within 90
      calendar days of their original identification.  All funds deposited
      in the Protected Account shall be held in trust for the Certificateholders
      until
      withdrawn in accordance with Section 5.02.

     

    (c)  The
      institution that maintains the Protected Account shall invest the funds in
      the
      Protected Account, in the manner directed by the Company, in Permitted
      Investments which shall mature not later than the Remittance Date and shall
      not
      be sold or disposed of prior to its maturity. All such Permitted Investments
      shall be made in the name of the Trustee, for the benefit of the
      Certificateholders. All income and gain net of any losses realized from any
      such
      investment shall be for the benefit of the Company as servicing compensation
      and
      shall be remitted to it monthly as provided herein. The amount of any losses
      incurred in the Protected Account in respect of any such investments shall
      be
      deposited by the Company into the Protected Account, out of the Company’s own
      funds.

     

    (d)  The
      Company shall give at least 30 days advance notice to the Trustee, the Mortgage
      Loan Sellers, the Master Servicer, each Rating Agency and the Depositor of
      any
      proposed change of location of the Protected Account prior to any change
      thereof.

     

    Section
      5.02  Permitted
      Withdrawals From the Protected Account.

     

    (a)  The
      Company may from time to time make withdrawals from the Protected Account for
      the following purposes:

     

    (i)  to
      pay
      itself (to the extent not previously paid to or withheld by the Company), as
      servicing compensation in accordance with Section 3.10, that portion of any
      payment of interest that equals the Servicing Fee for the period with respect
      to
      which such interest payment was made, and, as additional servicing compensation,
      those other amounts set forth in Section 3.10;

     

    (ii)  to
      reimburse the Company for Advances made by it with respect to the Mortgage
      Loans, provided, however, that the Company’s right of reimbursement pursuant to
      this subclause (ii) shall be limited (1) to amounts received on particular
      EMC
      Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance
      Proceeds and Subsequent Recoveries) that represent late recoveries of payments
      of principal and/or interest on such particular EMC Mortgage Loan(s) in respect
      of which any such Advance was made or (2) to the extent of Amounts Held for
      Future Distributions; provided, however, any such Amounts Held For Future
      Distribution so applied to reimburse the Company shall be replaced by the
      Company by deposit in the Protected Account, no later than the close of business
      on the Remittance Date immediately preceding the Distribution Date on which
      such
      funds are required to be distributed pursuant to this Agreement and only to
      the
      extent there are not funds otherwise available in the Protected Account to
      make
      a required distribution on such Distribution Date;

     

    (iii)  to
      reimburse the Company for any previously made portion of a Servicing Advance
      or
      an Advance made by the Company that, in the good faith judgment of the Company,
      will not be ultimately recoverable by it from the related Mortgagor, any related
      Liquidated Proceeds, Insurance Proceeds or otherwise (a “Nonrecoverable
      Advance”), to the extent not reimbursed pursuant to clause (ii) or clause
      (v);

     

    (iv)  to
      reimburse the Company from Insurance Proceeds for Insured Expenses covered
      by
      the related Insurance Policy;

     

    (v)  to
      pay
      the Company any unpaid Servicing Fees and to reimburse it for any unreimbursed
      Servicing Advances, provided, however, that the Company’s right to reimbursement
      for Servicing Advances pursuant to this subclause (v) with respect to any EMC
      Mortgage Loan shall be limited (1) to amounts received on particular EMC
      Mortgage Loan(s) (including, for this purpose, Liquidation Proceeds, Insurance
      Proceeds and purchase and repurchase proceeds) that represent late recoveries
      of
      the payments for which such Servicing Advances were made or (2) to the extent
      of
      Amounts Held for Future Distributions; provided, however, any such Amounts
      Held
      For Future Distribution so applied to reimburse the Company shall be replaced
      by
      the Company by deposit in the Protected Account, no later than the close of
      business on the Remittance Date immediately preceding the Distribution Date
      on
      which such funds are required to be distributed pursuant to this Agreement
      and
      only to the extent there are not funds otherwise available in the Protected
      Account to make a required distribution on such Distribution Date;

     

    (vi)  to
      pay to
      the Seller, the Depositor or itself, as applicable, with respect to each EMC
      Mortgage Loan or property acquired in respect thereof that has been purchased
      pursuant to Section 2.02, 2.03 or 4.21 of this Agreement, all amounts received
      thereon and not taken into account in determining the related Stated Principal
      Balance of such repurchased EMC Mortgage Loan;

     

    (vii)  to
      pay
      any expenses recoverable by the Company pursuant to Section 8.04 of this
      Agreement;

     

    (viii)  to
      withdraw pursuant to Section 5.01 any amount deposited in the Protected Account
      and not required to be deposited therein; and

     

    (ix)  to
      clear
      and terminate the Protected Account upon termination of this Agreement pursuant
      to Section 11.01 hereof.

     

    Nothwithstanding
      the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
      (iii), (iv) and (v) above shall be subject to the prior approval of the Master
      Servicer.  The Master Servicer shall provide such approval or denial
      to the Company no later than thirty (30) days after receipt of such claim;
      provided, however, the Company submits such claim with all supporting
      documentation.  Pending such approval, such funds shall be remitted by
      the Company to the Master Servicer as set forth in the following
      paragraph.

     

    In
      addition, no later than 1:00 p.m. Eastern time on the Remittance Date, the
      Company shall withdraw from the Protected Accounts and remit to the Master
      Servicer the amount required to be withdrawn therefrom pursuant to Section
      5.05
      hereof. With respect to any remittance received by the Master Servicer from
      the
      Company after the date on which such remittance was due, the Company shall
      pay
      to the Master Servicer interest on any such late remittance at an annual rate
      equal to the prime rate announced to be in effect from time to time as published
      as the average rate in The Wall Street Journal (Northeast Edition), plus two
      percentage points, but in no event greater than the maximum amount permitted
      by
      applicable law. Such interest shall be deposited in the Company’s Protected
      Account by the Company on the date such late payment is made and shall cover
      the
      period commencing with the day following the date on which such remittance
      was
      due and ending with the Business Day on which such remittance is made, both
      inclusive. Such interest shall be remitted along with the distribution payable
      on the next succeeding Remittance Date. The payment by the Company of any such
      interest shall not be deemed an extension of time for payment or a waiver of
      any
      Event of Default with respect to the Company.

     

    The
      Company shall keep and maintain separate accounting, on a Mortgage Loan by
      Mortgage Loan basis, for the purpose of justifying any withdrawal from the
      Protected Account pursuant to subclauses (i), (ii), (iv), (v) and (vi) above.
      Prior to making any withdrawal from the Protected Account pursuant to subclause
      (iii), the Company shall deliver to the Trustee an Officer’s Certificate of a
      Servicing Officer indicating the amount of any previous Advance or Servicing
      Advance determined by the Company to be a Nonrecoverable Advance and identifying
      the related EMC Mortgage Loan(s), and their respective portions of such
      Nonrecoverable Advance.

     

    Section
      5.03  Reports
      to Master Servicer.

     

    On
      or
      before the fifth Business Day of each month (or, with respect to information
      as
      to Full Principal Prepayments and prepayment penalties no later than one (1)
      Business Day after the end of each Prepayment Period), the Company shall furnish
      to the Master Servicer electronically in a format acceptable to the Master
      Servicer loan  accounting reports in the investor’s assigned loan
      number order to document the payment activity on each EMC Mortgage Loan on
      an
      individual mortgage loan basis and containing the data required by the forms
      attached hereto as Exhibit S, Exhibit T and Exhibit U, Exhibit X, Exhibit Y,
      Exhibit Z, Exhibit AA and Exhibit BB or in a format mutually agreed upon between
      the Company and the Master Servicer.

     

    In
      addition, the Company shall provide to the Master Servicer and the
      Depositor:

     

    (a)           any
      and all information and appropriate verification of information which may be
      reasonably available to the Company, whether through letters of its auditors
      and
      counsel or otherwise, as the Depositor or any such other participant shall
      request upon reasonable demand; and

     

    (b)           such
      additional representations, warranties, covenants, opinions of counsel, letters
      from auditors, and certificates of public officials or officers of the Company
      as are reasonably agreed upon by the Depositor and the Company or any such
      other
      participant.

     

    Section
      5.04  Collection
      of Taxes; Assessments and Similar Items; Escrow Accounts.

     

    With
      respect to each EMC Mortgage Loan, to the extent required by the related
      Mortgage Note, the Company shall establish and maintain one or more accounts
      (each, an “Escrow Account”) and deposit and retain therein all collections from
      the Mortgagors (or advances by the Company) for the payment of taxes,
      assessments, hazard insurance premiums or comparable items for the account
      of
      the Mortgagors. Nothing herein shall require the Company to compel a Mortgagor
      to establish an Escrow Account in violation of applicable law.

     

    Withdrawals
      of amounts so collected from the Escrow Accounts may be made only to effect
      timely payment of taxes, assessments, hazard insurance premiums, condominium
      or
      PUD association dues, or comparable items, to reimburse the Company out of
      related collections for any payments made with respect to each EMC Mortgage
      Loan
      pursuant to Section 3.01 (with respect to taxes and assessments and insurance
      premiums) and Section 3.05 (with respect to hazard insurance), to refund to
      any
      Mortgagors for any EMC Mortgage Loans any sums as may be determined to be
      overages, to pay interest, if required by law or the terms of the related
      Mortgage or Mortgage Note, to such Mortgagors on balances in the Escrow Account
      or to clear and terminate the Escrow Account at the termination of this
      Agreement in accordance with Section 11.01 thereof. The Escrow Account shall
      not
      be a part of the Trust Fund.

     

    Section
      5.05  Servicer
      Protected Accounts.

     

    (a)  The
      Master Servicer shall enforce the obligation of the Company and the Servicers
      to
      establish and maintain a Protected Account in accordance with this Agreement
      and
      the Servicing Agreements, with records to be kept with respect thereto on a
      Mortgage Loan by Mortgage Loan basis, into which accounts shall be deposited
      within one Business Day (or as of such other time specified in the Servicing
      Agreements) of receipt all collections of principal and interest on any Mortgage
      Loan and with respect to any REO Property received by the Company or the related
      Servicer, including Principal Prepayments, Insurance Proceeds, Liquidation
      Proceeds, Subsequent Recoveries, and advances made from the Company’s or such
      Servicer’s own funds (less servicing compensation as permitted by this Agreement
      or the related Servicing Agreement) and all other amounts to be deposited in
      the
      Protected Accounts. Each of the Company and the Servicers are hereby authorized
      to make withdrawals from and deposits to the related Protected Account for
      purposes required or permitted by this Agreement. To the extent provided in
      this
      Agreement or any Servicing Agreement, the Protected Account shall be held in
      a
      Designated Depository Institution and segregated on the books of such
      institution in the name of the Trustee for the benefit of
      Certificateholders.

     

    (b)  To
      the
      extent provided in this Agreement or any Servicing Agreement, amounts on deposit
      in a Protected Account may be invested in Permitted Investments in the name
      of
      the Trustee for the benefit of Certificateholders and, except as provided in
      the
      preceding paragraph, not commingled with any other funds, such Permitted
      Investments to mature, or to be subject to redemption or withdrawal, no later
      than the date on which such funds are required to be withdrawn for deposit
      in
      the Distribution Account, and shall be held until required for such deposit.
      The
      income earned from Permitted Investments made pursuant to this Section 5.05
      shall be paid to the Company or the related Servicer under this Agreement or
      the
      related Servicing Agreement, and the risk of loss of moneys required to be
      distributed to the Certificateholders resulting from such investments shall
      be
      borne by and be the risk of the Company or the related Servicer, as the case
      may
      be. The Company or the related Servicer (to the extent provided in this
      Agreement or the related Servicing Agreement) shall deposit the amount of any
      such loss in the Protected Account within two Business Days of receipt of
      notification of such loss but not later than the second Business Day prior
      to
      the Distribution Date on which the moneys so invested are required to be
      distributed to the Certificateholders.

     

    (c)  To
      the
      extent provided in this Agreement or the related Servicing Agreement and subject
      to this Article V, on or before each Remittance Date, the Company or the related
      Servicer shall withdraw or shall cause to be withdrawn from its Protected
      Account and shall immediately deposit or cause to be deposited in the
      Distribution Account amounts representing the following collections and payments
      (other than with respect to principal of or interest on the Mortgage Loans
      due
      on or before the Cut-off Date):

     

    (i)  Scheduled
      Payments on the Mortgage Loans received or any related portion thereof advanced
      by the Company or the related Servicer pursuant to the related Servicing
      Agreement which were due on or before the related Due Date, net of the amount
      thereof comprising the Servicing Fees;

     

    (ii)  Full
      Principal Prepayments and any Liquidation Proceeds received by the Company
      or
      the related Servicer with respect to such Mortgage Loans in the related
      Prepayment Period, with interest to the date of prepayment or liquidation,
      net
      of the amount thereof comprising the Servicing Fees and LPMI Fees, if
      any;

     

    (iii)  Partial
      Principal Prepayments received by the Company or the related Servicer for such
      Mortgage Loans in the related Prepayment Period;

     

    (iv)  Any
      amount to be used as an Advance; and

     

    (v)  The
      amount of any Prepayment Charges collected with respect to the Mortgage Loans
      and the amount of any Prepayment Charges paid by the Company or the related
      Servicer in connection with the waiver of a Prepayment Charge in a manner that
      is not permitted under this Agreement or the related Servicing
      Agreement.

     

    (d)  Withdrawals
      may be made from a Protected Account by the Company as described in Section
      5.02
      hereof and by the Master Servicer or the related Servicer only to make
      remittances as provided in Section 5.05(c); to reimburse the Master Servicer
      or
      the Servicer for Advances which have been recovered by subsequent collection
      from the related Mortgagor; to remove amounts deposited in error; to remove
      fees, charges or other such amounts deposited on a temporary basis; or to clear
      and terminate the account at the termination of this Agreement in accordance
      with Section 11.01. As provided in Section 5.05(c) certain amounts otherwise
      due
      to the related Servicer may be retained by the related Servicer and need not
      be
      deposited in the Master Servicer Collection Account.

     

    Section
      5.06  Master
      Servicer Collection Account.

     

    The
      Master Servicer shall establish and maintain in the name of the Trustee, for
      the
      benefit of the Holders of the Certificates, the Master Servicer Collection
      Account as a segregated trust account or accounts. The Master Servicer
      Collection Account shall be an Eligible Account. The Master Servicer will
      deposit in the Master Servicer Collection Account as identified by the Master
      Servicer and as received by the Master Servicer, the following
      amounts:

     

    (i)  any
      Advance and any Compensating Interest Payments;

     

    (ii)  any
      Insurance Proceeds, Net Liquidation Proceeds or Subsequent Recoveries received
      by or on behalf of the Master Servicer or which were not deposited in a
      Protected Account;

     

    (iii)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section
      5.09 of this Agreement as the payment of such a Purchase Price, the Purchase
      Price with respect to any Mortgage Loans purchased by EMC pursuant to Section
      4.21, and all proceeds of any Mortgage Loans or property acquired with respect
      thereto repurchased by the Depositor or its designee pursuant to Section
      11.01;

     

    (iv)  any
      amounts required to be deposited with respect to losses on investments of
      deposits in an Account; and

     

    (v)  any
      other
      amounts received by or on behalf of the Master Servicer or the Trustee and
      required to be deposited in the Master Servicer Collection Account pursuant
      to
      this Agreement.

     

    All
      amounts deposited to the Master Servicer Collection Account shall be held by
      the
      Master Servicer in the name of the Trustee in trust for the benefit of the
      Certificateholders in accordance with the terms and provisions of this
      Agreement. The requirements for crediting the Master Servicer Collection Account
      shall be exclusive, it being understood and agreed that, without limiting the
      generality of the foregoing, payments in the nature of prepayment or late
      payment charges or assumption, tax service, statement account or payoff,
      substitution, satisfaction, release and other like fees and charges need not
      be
      credited by the Master Servicer or the related Servicer to the Distribution
      Account or the Master Servicer Collection Account, as
      applicable.  Reconciliations will be prepared for the Master Servicing
      Collection Account within 45 calendar days after the bank statement cut-off
      date. In the event that the Master Servicer shall deposit or cause to be
      deposited in the Distribution Account any amount not required to be credited
      thereto, the Trustee, upon receipt of a written request therefor signed by
      a
      Servicing Officer of the Master Servicer, shall promptly transfer such amount
      to
      the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    Section
      5.07  Permitted
      Withdrawals From the Master Servicer Collection Account.

     

    The
      Master Servicer may from time to time make withdrawals from the Master Servicer
      Collection Account for the following purposes:

     

    (i)  to
      reimburse the Master Servicer, the Company or the related Servicer for any
      Advance or Servicing Advance of its own funds, the right of the Master Servicer,
      the Company or the related Servicer to reimbursement pursuant to this subclause
      (i) being limited (1) to amounts received on a particular Mortgage Loan
      (including, for this purpose, the Purchase Price therefor, Insurance Proceeds
      and Liquidation Proceeds) which represent late payments or recoveries of the
      principal of or interest on such Mortgage Loan respecting which such Advance
      or
      Servicing Advance was made or (2) to the extent of Amounts Held for Future
      Distributions;  provided, however, any such Amounts Held For Future
      Distribution so applied to reimburse the Master Servicer, the Company or the
      related Servicer shall be replaced by the Master Servicer, the Company or the
      related Servicer by deposit in the Master Servicer Collection Account, no later
      than the close of business on the Remittance Date immediately preceding the
      Distribution Date on which such funds are required to be distributed pursuant
      to
      this Agreement and only to the extent there are not funds otherwise available
      in
      the Master Servicer Collection Account to make a required distribution on such
      Distribution Date;

     

    (ii)  to
      reimburse the Master Servicer, the Company or the related Servicer from
      Insurance Proceeds or Liquidation Proceeds relating to a particular Mortgage
      Loan for amounts expended by the Master Servicer, the Company or the related
      Servicer in good faith in connection with the restoration of the related
      Mortgaged Property which was damaged by an uninsured cause or in connection
      with
      the liquidation of such Mortgage Loan;

     

    (iii)  to
      reimburse the Master Servicer, the Company or the related Servicer from
      Insurance Proceeds relating to a particular Mortgage Loan for insured expenses
      incurred with respect to such Mortgage Loan and to reimburse the Master
      Servicer, the Company or the related Servicer from Liquidation Proceeds from
      a
      particular Mortgage Loan for Liquidation Expenses incurred with respect to
      such
      Mortgage Loan; provided that the Master Servicer shall not be entitled to
      reimbursement for Liquidation Expenses with respect to a Mortgage Loan to the
      extent that (i) any amounts with respect to such Mortgage Loan were paid as
      Excess Liquidation Proceeds pursuant to clause (x) of this Subsection (a) to
      the
      Master Servicer; and (ii) such Liquidation Expenses were not included in the
      computation of such Excess Liquidation Proceeds;

     

    (iv)  to
      reimburse the Master Servicer, the Company or a Servicer for advances of funds
      pursuant to this Agreement or the related Servicing Agreement, and the right
      to
      reimbursement pursuant to this subclause being limited (1) to amounts received
      on the related Mortgage Loan (including, for this purpose, the Purchase Price
      therefor, Insurance Proceeds and Liquidation Proceeds) which represent late
      recoveries of the payments for which such advances were made or (2) to the
      extent of Amounts Held for Future Distributions; provided, however, any such
      Amounts Held For Future Distribution so applied to reimburse the Master
      Servicer, the Company or the related Servicer shall be replaced by the Master
      Servicer, the Company or the related Servicer by deposit in the Master Servicer
      Collection Account, no later than the close of business on the Remittance Date
      immediately preceding the Distribution Date on which such funds are required
      to
      be distributed pursuant to this Agreement and only to the extent there are
      not
      funds otherwise available in the Master Servicer Collection Account to make
      a
      required distribution on such Distribution Date;

     

    (v)  to
      reimburse the Master Servicer, the Company or a Servicer for any Advance or
      advance, after a Realized Loss has been allocated with respect to the related
      Mortgage Loan if the Advance or advance has not been reimbursed pursuant to
      clauses (i) through (iv);

     

    (vi)  to
      pay
      the Master Servicer as set forth in Section 4.14;

     

    (vii)  to
      reimburse the Master Servicer for expenses, costs and liabilities incurred
      by
      and reimbursable to it pursuant to Sections 4.03, 8.04(c) and (d) and 12.02
      or
      otherwise reimbursable to it pursuant to this Agreement;

     

    (viii)  to
      pay to
      the Master Servicer, as additional servicing compensation, any Excess
      Liquidation Proceeds to the extent not retained by the Company or the related
      Servicer;

     

    (ix)  to
      reimburse or pay the Company or the related Servicer any such amounts as are
      due
      thereto under this Agreement or the related Servicing Agreement and have not
      been retained by or paid to the Company or the related Servicer, to the extent
      provided herein and in the related Servicing Agreement;

     

    (x)  the
      Purchase Price with respect to any Mortgage Loans purchased by the Seller or
      Section 2.02 or 2.03, any amounts which are to be treated pursuant to Section
      5.09 of this Agreement as the payment of such a Purchase Price, the Purchase
      Price with respect to any Mortgage Loans purchased by EMC pursuant to Section
      4.21, and all proceeds of any Mortgage Loans or property acquired with respect
      thereto repurchased by the Depositor or its designee pursuant to Section
      11.01;

     

    (xi)  any
      amounts required to be deposited with respect to losses on investments of
      deposits in the Master Servicer Collection Account;

     

    No
      later
      than noon New York time on the Distribution Account Deposit Date for each
      Distribution Date, after making all applicable withdrawals with respect to
      such
      Distribution Date, the Master Servicer shall transfer all funds on deposit
      in
      the Master Servicer Collection Account to the Trustee for deposit in the
      Distribution Account.

     

    The
      Master Servicer will, from time to time on demand of the Company, a Servicer
      or
      the Trustee, make or cause to be made such withdrawals or transfers from the
      account as the Master Servicer has designated for such transfer or withdrawal
      pursuant to this Agreement and the related Servicing Agreement. The Master
      Servicer may clear and terminate the account pursuant to Section 11.01 and
      remove amounts from time to time deposited in error.

     

    In
      addition, on or before the Business Day prior to each Distribution Date, the
      Master Servicer shall deposit in the Distribution Account (or remit to the
      Trustee for deposit therein) any Monthly Advances required to be made by the
      Master Servicer with respect to the Mortgage Loans.

     

    The
      Master Servicer shall keep and maintain separate accounting, on a Mortgage
      Loan
      by Mortgage Loan basis, for the purpose of accounting for any reimbursement
      from
      the Master Servicer Collection Account pursuant to subclauses (i) through (iv),
      inclusive, and (vi) or with respect to any such amounts which would have been
      covered by such subclauses had the amounts not been retained by the Master
      Servicer without being deposited in the Master Servicer Collection
      Account.

     

    Section
      5.08  Distribution
      Account.

     

    (a)  The
      Trustee shall establish and maintain in the name of the Trustee, for the benefit
      of the Certificateholders, the Distribution Account as a segregated trust
      account or accounts.  The Distribution Account shall be an Eligible
      Account.  No later than noon New York time on the Distribution Account
      Deposit Date for each Distribution Date, after making all applicable withdrawals
      with respect to such Distribution Date, the Master Servicer will transfer all
      funds on deposit in the Master Servicer Collection Account to the Trustee for
      deposit in the Distribution Account pursuant to Section 5.07 and any other
      amounts received by or on behalf of the Master Servicer and required to be
      deposited in the Distribution Account pursuant to this Agreement.

     

    (b)  All
      amounts deposited in the Distribution Account shall be held by the Trustee
      in
      the name of the Trustee in trust for the benefit of the Certificateholders
      in
      accordance with the terms and provisions of this Agreement. The requirements
      for
      crediting the Distribution Account shall be exclusive, it being understood
      and
      agreed that, without limiting the generality of the foregoing, payments in
      the
      nature of late payment charges or assumption, tax service, statement account
      or
      payoff, substitution, satisfaction, release and other like fees and charges,
      need not be credited by the Master Servicer or the related Servicer to the
      Distribution Account. In the event that the Master Servicer shall deposit or
      cause to be deposited in the Distribution Account any amount not required to
      be
      credited thereto, the Trustee, upon receipt of a written request therefor signed
      by a Servicing Officer of the Master Servicer, shall promptly transfer such
      amount to the Master Servicer, any provision herein to the contrary
      notwithstanding.

     

    (c)  The
      Distribution Account shall constitute a trust account of the Trust Fund
      segregated on the books of the Trustee and held by the Trustee and the
      Distribution Account and the funds deposited therein shall not be subject to,
      and shall be protected from, all claims, liens, and encumbrances of any
      creditors or depositors of the Trustee (whether made directly, or indirectly
      through a liquidator or receiver of the Trustee. The amount at any time credited
      to the Distribution Account may be held either uninvested in a trust or deposit
      account of the Trustee with no liability for interest or other compensation
      thereof or invested in the name of the Trustee, in such Permitted Investments
      as
      may be selected by the Trustee which mature not later than the Business Day
      next
      preceding the succeeding Distribution Date, except if such Permitted Investment
      is an obligation of or is managed by the institution that maintains such fund
      or
      account, then such Permitted Investment shall mature not later than such
      Distribution Date. Permitted Investments in respect of the Distribution Account
      shall not be sold or disposed of prior to their maturity. All investment
      earnings on amounts on deposit in the Distribution Account or benefit from
      funds
      uninvested therein from time to time shall be for the account of the Trustee.
      The Trustee shall be permitted to receive distribution of any and all investment
      earnings from the Distribution Account on each Distribution Date. If there
      is
      any loss on a Permitted Investment or demand deposit, the Trustee shall deposit
      the amount of the loss in the Distribution Account. With respect to the
      Distribution Account and the funds deposited therein, the Trustee shall take
      such action as may be necessary to ensure that the Certificateholders shall
      be
      entitled to the priorities afforded to such a trust account (in addition to
      a
      claim against the estate of the Trustee) as provided by 12 U.S.C. § 92a(e), and
      applicable regulations pursuant thereto, if applicable, or any applicable
      comparable state statute applicable to state chartered banking
      corporations.

     

    (d)  In
      addition, on the Closing Date the Depositor shall deposit an amount equal to
      the
      Class R Deposit into the Distribution Account which shall be paid to the holders
      of the Class R Certificates on the first Distribution Date in accordance with
      Section 6.04.

     

    Section
      5.09  Permitted
      Withdrawals and Transfers from the Distribution Account.

     

    (a)  The
      Trustee will make such withdrawals or transfers from the Distribution
      Account:

     

    (i)  to
      reimburse the Trustee or the Custodian for expenses, costs and liabilities
      incurred by or reimbursable to it pursuant to this Agreement;

     

    (ii)  to
      pay
      the Trustee as set forth in Section 10.05;

     

    (iii)  to
      remove
      amounts deposited in error;

     

    (iv)  to
      clear
      and terminate the Distribution Account pursuant to Section 11.01;
      and

     

    (v)  On
      each
      Distribution Date, the Trustee shall distribute the Interest Funds and Principal
      Funds to the extent of funds on deposit in the Distribution Account to the
      Holders of the Certificates in accordance with the Remittance Report upon which
      the Trustee may conclusively rely.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VI

     

    DISTRIBUTIONS
      AND ADVANCES

     

    Section
      6.01  Advances.

     

    (a)  The
      Company shall make an Advance with respect to any EMC Mortgage Loan and remit
      such Advance to the Master Servicer for deposit in the Master Servicer
      Collection Account no later than 1:00 p.m. Eastern time on the Remittance Date
      in immediately available funds. The Master Servicer shall cause the related
      Servicer to remit any such Advance required pursuant to the terms of the related
      Servicing Agreement. The Company or the related Servicer, as applicable, shall
      be obligated to make any such Advance only to the extent that such advance
      would
      not be a Nonrecoverable Advance. If the Company or the related Servicer shall
      have determined that it has made a Nonrecoverable Advance or that a proposed
      Advance or a lesser portion of such Advance would constitute a Nonrecoverable
      Advance, the Company or the related Servicer, as the case may be, shall deliver
      (i) to the Master Servicer for the benefit of the Certificateholders
      constituting the portion of such Advance that is not deemed nonrecoverable,
      if
      applicable, and (ii) to the Depositor, the Master Servicer, each Rating Agency
      and the Trustee an Officer’s Certificate setting forth the basis for such
      determination. Subject to the Master Servicer’s recoverability determination, in
      the event that a Servicer (other than the Company) fails to make a required
      Advance, the Master Servicer, as successor servicer, shall be required to remit
      the amount of such Advance to the Distribution Account. If the Company or the
      Master Servicer were required to make an Advance but failed to do so, the
      Trustee upon receiving notice or becoming aware of such failure, and pursuant
      to
      the applicable terms of this Agreement, shall appoint a successor servicer
      or
      master servicer, as applicable, who will make such Advance, or the Trustee
      as
      successor master servicer shall be required to remit the amount of such Advance
      to the Master Servicer Collection Account, unless the Trustee shall have
      determined that such Advance is a Nonrecoverable Advance.  If the
      Trustee cannot find a successor servicer to replace the Company as Servicer
      the
      Trustee shall become the successor servicer and shall be required to remit
      the
      amount of such Advance to the Master Servicer Collection Account, unless the
      Trustee shall have determined that such Advance is a Nonrecoverable
      Advance.

     

    In
      lieu
      of making all or a portion of such Advance from its own funds, the Company
      may
      (i) cause to be made an appropriate entry in its records relating to the
      Protected Account that any Amounts Held for Future Distribution has been used
      by
      the Company in discharge of its obligation to make any such Advance and (ii)
      transfer such funds from the Protected Account to the Master Servicer Collection
      Account. Any funds so applied and transferred shall be replaced by the Company
      by deposit in the Master Servicer Collection Account, no later than the close
      of
      business on the Remittance Date immediately preceding the Distribution Date
      on
      which such funds are required to be distributed pursuant to this
      Agreement.

     

    The
      Company shall be entitled to be reimbursed from the Protected Account for all
      Advances of its own funds made pursuant to this Section as provided in Section
      5.02. The obligation to make Advances with respect to any EMC Mortgage Loan
      shall continue until such EMC Mortgage Loan is paid in full or the related
      Mortgaged Property or related REO Property has been liquidated or until the
      purchase or repurchase thereof (or substitution therefor) from the Trust Fund
      pursuant to any applicable provision of this Agreement, except as otherwise
      provided in this Section 6.01.

     

    (b)  If
      the
      Company or the related Servicer was required to make an Advance pursuant to
      this
      Agreement or the related Servicing Agreement and fails to make any required
      Advance, in whole or in part, the Master Servicer, as successor servicer, or
      an
      other successor servicer appointed by it, will remit to the Trustee, who in
      turn
      will deposit in the Distribution Account not later than the Business Day prior
      to the Distribution Date an amount equal to such required Advance to the extent
      not otherwise paid by the related Servicer, net of the Servicing Fee for such
      Mortgage Loan except to the extent the Master Servicer determines any such
      Advance to be nonrecoverable from Liquidation Proceeds, Insurance Proceeds
      or
      future payments on the Mortgage Loan for which such Advance was made. Subject
      to
      the foregoing, the Master Servicer shall continue to make such Advances through
      the date that the Company or the related Servicer is required to do so under
      this Agreement or the related Servicing Agreement, as applicable. If applicable,
      on the Business Day prior to the related Distribution Date, the Master Servicer
      shall present an Officer’s Certificate to the Trustee (i) stating that the
      Master Servicer elects not to make an Advance in a stated amount and (ii)
      detailing the reason it deems the advance to be nonrecoverable.

     

    Subject
      to and in accordance with the provisions of Article IX hereof, in the event
      the
      Master Servicer fails to make such Advance, then the Trustee, as Successor
      Master Servicer, shall be obligated to make such Advance, subject to the
      provisions of this Section 6.01, in accordance with and subject to the terms
      of
      this Agreement (including its rights of reimbursement hereunder).

     

    Section
      6.02  Compensating
      Interest Payments.

     

    (a)  In
      the
      event that there is a Prepayment Interest Shortfall arising from a voluntary
      Principal Prepayment in part or in full by the Mortgagor with respect to any
      EMC
      Mortgage Loan, the Company shall, to the extent of the Servicing Fee for such
      Distribution Date, deposit into the Distribution Account, as a reduction of
      the
      Servicing Fee for such Distribution Date, no later than the close of business
      on
      the Remittance Date immediately preceding such Distribution Date, an amount
      equal to the Prepayment Interest Shortfall; and in case of such deposit, the
      Company shall not be entitled to any recovery or reimbursement from the
      Depositor, the Trustee, the Seller, the Master Servicer, the Trust Fund or
      the
      Certificateholders.

     

    (b)  The
      Master Servicer shall cause each Servicer under the related Servicing Agreement
      to remit any required Compensating Interest Payments to the Distribution Account
      on the Remittance Date..

     

    Section
      6.03  REMIC
      Distributions.

     

    On
      each
      Distribution Date the Trustee shall be deemed to have allocated distributions
      to
      the REMIC Regular Interests in accordance with Section 6.07 hereof.

     

    Section
      6.04  Distributions.

     

    (a)  On
      each
      Distribution Date, the Trustee will withdraw Available Funds from the
      Distribution Account for such Distribution Date and such amounts will be
      distributed to the Certificates in the following manner and
      priority:

     

    first,
      concurrently as follows:

     

    
      	
               

            	
              (I)

            	
              to
                the extent of Available Funds related to Subgroup 1, to the Class
                A-1,
                Class A-2, Class A-3 and Class A-4 Certificates, on a pro rata basis,
                based on the respective amounts of Accrued Certificate Interest due
                on
                such Certificates, the Accrued Certificate Interest on such Classes
                for
                such Distribution Date, and then any Accrued Certificate Interest
                thereon
                remaining undistributed from previous Distribution
                Dates;

            

    

     

    
      	
               

            	
              (II)

            	
              to
                the extent of Available Funds related to Subgroup 2, to the Class
                A-5,
                Class A-6, Class A-7 and Class X Certificates, on a pro rata basis,
                based
                on the respective amounts of Accrued Certificate Interest due on
                such
                Certificates, the Accrued Certificate Interest on such Classes for
                such
                Distribution Date, and then any Accrued Certificate Interest thereon
                remaining undistributed from previous Distribution
                Dates;

            

    

     

    second,
      concurrently as follows:

     

    
      	
               

            	
              (I)

            	
              (a)

            	
              to
                the extent of the remaining Available Funds related to Subgroup 1,
                to the
                Class A-3 Certificates and Class A-4 Certificates, concurrently on
                a pro
                rata basis, the Subgroup Principal Distribution Amount for Subgroup
                1 up
                to the Priority Amount, as principal, in reduction of the Certificate
                Principal Balances thereof, until the Certificate Principal Balances
                thereof have been reduced to zero;

            

    

     

    
      	
               

            	 	
              (b)

            	
              to
                the extent of the remaining Available Funds related to Subgroup 1,
                to the
                Class A-1 Certificates, as principal, the remaining Subgroup Principal
                Distribution Amount for Subgroup 1, in reduction of the Certificate
                Principal Balance thereof, until the Certificate Principal Balance
                thereof
                has been reduced to zero;

            

      	 	 	 	 

      	 	 	
              (c)

            	
              to
                the extent of the remaining Available Funds related to Subgroup 1,
                to the
                Class A-2 Certificates, as principal, the remaining Subgroup Principal
                Distribution Amount for Subgroup 1, in reduction of the Certificate
                Principal Balance thereof, until the Certificate Principal Balance
                thereof
                has been reduced to zero

            

      	 	 	 	 

      	 	 	
              (d)

            	
              to
                the extent of the remaining Available Funds related to Subgroup 1,
                to the
                Class A-3 Certificates and Class A-4 Certificates, concurrently on
                a pro
                rata basis, the remaining Subgroup Principal Distribution Amount
                for
                Subgroup 1 without regard to the Priority Amount, as principal, in
                reduction of the Certificate Principal Balances thereof, until the
                Certificate Principal Balances thereof have been reduced to zero;
                and

            

    

     

    
      	
               

            	
              (II)

            	
              to
                the extent of the remaining Available Funds related to Subgroup 2,
                to the
                Class A-5 Certificates and Class A-7 Certificates, concurrently on
                a pro
                rata basis, as principal, the Subgroup Principal Distribution Amount
                for
                Subgroup 2, in reduction of the Certificate Principal Balances thereof,
                until the Certificate Principal Balances thereof have been reduced
                to
                zero.

            

    

     

    third,
      to the Class PO Certificates, the Class PO Certificate Principal Distribution
      Amount for such Distribution Date to the extent of the remaining Available
      Funds, until the Certificate Principal Balance thereof has been reduced to
      zero;
      and

     

    fourth,
      to the Class PO Certificates, the Class PO Certificate Deferred Payment
      Writedown Amount, provided, that (i) on any Distribution Date, distributions
      pursuant to this priority fourth shall not exceed the excess, if any,
      of (x) Available Funds remaining after giving effect to distributions pursuant
      to priority first through third above over (y) the sum of the
      amount of Accrued Certificate Interest for such Distribution Date and Accrued
      Certificate Interest remaining undistributed from previous Distribution Dates
      on
      all Classes of Subordinate Certificates then outstanding, (ii) such
      distributions shall not reduce the Certificate Principal Balance of the Class
      PO
      Certificates and (iii) no distribution will be made in respect of the Class
      PO
      Certificate Deferred Payment Writedown Amount on or after the Cross-Over
      Date.

     

    (b)  Except
      as
      provided in paragraph (c) and (d) below, on each Distribution Date on or prior
      to the Cross-Over Date, an amount equal to the sum of the remaining Available
      Funds after the distributions in (a) above will be distributed sequentially,
      to
      the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6
      Certificates, in that order, in each case up to an amount equal to and in the
      following order: (a) the Accrued Certificate Interest thereon for such
      Distribution Date, (b) any Accrued Certificate Interest thereon remaining
      undistributed from previous Distribution Dates and (c) such Class’s Allocable
      Share, if any, for such Distribution Date, in each case, to the extent of the
      sum of the remaining Available Funds.

     

    (c)  On
      each
      Distribution Date prior to the Cross-Over Date but after the reduction of the
      Certificate Principal Balance of all of the Senior Certificates (other than
      the
      Class PO Certificates) related to a Subgroup to zero, the remaining Class or
      Classes of Senior Certificates (other than the Interest Only Certificates and
      Class PO Certificates) will be entitled to receive in reduction of their
      Certificate Principal Balances, pro rata based upon their Certificate Principal
      Balances immediately prior to such Distribution Date, in addition to any
      Principal Prepayments related to such remaining Senior Certificates’ respective
      Subgroup allocated to such Senior Certificates, 100% of the Principal
      Prepayments on any Mortgage Loan relating to the Class or Classes Senior
      Certificates of the fully repaid Subgroup (other than the Class PO
      Certificates); provided, however, if (A) the weighted average of the Subordinate
      Percentages on such Distribution Date equals or exceeds two times the initial
      weighted average of the Subordinate Percentages and (B) the aggregate Stated
      Principal Balance of the Mortgage Loans delinquent 60 days or more (including
      for this purpose any such Mortgage Loans in foreclosure and bankruptcy and
      Mortgage Loans with respect to which the related Mortgaged Property has been
      acquired by the Trust), averaged over the last six months, as a percentage
      of
      the sum of the aggregate Certificate Principal Balance of the Subordinate
      Certificates does not exceed 50%, then the additional allocation of Principal
      Prepayments to the Senior Certificates (other than the Interest Only
      Certificates and Class PO Certificates) in accordance with this paragraph (c)
      will not be made and 100% of the Principal Prepayments on any Mortgage Loan
      relating to the fully repaid Class or Classes of Senior Certificates will be
      allocated to the Subordinate Certificates.

     

    (d)  If
      on any
      Distribution Date on which the aggregate Certificate Principal Balance of the
      Senior Certificates (other than the Interest Only Certificates and Class PO
      Certificates) would be greater than the aggregate Stated Principal Balance
      of
      the Mortgage Loans in the related Subgroup and any Subordinate Certificates
      are
      still outstanding, in each case, after giving effect to distributions to be
      made
      on such Distribution Date, (i) 100% of amounts otherwise allocable to the
      Subordinate Certificates in respect of principal will be distributed to the
      Senior Certificates (other than the Interest Only Certificates), pro rata,
      based
      upon their Certificate Principal Balances immediately prior to such Distribution
      Date, in reduction of the Certificate Principal Balances thereof, until the
      aggregate Certificate Principal Balance of the related Senior Certificates
      (other than the Interest Only Certificates and Class PO Certificates) is equal
      to the aggregate Stated Principal Balance of the Mortgage Loans in its related
      Subgroup, and (ii) the Accrued Certificate Interest otherwise allocable to
      the
      Subordinate Certificates on such Distribution Date will be reduced, if
      necessary, and distributed to such Class or Classes of Senior Certificates
      in an
      amount equal to the Accrued Certificate Interest for such Distribution Date
      on
      the excess of (x) the aggregate Certificate Principal Balance of the applicable
      Senior Certificates, over (y) the aggregate Stated Principal Balance of the
      Mortgage Loans in the related Subgroup. Any such reduction in the Accrued
      Certificate Interest on the Subordinate Certificates will be allocated in
      reverse order of the Subordinate Certificates’ numerical designations,
      commencing with the Class B-6 Certificates.

     

    (e)  If,
      after
      distributions have been made pursuant to priority first of clause (a)
      above on any Distribution Date, the remaining Available Funds related to
      Subgroup 1 is less than the sum of the Subgroup Principal Distribution Amount
      for Subgroup 1 and Class PO Certificate Principal Distribution Amount or the
      remaining Available Funds related to Subgroup 2 is less than the Subgroup
      Principal Distribution Amount for Subgroup 2, such amounts shall be reduced,
      and
      such remaining funds will be distributed to the related Senior Certificates
      (other than the related Interest Only Certificates) on the basis of such reduced
      amounts. Notwithstanding any reduction in principal distributable to the Class
      PO Certificates pursuant to this paragraph, the Certificate Principal Balance
      of
      the Class PO Certificates shall be reduced not only by principal so distributed
      but also by the difference between (i) principal distributable to the Class
      PO
      Certificates in accordance with priority third of clause (a) above, and
      (ii) principal actually distributed to the Class PO Certificates after giving
      effect to this paragraph (such difference for the Class PO Certificates, the
      “Class PO Certificate Cash Shortfall”). The Class PO Certificate Cash Shortfall
      for the Class PO Certificates with respect to any Distribution Date will be
      added to the Class PO Certificate Deferred Payment Writedown
      Amount.

     

    (f)  In
      addition, on the Distribution Date in July 2007, the Class R Certificates will
      each be paid $50 in reduction of its Certificate Principal Balance from the
      Class R Deposit in the Distribution Account.

     

    (g)  Subject
      to Section 11.02 hereof respecting the final distribution, on each Distribution
      Date the Trustee shall make distributions to each Certificateholder of record
      on
      the preceding Record Date either by wire transfer in immediately available
      funds
      to the account of such Holder at a bank or other entity having appropriate
      facilities therefor, if (i) such Holder has so notified the Trustee at least
      5
      Business Days prior to the related Record Date and (ii) such Holder shall hold
      Regular Certificates with aggregate principal denominations of not less than
      $1,000,000 or evidencing a Percentage Interest aggregating 10% or more with
      respect to such Class or, if not, by check mailed by first class mail to such
      Certificateholder at the address of such Holder appearing in the Certificate
      Register. Notwithstanding the foregoing, but subject to Section 11.02 hereof
      respecting the final distribution, distributions with respect to Certificates
      registered in the name of a Depository shall be made to such Depository in
      immediately available funds.

     

    (h)  On
      or
      before 2:00 p.m. Central Standard Time on the fifth Business Day immediately
      preceding each Distribution Date, the Master Servicer shall deliver a report
      to
      the Trustee in the form of a computer readable magnetic tape (or by such other
      means as the Master Servicer and the Trustee may agree from time to time)
      containing such data and information, as agreed to by the Master Servicer and
      the Trustee such as to permit the Trustee to prepare the Monthly Statement
      to
      Certificateholders and to direct the Trustee in writing to make the required
      distributions for the related Distribution Date (the “Remittance Report”);
      provided, however, in no event shall the Master Servicer be required to deliver
      such information to the Trustee earlier than 2:00 p.m. Central Standard Time
      on
      the 19th calendar day of the month.

     

    Section
      6.05  Allocation
      of Realized Losses.

     

    (a)  On
      or
      prior to each Determination Date, the Master Servicer shall determine the amount
      of any Realized Loss in respect of each Subgroup in respect of each related
      Mortgage Loan that occurred during the immediately preceding calendar
      month.

     

    (b)  The
      interest portion of Realized Losses with respect to each Subgroup shall be
      allocated to the related Certificates as described in Section 1.02
      hereof.

     

    (c)  On
      each
      Distribution Date, the PO Percentage of the principal portion of any Realized
      Loss on a Discount Mortgage Loan and any Class PO Certificate Cash Shortfall,
      subject to any amounts available to cover such Realized Losses or any Class
      PO
      Certificate Cash Shortfall through the operation of the Subordinate Writedown
      Amount as described in this paragraph, will be allocated to the Class PO
      Certificates until the Certificate Principal Balance of the Class PO
      Certificates is reduced to zero and the remainder of such Realized Losses will
      be allocated as described in the following paragraph below. With respect to
      any
      Distribution Date through the Cross-Over Date, the aggregate of all amounts
      so
      allocable to the Class PO Certificates on such date in respect of any Realized
      Losses and any Class PO Certificate Cash Shortfalls and all amounts previously
      allocated in respect of such Realized Losses or Class PO Certificate Cash
      Shortfalls and not distributed on prior Distribution Dates will be the “Class PO
      Certificate Deferred Amount.” To the extent funds are available therefor on any
      Distribution Date through the Cross-Over Date, distributions in respect of
      the
      Class PO Certificate Deferred Amount for the Class PO Certificates will be
      made
      in accordance with priority fourth of clause (a) under Section 6.04. No
      interest will accrue on the Class PO Certificate Deferred Amount. On each
      Distribution Date through the Cross-Over Date, the Certificate Principal Balance
      of the lowest ranking Class of Subordinate Certificates then outstanding will
      be
      reduced by the amount of any distributions in respect of any Class PO
      Certificate Deferred Amount on such Distribution Date in accordance with the
      priorities set forth above, through the operation of the Subordinate Certificate
      Writedown Amount. After the Cross-Over Date, no more distributions will be
      made
      in respect of, and applicable Realized Losses and Class PO Certificate Cash
      Shortfalls allocable to the Class PO Certificates shall not be added to, the
      Class PO Certificate Deferred Amount.

     

    (d)  The
      Non-PO Percentage of the principal portion of Realized Losses on the Mortgage
      Loans will be allocated on any Distribution Date as follows: first, to the
      Class
      B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class
      B-4
      Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2
      Certificates; and sixth, to the Class B-1 Certificates, in each case until
      the
      Certificate Principal Balance of such Class has been reduced to zero.
      Thereafter, the Non-PO Percentage of principal portion of Realized Losses on
      the
      Mortgage Loans will be allocated on any Distribution Date to the outstanding
      Class or Classes of related Senior Certificates (other than the Interest Only
      Certificates and Class PO Certificates), pro rata, based upon their respective
      Certificate Principal Balances; provided, however, any Realized Losses otherwise
      allocable to the Class A-1 Certificates will be allocated to the Class A-4
      Certificates, until the Certificate Principal Balance of that Class has been
      reduced to zero, and then to the Class A-1 Certificates, and any Realized Losses
      otherwise allocable to the Class A-5 Certificates will be allocated to the
      Class
      A-7 Certificates, until the Certificate Principal Balance of that Class has
      been
      reduced to zero, and then to the Class A-5 Certificates.

     

    (e)  No
      reduction of the Certificate Principal Balance of any Class of a Senior
      Certificate (other than the related Interest Only Certificates) shall be made
      on
      any Distribution Date on account of Realized Losses to the extent that such
      reduction would have the effect of reducing the aggregate Certificate Principal
      Balance of all of the Classes of such Senior Certificates (other than the
      related Interest Only Certificates) related to a Subgroup as of such
      Distribution Date to an amount less than the aggregate Stated Principal Balances
      of the Mortgage Loans in the related Subgroup as of the related Due
      Date.

     

    (f)  All
      Realized Losses to be allocated to the Certificate Principal Balances of all
      related 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.

     

    (g)  Any
      allocation of the principal portion of Realized Losses to a Certificate on
      any
      Distribution Date shall be made by reducing the Certificate Principal Balance
      thereof by the amount so allocated. No allocations of any Realized Losses shall
      be made to the Certificate Principal Balances of the Class P
      Certificates.

     

    (h)  All
      Realized Losses and all other losses allocated to a Class of Certificates
      hereunder shall be allocated among the Certificates of such Class in proportion
      to the Percentage Interests evidenced thereby.

     

    (i)  In
      addition, in the event that the Master Servicer receives any Subsequent
      Recoveries from the Company or the related Servicer, the Master Servicer shall
      deposit such funds into the Master Servicer Collection Account pursuant to
      Section 5.06. If, after taking into account such Subsequent Recoveries, the
      amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries
      shall be applied to increase the Certificate Principal Balance of the related
      Class of Subordinate Certificates with the highest payment priority to which
      Realized Losses have been allocated, but not by more than the amount of Realized
      Losses previously allocated to that Class of Subordinate Certificates pursuant
      to this Section 6.05. Holders of Certificates shall not be entitled to any
      payment in respect of current interest on the amount of increases described
      herein for any Interest Accrual Period preceding the Distribution Date on which
      such increase occurs. Any such increases shall be applied to the Certificate
      Principal Balance of each related Subordinate Certificate of such Class in
      accordance with its respective Percentage Interest.

     

    (j)  The
      principal portion of Realized Losses on the Mortgage Loans in each of the
      Subgroups shall be applied on each Distribution Date, first, to the related
      REMIC I Regular Interest ending with the designation “Sub,” so that the
      Uncertificated Principal Balance of each such REMIC I Regular Interest is equal
      to 0.1% of the excess of (x) the aggregate Stated Principal Balance of the
      Mortgage Loans in the related Subgroup (other than the PO Percentage of the
      Stated Principal Balance of any such Mortgage Loans) over (y) the aggregate
      Certificate Principal Balance of the Senior Certificates (other than the Class
      PO Certificates) in the related Subgroup (except that if any such excess is
      a
      larger number than in the preceding distribution period, the least amount of
      Realized Losses shall be applied to such REMIC I Regular Interests such that
      the
      REMIC I Subordinated Balance Ratio is maintained); and second, any remaining
      Realized Losses on the Mortgage Loans in each of the Subgroups shall be
      allocated to the related REMIC I Regular Interests ending with the designation
      “ZZZ” (except that if a Realized Loss is recognized with respect to a Discount
      Mortgage Loan, the PO Percentage of such Realized Loss shall be allocated to
      REMIC I Regular Interest PO). The principal portion of Realized Losses on the
      Mortgage Loans shall be allocated on each Distribution Date to the REMIC II
      Regular Interests in the same manner as Realized Losses are allocated to the
      Corresponding Certificates pursuant to Sections 6.05(c) and
      6.05(d).

     

    Section
      6.06  Monthly
      Statements to Certificateholders.

     

    (a)  Not
      later
      than each Distribution Date, the Trustee shall prepare and make available to
      each Holder of Certificates, the Master Servicer and the Depositor a statement
      setting forth for the Certificates:

     

    (i)  the
      applicable accrual periods for calculating distributions and general
      distribution dates;

     

    (ii)  the
      total
      cash flows received and the general sources thereof;

     

    (iii)  the
      amount, if any, of fees or expenses accrued and paid, with an identification
      of
      the payee and the general purpose of such fees including the related amount
      of
      the Servicing Fees paid to or retained by the related Servicer or the Company
      for the related Due Period;

     

    (iv)  the
      amount of the related distribution to Holders of the Class A (other than the
      Class A-6 Certificates), Class PO, Class R and Class B Certificates (by Class)
      allocable to principal, separately identifying (A) the aggregate amount of
      any
      Principal Prepayments included therein and (B) the aggregate of all scheduled
      payments of principal included therein;

     

    (v)  the
      amount of such distribution to Holders of each Class of Class A, Class X and
      Class B Certificates allocable to interest

     

    (vi)  the
      amount of the distribution made on such Distribution Date to the Holders of
      the
      Class P Certificates allocable to Prepayment Charges

     

    (vii)  the
      Pass-Through Rate for each Class of Class A, Class X and Class B Certificates
      with respect to the current Interest Accrual Period;

     

    (viii)  the
      number and Stated Principal Balance of all of the Mortgage Loans for the related
      Distribution Date, together with updated pool composition information including
      the following:  weighted average mortgage rate and weighted average
      remaining term;

     

    (ix)  the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      of
      each Class before and after giving effect (i) to all distributions allocable
      to
      principal on such Distribution Date and (ii) the allocation of any Realized
      Losses for such Distribution Date;

     

    (x)  the
      number and aggregate Stated Principal Balance of the Mortgage Loans (A)
      Delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy and those
      Liquidated Mortgage Loans as of the end of a Prepayment Period) (1) 30 days
      Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, (B)
      in
      foreclosure and Delinquent (1) 30 days Delinquent, (2) 60 days Delinquent and
      (3) 90 days or more Delinquent and (C) in bankruptcy and Delinquent (1) 30
      days
      Delinquent, (2) 60 days Delinquent and (3) 90 days or more Delinquent, in each
      case as of the close of business on the last day of the calendar month preceding
      such Distribution Date;

     

    (xi)  the
      amount of aggregate Advances included in the distribution on such Distribution
      Date (including the general purpose of such Advances), the aggregate amount
      of
      unreimbursed Advances as of the end of the Due Period, and the general source
      of
      funds for reimbursements;

     

    (xii)  the
      cumulative amount of Realized Losses through the end of the preceding
      month;

     

    (xiii)  unless
      otherwise previously reported in the Form 10-D, 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;

     

    (xiv)  with
      respect to any Mortgage Loan that was liquidated during the preceding calendar
      month, the aggregate Stated Principal Balance of, and Realized Loss on, such
      Mortgage Loans as of the close of business on the Determination Date preceding
      such Distribution Date;

     

    (xv)  unless
      otherwise previously reported in the Form 10-D, material breaches of pool asset
      representation or warranties or transaction covenants which have been reported
      to the Trustee in accordance with this Agreement or the related Servicing
      Agreement;

     

    (xvi)  the
      total
      number and principal balance of any real estate owned or REO Properties as
      of
      the end of the related Due Period;

     

    (xvii)  the
      three
      month rolling average of the percent equivalent of a fraction, the numerator
      of
      which is the aggregate Stated Principal Balance of the Mortgage Loans that
      are
      60 days or more Delinquent or are in bankruptcy or foreclosure or are REO
      Properties, and the denominator of which is the aggregate Stated Principal
      Balance of all of the Mortgage Loans in each case as of the end of the
      Prepayment Period;

     

    (xviii)  the
      Realized Losses as of the close of business on the last day of the calendar
      month preceding such Distribution Date and the cumulative Realized Losses
      through the end of the preceding month;

     

    (xix)  information
      on loss and delinquency used for determining early amortization, liquidation,
      stepdowns or other performance triggers and whether the trigger was
      met;

     

    (xx)  the
      amount of the Prepayment Charges remitted by the Servicers and the amount on
      deposit in the Reserve Fund; and

     

    (xxi)  updated
      pool composition data including the following:  weighted average
      mortgage rate and weighted average remaining term.

     

    The
      Trustee may make the foregoing Monthly Statement (and, at its option, any
      additional files containing the same information in an alternative format)
      available each month to Certificateholders via the Trustee’s internet website.
      The Trustee’s internet website shall initially be located at “www.ctslink.com”.
      Assistance in using the website can be obtained by calling the Trustee’s
      customer service desk at (866) 846-4526. 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 may change the way Monthly Statements are distributed in order to make
      such distributions more convenient or more accessible to the above
      parties.

     

    (b)  The
      Trustee’s responsibility for making the above information available to the
      Certificateholders is limited to the availability, timeliness and accuracy
      of
      the information derived from the Master Servicer, the Company and the Servicers.
      The Trustee will make available a copy of each statement provided pursuant
      to
      this Section 6.06 to each Rating Agency.

     

    (c)  Within
      a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish upon request to each Person who at any time during the calendar year
      was
      a Certificateholder, the information set forth in clauses (a)(iv) and (a)(v)
      of
      this Section 6.06 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 or the Trustee pursuant
      to any requirements of the Code as from time to time in effect.

     

    (d)  Upon
      filing with the Internal Revenue Service, the Trustee shall furnish to the
      Holders of the Residual Certificates the applicable Form 1066 and each
      applicable Form 1066Q and shall respond promptly to written requests made not
      more frequently than quarterly by any Holder of a Residual Certificate with
      respect to the following matters:

     

    (i)  The
      original projected principal and interest cash flows on the Closing Date on
      each
      class of Regular Interests and Residual Interests created hereunder and on
      the
      Mortgage Loans, based on the Prepayment Assumption;

     

    (ii)  The
      projected remaining principal and interest cash flows as of the end of any
      calendar quarter with respect to each class of Regular Interests and Residual
      Interests created hereunder and the Mortgage Loans, based on the Prepayment
      Assumption;

     

    (iii)  The
      applicable Prepayment Assumption and any interest rate assumptions used in
      determining the projected principal and interest cash flows described
      above;

     

    (iv)  The
      original issue discount (or, in the case of the Mortgage Loans, market discount)
      or premium accrued or amortized through the end of such calendar quarter with
      respect to each class of Regular Interests or Residual Interests created
      hereunder and to the Mortgage Loans, together with each constant yield to
      maturity used in computing the same;

     

    (v)  The
      treatment of Realized Losses with respect to the Mortgage Loans or the Regular
      Interests created hereunder, including the timing and amount of any cancellation
      of indebtedness income of a REMIC with respect to such Regular Interests or
      bad
      debt deductions claimed with respect to the related Mortgage Loans;

     

    (vi)  The
      amount and timing of any non-interest expenses of a REMIC; and

     

    (vii)  Any
      taxes
      (including penalties and interest) imposed on the REMIC, including, without
      limitation, taxes on “prohibited transactions,” “contributions” or “net income
      from foreclosure property” or state or local income or franchise
      taxes.

     

    The
      information pursuant to clauses (i), (ii), (iii) and (iv) above shall be
      provided by the Depositor pursuant to Section 10.12.

     

    Section
      6.07  REMIC
      Designations and REMIC Distributions.

     

    (a)  The
      Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be
      treated as a REMIC under Section 860D of the Code. Any inconsistencies or
      ambiguities in this Agreement or in the administration of this Agreement shall
      be resolved in a manner that preserves the validity of such REMIC elections.
      The
      assets of REMIC I shall include the Mortgage Loans and all interest owing in
      respect of and principal due thereon, the Distribution Account, the Protected
      Accounts, any REO Property, any proceeds of the foregoing and any other assets
      subject to this Agreement (other than any Prepayment Charge Waiver Amounts).
      The
      REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC
      II
      Regular Interests shall constitute the assets of REMIC III.

     

    (b)  On
      each
      Distribution Date, the Available Funds, in the following order of priority,
      shall be deemed to be distributed by REMIC I to REMIC II on account of the
      REMIC
      I Regular Interests (other than REMIC I Regular Interest P) or withdrawn from
      the Distribution Account and distributed to the Holders of the Class R-1
      Certificates, as the case may be:

     

    (i)  from
      the
      portion of the Available Funds consisting of the Class R Deposit, to the holders
      of REMIC I Regular Interest R-2/R-3, as principal, in reduction of the
      Uncertificated Principal Balance thereof, until the reduced to
      zero;

     

    (ii)  from
      the
      Interest Funds for each Subgroup, to the holders of each of REMIC I Regular
      Interest 1-Sub, REMIC I Regular Interest 1-ZZZ, REMIC I Regular Interest 2-Sub,
      REMIC I Regular Interest 2-ZZZ and REMIC I Regular Interest X, in each case
      related to such Subgroup, pro rata, an amount equal to (A) the Uncertificated
      Accrued Interest for such Distribution Date, plus (B) any amounts in respect
      thereof remaining unpaid from previous Distribution Dates;

     

    (iii)  from
      the
      Principal Funds for each Subgroup, as follows:

     

    (A)  first,
      to
      the holders of each related REMIC I Regular Interest ending with the designation
      “Sub”, so that the Uncertificated Principal Balance of each such REMIC I Regular
      Interest is equal to 0.1% of the excess of (x) the aggregate Stated Principal
      Balance of the Mortgage Loans in the related Subgroup (other than the PO
      Percentage of the Stated Principal Balance of any such Mortgage Loans) over
      (y)
      the aggregate Certificate Principal Balance of the Senior Certificates in such
      Subgroup (other than the Class PO Certificates) (except that if any such excess
      is a larger number than in the preceding distribution period, the least amount
      of funds shall be distributed to such REMIC I Regular Interests such that the
      REMIC I Subordinated Balance Ratio is maintained); and

     

    (iv)  (B)           second,
      to the holders of each related REMIC I Regular Interest ending with the
      designation “ZZZ” (provided that a portion of the remaining Principal Funds
      equal to the Class PO Certificate Principal Distribution Amount attributable
      to
      the Discount Mortgage Loans shall be distributed to REMIC I Regular Interest
      PO); and

     

    (iv)           any
      remaining amount to the Holders of the Class R-1 Certificates.

     

    (c)  On
      each
      Distribution Date, all amounts representing Prepayment Charges shall be deemed
      to be distributed in respect of REMIC I Regular Interest P, provided that such
      amounts shall not reduce the Uncertificated Principal Balance of REMIC I Regular
      Interest P. On the Distribution Date immediately following the expiration of
      the
      latest Prepayment Charge term as identified on the Mortgage Loan Schedule,
      $100
      shall be deemed to be distributed in respect of REMIC I Regular Interest P
      in
      reduction of the Uncertificated Principal Balance thereof.

     

    (d)  On
      each
      Distribution Date, the Available Funds, in the following order of priority,
      shall be deemed to be distributed by REMIC II to REMIC III on account of the
      REMIC II Regular Interests (other than REMIC II Regular Interest P) or withdrawn
      from the Distribution Account and distributed to the Holders of the Class R-2
      Certificates, as the case may be:

     

    (i)  from
      Interest Funds for each Subgroup, to the holders of the related REMIC II Regular
      Interests (other than REMIC II Regular Interest P), in the same manner and
      priority as paid to the Corresponding Certificates for each such REMIC II
      Regular Interest, the Uncertificated Accrued Interest for such Distribution
      Date, plus any amounts in respect thereof remaining unpaid from previous
      Distribution Dates; and

     

    (ii)  from
      Principal Funds for each Subgroup and the Class R Deposit, to the holders of
      the
      related REMIC II Regular Interests (other than REMIC II Regular Interest P),
      allocated in the same manner and priority as paid to the Corresponding
      Certificates for each such REMIC II Regular Interest, until the Uncertificated
      Principal Balances thereof have been reduced to zero; and

     

    (iii)  any
      remaining amount to the Holders of the Class R-2 Certificates.

     

    (e)  On
      each
      Distribution Date, all amounts representing Prepayment Charges distributed
      in
      respect of REMIC I Regular Interest P shall be deemed to be distributed in
      respect of REMIC II Regular Interest P, provided that such amounts shall not
      reduce the Uncertificated Principal Balance of REMIC II Regular Interest
      P.  On the Distribution Date immediately following the expiration of
      the latest Prepayment Charge term as identified on the Mortgage Loan Schedule,
      $100 shall be deemed to be distributed in respect of REMIC II Regular Interest
      P
      in reduction of the Uncertificated Principal Balance thereof.

     

    Section
      6.08  Class
      P
      Certificate Account.  

     

    The
      Trustee shall establish and maintain with itself a separate, segregated trust
      account for each of the Class P Certificates, titled “Bear Stearns Asset Backed
      Securities I Trust 2007-AC-5 Class P Certificate Account” (the “Class P
      Certificate Account”). On the Closing Date, the Depositor shall deposit, or
      cause to be deposited, in the Class P Certificate Account $100.00. Prepayment
      charges shall be allocated to the Class P Certificate. The amount on deposit
      in
      the Class P Certificate Account shall be held uninvested. On the Distribution
      Date immediately following the expiration of the latest Prepayment Charge term
      as identified on the Mortgage Loan Schedule, the Trustee shall withdraw the
      amount on deposit in the Class P Certificate Account and remit such amount
      to
      the Holders of the Class P Certificates in reduction of the Certificate
      Principal Balance thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      VII 

     

    THE
      CERTIFICATES

     

    Section
      7.01  The
      Certificates.

     

    The
      Certificates shall be substantially in the forms attached hereto as Exhibits
      A-1
      through A-6. The Certificates shall be issuable in registered form, in the
      minimum dollar denominations, integral dollar multiples in excess thereof
      (except that one Certificate of each Class may be issued in a different amount
      which must be in excess of the applicable minimum dollar denomination) and
      aggregate dollar denominations as set forth in the following table:

     

    

    
      	
              Class

            	 	
              Minimum
                Denomination

            	 	
              Integral
                Multiple in Excess of Minimum

            	 	
              Initial
                Certificate Principal Balance

            	 	
              Pass-Through
                Rate

            
	
              A-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              141,766,000.00

            	 	
              Class
                A-1 Pass-Through Rate

            
	
              A-2

            	 	
              $

            	
              1,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              20,856,000.00

            	 	
              Class
                A-2 Pass-Through Rate

            
	
              A-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              15,305,000.00

            	 	
              Class
                A-3 Pass-Through Rate

            
	
              A-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              2,764,000.00

            	 	
              Class
                A-4 Pass-Through Rate

            
	
              A-5

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              226,630,000.00

            	 	
              Class
                A-5 Pass-Through Rate

            
	
              A-6

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              (1)

            	 	
              Class
                A-6 Pass-Through Rate

            
	
              A-7

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              4,425,000.00

            	 	
              Class
                A-7 Pass-Through Rate

            
	
              PO

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              1,037,274.14

            	 	
              0.00%(2)

            
	
              X

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              (1)

            	 	
              Class
                X Pass-Through Rate

            
	
              B-1

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              13,947,000.00

            	 	
              Class
                B Pass-Through Rate

            
	
              B-2

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              7,873,000.00

            	 	
              Class
                B Pass-Through Rate

            
	
              B-3

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              4,949,000.00

            	 	
              Class
                B Pass-Through Rate

            
	
              B-4

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              3,150,000.00

            	 	
              Class
                B Pass-Through Rate

            
	
              B-5

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              1,800,000.00

            	 	
              Class
                B Pass-Through Rate

            
	
              B-6

            	 	
              $

            	
              100,000

            	 	
              $

            	
              1.00

            	 	
              $

            	
              5,402,088.19

            	 	
              Class
                B Pass-Through Rate

            
	
              P

            	 	
              $

            	
              100

            	 	 	
              N/A

            	 	
              $

            	
              100.00

            	 	
              0.00%(2)

            
	
              R-1

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A(2)

            
	
              R-2

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A(2)

            
	
              R-3

            	 	 	
              100

            	
              %

            	 	
              N/A

            	 	 	
              N/A

            	 	
              N/A(2)

            

    

    

    
      	
              (1)

            	
              The
                Class A-6 Certificates and Class X Certificates do not have a Certificate
                Principal Balance.  The Class A-6 Certificates have an initial
                Notional Amount equal to $231,055,000.00 and for any subsequent
                Distribution Date will have a Notional Amount equal to the aggregate
                Certificate Principal Balance of the Class A-5 Certificates and Class
                A-7
                Certificates.  For federal income tax purposes, the Class A-6
                Certificates will have a Notional Amount equal to the aggregate
                Uncertificated Principal Balance of REMIC II Regular Interests A-5
                and
                A-7.  The Class X Certificates have an initial Notional Amount
                equal to $76,256,844.51 and for any subsequent Distribution Date
                will have
                a Notional Amount equal to the aggregate Stated Principal Balance
                of the
                Mortgage Loans with Net Mortgage Rates greater than or equal to 7.000%
                per
                annum.  For federal income tax purposes, the Class X
                Certificates will have a Notional Amount equal to the Uncertificated
                Notional Amount for REMIC II Regular Interest X.

            
	
              (2)

            	
              The
                Class PO, Class R-1, Class R-2, Class R-3 and Class P Certificates
                are not
                entitled to distributions in respect of interest

            
	 	 

    

    The
      Certificates shall be executed by manual or facsimile signature on behalf of
      the
      Trustee by an authorized officer. Certificates bearing the manual or facsimile
      signatures of individuals who were, at the time when such signatures were
      affixed, authorized to sign on behalf of the Trustee shall bind the Trustee,
      notwithstanding that such individuals or any of them have ceased to be so
      authorized prior to the authentication and delivery of such Certificates or
      did
      not hold such offices at the date of such authentication and delivery. No
      Certificate shall be entitled to any benefit under this Agreement, or be valid
      for any purpose, unless there appears on such Certificate the countersignature
      of the Trustee by manual signature, and such countersignature upon any
      Certificate shall be conclusive evidence, and the only evidence, that such
      Certificate has been duly countersigned and delivered hereunder. All
      Certificates shall be dated the date of their countersignature. On the Closing
      Date, the Trustee shall authenticate the Certificates to be issued at the
      written direction of the Depositor, or any affiliate thereof.

     

    The
      Depositor shall provide, or cause to be provided, to the Trustee on a continuous
      basis, an adequate inventory of Certificates to facilitate
      transfers.

     

    Section
      7.02  Certificate
      Register; Registration of Transfer and Exchange of Certificates.

     

    (a)  The
      Trustee shall maintain, or cause to be maintained in accordance with the
      provisions of Section 7.09 hereof, a Certificate Register for the Trust Fund
      in
      which, subject to the provisions of subsections (b) and (c) below and 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. Upon surrender for registration of Transfer of any Certificate,
      the Trustee shall authenticate and deliver, in the name of the designated
      transferee or transferees, one or more new Certificates of the same Class and
      of
      like aggregate Percentage Interest.

     

    At
      the
      option of a Certificateholder, Certificates may be exchanged for other
      Certificates of the same Class in authorized denominations and evidencing the
      same aggregate Percentage Interest upon surrender of the Certificates to be
      exchanged at the office or agency of the Trustee. Whenever any Certificates
      are
      so surrendered for exchange, the Trustee shall execute, authenticate, and
      deliver the Certificates that the Certificateholder making the exchange is
      entitled to receive. Every Certificate presented or surrendered for registration
      of Transfer or exchange shall be accompanied by a written instrument of Transfer
      in form satisfactory to the Trustee duly executed by the Holder thereof or
      his
      attorney duly authorized in writing.

     

    No
      service charge to the Certificateholders shall be made for any registration
      of
      Transfer or exchange of Certificates, but 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 may be required.

     

    All
      Certificates surrendered for registration of Transfer or exchange shall be
      canceled and subsequently destroyed by the Trustee in accordance with the
      Trustee’s customary procedures.

     

    (b)  No
      Transfer of a Private Certificate shall be made unless such Transfer is made
      pursuant to an effective registration statement under the Securities Act and
      any
      applicable state securities laws or is exempt from the registration requirements
      under the Securities Act and such state securities laws. In the event that
      a
      Transfer is to be made in reliance upon an exemption from the Securities Act
      and
      such laws, in order to assure compliance with the Securities Act and such laws,
      the Certificateholder desiring to effect such Transfer and such
      Certificateholder’s prospective transferee shall each certify to the Trustee in
      writing the facts surrounding the Transfer in substantially the forms set forth
      in Exhibit D (the “Transferor Certificate”) and (x) deliver a letter in
      substantially the form of either Exhibit E (the “Investment Letter”) or Exhibit
      F (the “Rule 144A Letter”) or (y) there shall be delivered to the Trustee an
      Opinion of Counsel addressed to the Trustee that such Transfer may be made
      pursuant to an exemption from the Securities Act, which Opinion of Counsel
      shall
      not be an expense of the Depositor, the Mortgage Loan Sellers, the Master
      Servicer or the Trustee; provided, however, that such representation letters
      will not be required in connection with any transfer of any such Certificate
      by
      the Depositor to an affiliate of the Depositor and the Trustee 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. The Depositor
      shall provide to any Holder of a Private Certificate and any prospective
      transferee designated by any such Holder, information regarding the related
      Certificates and the Mortgage Loans and such other information as shall be
      necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
      for Transfer of any such Certificate without registration thereof under the
      Securities Act pursuant to the registration exemption provided by Rule 144A.
      The
      Trustee and the Master Servicer shall cooperate with the Depositor in providing
      the Rule 144A information referenced in the preceding sentence, including
      providing to the Depositor such information regarding the Certificates, the
      Mortgage Loans and other matters regarding the Trust Fund as the Depositor
      shall
      reasonably request to meet its obligation under the preceding sentence.
      Notwithstanding the provisions of the immediately preceding sentence, no
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in any Certificate that is a Global
      Certificate of a Class to a transferee that takes delivery in the form of a
      beneficial interest in the Global Certificate of such Class provided that each
      such transferee shall be deemed to have made such representations and warranties
      contained in the Rule 144A and Related Matters Certificate as are sufficient
      to
      establish that it is a QIB. Each Holder of a Private Certificate desiring to
      effect such Transfer shall, and does hereby agree to, indemnify the Trustee,
      the
      Depositor, the Mortgage Loan Sellers, the Trustee and the Master 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 an ERISA Restricted Certificate or Class B-4, Class B-5 or Class
      B-6
      Certificate shall be made unless either (i) the Master Servicer and the Trustee
      shall have received a representation from the transferee of such Certificate
      acceptable to and in form and substance satisfactory to the Master Servicer
      and
      the Trustee, to the effect that such transferee is not an employee benefit
      plan
      subject to Section 406 of ERISA and/or a plan subject to Section 4975 of the
      Code, or a Person acting on behalf of any such plan or using the assets of
      any
      such plan, or (ii) in the case of any such ERISA Restricted Certificate
      presented for registration in the name of an employee benefit plan subject
      to
      ERISA, or a plan subject to Section 4975 of the Code (or comparable provisions
      of any subsequent enactments), or a trustee of any such plan or any other person
      acting on behalf of any such plan, the Trustee shall have received an Opinion
      of
      Counsel for the benefit of the Trustee and the Master Servicer and on which
      they
      may rely, satisfactory to the Trustee, to the effect that the purchase and
      holding of such ERISA Restricted Certificate is permissible under applicable
      law, will not constitute or result in the assets of the Trust being deemed
      to be
“plan assets” within the meaning of Department of Labor Regulation 29 C.F.R.
      2510.3-101, as modified by Section 3(42) of ERISA (“Plan Assets”), will not
      result in any prohibited transactions under ERISA or Section 4975 of the Code
      and will not subject the Trustee, the Master Servicer or the Depositor to any
      obligation in addition to those expressly undertaken in this Agreement, which
      Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer
      or the Depositor, or, in the case of a Class B-4, Class B-5 or Class B-6
      Certificate, the transferee provides a representation, or deemed representation
      in the case of the Global Certificate or an opinion of counsel to the effect
      that the proposed transfer and holding of such Certificate and the servicing,
      management and operation of the Trust and its assets: (I) will not result in
      any
      prohibited transaction which is not covered under an individual or class
      prohibited transaction exemption, including, but not limited to, Prohibited
      Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 or
      PTCE 96-23 and (II) will not  give rise to any additional obligations
      on the part of the Depositor, the Trustee or the Master Servicer.
 Notwithstanding anything else to the contrary herein, any purported
      transfer of an ERISA Restricted Certificate to or on behalf of an employee
      benefit plan subject to Section 406 of ERISA and/or a plan subject to Section
      4975 of the Code without the delivery of the Opinion of Counsel as described
      above shall be void and of no effect; provided that the restriction set forth
      in
      this sentence shall not be applicable if there has been delivered to the Trustee
      an Opinion of Counsel meeting the requirements of clause (ii) of the first
      sentence of this paragraph. Neither the Trustee nor the Master Servicer shall
      be
      required to monitor, determine or inquire as to compliance with the transfer
      restrictions with respect to any ERISA Restricted Certificate that is a
      Book-Entry Certificate, and neither the Trustee nor the Master Servicer shall
      have any liability for transfers of any such Book-Entry Certificates made
      through the book-entry facilities of any Depository or between or among
      participants of the Depository or Certificate Owners made in violation of the
      transfer restrictions set forth herein. Neither the Trustee nor the Master
      Servicer shall be under any liability to any Person for any registration of
      transfer of any ERISA Restricted Certificate that is in fact not permitted
      by
      this Section 7.02(b) or for making any payments due on such Certificate to
      the
      Holder thereof or taking any other action with respect to such Holder under
      the
      provisions of this Agreement. The Trustee shall be entitled, but not obligated,
      to recover from any Holder of any ERISA Restricted Certificate that was in
      fact
      an employee benefit plan subject to Section 406 of ERISA or a plan subject
      to
      Section 4975 of the Code or a Person acting on behalf of any such plan at the
      time it became a Holder or, at such subsequent time as it became such a plan
      or
      Person acting on behalf of such a plan, all payments made on such ERISA
      Restricted Certificate at and after either such time. Any such payments so
      recovered by the Trustee shall be paid and delivered by the Trustee to the
      last
      preceding Holder of such Certificate that is not such a plan or Person acting
      on
      behalf of a plan.

     

    Each
      beneficial owner of a Class B Certificate, except for a Class B-4, Class B-5
      or
      Class B-6 Certificate, 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 or investing with Plan
      Assets, (ii) it has acquired and is holding such certificate in reliance on
      the
      Exemption, and that it understands that there are certain conditions to the
      availability of the Exemption, including that the certificate must be rated,
      at
      the time of purchase, not lower than “BBB-”(or its equivalent) by S&P, Fitch
      Ratings, Dominion Bond Rating Service Limited (known as DBRS Limited), Dominion
      Bond Rating Service, Inc. (known as DBRS, Inc.) or Moody’s, and the certificate
      is so rated 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 Prohibited Transaction
      Class Exemption (“PTCE”) 95-60, and (3) the conditions in Sections I and III of
      PTCE 95-60 have been satisfied.

     

    (c)  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 the rights of each
      Person acquiring any Ownership Interest in a Residual Certificate are expressly
      subject to the following provisions:

     

    (i)  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.

     

    (ii)  No
      Ownership Interest in a Residual Certificate may be registered on the Closing
      Date or thereafter transferred, and the Trustee shall not register the Transfer
      of any Residual Certificate unless, in addition to the certificates required
      to
      be delivered to the Trustee under subparagraph (b) above, the Trustee shall
      have
      been furnished with an affidavit and agreement of the initial owner or the
      proposed transferee in the form attached hereto as Exhibit C (a “Transferee
      Affidavit”) and an affidavit of the transferor in the form attached hereto as
      Exhibit CC (a “Transferor Affidavit”).

     

    (iii)  Each
      Person holding or acquiring any Ownership Interest in a Residual Certificate
      shall agree (A) to obtain a Transferee Affidavit from any other Person to whom
      such Person attempts to Transfer its Ownership Interest in a Residual
      Certificate, (B) to obtain a Transferee Affidavit from any Person for whom
      such
      Person is acting as nominee, trustee or agent in connection with any Transfer
      of
      a Residual Certificate, (C) not to Transfer its Ownership Interest in a Residual
      Certificate or to cause the Transfer of an Ownership Interest in a Residual
      Certificate to any other Person if it has actual knowledge that such Person
      is
      not a Permitted Transferee and (D) to provide the Trustee and the Depositor
      with
      a Transferor Affidavit.

     

    (iv)  Any
      attempted or purported Transfer of any Ownership Interest in a Residual
      Certificate in violation of the provisions of this Section 7.02(c) shall be
      absolutely null and void and shall vest no rights in the purported Transferee.
      If any purported transferee shall become a Holder of a Residual Certificate
      in
      violation of the provisions of this Section 7.02(c), then the last preceding
      Permitted Transferee shall be restored to all rights as Holder thereof
      retroactive to the date of registration of Transfer of such Residual
      Certificate. The Trustee shall not be under any liability to any Person for
      any
      registration of Transfer of a Residual Certificate that is in fact not permitted
      by Section 7.02(b) and this Section 7.02(c) or for making any payments due
      on
      such Certificate to the Holder thereof or taking any other action with respect
      to such Holder under the provisions of this Agreement so long as the Transfer
      was registered after receipt of the related Transferee Affidavit and Transferor
      Affidavit. The Trustee shall be entitled but not obligated to recover from
      any
      Holder of a Residual Certificate that was in fact not a Permitted Transferee
      at
      the time it became a Holder or, at such subsequent time as it became other
      than
      a Permitted Transferee, all payments made on such Residual Certificate at and
      after either such time. Any such payments so recovered by the Trustee shall
      be
      paid and delivered by the Trustee to the last preceding Permitted Transferee
      of
      such Certificate.

     

    (v)  The
      Master Servicer shall make available within 60 days of written request from
      the
      Trustee, all information necessary to compute any tax imposed under Section
      860E(e) of the Code as a result of a Transfer of an Ownership Interest in a
      Residual Certificate to any Holder who is not a Permitted
      Transferee.

     

    The
      restrictions on Transfers of a Residual Certificate set forth in this Section
      7.02(c) shall cease to apply (and the applicable portions of the legend on
      a
      Residual Certificate may be deleted) with respect to Transfers occurring after
      delivery to the Trustee of an Opinion of Counsel addressed to the Trustee,
      which
      Opinion of Counsel shall not be an expense of the Trustee, the Mortgage Loan
      Sellers or the Master Servicer to the effect that the elimination of such
      restrictions will not cause REMIC I, REMIC II or REMIC III, as applicable,
      to
      fail to qualify as a REMIC at any time that the Certificates are outstanding
      or
      result in the imposition of any tax on the Trust Fund, a Certificateholder
      or
      another Person. Each Person holding or acquiring any Ownership Interest in
      a
      Residual Certificate hereby consents to any amendment of this Agreement that,
      based on an Opinion of Counsel addressed to the Trustee and furnished to the
      Trustee, is reasonably necessary (a) to ensure that the record ownership of,
      or
      any beneficial interest in, a Residual Certificate is not transferred, directly
      or indirectly, to a Person that is not a Permitted Transferee and (b) to provide
      for a means to compel the Transfer of a Residual Certificate that is held by
      a
      Person that is not a Permitted Transferee to a Holder that is a Permitted
      Transferee.

     

    (d)  The
      preparation and delivery of all certificates and opinions referred to above
      in
      this Section 7.02 shall not be an expense of the Trust Fund, the Trustee, the
      Depositor, the Mortgage Loan Sellers or the Master Servicer.

     

    (e)  Subject
      to Subsection 7.02(i), so long as a Global Certificate of such Class is
      outstanding and is held by or on behalf of the Depository, transfers of
      beneficial interests in such Global Certificate, or transfers by holders of
      Individual Certificates of such Class to transferees that take delivery in
      the
      form of beneficial interests in the Global Certificate, may be made only in
      accordance with Subsection 7.02(b) and in accordance with the rules of the
      Depository:

     

    (i)  In
      the
      case of a beneficial interest in the Global Certificate being transferred to
      an
      Institutional Accredited Investor, such transferee shall be required to take
      delivery in the form of an Individual Certificate or Certificates and the
      Trustee shall register such transfer only upon compliance with the provisions
      of
      Subsection 7.02(b).

     

    (ii)  In
      the
      case of a beneficial interest in a Class of Global Certificates being
      transferred to a transferee that takes delivery in the form of an Individual
      Certificate or Certificates of such Class, except as set forth in clause (i)
      above, the Trustee shall register such transfer only upon compliance with the
      provisions of Subsection 7.02(b).

     

    (iii)  In
      the
      case of an Individual Certificate of a Class being transferred to a transferee
      that takes delivery in the form of a beneficial interest in a Global Certificate
      of such Class, the Trustee shall register such transfer if the transferee has
      provided the Trustee with a Rule 144A and Related Matters Certificate or
      comparable evidence as to its QIB status.

     

    (iv)  No
      restrictions shall apply with respect to the transfer or registration of
      transfer of a beneficial interest in the Global Certificate of a Class to a
      transferee that takes delivery in the form of a beneficial interest in the
      Global Certificate of such Class; provided that each such transferee shall
      be
      deemed to have made such representations and warranties contained in the Rule
      144A and Related Matters Certificate as are sufficient to establish that it
      is a
      QIB.

     

    (f)  Subject
      to Subsection 7.02(h), an exchange of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate or Certificates of such
      Class, an exchange of an Individual Certificate or Certificates of a Class
      for a
      beneficial interest in the Global Certificate of such Class and an exchange
      of
      an Individual Certificate or Certificates of a Class for another Individual
      Certificate or Certificates of such Class (in each case, whether or not such
      exchange is made in anticipation of subsequent transfer, and, in the case of
      the
      Global Certificate of such Class, so long as such Certificate is outstanding
      and
      is held by or on behalf of the Depository) may be made only in accordance with
      this Subsection 7.02(f) and in accordance with the rules of the
      Depository:

     

    (i)  A
      holder
      of a beneficial interest in a Global Certificate of a Class may at any time
      exchange such beneficial interest for an Individual Certificate or Certificates
      of such Class.

     

    (ii)  A
      holder
      of an Individual Certificate or Certificates of a Class may exchange such
      Certificate or Certificates for a beneficial interest in the Global Certificate
      of such Class if such holder furnishes to the Trustee a Rule 144A and Related
      Matters Certificate or comparable evidence as to its QIB status.

     

    (iii)  A
      holder
      of an Individual Certificate of a Class may exchange such Certificate for an
      equal aggregate principal amount of Individual Certificates of such Class in
      different authorized denominations without any certification.

     

    (g)  (i)           Upon
      acceptance for exchange or transfer of an Individual Certificate of a Class
      for
      a beneficial interest in a Global Certificate of such Class as provided herein,
      the Trustee shall cancel such Individual Certificate and shall (or shall request
      the Depository to) endorse on the schedule affixed to the applicable Global
      Certificate (or on a continuation of such schedule affixed to the Global
      Certificate and made a part thereof) or otherwise make in its books and records
      an appropriate notation evidencing the date of such exchange or transfer and
      an
      increase in the certificate balance of the Global Certificate equal to the
      certificate balance of such Individual Certificate exchanged or transferred
      therefor.

     

    (ii)  Upon
      acceptance for exchange or transfer of a beneficial interest in a Global
      Certificate of a Class for an Individual Certificate of such Class as provided
      herein, the Trustee shall (or shall request the Depository to) endorse on the
      schedule affixed to such Global Certificate (or on a continuation of such
      schedule affixed to such Global Certificate and made a part thereof) or
      otherwise make in its books and records an appropriate notation evidencing
      the
      date of such exchange or transfer and a decrease in the certificate balance
      of
      such Global Certificate equal to the certificate balance of such Individual
      Certificate issued in exchange therefor or upon transfer thereof.

     

    (h)  Any
      Individual Certificate issued in exchange for or upon transfer of another
      Individual Certificate or of a beneficial interest in a Global Certificate
      shall
      bear the applicable legends set forth in Exhibit A-5.

     

    (i)  Subject
      to the restrictions on transfer and exchange set forth in this Section 7.02,
      the
      holder of any Individual Certificate may transfer or exchange the same in whole
      or in part (in an initial certificate balance equal to the minimum authorized
      denomination set forth in Section 7.01 above or any integral multiple of $1.00
      in excess thereof) by surrendering such Certificate at the Corporate Trust
      Office, or at the office of any transfer agent, together with an executed
      instrument of assignment and transfer satisfactory in form and substance to
      the
      Trustee in the case of transfer and a written request for exchange in the case
      of exchange. The holder of a beneficial interest in a Global Certificate may,
      subject to the rules and procedures of the Depository, cause the Depository
      (or
      its nominee) to notify the Trustee in writing of a request for transfer or
      exchange of such beneficial interest for an Individual Certificate or
      Certificates. Following a proper request for transfer or exchange, the Trustee
      shall, within five Business Days of such request made at the Corporate Trust
      Office, sign, countersign and deliver at the Corporate Trust Office, to the
      transferee (in the case of transfer) or holder (in the case of exchange) or
      send
      by first class mail at the risk of the transferee (in the case of transfer)
      or
      holder (in the case of exchange) to such address as the transferee or holder,
      as
      applicable, may request, an Individual Certificate or Certificates, as the
      case
      may require, for a like aggregate Percentage Interest and in such authorized
      denomination or denominations as may be requested. The presentation for transfer
      or exchange of any Individual Certificate shall not be valid unless made at
      the
      Corporate Trust Office by the registered holder in person, or by a duly
      authorized attorney-in-fact.

     

    (j)  Neither
      the Trustee nor the Master Servicer shall be required to monitor, determine
      or
      inquire as to compliance with the transfer restrictions with respect to the
      Global Certificates. Any attempted or purported transfer of any Certificate
      in
      violation of the provisions of Subsections (a) or (b) above shall be void ab
      initio and such Certificate shall be considered to have been held continuously
      by the prior permitted Certificateholder. Any transferor of any Certificate
      in
      violation of such provisions, shall indemnify and hold harmless the Trustee
      and
      the Master Servicer from and against any and all liabilities, claims, costs
      or
      expenses incurred by the Trustee or the Master Servicer as a result of such
      attempted or purported transfer. The Trustee shall not have any liability for
      transfer of any such Global Certificates in or through book-entry facilities
      of
      any Depository or between or among Depository Participants or Certificate Owners
      made in violation of the transfer restrictions set forth herein.

     

    Section
      7.03  Mutilated,
      Destroyed, Lost or Stolen Certificates.

     

    If
      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 of the ownership thereof.

     

    Section
      7.04  Persons
      Deemed Owners.

     

    The
      Trustee and any agent of the Trustee may treat the person in whose name any
      Certificate is registered as the owner of such Certificate for the purpose
      of
      receiving distributions as provided in this Agreement and for all other purposes
      whatsoever, and neither the Trustee nor any agent of the Trustee shall be
      affected by any notice to the contrary.

     

    Section
      7.05  Access
      to
      List of Certificateholders’ Names and Addresses.

     

    If
      three
      or more Certificateholders (a) request such information in writing from the
      Trustee, (b) state that such Certificateholders desire to communicate with
      other
      Certificateholders with respect to their rights under this Agreement or under
      the Certificates, and (c) provide a copy of the communication that such
      Certificateholders propose to transmit or if the Depositor or the Master
      Servicer shall request such information in writing from the Trustee, then the
      Trustee shall, within ten Business Days after the receipt of such request,
      provide the Depositor, the Master Servicer or such Certificateholders at such
      recipients’ expense the most recent list of the Certificateholders of the Trust
      Fund held by the Trustee, if any. The Depositor and every Certificateholder,
      by
      receiving and holding a Certificate, agree that the Trustee shall not be held
      accountable by reason of the disclosure of any such information as to the list
      of the Certificateholders hereunder, regardless of the source from which such
      information was derived.

     

    Section
      7.06  Book-Entry
      Certificates.

     

    The
      Offered Certificates, other than the Class R Certificates, upon original
      issuance, shall be issued in the form of one or more typewritten Certificates
      representing the Book-Entry Certificates, to be delivered to the Depository
      by
      or on behalf of the Depositor. Such Certificates shall initially be registered
      on the Certificate Register in the name of the Depository or its nominee, and
      no
      Certificate Owner of such Certificates will receive a definitive certificate
      representing such Certificate Owner’s interest in such Certificates, except as
      provided in Section 7.08. Unless and until definitive, fully registered
      Certificates (“Definitive Certificates”) have been issued to the Certificate
      Owners of such Certificates pursuant to Section 7.08:

     

    (a)  the
      provisions of this Section shall be in full force and effect;

     

    (b)  the
      Depositor and the Trustee may deal with the Depository and the Depository
      Participants for all purposes (including the making of distributions) as the
      authorized representative of the respective Certificate Owners of such
      Certificates;

     

    (c)  registration
      of the Book-Entry Certificates may not be transferred by the Trustee except
      to
      another Depository;

     

    (d)  the
      rights of the respective Certificate Owners of such Certificates shall be
      exercised only through the Depository and the Depository Participants and shall
      be limited to those established by law and agreements between the Owners of
      such
      Certificates and the Depository and/or the Depository Participants. Pursuant
      to
      the Depository Agreement, unless and until Definitive Certificates are issued
      pursuant to Section 7.08, the Depository will make book-entry transfers among
      the Depository Participants and receive and transmit distributions of principal
      and interest on the related Certificates to such Depository
      Participants;

     

    (e)  the
      Depository may collect its usual and customary fees, charges and expenses from
      its Depository Participants;

     

    (f)  the
      Trustee may rely and shall be fully protected in relying upon information
      furnished by the Depository with respect to its Depository Participants;
      and

     

    (g)  to
      the
      extent that the provisions of this Section conflict with any other provisions
      of
      this Agreement, the provisions of this Section shall control.

     

    For
      purposes of any provision of this Agreement requiring or permitting actions
      with
      the consent of, or at the direction of, Certificateholders evidencing a
      specified percentage of the aggregate unpaid principal amount of any Class
      of
      Certificates, such direction or consent may be given by Certificate Owners
      (acting through the Depository and the Depository Participants) owning
      Book-Entry Certificates evidencing the requisite percentage of principal amount
      of such Class of Certificates.

     

    The
      Private Certificates and Class R Certificates shall initially be held in fully
      registered certificated form. If at any time the Holders of all of the
      Certificates of one or more such Classes request that the Trustee cause such
      Class to become Global Certificates, the Depositor (with the assistance of
      the
      Trustee) will take such action as may be reasonably required to cause the
      Depository to accept such Class or Classes for trading if it may legally be
      so
      traded.  If at anytime there are to be Global Certificates, the Global
      Certificates shall be delivered to the Depository by the Depositor or deposited
      with the Trustee as custodian for the Depository.

     

    All
      transfers by Certificate Owners of such respective Classes of Book-Entry
      Certificates and any Global Certificates shall be made in accordance with the
      procedures established by the Depository Participant or brokerage firm
      representing such Certificate Owners. Each Depository Participant shall only
      transfer 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.

     

    Section
      7.07  Notices
      to Depository.

     

    Whenever
      any notice or other communication is required to be given to Certificateholders
      of a Class with respect to which Book-Entry Certificates have been issued,
      unless and until Definitive Certificates shall have been issued to the related
      Certificate Owners, the Trustee shall give all such notices and communications
      to the Depository.

     

    Section
      7.08  Definitive
      Certificates.

     

    If,
      after
      Book-Entry Certificates have been issued with respect to any Certificates,
      (a)
      the Depositor or the Depository advises the Trustee that the Depository is
      no
      longer willing or able to discharge properly its responsibilities under the
      Depository Agreement with respect to such Certificates and the Depositor is
      unable to locate a qualified successor, (b) the Depositor, at its sole option,
      advises the Trustee that it elects to terminate the book-entry system with
      respect to such Certificates through the Depository or (c) after the occurrence
      and continuation of an Event of Default, Certificate Owners of such Book-Entry
      Certificates having over 50% of the Voting Rights evidenced by any Class of
      Book-Entry Certificates advise the Trustee and the Depository in writing through
      the Depository Participants that the continuation of a book-entry system with
      respect to Certificates of such Class through the Depository (or its successor)
      is no longer in the best interests of the Certificate Owners of such Class,
      then
      the Trustee shall notify all Certificate Owners of such Certificates, through
      the Depository, of the occurrence of any such event and of the availability
      of
      Definitive Certificates to applicable Certificate Owners requesting the same.
      The Depositor shall provide the Trustee with an adequate inventory of
      certificates to facilitate the issuance and transfer of Definitive Certificates.
      Upon surrender to the Trustee of any such Certificates by the Depository,
      accompanied by registration instructions from the Depository for registration,
      the Trustee shall countersign and deliver such Definitive Certificates. Neither
      the Depositor nor the Trustee shall be liable for any delay in delivery of
      such
      instructions and each may conclusively rely on, and shall be protected in
      relying on, such instructions. Upon the issuance of such 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 such Definitive
      Certificates as Certificateholders hereunder.

     

    Section
      7.09  Maintenance
      of Office or Agency.

     

    The
      Trustee will maintain or cause to be maintained at its expense an office or
      offices or agency or agencies at Wells Fargo Bank, National Association, Sixth
      Street and Marquette Avenue, Minneapolis, Minnesota 55479 where Certificates
      may
      be surrendered for registration of transfer or exchange. The Trustee will give
      prompt written notice to the Certificateholders of any change in such location
      of any such office or agency.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    ARTICLE
      VIII

     

    THE
      COMPANY AND THE MASTER SERVICER

     

    Section
      8.01  Liabilities
      of the Depositor, the Company and the Master Servicer.

     

    Each
      of
      the Depositor, the Company and the Master Servicer shall be liable in accordance
      herewith only to the extent of the obligations specifically imposed upon and
      undertaken by it herein.

     

    Section
      8.02  Merger
      or
      Consolidation of the Depositor, the Company or the Master Servicer.

     

    (a)  Each
      of
      the Depositor, the Company and the Master Servicer will keep in full force
      and
      effect its existence, rights and franchises as a corporation under the laws
      of
      the state of its incorporation, and 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 duties under this Agreement.

     

    (b)  Any
      Person into which the Depositor, the Company or the Master Servicer may be
      merged or consolidated, or any corporation resulting from any merger or
      consolidation to which the Depositor, the Company or the Master Servicer shall
      be a party, or any Person succeeding to the business of the Depositor, the
      Company or the Master Servicer, shall be the successor of the Depositor, the
      Company or the Master Servicer hereunder, without the execution or filing of
      any
      paper or further act on the part of any of the parties hereto, anything herein
      to the contrary notwithstanding.

     

    Section
      8.03  Indemnification
      of the Master Servicer.

     

    (a)  The
      Master Servicer agrees to indemnify the Indemnified Persons for, and to hold
      them harmless against, any loss, liability or expense (including reasonable
      legal fees and disbursements of counsel) incurred on their part that may be
      sustained in connection with, arising out of, or relating to, any claim or
      legal
      action (including any pending or threatened claim or legal action) relating
      to
      this Agreement, including the powers of attorney delivered pursuant to Sections
      4.01 and 4.05 hereof, the Assignment Agreements, the Custodial Agreements or
      the
      Certificates (i) related to the Master Servicer’s failure to perform its duties
      in compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Master Servicer’s willful misfeasance, bad faith or gross
      negligence in the performance of duties hereunder or by reason of reckless
      disregard of obligations and duties hereunder, provided, in each case, that
      with
      respect to any such claim or legal action (or pending or threatened claim or
      legal action), the Trustee shall have given the Master Servicer and the Seller
      written notice thereof promptly after a responsible officer of the Trustee
      shall
      have with respect to such claim or legal action actual knowledge thereof;
      provided, however, the failure to give such notice shall not relieve the Master
      Servicer of its indemnification obligations hereunder. This indemnity shall
      survive the resignation or removal of the Trustee or the Master Servicer and
      the
      termination of this Agreement.

     

    (b)  The
      Company agrees to indemnify the Indemnified Persons and to hold them harmless
      from and against any and all claims, losses, damages, penalties, fines,
      forfeitures, legal fees and related costs, judgments, and any other costs,
      fees
      and expenses that the Indemnified Persons may sustain in any way related to
      the
      failure of the Company to perform in any way its duties and service the EMC
      Mortgage Loans in strict compliance with the terms of this Agreement and for
      breach of any representation or warranty of the Company contained herein. The
      Company shall immediately notify the Master Servicer and the Trustee if a claim
      is made by a third party with respect to this Agreement or the EMC Mortgage
      Loans, assume (with the consent of the Master Servicer and the Trustee and
      with
      counsel reasonably satisfactory to the Master Servicer and the Trustee) the
      defense of any such claim and pay all expenses in connection therewith,
      including counsel fees, and promptly pay, discharge and satisfy any judgment
      or
      decree which may be entered against it or any Indemnified Person in respect
      of
      such claim but failure to so notify the Company shall not limit its obligations
      hereunder. The Company agrees that it will not enter into any settlement of
      any
      such claim without the consent of the Indemnified Persons unless such settlement
      includes an unconditional release of such Indemnified Persons from all liability
      that is the subject matter of such claim. The provisions of this Section 8.03(b)
      shall survive termination of this Agreement.

     

    (c)  The
      Seller will indemnify any Indemnified Person for any loss, liability or expense
      of any Indemnified Person not otherwise paid or covered pursuant to Subsections
      (a) or (b) above.

     

    Section
      8.04  Limitations
      on Liability of the Depositor, the Company, the Master Servicer and
      Others.

     

    Subject
      to the obligation of the Seller, the Company, and the Master Servicer to
      indemnify the Indemnified Persons pursuant to Section 8.03:

     

    (a)  Neither
      the Depositor, the Company, the Master Servicer nor any of the directors,
      officers, employees or agents of the Depositor, the Company and the Master
      Servicer shall be under any liability to the Indemnified Persons, the Trust
      Fund
      or the Certificateholders for taking any action or for refraining from taking
      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
      Company, the Master Servicer or any such Person against any breach of warranties
      or representations made herein or any liability which would otherwise be imposed
      by reason of such Person’s willful misfeasance, bad faith or gross negligence in
      the performance of duties or by reason of reckless disregard of obligations
      and
      duties hereunder.

     

    (b)  The
      Depositor, the Company, the Master Servicer and any director, officer, employee
      or agent of the Depositor, the Company and the Master 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.

     

    (c)  The
      Depositor, the Company, the Master Servicer, the Custodian and any director,
      officer, employee or agent of the Depositor, the Company, the Master Servicer
      or
      the Custodian shall be indemnified by the Trust and held harmless thereby
      against any loss, liability or expense (including reasonable legal fees and
      disbursements of counsel) incurred on their part that may be sustained in
      connection with, arising out of, or related to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to this
      Agreement, the Assignment Agreements, the Custodial Agreements, the Certificates
      or the Servicing Agreements (except with respect to the Master Servicer only,
      to
      the extent that the Master Servicer is indemnified by the Company under this
      Agreement or by the related Servicer under the related Servicing Agreement),
      other than (i) any such loss, liability or expense related to the Company’s or
      the Master Servicer’s failure to perform its respective duties in compliance
      with this Agreement (except as any such loss, liability or expense shall be
      otherwise reimbursable pursuant to this Agreement), or to the Custodian’s
      failure to perform its duties under the Custodial Agreement, or (ii) any such
      loss, liability or expense incurred by reason of the Company’s, the Master
      Servicer’s or the Custodian’s willful misfeasance, bad faith or gross negligence
      in the performance of duties hereunder or under the Custodial Agreement, as
      applicable, or by reason of reckless disregard of obligations and duties
      hereunder or under the Custodial Agreement, as applicable.

     

    (d)  Neither
      the Depositor, the Company nor the Master Servicer shall be under any obligation
      to appear in, prosecute or defend any legal action that is not incidental to
      its
      duties under this Agreement and that in its opinion may involve it in any
      expense or liability; provided, however, the Master Servicer may in its
      discretion, with the consent of the Trustee (which consent shall not be
      unreasonably withheld), 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, the legal expenses and costs of such action and any liability resulting
      therefrom shall be expenses, costs and liabilities of the Trust Fund, and the
      Master Servicer shall be entitled to be reimbursed therefor out of the Master
      Servicer Collection Account as provided by Section 5.07. Nothing in this
      Subsection 8.04(d) shall affect the Master Servicer’s obligation to supervise,
      or to take such actions as are necessary to ensure, the servicing and
      administration of the Mortgage Loans pursuant to Section 4.01.

     

    (e)  In
      taking
      or recommending any course of action pursuant to this Agreement, unless
      specifically required to do so pursuant to this Agreement, the Master Servicer
      shall not be required to investigate or make recommendations concerning
      potential liabilities which the Trust might incur as a result of such course
      of
      action by reason of the condition of the Mortgaged Properties but shall give
      notice to the Trustee if it has notice of such potential
      liabilities.

     

    (f)  The
      Master Servicer shall not be liable for any acts or omissions of the Company
      or
      the Servicers, except as otherwise expressly provided herein.

     

    (g)  The
      Master Servicer may perform any of its duties hereunder or exercise its rights
      hereunder either directly or through Affiliates, agents or
      attorneys.

     

    Section
      8.05  Master
      Servicer and Company Not to Resign.

     

    (a)  Except
      as
      provided in Section 8.07, the Master Servicer shall not resign from the
      obligations and duties hereby imposed on it except (i) with the prior written
      consent of the Trustee (which consent shall not be unreasonably withheld) or
      (ii) upon a determination that any such duties hereunder are no longer
      permissible under applicable law and such impermissibility cannot be cured.
      Any
      such determination permitting the resignation of the Master Servicer shall
      be
      evidenced by an Opinion of Counsel to such effect, addressed to and delivered
      to, the Trustee. No such resignation by the Master Servicer shall become
      effective until the Trustee or a successor to the Master Servicer reasonably
      satisfactory to the Trustee shall have assumed the responsibilities and
      obligations of the Master Servicer in accordance with Section 9.02 hereof.
      The
      Trustee shall notify the Rating Agencies of the resignation of the Master
      Servicer.

     

    (b)  The
      Company shall not resign from the obligations and duties hereby imposed on
      it
      except (i) upon the assignment of its servicing duties with respect to all
      or a
      portion of the EMC Mortgage Loans to an institution that is a Fannie Mae and
      Freddie Mac approved seller/servicer in good standing that has a net worth
      of
      not less than $10,000,000 and with the prior written consent of the Master
      Servicer (which consent shall not be unreasonably withheld) or (ii) upon the
      determination that its duties hereunder are no longer permissible under
      applicable law and such incapacity cannot be cured by the Company. Any
      determination permitting the resignation of the Company shall be evidenced
      by an
      Opinion of Counsel to such effect addressed to and delivered, to the Master
      Servicer and the Trustee which Opinion of Counsel shall be in form and substance
      acceptable to the Master Servicer and the Trustee. No appointment of a successor
      to the Company shall be effective hereunder unless (a) the Rating Agencies
      have
      confirmed in writing that such appointment will not result in a downgrade,
      qualification or withdrawal of the then current ratings assigned to the
      Certificates, (b) such successor shall have represented that it is meets the
      eligibility criteria set forth in clause (i) above and (c) such successor has
      agreed to assume the obligations of the Company hereunder to the extent of
      the
      EMC Mortgage Loans to be serviced by such successor. The Company shall provide
      a
      copy of the written confirmation of the Rating Agencies and the agreement
      executed by such successor to the Master Servicer and the Trustee. No such
      resignation shall become effective until a Qualified Successor or the Master
      Servicer shall have assumed the Company’s responsibilities and obligations
      hereunder. The Company shall notify the Master Servicer, the Trustee and the
      Rating Agencies of the resignation of the Company or the assignment of all
      or a
      portion of its servicing duties hereunder in accordance with this Section
      8.05.

     

    Section
      8.06  Successor
      Master Servicer.

     

    In
      connection with the appointment of any successor Master Servicer or the
      assumption of the duties of the Master Servicer, EMC or the Trustee may make
      such arrangements for the compensation of such successor master servicer out
      of
      payments on the Mortgage Loans as EMC or the Trustee and such successor master
      servicer shall agree. If the successor master servicer does not agree that
      such
      market value is a fair price, such successor master servicer shall obtain two
      quotations of market value from third parties actively engaged in the servicing
      of single-family mortgage loans. In no event shall the compensation of any
      successor master servicer exceed that permitted the Master Servicer without
      the
      consent of  all of the Certificateholders.

     

    Section
      8.07  Sale
      and
      Assignment of Master Servicing.

     

    The
      Master Servicer may sell and assign its rights and delegate its duties and
      obligations in its entirety as Master Servicer under this Agreement; provided,
      however, that: (i) the purchaser or transferee accepting such assignment and
      delegation (a) shall be a Person which (or an Affiliate thereof the primary
      business of which is the servicing of conventional residential mortgage loans)
      shall be qualified to service mortgage loans for Fannie Mae or Freddie Mac;
      (b)
      shall have a net worth of not less than $10,000,000 (unless otherwise approved
      by each Rating Agency pursuant to clause (ii) below); (c) shall be reasonably
      satisfactory to the Trustee (as evidenced in a writing signed by the Trustee);
      and (d) shall execute and deliver to the Trustee an agreement, in form and
      substance reasonably satisfactory to the Trustee, 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 it as master servicer
      under this Agreement, any custodial agreement from and after the effective
      date
      of such agreement; (ii) each Rating Agency shall be given prior written notice
      of the identity of the proposed successor to the Master Servicer and each Rating
      Agency’s rating of the Certificates in effect immediately prior to such
      assignment, sale and delegation will not be downgraded, qualified or withdrawn
      as a result of such assignment, sale and delegation, as evidenced by a letter
      to
      such effect delivered to the Master Servicer and the Trustee; and (iii) the
      Master Servicer assigning and selling the master servicing shall deliver to
      the
      Trustee an Officer’s Certificate and an Opinion of Counsel addressed to the
      Trustee, each stating that all conditions precedent to such action under this
      Agreement have been completed and such action is permitted by and complies
      with
      the terms of this Agreement. No such assignment or delegation shall affect
      any
      liability of the Master Servicer arising prior to the effective date
      thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IX

    DEFAULT;
      TERMINATION OF MASTER SERVICER; TERMINATION
      OF COMPANY

     

    Section
      9.01  Events
      of
      Default.

     

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

     

    (i)  any
      failure by the Master Servicer to remit to the Trustee any amounts received
      or
      collected by the Master Servicer in respect of the Mortgage Loans and required
      to be remitted by it (other than any Advance) pursuant to this Agreement, which
      failure shall continue unremedied for one Business Day after the date on which
      written notice of such failure shall have been given to the Master Servicer
      by
      the Trustee or the Depositor, or to the Trustee and the Master Servicer by
      the
      Holders of Certificates evidencing not less than 25% of the Voting Rights
      evidenced by the Certificates; or

     

    (ii)  any
      failure by the Master Servicer to observe or perform in any material respect
      any
      other of the covenants or agreements on the part of the Master Servicer
      contained in this Agreement or any breach of a representation or warranty by
      the
      Master Servicer, which failure or breach shall continue unremedied for a period
      of 60 days after the date on which written notice of such failure shall have
      been given to Master Servicer by the Trustee or the Depositor, or to the Trustee
      and the Master Servicer by the Holders of Certificates evidencing not less
      than
      25% of the Voting Rights evidenced by the Certificates; or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      in
      the premises for the appointment of a receiver or liquidator 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 Master Servicer and such decree or order shall have
      remained in force undischarged or unstayed for a period of 60 consecutive days;
      or

     

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

     

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

     

    (vi)  the
      Master Servicer assigns or delegates its duties or rights under this Agreement
      in contravention of the provisions permitting such assignment or delegation
      under Sections 8.05 or 8.07; or

     

    (vii)  The
      Master Servicer fails to deposit, or cause to be deposited, in the Distribution
      Account any Advance required to be made by the Master Servicer (other than
      a
      Nonrecoverable Advance) by 5:00 p.m. New York City time on the Business Day
      prior to the related Distribution Date.

     

    If
      an
      Event of Default shall occur, then, and in each and every such case, so long
      as
      such Event of Default shall not have been remedied, the Trustee may, and at
      the
      direction of the Holders of Certificates evidencing not less than 25% of the
      Voting Rights evidenced by the Certificates, the Trustee shall, by notice in
      writing to the Master Servicer, with a copy to the Rating Agencies, may
      terminate all of the rights and obligations (but not the liabilities) of the
      Master Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof, other than its rights as a Certificateholder hereunder. On
      or
      after the receipt by the Master Servicer of such written notice, all authority
      and power of the Master Servicer hereunder, whether with respect to the Mortgage
      Loans or otherwise, shall pass to and be vested in the Trustee, or any successor
      appointed pursuant to Section 9.02 (a “Successor Master Servicer”). Such
      Successor Master Servicer shall thereupon if such Successor Master Servicer
      is a
      successor to the Master Servicer, make any Advance required by Article VI,
      subject, in the case of the Trustee, to Section 9.02. The Trustee is hereby
      authorized and empowered to execute and deliver, on behalf of the terminated
      Master 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 or assignment of any Mortgage Loans and
      related documents, or otherwise. Unless expressly provided in such written
      notice, no such termination shall affect any obligation of the Master Servicer
      to pay amounts owed pursuant to Article VIII or Article X. The Master Servicer
      agrees to cooperate with the Trustee in effecting the termination of the Master
      Servicer’s responsibilities and rights hereunder, including, without limitation,
      the transfer to the applicable Successor Master Servicer of all cash amounts
      which shall at the time be credited to the Distribution Account and maintained
      pursuant to Section 5.08, or thereafter be received with respect to the
      applicable Mortgage Loans. The Trustee shall promptly notify the Rating Agencies
      of the occurrence of an Event of Default known to the Trustee.

     

    Notwithstanding
      any termination of the activities of the Master Servicer hereunder, the Master
      Servicer shall be entitled to receive, out of any late collection of a Scheduled
      Payment on a Mortgage Loan that was due prior to the notice terminating the
      Master Servicer’s rights and obligations as Master Servicer hereunder and
      received after such notice, that portion thereof to which the Master Servicer
      would have been entitled pursuant to Sections 5.05 and to receive any other
      amounts payable to the Master Servicer hereunder the entitlement to which arose
      prior to the termination of its activities hereunder.

     

    Notwithstanding
      the foregoing, if an Event of Default described in clause (vii) of this Section
      9.01 shall occur, the Trustee shall, by notice in writing to the Master
      Servicer, which may be delivered by telecopy, immediately terminate all of
      the
      rights and obligations of the Master Servicer thereafter arising under this
      Agreement, but without prejudice to any rights it may have as a
      Certificateholder or to reimbursement of Advances and other advances of its
      own
      funds, and the Trustee shall act as provided in Section 9.02 to carry out the
      duties of the Master Servicer, including the obligation to make any Advance
      the
      nonpayment of which was an Event of Default described in clause (vii) of this
      Section 9.01. Any such action taken by the Trustee must be prior to the
      distribution on the relevant Distribution Date.

     

    Section
      9.02  Trustee
      to Act; Appointment of Successor.

     

    On
      and
      after the time the Master Servicer receives a notice of termination pursuant
      to
      Section 9.01 hereof the Trustee shall automatically become the successor to
      the
      Master Servicer with respect to the transactions set forth or provided for
      herein and after a transition period (not to exceed 90 days), shall have all
      the
      rights and powers of, and be subject to all the responsibilities, duties and
      liabilities relating thereto placed on the Master Servicer by the terms and
      provisions hereof; provided, however, that, pursuant to Article VI hereof,
      the
      Trustee in its capacity as successor Master Servicer shall be responsible for
      making any Advances required to be made by the Master Servicer immediately
      upon
      the termination of the Master Servicer and any such Advance shall be made on
      the
      Distribution Date on which such Advance was required to be made by the
      predecessor Master Servicer. Effective on the date of such notice of
      termination, as compensation therefor, the Trustee shall be entitled to all
      compensation, reimbursement of expenses and indemnifications that the Master
      Servicer would have been entitled to if it had continued to act hereunder,
      provided, however, that the Trustee shall not be (i) liable for any acts or
      omissions of the Master Servicer, (ii) obligated to make Advances if it is
      prohibited from doing so under applicable law, (iii) responsible for expenses
      of
      the Master Servicer pursuant to Section 2.03 or (iv) obligated to deposit losses
      on any Permitted Investment directed by the Master Servicer. Notwithstanding
      the
      foregoing, the Trustee may, if it shall be unwilling to so act, or shall, if
      it
      is prohibited by applicable law from making Advances pursuant to Article VI
      or
      if it is otherwise unable to so act, appoint, or petition a court of competent
      jurisdiction to appoint, any established mortgage loan servicing institution
      the
      appointment of which does not adversely affect the then current rating of the
      Certificates by each Rating Agency as the successor to the Master Servicer
      hereunder in the assumption of all or any part of the responsibilities, duties
      or liabilities of the Master Servicer hereunder. Any Successor Master Servicer
      shall (i) be an institution that is a Fannie Mae and Freddie Mac approved
      seller/servicer in good standing, that has a net worth of at least $15,000,000
      and (ii) be willing to act as successor servicer of any Mortgage Loans under
      this Agreement or the related Servicing Agreement with respect to which the
      Company or the original Servicer has been terminated as servicer, and shall
      have
      executed and delivered to the Depositor, the Trustee an agreement accepting
      such
      delegation and assignment, that contains an assumption by such Person of the
      rights, powers, duties, responsibilities, obligations and liabilities of the
      Master Servicer (other than any liabilities of the Master Servicer hereof
      incurred prior to termination of the Master Servicer under Section 9.01 or
      as
      otherwise set forth herein), with like effect as if originally named as a party
      to this Agreement, provided that each Rating Agency shall have acknowledged
      in
      writing that its rating of the Certificates in effect immediately prior to
      such
      assignment and delegation will not be qualified or reduced as a result of such
      assignment and delegation. If the Trustee assumes the duties and
      responsibilities of the Master Servicer in accordance with this Section 9.02,
      the Trustee shall not resign as Master Servicer until a Successor Master
      Servicer has been appointed and has accepted such appointment. Pending
      appointment of a successor to the Master Servicer hereunder, the Trustee, unless
      the Trustee is prohibited by law from so acting, shall, subject to Section
      4.04
      hereof, act in such capacity as hereinabove provided. In connection with such
      appointment and assumption, the Trustee may make such arrangements for the
      compensation of such successor out of payments on Mortgage Loans or otherwise
      as
      it and such successor shall agree; provided that no such compensation unless
      agreed to by the Certificateholders shall be in excess of that permitted the
      Master Servicer hereunder. The Trustee and such successor shall take such
      action, consistent with this Agreement, as shall be necessary to effectuate
      any
      such succession. Neither the Trustee nor any other Successor Master Servicer
      shall be deemed to be in default hereunder by reason of any failure to make,
      or
      any delay in making, any distribution hereunder or any portion thereof or any
      failure to perform, or any delay in performing, any duties or responsibilities
      hereunder, in either case caused by the failure of the Master Servicer to
      deliver or provide, or any delay in delivering or providing, any cash,
      information, documents or records to it.

     

    The
      costs
      and expenses of the Trustee in connection with the termination of the Master
      Servicer, appointment of a Successor Master Servicer and, if applicable, any
      transfer of servicing, including, without limitation, all costs and 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 the Successor Master Servicer to service
      the
      related Mortgage Loans properly and effectively, to the extent not paid by
      the
      terminated Master Servicer, shall be payable to the Trustee pursuant to Section
      10.05. Any successor to the Master Servicer as successor servicer under any
      Subservicing Agreement shall give notice to the applicable Mortgagors of such
      change of servicer and shall, during the term of its service as successor
      servicer maintain in force the policy or policies that the Master Servicer
      is
      required to maintain pursuant to Section 4.04.

     

    Section
      9.03  Notification
      to Certificateholders and Rating Agencies.

     

    (a)  Upon
      any
      termination of or appointment of a successor to the Master Servicer, the Trustee
      shall give prompt written notice thereof to Certificateholders and to each
      Rating Agency.

     

    (b)  Within
      60
      days after the occurrence of any Event of Default, the Trustee shall transmit
      by
      mail to all Certificateholders notice of each such Event of Default hereunder
      actually known to a Responsible Officer of the Trustee, unless such Event of
      Default shall have been cured or waived.

     

    Section
      9.04  Waiver
      of
      Defaults.

     

    The
      Trustee shall transmit by mail to all Certificateholders, within 60 days after
      the occurrence of any Event of Default actually known to a Responsible Officer
      of the Trustee, unless such Event of Default shall have been cured, notice
      of
      each such Event of Default hereunder known to the Trustee. Holders of
      Certificates evidencing not less than 51% of the Voting Rights may, on behalf
      of
      all Certificateholders, waive any default by the Master Servicer in the
      performance of its obligations hereunder and the consequences thereof, except
      a
      default in the making of or the causing to be made of any required distribution
      on the Certificates. Upon any such waiver of a past default, such default shall
      be deemed to cease to exist, and any Event of Default arising therefrom shall
      be
      deemed to have been timely remedied for every purpose of this Agreement. No
      such
      waiver shall extend to any subsequent or other default or impair any right
      consequent thereon except to the extent expressly so waived. The Trustee shall
      give notice of any such waiver to the Rating Agencies.

     

    Section
      9.05  Company
      Default.

     

    In
      case
      one or more of the following events of default by the Company (each, a “Company
      Default”) shall occur and be continuing, that is to say:

     

    (i)  any
      failure by the Company to remit to the Master Servicer any payment including
      any
      Advance required to be made under the terms of this Agreement on any Remittance
      Date; or

     

    (ii)  failure
      on the part of the Company duly to observe or perform in any material respect
      any other of the covenants or agreements (other than Sections 3.13 or 3.14)
      on
      the part of the Company set forth in this Agreement, the breach of which has
      a
      material adverse effect and which continue unremedied for a period of sixty
      days
      (except that such number of days shall be fifteen in the case of a failure
      to
      pay any premium for any insurance policy required to be maintained under this
      Agreement and such failure shall be deemed to have a material adverse effect)
      after the date on which written notice of such failure, requiring the same
      to be
      remedied, shall have been given to the Company by the Master Servicer;
      or

     

    (iii)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      bankruptcy, readjustment of debt, marshaling of assets and liabilities or
      similar proceedings, or for the winding-up or liquidation of its affairs, shall
      have been entered against the Company and such decree or order shall have
      remained in force undischarged or unstayed for a period of sixty days;
      or

     

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

     

    (v)  the
      Company 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)  the
      Company attempts to assign its right to servicing compensation hereunder or
      the
      Company attempts to sell or otherwise dispose of all or substantially all of
      its
      property or assets or to assign this Agreement or the servicing responsibilities
      hereunder or to delegate its duties hereunder or any portion thereof except
      as
      otherwise permitted herein;

     

    (vii)  the
      Company ceases to be qualified to transact business in any jurisdiction where
      it
      is currently so qualified, but only to the extent such non-qualification
      materially and adversely affects the Company’s ability to perform its
      obligations hereunder; or

     

    (viii)  failure
      by the Company to duly perform, within the required time period, its obligations
      under Sections 4.16, 4.17 or Section 4.18;

     

    then,
      and
      in each and every such case, so long as a Company Default shall not have been
      remedied, the Trustee, by notice in writing to the Company may, in addition
      to
      whatever rights the Trustee on behalf of the Certificateholders may have under
      Section 8.03 and at law or equity to damages, including injunctive relief and
      specific performance, terminate all the rights and obligations of the Company
      under this Agreement and in and to the EMC Mortgage Loans and the proceeds
      thereof without compensating the Company for the same. On or after the receipt
      by the Company of such written notice, all authority and power of Company under
      this Agreement, whether with respect to the EMC Mortgage Loans or otherwise,
      shall pass to and be vested in the Trustee. Upon written request from the
      Trustee, the Company shall prepare, execute and deliver, any and all documents
      and other instruments, place in the Trustee’s possession all Mortgage Files
      relating to the EMC Mortgage Loans, and 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 EMC Mortgage Loans and related documents, or otherwise, at the Company’s
      sole expense. The Company agrees to pay any costs and expenses incurred by
      the
      Trustee in accordance with Section 4.03(c) and to cooperate with the Trustee
      in
      effecting the termination of the Company’s responsibilities and rights
      hereunder, including, without limitation, the transfer to such successor for
      administration by it of all cash amounts which shall at the time be credited
      by
      the Company to its Protected Account or Escrow Account or thereafter received
      with respect to the EMC Mortgage Loans or any related REO Property.

     

    Section
      9.06  Waiver
      of
      Company Defaults.

     

    The
      Trustee may waive only by written notice any default by the Company in the
      performance of its obligations hereunder and its consequences. Upon any such
      waiver of a past default, such default shall cease to exist, and any Company
      Default arising therefrom shall be deemed to have been remedied for every
      purpose of this Agreement. No such waiver shall extend to any subsequent or
      other default or impair any right consequent thereon except to the extent
      expressly so waived in writing.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      X

     

    CONCERNING
      THE TRUSTEE 

     

    Section
      10.01  Duties
      of
      Trustee.

     

    (a)  The
      Trustee, prior to the occurrence of an Event of Default and after the curing
      or
      waiver of all Events of Default which may have occurred undertakes to perform
      such duties and only such duties as are specifically set forth in this Agreement
      as duties of the Trustee. If an Event of Default has occurred and has not been
      cured or waived, the Trustee shall exercise such of the rights and powers vested
      in it by this Agreement, and the same degree of care and skill in their
      exercise, as a prudent person would exercise under the circumstances in the
      conduct of such Person’s own affairs.

     

    (b)  Upon
      receipt of all resolutions, certificates, statements, opinions, reports,
      documents, orders or other instruments which are specifically required to be
      furnished to the Trustee pursuant to any provision of this Agreement, the
      Trustee shall examine them to determine whether they are, on their face, in
      the
      form required by this Agreement; provided, however, that the Trustee shall
      not
      be responsible for the accuracy or content of any resolution, certificate,
      statement, opinion, report, document, order or other instrument furnished by
      the
      Master Servicer; provided, further, that the Trustee shall not be responsible
      for the accuracy or verification of any calculation provided to it pursuant
      to
      this Agreement.

     

    (c)  On
      each
      Distribution Date, the Trustee shall make monthly distributions and the final
      distribution to the Certificateholders from funds in the Distribution Account
      as
      provided in Sections 6.04 and 11.02 herein based solely on the applicable
      Remittance Report.

     

    (d)  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 willful misconduct; provided, however, that:

     

    (i)  Prior
      to
      the occurrence of an Event of Default, and after the curing or waiver of all
      such 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 their
      respective 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 and conforming to the requirements of this
      Agreement;

     

    (ii)  The
      Trustee shall not be liable in its individual capacity 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;

     

    (iii)  The
      Trustee shall not be liable with respect to any action taken, suffered or
      omitted to be taken by it in good faith in accordance with the directions of
      the
      Holders of Certificates evidencing not less than 25% of the aggregate Voting
      Rights of the Certificates (or such other percentage as specifically set forth
      herein), if such action or non-action relates to the time, method and place
      of
      conducting any proceeding for any remedy available to the Trustee or exercising
      any trust or other power conferred upon the Trustee under this
      Agreement;

     

    (iv)  The
      Trustee shall not be required to take notice or be deemed to have notice or
      knowledge of any default or Event of Default unless a Responsible Officer of
      the
      Trustee shall have actual knowledge thereof. In the absence of such notice,
      the
      Trustee may conclusively assume there is no such default or Event of
      Default;

     

    (v)  The
      Trustee shall not in any way be liable by reason of any insufficiency in any
      Account held in the name of Trustee unless it is determined by a court of
      competent jurisdiction in a non-appealable judgment that the Trustee’s gross
      negligence or willful misconduct was the primary cause of such insufficiency
      (except to the extent that the Trustee is obligor and has defaulted
      thereon);

     

    (vi)  Anything
      in this Agreement to the contrary notwithstanding, in no event shall the Trustee
      be liable for special, indirect or consequential loss or damage of any kind
      whatsoever (including but not limited to lost profits), even if the Trustee
      has
      been advised of the likelihood of such loss or damage and regardless of the
      form
      of action; and

     

    (vii)  None
      of
      the Master Servicer, the Seller, the Depositor or the Trustee shall be
      responsible for the acts or omissions of the other, it being understood that
      this Agreement shall not be construed to render them partners, joint venturers
      or agents of one another.

     

    The
      Trustee shall not be required to
      expend or risk its own funds or otherwise incur financial liability in the
      performance of any of its duties hereunder, or in the exercise of any of its
      rights or powers, if there is reasonable ground for believing that the repayment
      of such funds or adequate indemnity against such risk or liability is not
      reasonably assured to it, and none of the provisions contained in this Agreement
      shall in any event require the Trustee to perform, or be responsible for the
      manner of performance of, any of the obligations of the Master Servicer or
      the
      Company hereunder or any Servicer under the related Servicing
      Agreement.

     

    (e)  All
      funds
      received by the Trustee and required to be deposited in the Distribution Account
      pursuant to this Agreement shall be promptly so deposited by the
      Trustee.

     

    Section
      10.02  Certain
      Matters Affecting the Trustee.

     

    (a)  Except
      as
      otherwise provided in Section 10.01:

     

    (i)  The
      Trustee may rely and shall be protected in acting or refraining from acting
      in
      reliance on any resolution or certificate of the Seller, the Company, the Master
      Servicer or the related Servicer, any certificates of auditors or any other
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, appraisal, bond or other paper or document 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 advice of such counsel or any Opinion
      of Counsel shall be full and complete authorization and protection with respect
      to any action taken or suffered or omitted by it hereunder in good faith and
      in
      accordance with such advice or 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, other than its obligation to give notices
      pursuant to 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 reasonable security or
      indemnity 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 an Event of Default of which a
      Responsible Officer of the Trustee has actual knowledge (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 under the circumstances in the conduct of his
      own
      affairs;

     

    (iv)  Prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiver
      of all Events of Default which may have occurred with respect to the Trustee,
      the Trustee shall not be liable in its individual capacity 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)  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 Holders of Certificates evidencing
      not
      less than 25% of the aggregate Voting Rights of the Certificates and provided
      that 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 reasonably assured to the Trustee by the
      security afforded to it by the terms of this Agreement. The Trustee may require
      reasonable indemnity against such expense or liability as a condition to taking
      any such action. The reasonable expense of every such examination shall be
      paid
      by the Certificateholders requesting the investigation;

     

    (vi)  The
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or through Affiliates, agents or attorneys; provided,
      however, that the Trustee may not appoint any paying agent to perform any paying
      agent functions under this Agreement without the express written consent of
      the
      Master Servicer, which consents will not be unreasonably withheld. The Trustee
      shall not be liable or responsible for the misconduct or negligence of any
      of
      the Trustee’s agents or attorneys or paying agent appointed hereunder by the
      Trustee with due care and, when required, with the consent of the Master
      Servicer;

     

    (vii)  Should
      the Trustee deem the nature of any action required on its part to be unclear,
      the Trustee may require prior to such action that it be provided by the
      Depositor with reasonable further instructions; the right of the Trustee to
      perform any discretionary act enumerated in this Agreement shall not be
      construed as a duty, and the Trustee shall not be accountable for other than
      its
      negligence or willful misconduct in the performance of any such
      act;

     

    (viii)  The
      Trustee shall not be required to give any bond or surety with respect to the
      execution of the trust created hereby or the powers granted hereunder, except
      as
      provided in Subsection 10.07; and

     

    (ix)  The
      Trustee shall not have any duty to conduct any affirmative investigation as
      to
      the occurrence of any condition requiring the repurchase of any Mortgage Loan
      by
      any Person pursuant to this Agreement, or the eligibility of any Mortgage Loan
      for purposes of this Agreement.

     

    (b)  The
      Trustee is hereby directed by the Depositor to execute and deliver the Insurance
      Agreement.

     

    Section
      10.03  Trustee
      Not Liable for Certificates or Mortgage Loans.

     

    The
      recitals contained herein and in the Certificates (other than the signature
      and
      countersignature of the Trustee on the Certificates) shall be taken as the
      statements of the Depositor, and the Trustee shall not have any responsibility
      for their correctness. The Trustee does not make any representation as to the
      validity or sufficiency of the Certificates (other than the signature and
      countersignature of the Trustee on the Certificates) or of any Mortgage Loan
      except as expressly provided in Sections 2.02 and 2.06 hereof; provided,
      however, that the foregoing shall not relieve the Trustee, or the Custodian
      on
      its behalf, of the obligation to review the Mortgage Files pursuant to Section
      2.02 of this Agreement. 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 with respect to the Mortgage Loans. Subject to Section 2.06, the
      Trustee shall not be responsible for the legality or validity of this Agreement
      or any document or instrument relating to this Agreement, the validity of the
      execution of this Agreement or of any supplement hereto or instrument of further
      assurance, or the validity, priority, perfection or sufficiency of the security
      for the Certificates issued hereunder or intended to be issued hereunder. The
      Trustee shall not at any time have any responsibility or liability for or with
      respect to the legality, validity and enforceability of any Mortgage or any
      Mortgage Loan, or the perfection and priority of any Mortgage or the maintenance
      of any such perfection and priority, or for or with respect to the sufficiency
      of the Trust Fund or its ability to generate the payments to be distributed
      to
      Certificateholders, under this Agreement. The Trustee shall not have any
      responsibility for filing any financing or continuation statement in any public
      office at any time or to otherwise perfect or maintain the perfection of any
      security interest or lien granted to it hereunder or to record this
      Agreement.

     

    Section
      10.04  Trustee
      May Own Certificates.

     

    The
      Trustee in its individual capacity or in any capacity other than as Trustee
      hereunder may become the owner or pledgee of any Certificates with the same
      rights it would have if it were not the Trustee and may otherwise deal with
      the
      parties hereto.

     

    Section
      10.05  Trustee’s
      Fees and Expenses.

     

    The
      Trustee shall be entitled to the Trustee Fee as compensation for its activities
      under this Agreement. In addition, the Trustee shall be entitled to recover
      from
      the Distribution Account pursuant to Section 5.09 all reasonable out-of-pocket
      expenses, disbursements and advances and the expenses of the Trustee and in
      connection with any Event of Default, any breach of this Agreement or any claim
      or legal action (including any pending or threatened claim or legal action)
      incurred or made by the Trustee in the administration of the trusts hereunder
      (including the reasonable compensation, expenses and disbursements of its
      counsel) except any such expense, disbursement or advance as may arise from
      its
      negligence or intentional misconduct or which is the responsibility of the
      Certificateholders or the Trust Fund hereunder. If funds in the Distribution
      Account are insufficient therefor, the Trustee shall recover such expenses,
      disbursements or advances from the Depositor and the Depositor hereby agrees
      to
      pay such expenses, disbursements or advances upon demand. Such compensation
      and
      reimbursement obligation shall not be limited by any provision of law in regard
      to the compensation of a trustee of an express trust.

     

    Section
      10.06  Eligibility
      Requirements for Trustee.

     

    The
      Trustee and any successor Trustee shall during the entire duration of this
      Agreement be a state bank or trust company or a national banking association
      organized and doing business under the laws of a state or the United States
      of
      America, authorized under such laws to exercise corporate trust powers, having
      a
      combined capital and surplus and undivided profits of at least $40,000,000
      or,
      in the case of a successor Trustee, $50,000,000, subject to supervision or
      examination by federal or state authority and, in the case of the Trustee,
      rated
“BBB” or higher by Fitch, Inc. with respect to their long-term rating and rated
“BBB” or higher by Standard & Poor’s and “Baa2” or higher by Moody’s with
      respect to any outstanding long-term unsecured unsubordinated debt, and, in
      the
      case of a successor Trustee other than pursuant to Section 10.10, rated in
      one
      of the two highest long-term debt categories of, or otherwise acceptable to,
      each of the Rating Agencies (which consent shall not be unreasonably withheld).
      The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee
      publishes reports of condition at least annually, pursuant to law or to the
      requirements of the aforesaid supervising or examining authority, then for
      the
      purposes of this Section 10.06 the combined capital and surplus of such
      corporation shall be deemed to be its total equity capital (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 10.06, the Trustee shall resign immediately in the
      manner and with the effect specified in Section 10.08.

     

    Section
      10.07  Insurance.

     

    The
      Trustee, at its own expense, shall at all times maintain and keep in full force
      and effect: (i) fidelity insurance, (ii) theft of documents insurance and (iii)
      forgery insurance (which may be collectively satisfied by a “Financial
      Institution Bond” and/or a “Bankers’ Blanket Bond”). All such insurance shall be
      in amounts, with standard coverage and subject to deductibles, as are customary
      for insurance typically maintained by banks or their affiliates which act as
      custodians for investor-owned mortgage pools. A certificate of an officer of
      the
      Trustee as to the Trustee’s compliance with this Section 10.07 shall be
      furnished to any Certificateholder upon reasonable written request.

     

    Section
      10.08  Resignation
      and Removal of 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 Seller and the Master
      Servicer, with a copy to the Rating Agencies. Upon receiving such notice of
      resignation, the Depositor shall promptly appoint a successor trustee by written
      instrument, in triplicate, one copy of which instrument shall be delivered
      to
      each of the resigning trustee and the successor trustee. If no successor trustee
      or shall have been so appointed and have accepted appointment within 30 days
      after the giving of such notice of resignation, the resigning Trustee may
      petition any court of competent jurisdiction for the appointment of a successor
      trustee.

     

    If
      at any
      time (i) the Trustee shall cease to be eligible in accordance with the
      provisions of Section 10.06 hereof and shall fail to resign after written
      request thereto by the Depositor, (ii) the Trustee shall become incapable of
      acting, or shall be adjudged as 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, or (iii)(A) a tax is imposed
      with respect to the Trust Fund by any state in which the Trustee or the Trust
      Fund is located, (B) the imposition of such tax would be avoided by the
      appointment of a different trustee and (C) the Trustee fails to indemnify the
      Trust Fund against such tax, then the Depositor or the Master Servicer may
      remove the Trustee and appoint a successor trustee by written instrument, in
      multiple copies, a copy of which instrument shall be delivered to the Trustee,
      each Master Servicer and the successor trustee.

     

    The
      Holders over 50% of the Voting Rights of each Class of Certificates may at
      any
      time remove the Trustee and appoint a successor trustee by written instrument
      or
      instruments, in multiple copies, signed by such Holders or their
      attorneys-in-fact duly authorized, one complete set of which instruments shall
      be delivered by the successor trustee to each of the Master Servicer or the
      Trustee so removed and the successor trustee so appointed. Notice of any removal
      of the Trustee shall be given to each Rating Agency by the Trustee or successor
      trustee.

     

    Any
      resignation or removal of the Trustee and appointment of a successor trustee
      pursuant to any of the provisions of this Section 10.08 shall become effective
      upon acceptance of appointment by the successor trustee as provided in Section
      10.09 hereof.

     

    Section
      10.09  Successor
      Trustee.

     

    Any
      successor trustee appointed as provided in Section 10.08 hereof shall execute,
      acknowledge and deliver to the Depositor and to its predecessor trustee and
      the
      Master Servicer 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.

     

    No
      successor trustee shall accept appointment as provided in this Section 10.09
      unless at the time of such acceptance such successor trustee shall be eligible
      under the provisions of Section 10.06 hereof and its appointment shall not
      adversely affect the then current rating of the Certificates.

     

    Upon
      acceptance of appointment by a successor trustee as provided in this Section
      10.09, the successor trustee shall mail notice of the succession of such trustee
      hereunder to all Holders of Certificates. If the successor trustee fails to
      mail such notice within ten days after acceptance of appointment, the Depositor
      shall cause such notice to be mailed at the expense of the Trust
      Fund.

     

    Section
      10.10  Merger
      or
      Consolidation of Trustee.

     

    Any
      corporation, state bank or national banking association into which the Trustee
      may be merged or converted or with which it may be consolidated or any
      corporation, state bank or national banking association resulting from any
      merger, conversion or consolidation to which the Trustee shall be a party,
      or
      any corporation, state bank or national banking association succeeding to
      substantially all of the corporate trust business of the Trustee, shall be
      the
      successor of the Trustee hereunder, provided that such corporation shall be
      eligible under the provisions of Section 10.06 hereof without the execution
      or
      filing of any paper or further act on the part of any of the parties hereto,
      anything herein to the contrary notwithstanding.

     

    Section
      10.11  Appointment
      of Co-Trustee or Separate Trustee.

     

    Notwithstanding
      any other provisions of this Agreement, at any time, for the purpose of meeting
      any legal requirements of any jurisdiction in which any part of the Trust Fund
      or property securing any Mortgage Note may at the time be located, the Master
      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 the Trust Fund,
      and
      to vest in such Person or Persons, in such capacity and for the benefit of
      the
      Certificateholders, such title to the Trust Fund or any part thereof, whichever
      is applicable, and, subject to the other provisions of this Section 10.11,
      such
      powers, duties, obligations, rights and trusts as the Master Servicer and the
      Trustee may consider necessary or desirable. If the Master Servicer shall not
      have joined in such appointment within 15 days after the receipt by it of a
      request to do so, or in the case an 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 10.06 and no notice to
      Certificateholders of the appointment of any co-trustee or separate trustee
      shall be required under Section 10.09.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (i)  All
      rights, powers, duties and obligations conferred or imposed upon the Trustee,
      except for the obligation of the Trustee under this Agreement to advance funds
      on behalf of the Master Servicer, shall be conferred or imposed upon and
      exercised or performed by the Trustee and such separate trustee or co-trustee
      jointly (it being understood that such separate trustee or co-trustee is not
      authorized to act separately without the Trustee joining in such act), except
      to
      the extent that under any law of any jurisdiction in which any particular act
      or
      acts are to be performed (whether a Trustee hereunder or as a Successor Master
      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 the Trust Fund or any portion thereof in
      any
      such jurisdiction) shall be exercised and performed singly by such separate
      trustee or co-trustee, but solely at the direction of the Trustee;

     

    (ii)  No
      trustee hereunder shall be held personally liable by reason of any act or
      omission of any other trustee hereunder; and

     

    (iii)  The
      Trustee may at any time accept the resignation of or remove any separate trustee
      or co-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
      X.
      Each separate trustee and co-trustee, upon its acceptance of the trusts
      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
      Master Servicer and the Depositor.

     

    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
      10.12  Tax
      Matters.

     

    It
      is
      intended that the Trust Fund shall constitute one or more REMICs, and that
      the
      affairs of the Trust Fund shall be conducted so that each REMIC formed hereunder
      qualifies as a “real estate mortgage investment conduit” as defined in and in
      accordance with the REMIC Provisions. The Trustee, as agent on behalf of the
      Trust Fund, shall do or refrain from doing, as applicable, the following: (a)
      the Trustee shall prepare and file, or cause to be prepared and filed, in a
      timely manner, U.S. Real Estate Mortgage Investment Conduit Income Tax Returns
      (Form 1066 or any successor form adopted by the Internal Revenue Service) and
      prepare and file or cause to be prepared and filed with the Internal Revenue
      Service and applicable state or local tax authorities income tax or information
      returns for each taxable year with respect to each such REMIC containing such
      information and at the times and in the manner as may be required by the Code
      or
      state or local tax laws, regulations or rules, and furnish or cause to be
      furnished, to Certificateholders the schedules, statements or information at
      such times and in such manner as may be required thereby; (b) the Trustee shall
      apply for an employer identification number with the Internal Revenue Service
      via a Form SS-4 or other comparable method for each REMIC that is or becomes
      a
      taxable entity, and within thirty days of the Closing Date, furnish or cause
      to
      be furnished to the Internal Revenue Service on Forms 8811 or as otherwise
      may
      be required by the Code, the name, title, address, and telephone number of
      the
      person that the Holders of the Certificates may contact for tax information
      relating thereto, together with such additional information as may be required
      by such form, and update such information at the time or times in the manner
      required by the Code for the Trust Fund; (c) the Trustee shall make, or cause
      to
      be made, elections on behalf of each REMIC formed hereunder to be treated as
      a
      REMIC on the federal tax return of such REMIC for its first taxable year (and,
      if necessary, under applicable state law); (d) the Trustee shall prepare and
      forward, or cause to be prepared and forwarded, to the Certificateholders and
      to
      the Internal Revenue Service and, if necessary, state tax authorities, all
      information returns and reports as and when required to be provided to them
      in
      accordance with the REMIC Provisions, including without limitation, the
      calculation of any original issue discount using the Prepayment Assumption;
      (e)
      the Trustee shall provide information necessary for the computation of tax
      imposed on the transfer of a Residual Certificate to a Person that is not a
      Permitted Transferee, or an agent (including a broker, nominee or other
      middleman) of a Person that is not a Permitted Transferee, or a pass-through
      entity in which a Person that is not a Permitted Transferee is the record Holder
      of an interest (the reasonable cost of computing and furnishing such information
      may be charged to the Person liable for such tax); (f) the Trustee shall, to
      the
      extent under its control, conduct the affairs of the Trust Fund at all times
      that any Certificates are outstanding so as to maintain the status of each
      REMIC
      formed hereunder as a REMIC under the REMIC Provisions; (g) the Trustee shall
      not knowingly or intentionally take any action or omit to take any action that
      could (i) cause the termination of the REMIC status of any REMIC formed
      hereunder 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); (h) the Trustee shall pay, from the sources
      specified in this Section 10.12, the amount of any federal, state and local
      taxes, including prohibited transaction taxes as described below, imposed on
      any
      REMIC formed hereunder prior to the termination of the Trust Fund when and
      as
      the same shall be due and payable (but such obligation shall not prevent the
      Trustee or any other appropriate Person from contesting any such tax in
      appropriate proceedings and shall not prevent the Trustee from withholding
      payment of such tax, if permitted by law, pending the outcome of such
      proceedings); (i) the Trustee shall sign or cause to be signed federal, state
      or
      local income tax or information returns or any other document prepared by the
      Trustee pursuant to this Section 10.12 requiring a signature thereon by the
      Trustee; (j) the Trustee shall maintain records relating to each REMIC formed
      hereunder including but not limited to the income, expenses, assets and
      liabilities of each such REMIC and adjusted basis of the Trust Fund property
      determined at such intervals as may be required by the Code, as may be necessary
      to prepare the foregoing returns, schedules, statements or information; (k)
      the
      Trustee shall, for federal income tax purposes, maintain books and records
      with
      respect to the REMICs on a calendar year and on an accrual basis; (l) neither
      the Trustee nor the Master Servicer shall enter into any arrangement not
      otherwise provided for in this Agreement by which the REMICs will receive a
      fee
      or other compensation for services nor permit the REMICs 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; and (m) as and when necessary and appropriate, the Trustee shall represent
      the Trust Fund in any administrative or judicial proceedings relating to an
      examination or audit by any governmental taxing authority, request an
      administrative adjustment as to any taxable year of any REMIC formed hereunder,
      enter into settlement agreements with any governmental taxing agency, extend
      any
      statute of limitations relating to any tax item of the Trust Fund, and otherwise
      act on behalf of each REMIC formed hereunder in relation to any tax matter
      involving any such REMIC.

     

    In
      order
      to enable the Trustee to perform its duties as set forth herein, the Depositor
      shall provide, or cause to be provided, to the Trustee within 10 days after
      the
      Closing Date all information or data that the Trustee requests in writing and
      determines to be relevant for tax purposes to the valuations and offering prices
      of the Certificates, including, without limitation, the price, yield, prepayment
      assumption and projected cash flows of the Certificates and the related Mortgage
      Loans. Thereafter, the Depositor shall provide to the Trustee promptly upon
      written request therefor, any such additional information or data that the
      Trustee may, from time to time, request in order to enable the Trustee to
      perform its duties as set forth herein. The Depositor hereby indemnifies the
      Trustee for any losses, liabilities, damages, claims or expenses of the Trustee
      arising from any errors or miscalculations of the Trustee that result from
      any
      failure of the Depositor to provide, or to cause to be provided, accurate
      information or data to the Trustee on a timely basis.

     

    In
      the
      event that any tax is imposed on “prohibited transactions” of any of REMIC I,
      REMIC II or REMIC III as defined in Section 860F(a)(2) of the Code, on the
“net
      income from foreclosure property” of the Trust Fund as defined in Section
      860G(c) of the Code, on any contribution to any of REMIC I, REMIC II or REMIC
      III after the Startup Day pursuant to Section 860G(d) of the Code, or any other
      tax is imposed, including, without limitation, any federal, state or local
      tax
      or minimum tax imposed upon any of REMIC I, REMIC II or REMIC III and is not
      paid as otherwise provided for herein, such tax shall be paid (i) by the Master
      Servicer or the Trustee, if any such tax arises out of or results from a breach
      by the Master Servicer or the Trustee of any of its obligations under this
      Agreement, provided, however, in no event shall the Master Servicer or the
      Trustee have any liability (1) for any action or omission that is taken in
      accordance with and compliance with the express terms of, or which is expressly
      permitted by the terms of, this Agreement, (2) for any losses other than those
      arising out of a negligent performance by the Master Servicer or the Trustee
      of
      its duties and obligations set forth herein, or (3) for any special or
      consequential damages to Certificateholders (in addition to payment of principal
      and interest on the Certificates), (ii) by
      any party hereto (other than the Master Serviceror the
      Trustee) to the extent any such tax arises out of or
      results from a breach by such other party of any of its obligations under this
      Agreement or (iii) in all other cases, or in the event that any liable party
      hereto fails to honor its obligations under the preceding clauses (i) or (ii),
      first with amounts otherwise to be distributed to the Class R
      Certificateholders, and second with amounts otherwise to be distributed to
      all
      the Holders of the following Certificates in the following order of
      priority:  first, to the Class B-6 Certificates, second, to the Class
      B-5 Certificates, third, to the Class B-4 Certificates, fourth, to the Class
      B-3
      Certificates, fifth, to the Class B-2 Certificates, sixth, to the Class B-1
      Certificates, and seventh, to the Class A Certificates (pro rata based
      on the amounts to be distributed). Notwithstanding anything to the contrary
      contained herein, to the extent that such tax is payable by the Holder of any
      Certificates, the Trustee is hereby authorized to retain on any Distribution
      Date, from the Holders of the Class R Certificates (and, if necessary, second,
      from the Holders of the other Certificates in the priority specified in the
      preceding sentence), funds otherwise distributable to such Holders in an amount
      sufficient to pay such tax. The Trustee shall include in its Remittance Report
      instructions as to distributions to such parties taking into account the
      priorities described in the second preceding sentence. The Trustee shall
      promptly notify in writing the party liable for any such tax of the amount
      thereof and the due date for the payment thereof.

     

    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
      10.13  Indemnification
      of the Trustee.

     

    The
      Trustee agrees to indemnify the Indemnified Persons for, and to hold them
      harmless against, any loss, liability or expense (including reasonable legal
      fees and disbursements of counsel) incurred on their part that may be sustained
      in connection with, arising out of, or relating to, any claim or legal action
      (including any pending or threatened claim or legal action) relating to this
      Agreement (i) related to the Trustee’s failure to perform its duties in
      compliance with this Agreement (except as any such loss, liability or expense
      shall be otherwise reimbursable pursuant to this Agreement) or (ii) incurred
      by
      reason of the Trustee’s willful misfeasance, bad faith or gross negligence in
      the performance of duties hereunder or by reason of reckless disregard of
      obligations and duties hereunder, provided, in each case, that with respect
      to
      any such claim or legal action (or pending or threatened claim or legal action),
      the Trustee shall have given the Master Servicer and the Seller written notice
      thereof promptly after a responsible officer of the Trustee shall have with
      respect to such claim or legal action actual knowledge thereof; provided,
      however, the failure to give such notice shall not relieve the Trustee of its
      indemnification obligations hereunder. This indemnity shall survive the
      resignation or removal of the Trustee and the termination of this
      Agreement.

     

    Section
      10.14  Limitations
      on Liability of the Trustee.

     

    Subject
      to the obligation of the Trustee to indemnify the Indemnified Persons pursuant
      to Section 10.13:

     

    (a)  Neither
      the Trustee nor any of the directors, officers, employees or agents of the
      Trustee shall be under any liability to the Indemnified Persons, the Trust
      Fund
      or the Certificateholders for taking any action or for refraining from taking
      any action in good faith pursuant to this Agreement, or for errors in judgment;
      provided, however, that this provision shall not protect the Trustee or any
      such
      Person against any breach of warranties or representations made herein or any
      liability which would otherwise be imposed by reason of such Person’s willful
      misfeasance, bad faith or gross negligence in the performance of duties or
      by
      reason of reckless disregard of obligations and duties hereunder.

     

    (b)  The
      Trustee and any director, officer, employee or agent of the Trustee 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.

     

    (c)  The
      Trustee and any director, officer, employee or agent of the Trustee shall be
      indemnified by the Trust and held harmless thereby against any loss, liability
      or expense (including reasonable legal fees and disbursements of counsel)
      incurred on their part that may be sustained in connection with, arising out
      of,
      or related to, any claim or legal action (including any pending or threatened
      claim or legal action) relating to this Agreement, the Assignment Agreements,
      the Custodial Agreements, the Certificates or the Servicing
      Agreements.

     

    (d)  The
      Trustee shall not be under any obligation to appear in, prosecute or defend
      any
      legal action that is not incidental to its duties under this Agreement and
      that
      in its opinion may involve it in any expense or liability, provided, however,
      the Trustee 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, the legal expenses and costs of such action and any liability
      resulting therefrom shall be expenses, costs and liabilities of the Trust Fund,
      and the Trustee shall be entitled to be reimbursed therefor out of the
      Distribution Account as provided by Section 5.09.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XI

     

    TERMINATION

     

    Section
      11.01  Termination
      upon Liquidation or Repurchase of all Mortgage Loans.

     

    Subject
      to Section 11.03, the obligations and responsibilities of the Depositor, the
      Master Servicer and the Trustee created hereby with respect to the Trust Fund
      shall terminate upon the earlier of (a) the exercise of the Depositor (or its
      designee) of its right to repurchase all of the Mortgage Loans (and REO
      Properties) remaining in the Trust Fund at a price (the “Mortgage Loan Purchase
      Price”) equal to the sum of (i) 100% of the Stated Principal Balance of each
      Mortgage Loan (other than in respect of REO Property), (ii) accrued interest
      thereon at the applicable Mortgage Rate to, but not including, the first day
      of
      the month of such purchase, (iii) the appraised value of any REO Property in
      the
      Trust Fund (up to the Stated Principal Balance of the related Mortgage Loan),
      such appraisal to be conducted by an appraiser mutually agreed upon by the
      Master Servicer and the Trustee, and (iv) unreimbursed out-of pocket costs
      of
      the Company, the Servicers or the Master Servicer, including unreimbursed
      servicing advances and the principal portion of any unreimbursed Advances,
      made
      on the Mortgage Loans prior to the exercise of such repurchase right, (v) any
      unreimbursed costs and expenses of the Trustee payable pursuant to Section
      10.05, and (b) the later of (i) the maturity or other liquidation (or any
      Advance with respect thereto) of the last Mortgage Loan remaining in the Trust
      Fund and the disposition of all REO Property and (ii) the distribution to
      Certificateholders of all amounts required to be distributed to them pursuant
      to
      this Agreement, as applicable. In no event shall the trusts created hereby
      continue beyond the earlier of (i) 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 and
      (ii) the Latest Possible Maturity Date.

     

    The
      right
      to repurchase all Mortgage Loans and REO Properties by the Depositor or its
      designee pursuant to clause (a) in the preceding paragraph shall be conditioned
      upon the Stated Principal Balance of all of the Mortgage Loans in the Trust
      Fund, at the time of any such repurchase, aggregating 10% or less of the
      aggregate Cut-off Date Principal Balance of all of the Mortgage
      Loans.

     

    Section
      11.02  Final
      Distribution on the Certificates.

     

    If
      on any
      Determination Date, (i) the Master Servicer determines that there are no
      Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
      than the funds in the Distribution Account, the Master Servicer shall direct
      the
      Trustee to send a final distribution notice promptly to each Certificateholder
      or (ii) the Trustee determines that a Class of Certificates shall be retired
      after a final distribution on such Class, the Trustee shall notify the
      Certificateholders within five (5) Business Days after such Determination Date
      that the final distribution in retirement of such Class of Certificates is
      scheduled to be made on the immediately following Distribution Date. Any final
      distribution made pursuant to the immediately preceding sentence will be made
      only upon presentation and surrender of the Certificates at the Corporate Trust
      Office of the Trustee. If the Depositor or its designee elects to terminate
      the
      Trust Fund pursuant to Section 11.01, at least 20 days prior to the date notice
      is to be mailed to the Certificateholders, the Depositor or its designee shall
      notify the Trustee of the date the Depositor or its designee intends to
      terminate the Trust Fund. The Depositor or its designee shall remit the Mortgage
      Loan Purchase Price to the Trustee on the Business Day prior to the Distribution
      Date for such Optional Termination by the Depositor or its
      designee.

     

    Notice
      of
      any termination of the Trust Fund, specifying the Distribution Date on which
      Certificateholders may surrender their Certificates for payment of the final
      distribution and cancellation, shall be given promptly by the Trustee by letter
      to Certificateholders mailed not later than two Business Days after the
      Determination Date in the month of such final distribution. Any such notice
      shall specify (a) the Distribution Date upon which final distribution on the
      Certificates will be made upon presentation and surrender of Certificates at
      the
      office therein designated, (b) the amount of such final distribution, (c) the
      location of the office or agency at which such presentation and surrender must
      be made and (d) that the Record Date otherwise applicable to such Distribution
      Date is not applicable, distributions being made only upon presentation and
      surrender of the Certificates at the office therein specified. The Trustee
      will
      give such notice to each Rating Agency at the time such notice is given to
      Certificateholders.

     

    Upon
      such
      final deposit with respect to the Trust Fund and the receipt by the Custodian
      of
      a Request for Release therefor, the Custodian shall promptly release to the
      Master Servicer, as applicable the Mortgage Files for the Mortgage Loans and
      the
      Trustee shall execute and deliver any documents prepared and delivered to it
      which are necessary to transfer any REO Property.

     

    Upon
      presentation and surrender of the Certificates, the Trustee shall distribute
      to
      Certificateholders of each Class the amounts allocable to such Certificates
      held
      in the Distribution Account in the order and priority set forth in Section
      6.04
      hereof on the final Distribution Date and in proportion to their respective
      Percentage Interests.

     

    In
      the
      event that any affected Certificateholders shall not surrender Certificates
      for
      cancellation within six months after the date specified in the above mentioned
      written notice, the Trustee shall give a second written notice to the remaining
      Certificateholders to surrender their Certificates for cancellation and receive
      the final distribution with respect thereto. If within six months after the
      second notice all the applicable Certificates shall not have been surrendered
      for cancellation, the Trustee may take appropriate steps, or may appoint an
      agent to take appropriate steps, to contact the remaining Certificateholders
      concerning surrender of their Certificates, and the cost thereof shall be paid
      out of the funds and other assets that remain a part of the Trust Fund. If
      within one year after the second notice all Certificates shall not have been
      surrendered for cancellation, the Class R Certificateholders shall be entitled
      to all unclaimed funds and other assets of the Trust Fund that remain subject
      hereto.

     

    Section
      11.03  Additional
      Termination Requirements.

     

    (a)  Upon
      exercise by the Depositor or its designee of its purchase option as provided
      in
      Section 11.01, the Trust Fund shall be terminated in accordance with the
      following additional requirements, unless the Trustee has been supplied with
      an
      Opinion of Counsel addressed to the Trustee at the expense of the Depositor
      or
      its designee to the effect that the failure of the Trust Fund to comply with
      the
      requirements of this Section 11.03 will not (i) result in the imposition of
      taxes on “prohibited transactions” of a REMIC, or (ii) cause a REMIC to fail to
      qualify as a REMIC at any time that any Certificates are
      outstanding:

     

    (1)           The
      Depositor or its designee shall establish a 90-day liquidation period and notify
      the Trustee thereof, and the Trustee shall in turn specify the first day of
      such
      period in a statement attached to the tax return for each of REMIC I, REMIC
      II
      and REMIC III pursuant to Treasury Regulation Section 1.860F-1. The Depositor
      or
      its designee shall satisfy all the requirements of a qualified liquidation
      under
      Section 860F of the Code and any regulations thereunder, as evidenced by an
      Opinion of Counsel addressed to the Trustee obtained at the expense of the
      Depositor or its designee;

     

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

     

    (3)           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, all cash on hand (other than cash retained
      to meet claims), and REMIC I shall terminate at that time.

     

    (b)  By
      their
      acceptance of the Certificates, the Holders thereof hereby authorize the
      adoption of a 90-day liquidation period and the adoption of a plan of complete
      liquidation for each of REMIC I, REMIC II and REMIC III, which authorization
      shall be binding upon all successor Certificateholders.

     

    (c)  The
      Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan
      of
      complete liquidation meeting the requirements for a qualified liquidation under
      Section 860F of the Code and any regulations thereunder upon the written request
      of the Depositor or its designee and the receipt of the Opinion of Counsel
      referred to in Section 11.03(a)(1) and to take such other action in connection
      therewith as may be reasonably requested by the Depositor or its
      designee.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      XII

     

    MISCELLANEOUS
      PROVISIONS

     

    Section
      12.01  Amendment.

     

    This
      Agreement may be amended from time to time by parties hereto without the consent
      of any of the Certificateholders to cure any ambiguity, to conform to the
      language in the Prospectus Supplement, to correct or supplement any provisions
      herein (including to give effect to the expectations of investors), to comply
      with any changes in the Code, to revise any provisions to reflect the
      obligations of the parties to this Agreement as they relate to Regulation AB,
      to
      change the manner in which the Distribution Account maintained by the Trustee
      or
      the Protected Account maintained by the Company is maintained or to make such
      other provisions with respect to matters or questions arising under this
      Agreement as shall not be inconsistent with any other provisions herein if
      such
      action shall not, as evidenced by an Opinion of Counsel addressed to the
      Trustee, adversely affect in any material respect the interests of any
      Certificateholder; provided that any such amendment shall be deemed not to
      adversely affect in any material respect the interests of the Certificateholders
      and no such Opinion of Counsel shall be required if the Person requesting such
      amendment obtains a letter from each Rating Agency stating that such amendment
      would not result in the downgrading or withdrawal of the respective ratings
      then
      assigned to the Certificates or if the purpose of such amendment is to conform
      to the language in the Prospectus Supplement.

     

    Notwithstanding
      the foregoing, without the consent of the Certificateholders, the parties hereto
      may at any time and from time to time amend this Agreement to modify, eliminate
      or add to any of its provisions to such extent as shall be necessary or
      appropriate to maintain the qualification of each of REMIC I, REMIC II or REMIC
      III as a REMIC under the Code or to avoid or minimize the risk of the imposition
      of any tax on any of REMIC I, REMIC II or REMIC III pursuant to the Code that
      would be a claim against any of REMIC I, REMIC II or REMIC III at any time
      prior
      to the final redemption of the Certificates, provided that the Trustee has
      been
      provided an Opinion of Counsel addressed to the Trustee, which opinion shall
      be
      an expense of the party requesting such opinion but in any case shall not be
      an
      expense of the Trustee or the Trust Fund, to the effect that such action is
      necessary or appropriate to maintain such qualification or to avoid or minimize
      the risk of the imposition of such a tax.

     

    This
      Agreement may also be amended from time to time by the parties hereto with
      the
      consent of the Holders of the Certificates evidencing over 50% of the Voting
      Rights of the Certificates or, if applicable, Holders of each Class of
      Certificates affected thereby evidencing over 50% of the Voting Rights of such
      Class or Classes 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 that no such
      amendment shall (i) reduce in any manner the amount of, or delay the timing
      of,
      payments required to be distributed on any Certificate without the consent
      of
      the Holder of such Certificate, (ii) cause any of REMIC I, REMIC II or REMIC
      III to cease to qualify as a REMIC or (iii) reduce the aforesaid
      percentages of Certificates of each Class the Holders of which are required
      to
      consent to any such amendment without the consent of the Holders of all
      Certificates of such Class then outstanding.

     

    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 addressed to the Trustee, which opinion shall be an expense of the
      party
      requesting such amendment but in any case shall not be an expense of the
      Trustee, to the effect that such amendment will not (other than an amendment
      pursuant to clause (ii) of, and in accordance with, the preceding paragraph)
      cause the imposition of any tax on REMIC I, REMIC II or REMIC III or the
      Certificateholders or cause REMIC I, REMIC II or REMIC III to cease to qualify
      as a REMIC at any time that any Certificates are outstanding. Further, nothing
      in this Agreement shall require the Trustee to enter into an amendment without
      receiving an Opinion of Counsel, satisfactory to the Trustee (i) that such
      amendment is permitted and is not prohibited by this Agreement and (ii) that
      all
      requirements for amending this Agreement (including any consent of the
      applicable Certificateholders) have been complied with.

     

    Promptly
      after the execution of any amendment to this Agreement requiring the consent
      of
      Certificateholders, the Trustee shall furnish written notification of the
      substance of such amendment to each Certificateholder and each Rating
      Agency.

     

    It
      shall
      not be necessary for the consent of Certificateholders under this Section 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.

     

    Section
      12.02  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 of the counties
      or other comparable jurisdictions in which any or all of the Mortgaged
      Properties are situated, and in any other appropriate public recording office
      or
      elsewhere. The Master Servicer shall effect such recordation at the Trust’s
      expense upon the request in writing of a Certificateholder, but only if such
      direction is accompanied by an Opinion of Counsel (provided at the expense
      of
      the Certificateholder requesting recordation) to the effect that such
      recordation would materially and beneficially affect the interests of the
      Certificateholders or is required by law.

     

    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
      12.03  Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
      IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (OTHER THAN
      SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).

     

    Section
      12.04  Intention
      of Parties.

     

    It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Notes,
      Mortgages, assignments of Mortgages, title insurance policies and any
      modifications, extensions and/or assumption agreements and private mortgage
      insurance policies relating to the Mortgage Loans by the Seller to the
      Depositor, and by the Depositor to the Trustee be, and be construed as, an
      absolute sale thereof to the Depositor or the Trustee, as applicable. It is,
      further, not the intention of the parties that such conveyance be deemed a
      pledge thereof by the Seller to the Depositor, or by the Depositor to the
      Trustee. However, in the event that, notwithstanding the intent of the parties,
      such assets are held to be the property of the Mortgage Loan Sellers or the
      Depositor, as applicable, or if for any other reason the Mortgage Loan Purchase
      Agreement or this Agreement is held or deemed to create a security interest
      in
      such assets, then (i) the Mortgage Loan Purchase Agreement and this Agreement
      shall each be deemed to be a security agreement within the meaning of the
      Uniform Commercial Code of the State of New York and (ii) the conveyance
      provided for in the Mortgage Loan Purchase Agreement from the Seller to the
      Depositor, and the conveyance provided for in this Agreement from the Depositor
      to the Trustee, shall be deemed to be an assignment and a grant by the Mortgage
      Loan Sellers or the Depositor, as applicable, for the benefit of the
      Certificateholders, of a security interest in all of the assets that constitute
      the Trust Fund, whether now owned or hereafter acquired.

     

    The
      Depositor for the benefit of the Certificateholders shall, to the extent
      consistent with this Agreement, take such actions as may be necessary to ensure
      that, if this Agreement were deemed to create a security interest in the assets
      of the Trust Fund, such security interest would be deemed to be a perfected
      security interest of first priority under applicable law and shall be maintained
      as such throughout the term of the Agreement.

     

    Section
      12.05  Notices.

     

    (a)  The
      Trustee shall use its best efforts to promptly provide notice to each Rating
      Agency with respect to each of the following of which a Responsible Officer
      of
      the Trustee has actual knowledge:

     

    (i)  Any
      material change or amendment to this Agreement;

     

    (ii)  The
      occurrence of any Event of Default that has not been cured;

     

    (iii)  The
      resignation or termination of the Master Servicer or the Trustee and the
      appointment of any successor;

     

    (iv)  The
      repurchase or substitution of Mortgage Loans pursuant to Sections 2.02, 2.03,
      4.21 and 11.01; and

     

    (v)  The
      final
      payment to Certificateholders.

     

    (b)  All
      directions, demands and notices hereunder shall be in writing and shall be
      deemed to have been duly given when delivered at or mailed by registered mail,
      return receipt requested, postage prepaid, or by recognized overnight courier,
      or by facsimile transmission to a number provided by the appropriate party
      if
      receipt of such transmission is confirmed to (i) in the case of the Depositor,
      Bear Stearns Asset Backed Securities I LLC, 383 Madison Avenue, New York, New
      York 10179, Attention: Chief Counsel, and with respect to Regulation AB
      notifications to the Depositor at regabnotifications@bear.com; (ii) in the
      case
      of the Master Servicer, EMC Mortgage Corporation, 2780 Lake Vista Drive,
      Lewisville, Texas 75067 (Facsimile: (214) 626-4889), attention: Michelle Viner
      or such other address as may be hereafter furnished to the other parties hereto
      by the Master Servicer in writing; (iii) in the case of the Seller or the
      Company, EMC Mortgage Corporation, 2780 Lake Vista Drive, Lewisville, Texas
      75067 (Facsimile: (469) 759-4714), attention: General Counsel or such other
      address as may be hereafter furnished to the other parties hereto by the Seller
      or the Company in writing; (iv) in the case of the Trustee, at each Corporate
      Trust Office or such other address as the Trustee may hereafter furnish to
      the
      other parties hereto; and (v) in the case of the Rating Agencies, (x) Moody’s
      Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention:
      Home Equity Monitoring and (y) Standard & Poor’s, 55 Water Street, 41st
      Floor, New York, New York 10041, Attention: Mortgage Surveillance Group. Any
      notice delivered to the Seller, the Master Servicer or the Trustee under this
      Agreement shall be effective only upon receipt. Any notice required or permitted
      to be mailed to a Certificateholder, unless otherwise provided herein, shall
      be
      given by first-class mail, postage prepaid, at the address of such
      Certificateholder 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, whether or not the Certificateholder receives such
      notice.

     

    Section
      12.06  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
      12.07  Assignment.

     

    Notwithstanding
      anything to the contrary contained herein, except as provided pursuant to
      Section 8.07, this Agreement may not be assigned by the Master Servicer, EMC
      (on
      its own behalf as Seller and on behalf of Master Funding) or the
      Depositor.

     

    Section
      12.08  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
      representative or heirs to claim an accounting or to take any action or commence
      any proceeding in any court for a petition or winding up of the Trust Fund,
      or
      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 provided 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 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 party 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 or by availing itself of any
      provisions 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 an Event
      of Default and of the continuance thereof, as hereinbefore provided, the Holders
      of Certificates evidencing not less than 25% of the Voting Rights evidenced
      by
      the Certificates shall also have made written request to 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 60 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 being understood and intended, and being
      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 whatever by virtue or by availing itself
      or
      themselves of any provisions of this Agreement to affect, disturb or prejudice
      the rights of the Holders of any other of the 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
      common benefit of all Certificateholders. For the protection and enforcement
      of
      the provisions of this Section 12.08, each and every Certificateholder, the
      Trustee shall be entitled to such relief as can be given either at law or in
      equity.

     

    Section
      12.09  Inspection
      and Audit Rights.

     

    The
      Master Servicer agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor or the Trustee during the Master Servicer’s
      normal business hours, to examine all the books of account, records, reports
      and
      other papers of the Master Servicer relating to the Mortgage Loans, to make
      copies and extracts therefrom, to cause such books to be audited by independent
      certified public accountants selected by the Depositor or the Trustee and to
      discuss its affairs, finances and accounts relating to such Mortgage Loans
      with
      its officers, employees and independent public accountants (and by this
      provision the Master Servicer hereby authorizes such accountants to discuss
      with
      such representative such affairs, finances and accounts), all at such reasonable
      times and as often as may be reasonably requested. Any out-of-pocket expense
      incident to the exercise by the Depositor or the Trustee of any right under
      this
      Section 12.09 shall be borne by the party requesting such inspection, subject
      to
      such party’s right to reimbursement hereunder (in the case of the Trustee,
      pursuant to Section 10.05 hereof).

     

    The
      Trustee agrees that, on reasonable prior notice, it will permit any
      representative of the Depositor during the Trustee’s normal business hours, to
      examine all the books of account, records, reports and other papers of the
      Trustee relating to the Certificates, to make copies and extracts therefrom,
      to
      cause such books to be audited by independent certified public accountants
      selected by the Depositor and to discuss its affairs, finances and accounts
      relating to such Certificates with its officers, employees and independent
      public accountants (and by this provision the Trustee hereby authorizes such
      accountants to discuss with such representative such affairs, finances and
      accounts), all at such reasonable times and as often as may be reasonably
      requested. Any out-of-pocket expense incident to the exercise by the Depositor
      of any right under this Section 12.09 shall be borne by the party requesting
      such inspection, subject to such party’s right to reimbursement
      hereunder.

     

    Section
      12.10  Certificates
      Nonassessable and Fully Paid.

     

    It
      is the
      intention of the Depositor that Certificateholders shall not be personally
      liable for obligations of the Trust Fund, that the interests in the Trust Fund
      represented by the Certificates shall be nonassessable for any reason
      whatsoever, and that the Certificates, upon due authentication thereof by the
      Trustee pursuant to this Agreement, are and shall be deemed fully
      paid.

     

    *           *           *

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor, the Master Servicer, the Seller, the Company,
      and the Trustee have caused their names to be signed hereto by their respective
      officers thereunto duly authorized as of the day and year first above
      written.

     

    
      
        	 	 	 	 	 	 	
                BEAR
                  STEARNS ASSET BACKED SECURITIES
                  I LLC,

                as
                  Depositor

                 

              
	 	 	 	 	 	 	 	
                
                  /s/
                    Baron Silverstein

                

              
	 	 	 	 	 	 	 	
                Name:   Baron
                  Silverstein

              
	 	 	 	 	 	 	 	
                Title:
                     Vice President

              

      

      

      
        	 	 	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Master Servicer, Seller and Company

                 

              
	 	 	 	 	 	 	
                 

              	
                
                  /s/
                    Jenna Kemp

                

              
	 	 	 	 	 	 	 	
                Name:   
                  Jenna Kemp

              
	 	 	 	 	 	 	 	
                Title:
                     Executive Vice
                  President

              

      

      

      
        	 	 	 	 	 	 	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                as
                  Trustee

                 

              
	 	 	 	 	 	 	 	
                
                  /s/
                    Benjamin F. Jordan

                

              
	 	 	 	 	 	 	 	
                Name:    
                  Benjamin F. Jordan

              
	 	 	 	 	 	 	 	
                Title:
                     Assistant Vice
                  President

              

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	
                STATE
                  OF NEW YORK

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF NEW YORK

              	
                )

              	 

      

    

    

    On
      this
      29th day of June, 2007, before me, a notary public in and for said State,
      appeared _____________, personally known to me on the basis of satisfactory
      evidence to be a Vice President of Bear Stearns Asset Backed Securities I 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 such limited liability company
      and
      acknowledged to me that such limited liability 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 MARYLAND

              	
                )

              	 
	 	
                )

              	
                ss.:

              
	
                COUNTY
                  OF BALTIMORE

              	
                )

              	 

      

    

    

    On
      this
      29th day of June, 2007, before me, a notary public in and for said State,
      appeared ____________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of Wells Fargo Bank,
      National Association that executed the within instrument, and also known to
      me
      to be the person who executed it on behalf of such national banking association,
      and acknowledged to me that such national banking association 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 TEXAS

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF DALLAS

            	
              )

            	 

    

     

    On
      this
      29th day of June, 2007, before me, a notary public in and for said State,
      appeared ________________________, personally known to me on the basis of
      satisfactory evidence to be an authorized representative of EMC Mortgage
      Corporation, one of the corporations that executed the within instrument, and
      also known to me to be the person who executed it on behalf of such 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 CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    [FOR
      CLASS A-1, A-2, A-3, A-4, A-5 AND A-7] THE CERTIFICATE PRINCIPAL BALANCE OF
      THIS
      CERTIFICATE WILL BE DECREASED BY THE PRINCIPAL PAYMENTS HEREON AND REALIZED
      LOSSES ALLOCABLE HERETO AS DESCRIBED IN THE AGREEMENT. ACCORDINGLY, FOLLOWING
      THE INITIAL ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE
      OF
      THIS CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE
      BY
      INQUIRY OF THE TRUSTEE NAMED HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY 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 SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    
      
        	
                Certificate
                  No. 1

              	 	
                [Adjustable
                  Rate][___]%

              
	 	 	 
	
                Class
                  A-[1][2][3][4][5][6][7] Senior

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                June
                  1, 2007

              	 	
                Aggregate
                  Initial Certificate [Principal Balance][Notional Amount] of this
                  Certificate as of the Cut-off Date:

                $[_____________]

              
	 	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 	
                Initial
                  Certificate [Principal Balance][Notional Amount] of this Certificate
                  as of
                  the Cut-off Date: $[_____________]

              
	 	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	 	
                CUSIP:
                  [___________]

              
	 	 	 
	
                Assumed
                  Final Distribution Date:

                July
                  25, 2037

              	 	 
	 	 	 

      

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

     

    
      
        	
                evidencing
                  a percentage interest in the distributions allocable to the Class
                  A-[1][2][3][4][5][6][7] Certificates with respect to a Trust Fund
                  consisting primarily of  a pool of conventional, one- to
                  four-family, fixed interest rate mortgage loans sold by BEAR STEARNS
                  ASSET
                  BACKED SECURITIES I LLC.

              

      

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS
      I.  EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement, dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company and Wells Fargo Bank, National Association, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which
      such
      Holder is bound.

     

    [For
      Class A-1, A-2, A-3 and A-4] Interest on this Certificate will accrue during
      the
      month prior to the month in which a Distribution Date (as hereinafter defined)
      occurs on the Certificate Principal Balance hereof at a per annum rate equal
      to
      the Pass-Through Rate set forth above and as further described in the Agreement.
      The Trustee will distribute on the 25th day of each month, or, if such 25th
      day
      is not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last day (or if such last day is not a Business Day, the
      Business Day immediately preceding such last day) of the calendar month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amount (of interest and principal, if any) required to be distributed
      to
      the Holders of Certificates of the same Class as this Certificate. The Assumed
      Final Distribution Date is the Distribution Date in the month following the
      latest scheduled maturity date of any Mortgage Loan and is not likely to be
      the
      date on which the Certificate Principal Balance of this Class of Certificates
      will be reduced to zero.

     

    [For
      Class A-5 and Class A-7] Interest on this Certificate will accrue from and
      including the 25th day of the calendar month preceding the month in which a
      Distribution Date (as hereinafter defined) occurs to and including the 24th
      day
      of the calendar month in which that Distribution Date occurs on the Certificate
      Principal Balance hereof at a per annum rate equal to the Pass-Through Rate
      set
      forth above and as further described in the Agreement. The Trustee will
      distribute on the 25th day of each month, or, if such 25th day is not a Business
      Day, the immediately following Business Day (each, a “Distribution Date”),
      commencing on the First Distribution Date specified above, to the Person in
      whose name this Certificate is registered at the close of business on the
      Business Day immediately preceding such Distribution Date so long as such
      Certificate remains in book-entry form (and otherwise, the close of business
      on
      the last Business Day of the month immediately preceding the month of such
      Distribution Date), an amount equal to the product of the Percentage Interest
      evidenced by this Certificate and the amount (of interest and principal, if
      any)
      required to be distributed to the Holders of Certificates of the same Class
      as
      this Certificate. The Assumed Final Distribution Date is the Distribution Date
      in the month immediately following the month of the latest scheduled maturity
      date of any Mortgage Loan and is not likely to be the date on which the
      Certificate Principal Balance of this Class of Certificates will be reduced
      to
      zero.

     

    [For
      Class A-6] Interest on this Certificate will accrue from and including the
      25th
      day of the calendar month preceding the month in which a Distribution Date
      (as
      hereinafter defined) occurs to and including the 24th day of the calendar month
      in which that Distribution Date occurs on the Certificate Notional Amount hereof
      at a per annum rate equal to the Pass-Through Rate set forth above and as
      further described in the Agreement. The Trustee will distribute on the 25th
      day
      of each month, or, if such 25th day is not a Business Day, the immediately
      following Business Day (each, a “Distribution Date”), commencing on the First
      Distribution Date specified above, to the Person in whose name this Certificate
      is registered at the close of business on the Business Day immediately preceding
      such Distribution Date so long as such Certificate remains in book-entry form
      (and otherwise, the close of business on the last Business Day of the month
      immediately preceding the month of such Distribution Date), an amount equal
      to
      the product of the Percentage Interest evidenced by this Certificate and the
      amount (of interest, if any) required to be distributed to the Holders of
      Certificates of the same Class as this Certificate. The Assumed Final
      Distribution Date is the Distribution Date in the month immediately following
      the month of the latest scheduled maturity date of any Mortgage Loan and is
      not
      likely to be the date on which the Certificate Notional Amount of this Class
      of
      Certificates will be reduced to zero.  The Class A-6 Certificates have
      no Certificate Principal Balance.

     

     [For
      Class A-1, A-2, A-3, A-4, A-5 and A-7] Distributions on this Certificate will
      be
      made by the Trustee by check mailed to the address of the Person entitled
      thereto as such name and address shall appear on the Certificate Register or,
      if
      such Person so requests by notifying the Trustee in writing as specified in
      the
      Agreement, by wire transfer. Notwithstanding the above, the final distribution
      on this Certificate will be made after due notice by the Trustee of the pendency
      of such distribution and only upon presentation and surrender of this
      Certificate at the office or agency appointed by the Trustee for that purpose
      and designated in such notice. The Initial Certificate Principal Balance of
      this
      Certificate is set forth above. The Certificate Principal Balance hereof will
      be
      reduced to the extent of distributions allocable to principal hereon and any
      Realized Losses allocable thereto.

     

    [For
      Class A-6] Distributions on this Certificate will be made by the Trustee by
      check mailed to the address of the Person entitled thereto as such name and
      address shall appear on the Certificate Register or, if such Person so requests
      by notifying the Trustee in writing as specified in the Agreement, by wire
      transfer. Notwithstanding the above, the final distribution on this Certificate
      will be made after due notice by the Trustee of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at
      the
      office or agency appointed by the Trustee for that purpose and designated in
      such notice. The Initial Certificate Notional Amount of this Certificate is
      set
      forth above.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection
      therewith.  The Depositor, the Master Servicer, the Trustee and any
      agent of any of them may treat the Person in whose name this Certificate is
      registered as the owner hereof for all purposes, and none of Depositor, the
      Master Servicer, the Trustee or any such agent shall be affected by notice
      to
      the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and  disposition of
      all property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    
 

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class A-[1][2][3][4][5][6][7] Certificates referred to in the
      within-mentioned Agreement.

     

    
      	 	
              
                WELLS
                  FARGO BANK,

                NATIONAL
                  ASSOCIATION,

                as
                  Trustee

              

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    
 

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    This
      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-2

    

    FORM
      OF CLASS X CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
      DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE TO CEDE & CO., ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
      HEREIN.

     

    

    
      	
              Certificate
                No.1

            	 	
              Variable

            
	 	 	 
	
              Class
                X Senior

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              June
                1, 2007

            	 	
              Aggregate
                Initial Certificate Notional Amount of this Certificate as of the
                Cut-off
                Date:

              $[________]

            
	 	 	 
	
              First
                Distribution Date:

              July
                25, 2007

            	 	
              Initial
                Certificate Notional Amount of this Certificate as of the Cut-off
                Date:

              $[________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              July
                25, 2037

            	 	 

    

     

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

     

    
      
        	
                evidencing
                  a percentage interest in the distributions allocable to the Class
                  X
                  Certificates with respect to a Trust Fund consisting primarily
                  of a pool
                  of conventional, one- to four-family, fixed interest rate mortgage
                  loans
                  sold by BEAR STEARNS ASSET BACKED SECURITIES I
                  LLC.

              

      

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer, the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them 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 its acceptance hereof
      assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Notional Amount hereof
      at a per annum rate equal to the Pass-Through Rate set forth above and as
      further described in the Agreement. The Trustee will distribute on the 25th day of
      each month,
      or, if such 25th day is not a Business Day, the immediately following Business
      Day (each, a “Distribution Date”), commencing on the First Distribution Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the calendar
      month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    Each
      holder of a Certificate or beneficial ownership shall be deemed to have made
      the
      representations set forth in section 7.02(b) of the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with Trustee upon surrender
      of
      this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	
              WELLS
                FARGO BANK, NATIONAL

              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

     

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class X Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, NATIONAL

              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    

     

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    This
      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-3

    

    FORM
      OF CLASS PO CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON.   ACCORDINGLY, FOLLOWING THE INITIAL
      ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE
      BY
      INQUIRY OF THE TRUSTEE NAMED HEREIN.

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CERTIFICATE ISSUED WILL BE REGISTERED IN THE NAME OF CEDE
      & CO. OR SUCHOTHER NAME AS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT WILL BE MADE
      TO
      CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
      BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

    

    
      	
              Certificate
                No.1

            	 	
              Pass-Through
                Rate: 0.000%

            
	 	 	 
	
              Class
                PO Senior

            	 	 
	 	 	 
	
              Date
                of Pooling and Servicing Agreement and Cut-off Date:

              June
                1, 2007

            	 	
              Aggregate
                Initial Certificate Principal Balance of this Certificate as of the
                Cut-off Date:

              $[_____________]

            
	 	 	 
	
              First
                Distribution Date:

              July
                25, 2007

            	 	
              Initial
                Certificate Principal Balance of this Certificate as of the Cut-off
                Date:
$[_____________]

            
	 	 	 
	
              Master
                Servicer:

              EMC
                Mortgage Corporation

            	 	
              CUSIP:
                [____________]

            
	 	 	 
	
              Assumed
                Final Distribution Date:

              July
                25, 2037

            	 	 

    

     

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

    
       

      
        
          	
                  evidencing
                    a percentage interest in the distributions allocable to the Class
                    PO
                    Certificates with respect to a Trust Fund consisting primarily
                    of a pool
                    of conventional, one- to four-family, fixed interest rate mortgage
                    loans
                    sold by BEAR STEARNS ASSET BACKED SECURITIES I
                    LLC.

                

        

      

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer, the
      Trustee  or any of their affiliates or any other person. None
      of  Bear Stearns Asset Backed Securities I LLC, the Master Servicer or
      any of their affiliates will have any obligation with respect to any certificate
      or other obligation secured by or payable from payments on the
      Certificates.

     

    This
      certifies that Cede & Co. is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them 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 its acceptance hereof
      assents and by which such Holder is bound.

     

    The
      Trustee will distribute on the 25th day of
      each month,
      or, if such 25th day is not a Business Day, the immediately following Business
      Day (each, a “Distribution Date”), commencing on the First Distribution Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the calendar
      month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	WELLS
              FARGO BANK, NATIONAL
              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

     

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class PO Certificates referred to in the within-mentioned
      Agreement.

    
       

      
        	
                 

              	WELLS
                FARGO BANK, NATIONAL
                ASSOCIATION,

                as
                  Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	
                Authorized
                  Signatory

              	 

      

       

    

     

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    This
      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-4

    

    FORM
      OF CLASS R[-1][-2][-3] CERTIFICATES

     

    THIS
      CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
      OR A
      DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A “RESIDUAL 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”).

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
      (AS DEFINED BELOW) OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE
      AGREEMENT, SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS
      CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT
      IN ANY NON-EXEMPT PROHIBITED TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE
      RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF
      THE CODE AND WILL NOT SUBJECT THE TRUSTEE, MASTER SERVICER OR THE DEPOSITOR
      TO
      ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
      AGREEMENT.

     

    ANY
      RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
      IF
      THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE TRUSTEE THAT (1)
      SUCH TRANSFEREE IS NOT (A) 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), (B) A
      FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
      INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) 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 UNLESS SUCH ORGANIZATION
      IS
      SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING THE TAX IMPOSED
      BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE INCOME), (D) RURAL
      ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION 1381(a)(2)(C) OF THE
      CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION 775(a) OF THE CODE (ANY
      SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C), (D) OR (E) BEING
      HEREIN REFERRED TO AS A “DISQUALIFIED ORGANIZATION”), OR (F) AN AGENT OF A
      DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
      ASSESSMENT OR COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES CERTAIN
      ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED
      TRANSFEREE AND (4) SUCH TRANSFEREE IS A UNITED STATES
      PERSON.  NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER
      OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED
      ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION OR A NON-UNITED STATES
      PERSON, 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 OF
      THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
      PARAGRAPH.

     

    
      
        	
                Certificate
                  No. 1

              	 	
                Pass-Through
                  Rate: _____%

              
	 	 	 
	
                Class
                  R[-1][-2][-3]

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                June
                  1, 2007

              	 	
                Aggregate
                  Initial Current Principal Balance of this Certificate as of the
                  Cut-off
                  Date:

                $______________

              
	 	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 	
                Initial
                  Current Principal Balance of this Certificate as of the Cut-off
                  Date:
$______________

              
	 	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	 	CUSIP:
                [____________]
	 	 	
                 

              
	
                Assumed
                  Final Distribution Date:

                July
                  25, 2037

              	 	 

      

    

     

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

     

    
      	evidencing
              a percentage interest in the distributions allocable to the Class
              R[-1][-2][-3] Certificates with respect to a Trust Fund consisting
              primarily of a pool of conventional, one- to four-family, fixed interest
              rate mortgage loans sold by BEAR STEARNS ASSET BACKED SECURITIES I
              LLC.

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Percentage Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      generally consisting of conventional, first lien, fixed rate mortgage loans
      secured by one- to four- family residences (collectively, the “Mortgage Loans”)
      sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
      BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company and Wells Fargo Bank, National Association, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions set forth in the Agreement to the effect that (i) each person
      holding or acquiring any Ownership Interest in this Certificate must be a
      Permitted Transferee, (ii) the transfer of any Ownership Interest in this
      Certificate will be conditioned upon the delivery to the Trustee of, among
      other
      things, an affidavit to the effect that it is a Permitted Transferee, (iii)
      any
      attempted or purported transfer of any Ownership Interest in this Certificate
      in
      violation of such restrictions will be absolutely null and void and will vest
      no
      rights in the purported transferee, and (iv) if any person other than a
      Permitted Transferee acquires any Ownership Interest in this Certificate in
      violation of such restrictions, then the Depositor will have the right, in
      its
      sole discretion and without notice to the Holder of this Certificate, to sell
      this Certificate to a purchaser selected by the Depositor, which purchaser
      may
      be the Depositor, or any affiliate of the Depositor, on such terms and
      conditions as the Depositor may choose.

     

    The
      Trustee will distribute on the 25th day of each month, or, if such 25th day
      is
      not a Business Day, the immediately following Business Day (each, a
“Distribution Date”), commencing on the First Distribution Date specified above,
      to the Person in whose name this Certificate is registered at the close of
      business on the last day (or if such last day is not a Business Day, the
      Business Day immediately preceding such last day) of the calendar month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    No
      transfer of this Certificate shall be made to any person, unless the transferee
      provides either (i) a certification pursuant to section 7.02(b) of the Agreement
      or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
      satisfactory to the Trustee that the purchase and holding of this Certificate
      are permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transactions under Section 406 ERISA or Section 4975
      of
      the Code and will not subject the Trustee, Master Servicer or the Depositor
      to
      any obligation or liability in addition to those undertaken in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection therewith. The
      Depositor, the Master Servicer, the Trustee and any agent of any of them may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and none of the Depositor, the Master Servicer, the
      Trustee or any such agent shall be affected by notice to the
      contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and  disposition of
      all property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class R[-1][-2][-3]Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, NATIONAL

              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    

     

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    This
      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 B CERTIFICATES

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [,]
      [AND] [CLASS B-1 CERTIFICATES] [,] [AND] [CLASS B-2 CERTIFICATES] [,] [AND]
      [CLASS B-3 CERTIFICATES] [,] [AND] [CLASS B-4 CERTIFICATES] [AND] [CLASS B-5
      CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON AND REALIZED LOSSES ALLOCABLE HERETO AS DESCRIBED
      IN
      THE AGREEMENT. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES,
      THE CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DIFFERENT FROM
      THE
      DENOMINATION SHOWN BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS
      CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE TRUSTEE NAMED
      HEREIN.

     

    [FOR
      CLASS B-1,
      B-2 AND B-3][UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 SUCH OTHER NAME AS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
      MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
      CEDE & CO., HAS AN INTEREST HEREIN.]

     

    [FOR
      CLASS B-1,
      B-2 AND B-3] [EACH HOLDER OF A CERTIFICATE OR BENEFICIAL OWNERSHIP SHALL
      BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION 7.02(b) OF
      THE
      AGREEMENT.]

     

    [FOR
      CLASS B-4,
      B-5 AND B-6][THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE
      SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES
      THAT
      THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
      ONLY
      IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT
      TO
      RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
      (A
“QIB”), PURCHASING FOR ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A
      QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
      PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT
      TO
      AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE)
      OR (3) IN CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
      MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL
      OF
      THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
      AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION OF COUNSEL AS TO
      COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES. THIS
      CERTIFICATE MAY NOT BE ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF,
      AN
      EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE
      I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
      4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE TRANSFEREE
      CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND HOLDING OF A CERTIFICATE
      AND THE SERVICING, MANAGEMENT AND OPERATION OF THE TRUST AND ITS ASSETS: (I)
      WILL NOT RESULT IN ANY PROHIBITED TRANSACTION WHICH IS NOT COVERED UNDER AN
      INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION, INCLUDING, BUT NOT LIMITED
      TO, PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 84-14,
      PTCE  91-38, PTCE 90-1, PTCE 95-60 OR PTCE 96-23 AND (II) WILL NOT
      GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE DEPOSITOR, THE MASTER
      SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED REPRESENTED BY AN OWNER OF A
      BOOK-ENTRY CERTIFICATE OR A GLOBAL CERTIFICATE, OR PROVIDES AN OPINION OF
      COUNSEL TO SUCH EFFECT.]

     

    
      
        	
                Certificate
                  No. 1

              	 	
                Variable
                  Rate

              
	 	 	 
	
                Class
                  B-[1][2][3][4][5][6] Subordinate

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                June
                  1, 2007

              	 	
                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $[________________]

              
	 	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $[________________]

              
	 	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	 	
                CUSIP:
                  [_______________]

              
	 	 	 
	
                Assumed
                  Final Distribution Date:

                July
                  25, 2037

              	 	 

      

    

     

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

     

    
      	evidencing
              a percentage interest in the distributions allocable to the Class
              B-[1][2][3][4][5][6] Certificates with respect to a Trust Fund consisting
              primarily of a pool of conventional, one- to four-family, fixed interest
              rate mortgage loans sold by BEAR STEARNS ASSET BACKED SECURITIES I
              LLC.

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer or the Trustee or
      any
      of their affiliates or any other person. None of Bear Stearns Asset Backed
      Securities I LLC, the Master Servicer or any of their affiliates will have
      any
      obligation with respect to any certificate or other obligation secured by or
      payable from payments on the Certificates.

     

    This
      certifies that ___________ is the registered owner of the Percentage Interest
      evidenced hereby in the beneficial ownership interest of Certificates of the
      same Class as this Certificate in a trust (the “Trust Fund”) generally
      consisting of conventional, first lien, fixed rate mortgage loans secured by
      one- to four- family residences (collectively, the “Mortgage Loans”) sold by
      Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were
      sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. EMC
      will act as master servicer of the Mortgage Loans (the “Master Servicer,” which
      term includes any successors thereto under the Agreement referred to below).
      The
      Trust Fund was created pursuant to the Pooling and Servicing Agreement dated
      as
      of the Cut-off Date specified above (the “Agreement”), among BSABS I, as
      depositor (the “Depositor”), EMC, as Master Servicer, seller and company and
      Wells Fargo Bank, National Association, as trustee (the “Trustee”), a summary of
      certain of the pertinent provisions of which is set forth hereafter. To the
      extent not defined herein, capitalized terms used herein shall have the meaning
      ascribed to them 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 its acceptance hereof
      assents and by which such Holder is bound.

     

    Interest
      on this Certificate will accrue during the month prior to the month in which
      a
      Distribution Date (as hereinafter defined) occurs on the Certificate Principal
      Balance hereof at a per annum rate equal to the Pass-Through Rate set forth
      above and as further described in the Agreement. The Trustee will distribute
      on
      the 25th day of each month, or, if such 25th day is not a Business Day, the
      immediately following Business Day (each, a “Distribution Date”), commencing on
      the First Distribution Date specified above, to the Person in whose name this
      Certificate is registered at the close of business on the last day (or if such
      last day is not a Business Day, the Business Day immediately preceding such
      last
      day) of the calendar month immediately preceding the month in which the
      Distribution Date occurs, an amount equal to the product of the Percentage
      Interest evidenced by this Certificate and the amount (of interest and
      principal, if any) required to be distributed to the Holders of Certificates
      of
      the same Class as this Certificate. The Assumed Final Distribution Date is
      the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan and is not likely to be the date on which the Certificate
      Principal Balance of this Class of Certificates will be reduced to
      zero.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice. The Initial Certificate
      Principal Balance of this Certificate is set forth above. The Certificate
      Principal Balance hereof will be reduced to the extent of distributions
      allocable to principal hereon and any Realized Losses allocable
      hereto.

     

    [For
      Class B-4, B-5 and B-6] [No transfer of this Class B-4, B-5 and B-6] Certificate
      will be made unless such transfer is (i) exempt from the registration
      requirements of the Securities Act of 1933, as amended, and any applicable
      state
      securities laws or is made in accordance with said Act and laws and (ii) made
      in
      accordance with Section 7.02 of the Agreement.  In the event that such
      transfer is to be made the Trustee shall register such transfer if, (i) made
      to
      a transferee who has provided the Trustee with evidence as to its QIB status;
      or
      (ii) (A) the transferor has advised the Trustee in writing that the Certificate
      is being transferred to an Institutional Accredited Investor and (B) prior
      to
      such transfer the transferee furnishes to the Trustee an Investment Letter;
      provided that if based upon an Opinion of Counsel to the effect that (A) and
      (B)
      above are not sufficient to confirm that such transfer is being made pursuant
      to
      an exemption from, or in a transaction not subject to, the registration
      requirements of the Securities Act and other applicable laws, the Trustee shall
      as a condition of the registration of any such transfer require the transferor
      to furnish such other certifications, legal opinions or other information prior
      to registering the transfer of this Certificate as shall be set forth in such
      Opinion of Counsel.]

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    [For
      Class B-1, B-2 and B-3] [Each holder of a Certificate or beneficial ownership
      shall be deemed to have made the representations set forth in section 7.02(b)
      of
      the Agreement.]

     

    [For
      Class B-4, B-5 and B-6] [This Certificate may not be acquired directly or
      indirectly by, or on behalf of, an employee benefit plan or other retirement
      arrangement which is subject to Title I of the Employee Retirement Income
      Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code
      of 1986, as amended, unless the transferee certifies or represents that the
      proposed transfer and holding of a Certificate and the servicing, management
      and
      operation of the trust and its assets: (i) will not result in any prohibited
      transaction which is not covered under an individual or class prohibited
      transaction exemption, including, but not limited to, Prohibited Transaction
      Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 or PTCE 96-23
      and (ii) will not give rise to any additional obligations on the part of the
      Depositor, the Master Servicer or the Trustee, which will be deemed represented
      by an owner of a Book-Entry Certificate or a Global Certificate, or an Opinion
      of Counsel specified in section 7.02 of the Agreement is provided. This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.]

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection
      therewith.  The Depositor, the Master Servicer, the Trustee and any
      agent of any of them may treat the Person in whose name this Certificate is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Master Servicer, the Trustee or any such agent shall be affected by notice
      to
      the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and  disposition of
      all property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class B-[1][2][3][4][5][6] Certificates referred to in the
      within-mentioned Agreement.

     

    
      	 	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

     

     

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    This
      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-6

    

    FORM
      OF CLASS P CERTIFICATES

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL BE DECREASED BY THE
      PRINCIPAL PAYMENTS HEREON.   ACCORDINGLY, FOLLOWING THE INITIAL
      ISSUANCE OF THE CERTIFICATES, THE CERTIFICATE PRINCIPAL BALANCE OF THIS
      CERTIFICATE WILL BE DIFFERENT FROM THE DENOMINATION SHOWN BELOW. ANYONE
      ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CERTIFICATE PRINCIPAL BALANCE
      BY
      INQUIRY OF THE TRUSTEE NAMED HEREIN.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT
      OF
      1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS. THE HOLDER
      HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
      REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
      THE
      ACT AND OTHER APPLICABLE LAWS AND ONLY (1) PURSUANT TO RULE 144A UNDER THE
      ACT
      (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED
      INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR
      ITS OWN ACCOUNT OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER
      HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION FROM
      REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR (3) IN
      CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE MEANING
      THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY IN WHICH ALL OF THE
      EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION D UNDER THE ACT
      PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE ACT, SUBJECT TO (A) THE
      RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY IN THE FORM PROVIDED IN THE
      AGREEMENT (AS DEFINED BELOW) AND (B) THE RECEIPT BY THE TRUSTEE OF AN OPINION
      OF
      COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED
      STATES.

     

    NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
      PROVIDES EITHER (I) A CERTIFICATION PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT
      OR (II) AN OPINION OF COUNSEL PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY
      TO THE TRUSTEE THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE
      UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED
      TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
      OF
      1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
      TRUSTEE, MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION OR LIABILITY IN
      ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

     

    
      
        	
                Certificate
                  No. 1

              	 	
                Percentage
                  Interest: 100%

              
	 	 	 
	
                Class
                  P

              	 	 
	 	 	 
	
                Date
                  of Pooling and Servicing Agreement and Cut-off Date:

                June
                  1, 2007

              	 	
                Aggregate
                  Initial Certificate Principal Balance of this Certificate as of
                  the
                  Cut-off Date:

                $100.00

                 

              
	 	 	 
	
                First
                  Distribution Date:

                July
                  25, 2007

              	 	
                Initial
                  Certificate Principal Balance of this Certificate as of the Cut-off
                  Date:

                $100.00

                 

              
	 	 	 
	
                Master
                  Servicer:

                EMC
                  Mortgage Corporation

              	 	
                CUSIP:
                  [_________________]

              
	 	 	 
	
                Assumed
                  Final Distribution Date:

                July
                  25, 2037

              	 	 

      

    

     

    ASSET-BACKED
      CERTIFICATE

    SERIES
      2007-AC5

     

    
      	
              evidencing
                a percentage interest in the distributions allocable to the Class
                P
                Certificates with respect to a Trust Fund consisting primarily of
                a pool
                of conventional, one- to four-family, fixed interest rate mortgage
                loans
                sold by BEAR STEARNS ASSET BACKED SECURITIES I
                LLC.

            

    

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Bear Stearns Asset Backed Securities
      I
      LLC, the Master Servicer or the Trustee referred to below or any of their
      affiliates or any other person. Neither this Certificate nor the underlying
      Mortgage Loans are guaranteed or insured by any governmental entity or by Bear
      Stearns Asset Backed Securities I LLC, the Master Servicer, the
      Trustee  or any of their affiliates or any other person. None
      of  Bear Stearns Asset Backed Securities I LLC, the Master Servicer or
      any of their affiliates will have any obligation with respect to any certificate
      or other obligation secured by or payable from payments on the
      Certificates.

     

    This
      certifies that Bear, Stearns Securities Corp. is the registered owner of the
      Percentage Interest evidenced hereby in the beneficial ownership interest of
      Certificates of the same Class as this Certificate in a trust (the “Trust Fund”)
      generally consisting of conventional, first lien, fixed rate mortgage loans
      secured by one- to four- family residences (collectively, the “Mortgage Loans”)
      sold by Bear Stearns Asset Backed Securities I LLC (“BSABS I”). The Mortgage
      Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to
      BSABS I. EMC will act as master servicer of the Mortgage Loans (the “Master
      Servicer,” which term includes any successors thereto under the Agreement
      referred to below). The Trust Fund was created pursuant to the Pooling and
      Servicing Agreement dated as of the Cut-off Date specified above (the
“Agreement”), among BSABS I, as depositor (the “Depositor”), EMC, as Master
      Servicer, seller and company and Wells Fargo Bank, National Association, as
      trustee (the “Trustee”), a summary of certain of the pertinent provisions of
      which is set forth hereafter. To the extent not defined herein, capitalized
      terms used herein shall have the meaning ascribed to them 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 its acceptance hereof assents and by which such Holder is
      bound.

     

    The
      Trustee will distribute on the 25th day of
      each month,
      or, if such 25th day is not a Business Day, the immediately following Business
      Day (each, a “Distribution Date”), commencing on the First Distribution Date
      specified above, to the Person in whose name this Certificate is registered
      at
      the close of business on the last day (or if such last day is not a Business
      Day, the Business Day immediately preceding such last day) of the calendar
      month
      immediately preceding the month in which the Distribution Date occurs, an amount
      equal to the product of the Percentage Interest evidenced by this Certificate
      and the amounts required to be distributed to the Holders of Certificates of
      the
      same Class as this Certificate. The Assumed Final Distribution Date is the
      Distribution Date in the month following the latest scheduled maturity date
      of
      any Mortgage Loan.

     

    Distributions
      on this Certificate will be made by the Trustee by check mailed to the address
      of the Person entitled thereto as such name and address shall appear on the
      Certificate Register or, if such Person so requests by notifying the Trustee
      in
      writing as specified in the Agreement, by wire transfer. Notwithstanding the
      above, the final distribution on this Certificate will be made after due notice
      by the Trustee of the pendency of such distribution and only upon presentation
      and surrender of this Certificate at the office or agency appointed by the
      Trustee for that purpose and designated in such notice.

     

    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
      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
      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 D and either E or F, as applicable, 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 or the Master
      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. Neither the Depositor nor the Trustee 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 Depositor, the
      Seller and the Master 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 shall be made to any person, unless the transferee
      provides either (i) a certification pursuant to section 7.02(b) of the Agreement
      or an (ii) Opinion of Counsel pursuant to section 7.02(b) of the Agreement,
      satisfactory to the Trustee that the purchase and holding of this Certificate
      are permissible under applicable law, will not constitute or result in any
      non-exempt prohibited transactions under Section 406 ERISA or Section 4975
      of
      the Code and will not subject the Trustee, Master Servicer or the Depositor
      to
      any obligation or liability in addition to those undertaken in the
      Agreement.

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      set
      forth on the face hereof (the “Certificates”). The Certificates, in the
      aggregate, evidence the entire beneficial ownership interest in the Trust Fund
      formed pursuant to the Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the Trust Fund for payment hereunder and that the Trustee is
      not
      liable to the Certificateholders for any amount payable under this Certificate
      or the Agreement or, except as expressly provided in the Agreement, subject
      to
      any liability under the Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced hereby, and the rights, duties and immunities
      of the Trustee.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Depositor
      and
      the rights of the Certificateholders under the Agreement from time to time
      by
      the parties thereto with the consent of the Holders of the Certificates
      evidencing over 50% of the Voting Rights of the Certificates, or with the
      consent of the Holders of the Class or Classes of Certificates affected thereby
      evidencing over 50% of the Voting Rights of such Class or Classes, as
      applicable.  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 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 with the Trustee upon surrender
      of this Certificate for registration of transfer at the offices or agencies
      maintained by the Trustee for such purposes, duly endorsed by, or accompanied
      by
      a written instrument of transfer in form satisfactory to the Trustee duly
      executed by the Holder hereof or such Holder’s attorney duly authorized in
      writing, and thereupon one or more new Certificates in authorized denominations
      representing a like aggregate Percentage Interest will be issued to the
      designated transferee.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      the
      Classes and denominations specified in the Agreement. As provided in the
      Agreement and subject to certain limitations therein set forth, this Certificate
      is exchangeable for one or more new Certificates evidencing the same Class
      and
      in the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made to the Certificateholders for any such registration
      of transfer, but the Trustee may require payment of a sum sufficient to cover
      any tax or other governmental charge payable in connection
      therewith.  The Depositor, the Master Servicer, the Trustee and any
      agent of any of them may treat the Person in whose name this Certificate is
      registered as the owner hereof for all purposes, and none of the Depositor,
      the
      Master Servicer, the Trustee or any such agent shall be affected by notice
      to
      the contrary.

     

    The
      obligations created by the Agreement and the Trust Fund created thereby (other
      than the obligations to make payments to Certificateholders with respect to
      the
      termination of the Agreement) shall terminate upon the earlier of (i) the later
      of (A) the maturity or other liquidation (or Advance with respect thereto)
      of
      the last Mortgage Loan remaining in the Trust Fund and disposition of all
      property acquired upon foreclosure or deed in lieu of foreclosure of any
      Mortgage Loan and (B) the remittance of all funds due under the Agreement,
      or
      (ii) the optional repurchase by the party named in the Agreement of all the
      Mortgage Loans and other related assets of the Trust Fund in accordance with
      the
      terms of the Agreement.  Such optional repurchase may be made only on
      or after the first Distribution Date on which the aggregate Stated Principal
      Balance of the Mortgage Loans is less than or equal to a certain percentage
      of
      the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off
      Date as set forth in the Agreement. The exercise of such right will effect
      the
      early retirement of the Certificates. In no event, however, will the Trust
      Fund
      created by the Agreement continue beyond the earlier of (i) the expiration
      of 21
      years after the death of certain persons identified in the Agreement and (ii)
      the Latest Possible Maturity Date (as defined in the Agreement).

     

    Unless
      this Certificate has been countersigned by an authorized signatory of the
      Trustee 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 Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                June 29, 2007

            	
              WELLS
                FARGO BANK, NATIONAL

              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

     

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is
      one of the Class P Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	
              WELLS
                FARGO BANK, NATIONAL

              ASSOCIATION,

              as
                Trustee

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              Authorized
                Signatory

            	 

    

     

    

    ASSIGNMENT

    

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
      __________________________________ (Please print or typewrite name and address
      including postal zip code of assignee) a Percentage Interest evidenced by the
      within Asset-Backed Certificate and hereby authorizes the transfer of
      registration of such interest to assignee on the Certificate Register of the
      Trust Fund.

    

    I
      (We)
      further direct the Certificate Registrar to issue a new Certificate of a like
      denomination 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

    

    

    This
      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

    

    MORTGAGE
      LOAN SCHEDULE

     

    
                                    SERVICER_NAME                         CITY1                                         STATE
---------------------------------------------------------------------------------------------------------------------------
                              EMC MORTGAGE                          Kailua Kona                                   HI
                              GREENPOINT                            SHASTA LAKE                                   CA
                              GREENPOINT                            CONCORD                                       NC
                              GREENPOINT                            WEST POINT                                    NE
                              GREENPOINT                            AMERICAN FORK                                 UT
                              GREENPOINT                            LOS ANGELES                                   CA
                              GREENPOINT                            OGDEN                                         UT
                              GREENPOINT                            WEST JORDAN                                   UT
                              GREENPOINT                            WEST JORDAN                                   UT
                              GREENPOINT                            CHICAGO                                       IL
                              GREENPOINT                            SPRING GROVE                                  PA
                              GREENPOINT                            DENVER                                        CO
                              GREENPOINT                            DOWNERS GROVE                                 IL
                              GREENPOINT                            WEST JORDAN                                   UT
                              GREENPOINT                            DETROIT                                       MI
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              NATIONAL CITY                         PLANO                                         TX
                              EMC MORTGAGE                          SANFORD                                       FL
                              GREENPOINT                            TALLAHASSEE                                   FL
                              GREENPOINT                            PINE HILL                                     NJ
                              GREENPOINT                            PORTLAND                                      OR
                              GREENPOINT                            MILWAUKIE                                     OR
                              EMC MORTGAGE                          SAN JACINTO                                   CA
                              EMC MORTGAGE                          SANDY SPRINGS                                 GA
                              EMC MORTGAGE                          PALM BEACH SHORES                             FL
                              EMC MORTGAGE                          Brush Prairie                                 WA
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          GLENDALE                                      AZ
                              EMC MORTGAGE                          Hixson                                        TN
                              EMC MORTGAGE                          Hixson                                        TN
                              EMC MORTGAGE                          Annandale                                     VA
                              EMC MORTGAGE                          Fort Myers                                    FL
                              EMC MORTGAGE                          Fontana                                       CA
                              EMC MORTGAGE                          HIGHLANDS RANCH                               CO
                              EMC MORTGAGE                          Marietta                                      GA
                              EMC MORTGAGE                          Philadelphia                                  PA
                              EMC MORTGAGE                          Monroe                                        VA
                              EMC MORTGAGE                          Owings Mills                                  MD
                              EMC MORTGAGE                          Tucson                                        AZ
                              EMC MORTGAGE                          Hazlet                                        NJ
                              EMC MORTGAGE                          Glenville                                     MN
                              EMC MORTGAGE                          AZLE                                          TX
                              EMC MORTGAGE                          Corona                                        NY
                              EMC MORTGAGE                          BIRMINGHAM                                    AL
                              EMC MORTGAGE                          OLYMPIA                                       WA
                              EMC MORTGAGE                          Philadelphia                                  PA
                              EMC MORTGAGE                          TYLER                                         TX
                              EMC MORTGAGE                          MC LEAN                                       VA
                              EMC MORTGAGE                          Rialto                                        CA
                              EMC MORTGAGE                          Pauls Valley                                  OK
                              EMC MORTGAGE                          PALATKA                                       FL
                              EMC MORTGAGE                          GREENVILLE                                    OH
                              EMC MORTGAGE                          COLLEGE STATION                               TX
                              EMC MORTGAGE                          GOODYEAR                                      AZ
                              EMC MORTGAGE                          Converse                                      TX
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Atlanta                                       GA
                              EMC MORTGAGE                          Standish                                      ME
                              EMC MORTGAGE                          NEW YORK                                      NY
                              EMC MORTGAGE                          LOMA LINDA                                    CA
                              EMC MORTGAGE                          STATEN ISLAND                                 NY
                              EMC MORTGAGE                          NORTH BERGEN                                  NJ
                              EMC MORTGAGE                          PHILADELPHIA                                  PA
                              EMC MORTGAGE                          LA VERNE                                      CA
                              EMC MORTGAGE                          BOZEMAN                                       MT
                              EMC MORTGAGE                          COLUMBUS                                      OH
                              EMC MORTGAGE                          WARREN                                        MI
                              EMC MORTGAGE                          HOUSTON                                       TX
                              EMC MORTGAGE                          CINCINNATI                                    OH
                              EMC MORTGAGE                          BEDFORD HEIGHTS                               OH
                              EMC MORTGAGE                          ELYRIA                                        OH
                              EMC MORTGAGE                          CHICAGO                                       IL
                              EMC MORTGAGE                          DEER PARK                                     TX
                              EMC MORTGAGE                          HOLLYWOOD                                     FL
                              EMC MORTGAGE                          SUMTER                                        SC
                              EMC MORTGAGE                          PETERSBURG                                    MI
                              EMC MORTGAGE                          Las Vegas                                     NV
                              EMC MORTGAGE                          MANASSAS                                      VA
                              EMC MORTGAGE                          LANCASTER                                     TX
                              EMC MORTGAGE                          BONDURANT                                     IA
                              EMC MORTGAGE                          Edinburg                                      TX
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          FINKSBURG                                     MD
                              EMC MORTGAGE                          NEW YORK                                      NY
                              EMC MORTGAGE                          Port Saint Lucie                              FL
                              EMC MORTGAGE                          Kansas City                                   MO
                              EMC MORTGAGE                          WALDOBORO                                     ME
                              EMC MORTGAGE                          POMPANO BEACH                                 FL
                              EMC MORTGAGE                          PEORIA                                        IL
                              EMC MORTGAGE                          Redding                                       CA
                              EMC MORTGAGE                          Wylie                                         TX
                              EMC MORTGAGE                          MIAMI                                         FL
                              EMC MORTGAGE                          LITTLETON                                     CO
                              EMC MORTGAGE                          LOS ANGELES                                   CA
                              EMC MORTGAGE                          LANSING                                       NY
                              EMC MORTGAGE                          MONACA                                        PA
                              EMC MORTGAGE                          LEXINGTON                                     SC
                              EMC MORTGAGE                          ALPHARETTA                                    GA
                              EMC MORTGAGE                          LORIDA                                        FL
                              EMC MORTGAGE                          RIVERSIDE AREA                                CA
                              EMC MORTGAGE                          LAKE ELSINORE                                 CA
                              EMC MORTGAGE                          COUNTRYSIDE                                   IL
                              EMC MORTGAGE                          PORT SAINT LUCIE                              FL
                              EMC MORTGAGE                          SOMERS POINT                                  NJ
                              EMC MORTGAGE                          ELKINS PARK                                   PA
                              EMC MORTGAGE                          BAKERSFIELD                                   CA
                              EMC MORTGAGE                          HUDSON                                        FL
                              EMC MORTGAGE                          LOS ANGELES                                   CA
                              EMC MORTGAGE                          RANCHO CUCAMONGA                              CA
                              EMC MORTGAGE                          PORTERVILLE                                   CA
                              EMC MORTGAGE                          Winnsboro                                     SC
                              EMC MORTGAGE                          SALISBURY                                     MD
                              EMC MORTGAGE                          Fayetteville                                  AR
                              EMC MORTGAGE                          Miramar                                       FL
                              EMC MORTGAGE                          Colorado Springs                              CO
                              EMC MORTGAGE                          Jacksonville                                  FL
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              EMC MORTGAGE                          Oak Park                                      IL
                              EMC MORTGAGE                          Corona                                        CA
                              EMC MORTGAGE                          REVERE                                        MA
                              EMC MORTGAGE                          Avondale                                      AZ
                              EMC MORTGAGE                          Austin                                        TX
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          Oklahoma City                                 OK
                              EMC MORTGAGE                          Portland                                      ME
                              EMC MORTGAGE                          JOSHUA TREE                                   CA
                              EMC MORTGAGE                          EAST ELMHURST                                 NY
                              EMC MORTGAGE                          DALLAS                                        TX
                              EMC MORTGAGE                          POINT PLEASANT BEACH                          NJ
                              EMC MORTGAGE                          Brooklyn                                      NY
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          SHOW LOW                                      AZ
                              EMC MORTGAGE                          Washoe Valley                                 NV
                              EMC MORTGAGE                          JACKSON                                       TN
                              EMC MORTGAGE                          DULUTH                                        GA
                              EMC MORTGAGE                          STATELINE                                     NV
                              EMC MORTGAGE                          Holiday                                       FL
                              EMC MORTGAGE                          Gulfport                                      MS
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          Statesboro                                    GA
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          BEECHHURST                                    NY
                              EMC MORTGAGE                          OMAHA                                         NE
                              EMC MORTGAGE                          HAYWARD                                       CA
                              EMC MORTGAGE                          Buckeye                                       AZ
                              EMC MORTGAGE                          Conyers                                       GA
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              EMC MORTGAGE                          SALT LAKE CITY                                UT
                              EMC MORTGAGE                          HOPKINS                                       MN
                              EMC MORTGAGE                          WESLEY CHAPEL                                 FL
                              EMC MORTGAGE                          WEST MILTON                                   OH
                              EMC MORTGAGE                          DETROIT                                       MI
                              EMC MORTGAGE                          Kissimmee                                     FL
                              EMC MORTGAGE                          King George                                   VA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          MURRIETA                                      CA
                              EMC MORTGAGE                          Isle Of Palms                                 SC
                              EMC MORTGAGE                          BOOTH                                         TX
                              EMC MORTGAGE                          Queen Creek                                   AZ
                              EMC MORTGAGE                          Excelsior                                     MN
                              EMC MORTGAGE                          Des Moines                                    IA
                              EMC MORTGAGE                          Oceanside                                     CA
                              EMC MORTGAGE                          Manchaca                                      TX
                              EMC MORTGAGE                          Clute                                         TX
                              EMC MORTGAGE                          VIRGINIA BCH                                  VA
                              EMC MORTGAGE                          SCOTTSDALE                                    AZ
                              EMC MORTGAGE                          CEDAR RAPIDS                                  IA
                              EMC MORTGAGE                          Chandler                                      AZ
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          Lebanon                                       TN
                              EMC MORTGAGE                          Vacaville                                     CA
                              EMC MORTGAGE                          Oakwood                                       GA
                              EMC MORTGAGE                          COS COB                                       CT
                              EMC MORTGAGE                          FAYETTEVILLE                                  NC
                              EMC MORTGAGE                          Charlotte                                     NC
                              EMC MORTGAGE                          Fresno                                        CA
                              NATIONAL CITY                         LANCASTER                                     CA
                              NATIONAL CITY                         LEHIGH ACRES                                  FL
                              NATIONAL CITY                         BURLESON                                      TX
                              NATIONAL CITY                         BUFFALO                                       NY
                              NATIONAL CITY                         PARK FOREST                                   IL
                              NATIONAL CITY                         DAYTON                                        OH
                              NATIONAL CITY                         ABINGDON                                      MD
                              NATIONAL CITY                         FONTANA                                       CA
                              NATIONAL CITY                         ROCKFORD                                      IL
                              NATIONAL CITY                         LIBERTYVILLE                                  IL
                              NATIONAL CITY                         SILVER SPRING                                 MD
                              NATIONAL CITY                         EVANSTON                                      IL
                              NATIONAL CITY                         LAS VEGAS                                     NV
                              NATIONAL CITY                         CHICAGO                                       IL
                              NATIONAL CITY                         SAN DIEGO                                     CA
                              NATIONAL CITY                         MIDLOTHIAN                                    IL
                              NATIONAL CITY                         LOUISVILLE                                    KY
                              NATIONAL CITY                         MASSILLON                                     OH
                              NATIONAL CITY                         WHITE                                         GA
                              NATIONAL CITY                         NORTH PLAINFIELD                              NJ
                              NATIONAL CITY                         MANSFIELD                                     MA
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         SCOTTSDALE                                    AZ
                              NATIONAL CITY                         FRANKFORT                                     IN
                              NATIONAL CITY                         KENT                                          WA
                              NATIONAL CITY                         FIRESTONE                                     CO
                              NATIONAL CITY                         DAVIE                                         FL
                              NATIONAL CITY                         PORT ST. LUCIE                                FL
                              NATIONAL CITY                         TRENTON                                       NJ
                              NATIONAL CITY                         NOTTINGHAM                                    MD
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         CLINTON                                       MD
                              NATIONAL CITY                         APALACHICOLA                                  FL
                              NATIONAL CITY                         KALAMAZOO                                     MI
                              NATIONAL CITY                         STOCKTON                                      CA
                              NATIONAL CITY                         BURTONSVILLE                                  MD
                              NATIONAL CITY                         TERRELL                                       TX
                              NATIONAL CITY                         SEDRO WOOLLEY                                 WA
                              NATIONAL CITY                         AURORA                                        IL
                              NATIONAL CITY                         MILILANI                                      HI
                              NATIONAL CITY                         BRIDGEPORT                                    CT
                              NATIONAL CITY                         RESTON                                        VA
                              NATIONAL CITY                         POMPTON LAKES                                 NJ
                              NATIONAL CITY                         HIBBING                                       MN
                              NATIONAL CITY                         MOUNT WASHINGTON                              KY
                              NATIONAL CITY                         TUKWILA                                       WA
                              NATIONAL CITY                         MT WASHINGTON                                 KY
                              NATIONAL CITY                         ALBUQUERQUE                                   NM
                              NATIONAL CITY                         GLEN BURNIE                                   MD
                              NATIONAL CITY                         BEL AIR                                       MD
                              NATIONAL CITY                         ROUND LAKE BEACH                              IL
                              NATIONAL CITY                         ALEXANDRIA                                    VA
                              NATIONAL CITY                         CLEVELAND HEIGHTS                             OH
                              NATIONAL CITY                         MILWAUKIE                                     OR
                              NATIONAL CITY                         VIRGINIA BEACH                                VA
                              NATIONAL CITY                         YORK                                          PA
                              NATIONAL CITY                         RICHMOND                                      VA
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         SPANISH FORK                                  UT
                              NATIONAL CITY                         HAMILTON                                      OH
                              NATIONAL CITY                         GLEN BURNIE                                   MD
                              NATIONAL CITY                         HANOVER                                       PA
                              NATIONAL CITY                         INDIANAPOLIS                                  IN
                              NATIONAL CITY                         LEWISVILLE                                    TX
                              NATIONAL CITY                         SALT LAKE CITY                                UT
                              NATIONAL CITY                         PEORIA                                        IL
                              NATIONAL CITY                         CANFIELD                                      OH
                              NATIONAL CITY                         BARRON                                        WI
                              EMC MORTGAGE                          Toms River                                    NJ
                              EMC MORTGAGE                          Dayton                                        NV
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          LILBURN                                       GA
                              EMC MORTGAGE                          MASPETH                                       NY
                              EMC MORTGAGE                          WESTCHESTER                                   IL
                              EMC MORTGAGE                          Memphis                                       TN
                              EMC MORTGAGE                          Randolph                                      NY
                              EMC MORTGAGE                          Compton                                       CA
                              EMC MORTGAGE                          Reston                                        VA
                              EMC MORTGAGE                          SAN BERNARDINO                                CA
                              EMC MORTGAGE                          GLEN BURNIE                                   MD
                              EMC MORTGAGE                          ATLANTA                                       GA
                              EMC MORTGAGE                          KRUM                                          TX
                              EMC MORTGAGE                          Bethany                                       MO
                              EMC MORTGAGE                          Melbourne Beach                               FL
                              EMC MORTGAGE                          TALENT                                        OR
                              EMC MORTGAGE                          HAMPTON                                       VA
                              EMC MORTGAGE                          CHANDLER                                      AZ
                              EMC MORTGAGE                          Piney Creek                                   NC
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          DE PERE                                       WI
                              EMC MORTGAGE                          Woodbridge                                    VA
                              EMC MORTGAGE                          BOYNE CITY                                    MI
                              EMC MORTGAGE                          BALTIMORE                                     MD
                              EMC MORTGAGE                          NEPTUNE                                       NJ
                              EMC MORTGAGE                          Frisco                                        TX
                              EMC MORTGAGE                          SAINT PAUL                                    MN
                              EMC MORTGAGE                          Austin                                        TX
                              EMC MORTGAGE                          Richmond                                      VA
                              EMC MORTGAGE                          STAMFORD                                      CT
                              EMC MORTGAGE                          King George                                   VA
                              EMC MORTGAGE                          Kissimmee                                     FL
                              EMC MORTGAGE                          SAN FRANCISCO                                 CA
                              EMC MORTGAGE                          AURORA                                        CO
                              EMC MORTGAGE                          Sonoma                                        CA
                              EMC MORTGAGE                          HESPERIA                                      CA
                              EMC MORTGAGE                          TAMPA                                         FL
                              EMC MORTGAGE                          KINGS MOUNTIAN                                NC
                              EMC MORTGAGE                          Norfolk                                       VA
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          Snohomish                                     WA
                              EMC MORTGAGE                          Durham                                        NC
                              EMC MORTGAGE                          WINTER PARK                                   FL
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          Murfreesboro                                  TN
                              EMC MORTGAGE                          Union City                                    NJ
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Kennewick                                     WA
                              EMC MORTGAGE                          Virginia Beach                                VA
                              EMC MORTGAGE                          GENEVA                                        IL
                              EMC MORTGAGE                          FT WASHINGTON                                 MD
                              EMC MORTGAGE                          MESA                                          AZ
                              EMC MORTGAGE                          Barstow                                       CA
                              EMC MORTGAGE                          SARASOTA                                      FL
                              EMC MORTGAGE                          Barstow                                       CA
                              EMC MORTGAGE                          Fairfield                                     CT
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          MAURERTOWN                                    VA
                              EMC MORTGAGE                          GRAND PRAIRIE                                 TX
                              EMC MORTGAGE                          NEW CASTLE                                    CO
                              EMC MORTGAGE                          DECATUR                                       TX
                              EMC MORTGAGE                          ALBUQUERQUE                                   NM
                              EMC MORTGAGE                          SANGER                                        TX
                              EMC MORTGAGE                          FRESNO                                        CA
                              EMC MORTGAGE                          FORT LAUDERDALE                               FL
                              EMC MORTGAGE                          LILBURN                                       GA
                              EMC MORTGAGE                          SPRINGFIELD                                   VA
                              EMC MORTGAGE                          CRESWELL                                      OR
                              EMC MORTGAGE                          Orlando                                       FL
                              EMC MORTGAGE                          Chicago                                       IL
                              EMC MORTGAGE                          Tomball                                       TX
                              EMC MORTGAGE                          Laredo                                        TX
                              EMC MORTGAGE                          SKILLMAN                                      NJ
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Halethorpe                                    MD
                              EMC MORTGAGE                          GEORGETOWN                                    TX
                              EMC MORTGAGE                          BURLINGTON                                    NC
                              EMC MORTGAGE                          NORTH CHATHAM                                 MA
                              EMC MORTGAGE                          RYE                                           NH
                              EMC MORTGAGE                          Hilton Head                                   SC
                              EMC MORTGAGE                          WINFIELD                                      IL
                              EMC MORTGAGE                          COCOA                                         FL
                              EMC MORTGAGE                          Clarksville                                   IN
                              EMC MORTGAGE                          BLUFFTON                                      SC
                              EMC MORTGAGE                          LAKE WORTH                                    FL
                              EMC MORTGAGE                          Wenatchee                                     WA
                              EMC MORTGAGE                          FRANKLIN TOWNSHIP                             NJ
                              EMC MORTGAGE                          PENN VALLEY                                   CA
                              EMC MORTGAGE                          Rockville                                     MD
                              EMC MORTGAGE                          Brooklyn                                      NY
                              EMC MORTGAGE                          RICHMOND                                      VA
                              EMC MORTGAGE                          KANSAS CITY                                   MO
                              EMC MORTGAGE                          Hialeah                                       FL
                              EMC MORTGAGE                          Denver                                        CO
                              EMC MORTGAGE                          BUNCOMBE                                      NC
                              EMC MORTGAGE                          ALBUQUERQUE                                   NM
                              EMC MORTGAGE                          Palmdale                                      CA
                              EMC MORTGAGE                          St Peterburg                                  FL
                              EMC MORTGAGE                          Hoschton                                      GA
                              EMC MORTGAGE                          POMONA                                        CA
                              EMC MORTGAGE                          EVESHAM                                       NJ
                              EMC MORTGAGE                          MISSOURI CITY                                 TX
                              FIFTH THIRD BAN                       VALPARAISO                                    IN
                              FIFTH THIRD BAN                       YPSILANTI                                     MI
                              FIFTH THIRD BAN                       BERWYN                                        IL
                              EMC MORTGAGE                          Muskegon                                      MI
                              EMC MORTGAGE                          Lutz                                          FL
                              EMC MORTGAGE                          JUPITER                                       FL
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          GREEN COVE SPRINGS                            FL
                              EMC MORTGAGE                          MIA SHORES                                    FL
                              EMC MORTGAGE                          SUWANEE                                       GA
                              EMC MORTGAGE                          CHURCHVILLE                                   IA
                              EMC MORTGAGE                          GREELEY                                       CO
                              EMC MORTGAGE                          Chicago                                       IL
                              EMC MORTGAGE                          Brooklyn Park                                 MN
                              EMC MORTGAGE                          SEVEN VALLEYS                                 PA
                              EMC MORTGAGE                          CROWLEY                                       TX
                              EMC MORTGAGE                          YORK                                          PA
                              EMC MORTGAGE                          BAKERSFIELD                                   CA
                              EMC MORTGAGE                          ADELANTO                                      CA
                              EMC MORTGAGE                          SURPRISE                                      AZ
                              EMC MORTGAGE                          BAKERSFIELD                                   CA
                              EMC MORTGAGE                          MANASSAS                                      VA
                              EMC MORTGAGE                          HUDSON                                        FL
                              EMC MORTGAGE                          PALMETTO                                      FL
                              EMC MORTGAGE                          ATLANTA                                       GA
                              EMC MORTGAGE                          Rockville                                     MD
                              EMC MORTGAGE                          LA CANADA FLINTRIDGE                          CA
                              EMC MORTGAGE                          GAINESVILLE                                   TX
                              EMC MORTGAGE                          Broomfield                                    CO
                              EMC MORTGAGE                          Edinburg                                      TX
                              EMC MORTGAGE                          GREENSBORO                                    GA
                              EMC MORTGAGE                          NORTH LAS VEGAS                               NV
                              EMC MORTGAGE                          CLEARFIELD                                    UT
                              EMC MORTGAGE                          FRESNO                                        CA
                              EMC MORTGAGE                          Newport News                                  VA
                              EMC MORTGAGE                          DALLAS                                        GA
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              MID AMERICA BAN                       Palatine                                      IL
                              EMC MORTGAGE                          Marietta                                      GA
                              MID AMERICA BAN                       Burr Ridge                                    IL
                              EMC MORTGAGE                          LOS ANGELES                                   CA
                              EMC MORTGAGE                          Lehi                                          UT
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          Wesley Chapel                                 FL
                              EMC MORTGAGE                          Elkridge                                      MD
                              EMC MORTGAGE                          LAWRENCEVILLE                                 GA
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          CHINO VALLEY                                  AZ
                              EMC MORTGAGE                          Elma                                          WA
                              EMC MORTGAGE                          GEORGETOWN                                    TX
                              EMC MORTGAGE                          Palmdale                                      CA
                              EMC MORTGAGE                          South Portland                                ME
                              EMC MORTGAGE                          Fresno                                        CA
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Granite Shoals                                TX
                              EMC MORTGAGE                          Minneapolis                                   MN
                              EMC MORTGAGE                          MIAMI                                         FL
                              EMC MORTGAGE                          CLIFTON                                       VA
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          TEMECULA                                      CA
                              EMC MORTGAGE                          SOUTH GATE                                    CA
                              EMC MORTGAGE                          WOODBRIDGE                                    VA
                              EMC MORTGAGE                          MOGANVILLE                                    NJ
                              EMC MORTGAGE                          Casselberry                                   FL
                              EMC MORTGAGE                          Frankfort                                     IL
                              EMC MORTGAGE                          Longville                                     MN
                              EMC MORTGAGE                          Des Moines                                    IA
                              EMC MORTGAGE                          Waddell                                       AZ
                              NATIONAL CITY                         COLUMBIA                                      MD
                              NATIONAL CITY                         HASLET                                        TX
                              NATIONAL CITY                         LAREDO                                        TX
                              NATIONAL CITY                         BOWIE                                         MD
                              NATIONAL CITY                         BRONX                                         NY
                              NATIONAL CITY                         INDIANAPOLIS                                  IN
                              NATIONAL CITY                         HOUSTON                                       TX
                              NATIONAL CITY                         NEWARK                                        NJ
                              NATIONAL CITY                         BROADVIEW HEIGHTS                             OH
                              NATIONAL CITY                         COCONUT CREEK                                 FL
                              NATIONAL CITY                         SAN DIEGO                                     CA
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                              NATIONAL CITY                         HARDWICK                                      MA
                              NATIONAL CITY                         ZANESVILLE                                    OH
                              NATIONAL CITY                         SNELLVILLE                                    GA
                              NATIONAL CITY                         TEXARKANA                                     AR
                              NATIONAL CITY                         GLENDALE                                      AZ
                              NATIONAL CITY                         VIRGINIA BEACH                                VA
                              NATIONAL CITY                         GOLD CANYON                                   AZ
                              NATIONAL CITY                         INDIANAPOLIS                                  IN
                              NATIONAL CITY                         RICHMOND                                      VA
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         SPOKANE                                       WA
                              NATIONAL CITY                         LONG BEACH                                    CA
                              NATIONAL CITY                         VERMILION                                     OH
                              NATIONAL CITY                         VERMILION                                     OH
                              NATIONAL CITY                         LUSBY                                         MD
                              NATIONAL CITY                         BALLWIN                                       MO
                              NATIONAL CITY                         LAKEWOOD                                      OH
                              NATIONAL CITY                         KAUNAKAKAI                                    HI
                              NATIONAL CITY                         MIRAMAR                                       FL
                              NATIONAL CITY                         ZANESVILLE                                    OH
                              NATIONAL CITY                         MIAMI                                         FL
                              NATIONAL CITY                         MONROE                                        GA
                              NATIONAL CITY                         AKRON                                         OH
                              NATIONAL CITY                         WEST GROVE                                    PA
                              NATIONAL CITY                         HINCKLEY                                      OH
                              NATIONAL CITY                         SPRINGFIELD                                   TN
                              NATIONAL CITY                         GAINESVILLE                                   FL
                              NATIONAL CITY                         STOCKTON                                      CA
                              NATIONAL CITY                         SAN ANDREAS                                   CA
                              NATIONAL CITY                         PARADISE                                      CA
                              NATIONAL CITY                         PARADISE                                      CA
                              NATIONAL CITY                         PHOENIX                                       AZ
                              NATIONAL CITY                         SALEM                                         OH
                              NATIONAL CITY                         GREENSBORO                                    NC
                              NATIONAL CITY                         MANTECA                                       CA
                              NATIONAL CITY                         CINCINNATI                                    OH
                              NATIONAL CITY                         RICHMOND                                      VA
                              NATIONAL CITY                         RICHMOND                                      VA
                              NATIONAL CITY                         NEWBURG                                       MD
                              NATIONAL CITY                         SACRAMENTO                                    CA
                              NATIONAL CITY                         NORFOLK                                       VA
                              NATIONAL CITY                         BURBANK                                       IL
                              NATIONAL CITY                         SEMINOLE                                      FL
                              NATIONAL CITY                         CHICO                                         CA
                              NATIONAL CITY                         LONGVIEW                                      WA
                              NATIONAL CITY                         HIGHLAND LAKES                                NJ
                              NATIONAL CITY                         MARGATE                                       FL
                              NATIONAL CITY                         TACOMA                                        WA
                              NATIONAL CITY                         ROCKVILLE                                     MD
                              NATIONAL CITY                         AUSTIN                                        TX
                              NATIONAL CITY                         SILVER SPRING                                 MD
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         CENTRAL POINT                                 OR
                              NATIONAL CITY                         YEADON                                        PA
                              NATIONAL CITY                         SACRAMENTO                                    CA
                              NATIONAL CITY                         BILLINGS                                      MT
                              NATIONAL CITY                         VERONA                                        PA
                              NATIONAL CITY                         BALTIMORE                                     MD
                              NATIONAL CITY                         RIO RANCHO                                    NM
                              NATIONAL CITY                         PHILADELPHIA                                  PA
                              EMC MORTGAGE                          Apple Valley                                  CA
                              EMC MORTGAGE                          Saint Louis                                   MO
                              EMC MORTGAGE                          Perris                                        CA
                              EMC MORTGAGE                          Portland                                      ME
                              EMC MORTGAGE                          MISSION                                       TX
                              EMC MORTGAGE                          HAMMOND                                       LA
                              EMC MORTGAGE                          NEWPORT BEACH                                 CA
                              EMC MORTGAGE                          LOUISVILLE                                    KY
                              EMC MORTGAGE                          MC ALLEN                                      TX
                              EMC MORTGAGE                          PORTLAND                                      OR
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          WINTER GARDEN                                 FL
                              EMC MORTGAGE                          Brooklyn                                      NY
                              EMC MORTGAGE                          Opa Locka                                     FL
                              EMC MORTGAGE                          TORRANCE                                      CA
                              EMC MORTGAGE                          Orlando                                       FL
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          FAIRPLAY                                      MD
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          BOWIE                                         MD
                              EMC MORTGAGE                          Denver                                        CO
                              EMC MORTGAGE                          KAPOLEI                                       HI
                              EMC MORTGAGE                          FORT MONTGOMERY                               NY
                              EMC MORTGAGE                          Naples                                        FL
                              EMC MORTGAGE                          Aurora                                        CO
                              EMC MORTGAGE                          Noblesville                                   IN
                              EMC MORTGAGE                          Pflugerville                                  TX
                              EMC MORTGAGE                          Irvington                                     NJ
                              EMC MORTGAGE                          SOUTH RIDING                                  VA
                              EMC MORTGAGE                          BRONX                                         NY
                              EMC MORTGAGE                          SUWANEE                                       GA
                              EMC MORTGAGE                          GARDENA                                       CA
                              EMC MORTGAGE                          RAMONA                                        CA
                              EMC MORTGAGE                          TIMONIUM                                      MD
                              EMC MORTGAGE                          WESTLAKE VILLAGE                              CA
                              EMC MORTGAGE                          Jersey City                                   NJ
                              EMC MORTGAGE                          Saint Louis                                   MO
                              EMC MORTGAGE                          New Braunfels                                 TX
                              EMC MORTGAGE                          Richmond                                      VA
                              EMC MORTGAGE                          Oxon Hill                                     MD
                              EMC MORTGAGE                          VENICE                                        FL
                              EMC MORTGAGE                          ANNAPOLIS                                     MD
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              EMC MORTGAGE                          BOYDS                                         MD
                              EMC MORTGAGE                          Jonesboro                                     GA
                              EMC MORTGAGE                          Charlotte                                     NC
                              EMC MORTGAGE                          South Orange                                  NJ
                              EMC MORTGAGE                          PARKER                                        CO
                              EMC MORTGAGE                          Lakeland                                      FL
                              EMC MORTGAGE                          Woodbridge                                    VA
                              EMC MORTGAGE                          Redington Beach                               FL
                              EMC MORTGAGE                          Hanover                                       PA
                              EMC MORTGAGE                          HUFFMAN                                       TX
                              EMC MORTGAGE                          Elk Grove                                     CA
                              EMC MORTGAGE                          Troy                                          NH
                              EMC MORTGAGE                          Tucson                                        AZ
                              EMC MORTGAGE                          Dover                                         NH
                              EMC MORTGAGE                          ASHBURN                                       VA
                              EMC MORTGAGE                          Saint Paul                                    MN
                              EMC MORTGAGE                          Chandler                                      AZ
                              EMC MORTGAGE                          Hilton Head                                   SC
                              EMC MORTGAGE                          COLUMBIA                                      MD
                              EMC MORTGAGE                          SAINT PAUL                                    MN
                              EMC MORTGAGE                          Powder Springs                                GA
                              EMC MORTGAGE                          MONTGOMERY                                    IL
                              EMC MORTGAGE                          IRVINE                                        CA
                              EMC MORTGAGE                          Buckeye                                       AZ
                              EMC MORTGAGE                          CLEARWATER BEACH                              FL
                              EMC MORTGAGE                          REDONDO BEACH                                 CA
                              EMC MORTGAGE                          TURLOCK                                       CA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          WITTMANN                                      AZ
                              EMC MORTGAGE                          KAPOLEI                                       HI
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          GARDEN GROVE                                  CA
                              EMC MORTGAGE                          Longmont                                      CO
                              EMC MORTGAGE                          Holly Springs                                 NC
                              EMC MORTGAGE                          Forsyth                                       MO
                              EMC MORTGAGE                          Brooklyn                                      NY
                              EMC MORTGAGE                          Newark                                        NJ
                              EMC MORTGAGE                          Heber                                         CA
                              EMC MORTGAGE                          Ocean City                                    MD
                              EMC MORTGAGE                          Upland                                        CA
                              EMC MORTGAGE                          HOUSTON                                       TX
                              EMC MORTGAGE                          FOREST LAKE                                   MN
                              EMC MORTGAGE                          LEICESTER                                     NC
                              EMC MORTGAGE                          BRENTWD                                       MD
                              EMC MORTGAGE                          HARLINGEN                                     TX
                              EMC MORTGAGE                          HARLINGEN                                     TX
                              EMC MORTGAGE                          OCEANSIDE                                     NY
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          KELLER                                        TX
                              EMC MORTGAGE                          BRIDGEHAMPTON                                 NY
                              EMC MORTGAGE                          KILLEEN                                       TX
                              EMC MORTGAGE                          DRAPER                                        UT
                              EMC MORTGAGE                          ENCINO                                        CA
                              EMC MORTGAGE                          WOODSTOCK                                     GA
                              EMC MORTGAGE                          BOOTH                                         TX
                              EMC MORTGAGE                          VALLEY                                        AL
                              EMC MORTGAGE                          LA VERNIA                                     TX
                              EMC MORTGAGE                          NORCROSS                                      GA
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          FORT MYERS                                    FL
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              EMC MORTGAGE                          MESQUITE                                      TX
                              EMC MORTGAGE                          Plantsville                                   CT
                              EMC MORTGAGE                          Chula Vista                                   CA
                              EMC MORTGAGE                          ACCOKEEK                                      MD
                              EMC MORTGAGE                          WALDORF                                       MD
                              EMC MORTGAGE                          Hertford                                      NC
                              EMC MORTGAGE                          MINNEAPOLIS                                   MN
                              EMC MORTGAGE                          WILM                                          NC
                              EMC MORTGAGE                          NORTH BEND                                    WA
                              EMC MORTGAGE                          Mckinney                                      TX
                              EMC MORTGAGE                          HEMET                                         CA
                              EMC MORTGAGE                          CLARKSVILLE                                   MD
                              EMC MORTGAGE                          POCOMOKE CITY                                 MD
                              EMC MORTGAGE                          Crownsville                                   MD
                              EMC MORTGAGE                          MC KINNEY                                     TX
                              EMC MORTGAGE                          Saint Paul                                    MN
                              EMC MORTGAGE                          Grayland                                      WA
                              EMC MORTGAGE                          Baltimore                                     MD
                              EMC MORTGAGE                          Surprise                                      AZ
                              EMC MORTGAGE                          Knoxville                                     TN
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Malvern                                       PA
                              EMC MORTGAGE                          Indio                                         CA
                              EMC MORTGAGE                          Loma Linda                                    CA
                              EMC MORTGAGE                          MESA                                          AZ
                              EMC MORTGAGE                          WAXHAW                                        NC
                              EMC MORTGAGE                          Little Mountain                               SC
                              EMC MORTGAGE                          CORAL SPRINGS                                 FL
                              EMC MORTGAGE                          NEWARK                                        NJ
                              EMC MORTGAGE                          Morris                                        IL
                              EMC MORTGAGE                          RIVERSIDE                                     CA
                              EMC MORTGAGE                          Frederick                                     MD
                              EMC MORTGAGE                          Jackson                                       MI
                              EMC MORTGAGE                          Camarillo                                     CA
                              EMC MORTGAGE                          Chickamauga                                   GA
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          Jackson                                       NJ
                              EMC MORTGAGE                          El Mirage                                     AZ
                              EMC MORTGAGE                          ELMONT                                        NY
                              EMC MORTGAGE                          AURORA                                        CO
                              EMC MORTGAGE                          JONESBORO                                     GA
                              EMC MORTGAGE                          Lindale                                       GA
                              EMC MORTGAGE                          CALUMET CITY                                  IL
                              EMC MORTGAGE                          PASCO                                         WA
                              EMC MORTGAGE                          RYE BROOK                                     NY
                              EMC MORTGAGE                          PORT WENTWORTH                                GA
                              EMC MORTGAGE                          HAMPTON                                       GA
                              EMC MORTGAGE                          VALRICO                                       FL
                              EMC MORTGAGE                          PASCO                                         WA
                              EMC MORTGAGE                          LANHAM                                        MD
                              EMC MORTGAGE                          PILOT POINT                                   TX
                              EMC MORTGAGE                          Honolulu                                      HI
                              EMC MORTGAGE                          Wetumpka                                      AL
                              EMC MORTGAGE                          St Petersburg                                 FL
                              EMC MORTGAGE                          Sedona                                        AZ
                              EMC MORTGAGE                          Jersey City                                   NJ
                              EMC MORTGAGE                          Cape Coral                                    FL
                              EMC MORTGAGE                          Apple Valley                                  MN
                              EMC MORTGAGE                          Sacramento                                    CA
                              EMC MORTGAGE                          KANSAS CITY                                   MO
                              EMC MORTGAGE                          Kansas City                                   MO
                              EMC MORTGAGE                          Dublin                                        CA
                              EMC MORTGAGE                          Southampton                                   NY
                              EMC MORTGAGE                          ARLINGTON                                     TX
                              EMC MORTGAGE                          Los Angeles                                   CA
                              EMC MORTGAGE                          ANAHEIM                                       CA
                              EMC MORTGAGE                          PARKTON                                       MD
                              EMC MORTGAGE                          Pottsboro                                     TX
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          Lucas                                         TX
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Markham                                       IL
                              EMC MORTGAGE                          WILMINGTON                                    NC
                              EMC MORTGAGE                          APOPKA                                        FL
                              EMC MORTGAGE                          MILFORD                                       CT
                              EMC MORTGAGE                          Oak Brook                                     IL
                              EMC MORTGAGE                          Des Moines                                    IA
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          Oak Park                                      IL
                              EMC MORTGAGE                          Dacono                                        CO
                              EMC MORTGAGE                          Rancho Santa Margarita                        CA
                              EMC MORTGAGE                          Rosamond                                      CA
                              EMC MORTGAGE                          CAMP VERDE                                    AZ
                              EMC MORTGAGE                          Escondido                                     CA
                              EMC MORTGAGE                          Fresno                                        CA
                              EMC MORTGAGE                          Morgan Hill                                   CA
                              EMC MORTGAGE                          Bakersfield                                   CA
                              EMC MORTGAGE                          Kersey                                        CO
                              EMC MORTGAGE                          Bullhead City                                 AZ
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          LAKE WORTH                                    FL
                              EMC MORTGAGE                          North Bergen                                  NJ
                              EMC MORTGAGE                          Fayetteville                                  GA
                              EMC MORTGAGE                          Spring Valley                                 NY
                              EMC MORTGAGE                          OAKLAND                                       CA
                              EMC MORTGAGE                          Yorba Linda                                   CA
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          MARIETTA                                      GA
                              EMC MORTGAGE                          RANDALLSTOWN                                  MD
                              EMC MORTGAGE                          SONORA                                        CA
                              EMC MORTGAGE                          SANTA MARIA                                   CA
                              EMC MORTGAGE                          STATESBORO                                    GA
                              EMC MORTGAGE                          BLOOMFIELD                                    NJ
                              EMC MORTGAGE                          HONOLULU                                      HI
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          ARLINGTON                                     VA
                              EMC MORTGAGE                          Mesa                                          AZ
                              EMC MORTGAGE                          Fairfax                                       VA
                              EMC MORTGAGE                          WELLINGTON                                    CO
                              EMC MORTGAGE                          Savannah                                      GA
                              EMC MORTGAGE                          San Jose                                      CA
                              EMC MORTGAGE                          Bellingham                                    WA
                              EMC MORTGAGE                          Arroyo Grande                                 CA
                              EMC MORTGAGE                          Denton                                        TX
                              EMC MORTGAGE                          DENTON                                        TX
                              EMC MORTGAGE                          FRISCO                                        TX
                              EMC MORTGAGE                          MILWAUKEE                                     WI
                              EMC MORTGAGE                          SPRINGFIELD                                   MA
                              EMC MORTGAGE                          BAKERSFIELD                                   CA
                              EMC MORTGAGE                          HARRIS                                        MN
                              EMC MORTGAGE                          DENTON                                        TX
                              EMC MORTGAGE                          RICHFIELD                                     MN
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Sacramento                                    CA
                              EMC MORTGAGE                          Baltimore                                     MD
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Pearland                                      TX
                              EMC MORTGAGE                          Spokane Valley                                WA
                              EMC MORTGAGE                          Ellenwood                                     GA
                              EMC MORTGAGE                          BOERNE                                        TX
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          ANTIOCH                                       TN
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          CHICAGO                                       IL
                              EMC MORTGAGE                          CARDIFF BY THE SEA                            CA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          CAMBRIDGE                                     MD
                              EMC MORTGAGE                          Baltimore                                     MD
                              EMC MORTGAGE                          CENTERVIEW                                    NC
                              EMC MORTGAGE                          JASPER                                        GA
                              EMC MORTGAGE                          FAIRFAX                                       VA
                              EMC MORTGAGE                          WASHINGTON                                    DC
                              EMC MORTGAGE                          PIMA                                          AZ
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          RIVERSIDE                                     CA
                              EMC MORTGAGE                          Madera                                        CA
                              EMC MORTGAGE                          ASTORIA                                       NY
                              EMC MORTGAGE                          STOCKTON                                      CA
                              EMC MORTGAGE                          Charlotte                                     NC
                              EMC MORTGAGE                          QUEEN CREEK                                   AZ
                              EMC MORTGAGE                          Queen Creek                                   AZ
                              EMC MORTGAGE                          N LAS VEGAS                                   NV
                              EMC MORTGAGE                          Las Vegas                                     NV
                              EMC MORTGAGE                          Toms River                                    NJ
                              EMC MORTGAGE                          LOMA LINDA                                    CA
                              EMC MORTGAGE                          Las Vegas                                     NV
                              EMC MORTGAGE                          Castle Rock                                   CO
                              EMC MORTGAGE                          Cumming                                       GA
                              EMC MORTGAGE                          Fort Mill                                     SC
                              EMC MORTGAGE                          Augusta                                       ME
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          Altadena                                      CA
                              EMC MORTGAGE                          Wesley Chapel                                 FL
                              EMC MORTGAGE                          STAFFORD                                      VA
                              EMC MORTGAGE                          MULBERRY                                      AR
                              EMC MORTGAGE                          Jasper                                        GA
                              EMC MORTGAGE                          GULF BREEZE                                   FL
                              EMC MORTGAGE                          PORT ORANGE                                   FL
                              EMC MORTGAGE                          Hot Springs National Park                     AR
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          MASTIC BEACH                                  NY
                              EMC MORTGAGE                          Washington                                    DC
                              EMC MORTGAGE                          Arlington                                     TX
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          LAVEEN                                        AZ
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Layton                                        UT
                              EMC MORTGAGE                          Las Vegas                                     NV
                              EMC MORTGAGE                          Hilton Head Island                            SC
                              EMC MORTGAGE                          NORTH HILLS                                   CA
                              EMC MORTGAGE                          ANNAPOLIS                                     MD
                              EMC MORTGAGE                          KATY                                          TX
                              EMC MORTGAGE                          Parkville                                     MD
                              EMC MORTGAGE                          Suwanee                                       GA
                              EMC MORTGAGE                          Duluth                                        GA
                              EMC MORTGAGE                          Weston                                        FL
                              EMC MORTGAGE                          Forest Hills                                  NY
                              EMC MORTGAGE                          PALM BEACH GARDENS                            FL
                              EMC MORTGAGE                          DACULA                                        GA
                              EMC MORTGAGE                          OLNEY                                         MD
                              EMC MORTGAGE                          NANTUCKET                                     MA
                              EMC MORTGAGE                          Arlington                                     TX
                              EMC MORTGAGE                          SAN CLEMENTE                                  CA
                              EMC MORTGAGE                          New York                                      NY
                              EMC MORTGAGE                          Klamath Falls                                 OR
                              EMC MORTGAGE                          Staten Island                                 NY
                              EMC MORTGAGE                          SACRAMENTO                                    CA
                              EMC MORTGAGE                          Tucson                                        AZ
                              EMC MORTGAGE                          TOLLESON                                      AZ
                              EMC MORTGAGE                          Grants Pass                                   OR
                              EMC MORTGAGE                          Hilton Head                                   SC
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          SPRING                                        TX
                              EMC MORTGAGE                          LAVEEN                                        AZ
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          PANORAMA CITY                                 CA
                              EMC MORTGAGE                          DUNSMUIR                                      CA
                              EMC MORTGAGE                          Newark                                        CA
                              EMC MORTGAGE                          Denver                                        CO
                              EMC MORTGAGE                          Hyattsville                                   MD
                              EMC MORTGAGE                          Brownsville                                   TX
                              EMC MORTGAGE                          Baltimore                                     MD
                              EMC MORTGAGE                          Woodbridge                                    VA
                              EMC MORTGAGE                          Hollywood                                     FL
                              EMC MORTGAGE                          East Bridgewater                              MA
                              EMC MORTGAGE                          San Diego                                     CA
                              EMC MORTGAGE                          GILBERT                                       AZ
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          Watsonville                                   CA
                              EMC MORTGAGE                          Sacramento                                    CA
                              EMC MORTGAGE                          Western Springs                               IL
                              EMC MORTGAGE                          Sparks                                        NV
                              EMC MORTGAGE                          Mundelein                                     IL
                              EMC MORTGAGE                          COVINA                                        CA
                              EMC MORTGAGE                          Plano                                         TX
                              EMC MORTGAGE                          River Forest                                  IL
                              EMC MORTGAGE                          Osseo                                         MN
                              EMC MORTGAGE                          Waukegan                                      IL
                              EMC MORTGAGE                          Hillsboro                                     OR
                              EMC MORTGAGE                          RALEIGH                                       NC
                              EMC MORTGAGE                          Mira Loma                                     CA
                              EMC MORTGAGE                          Ontario                                       CA
                              EMC MORTGAGE                          RALEIGH                                       NC
                              EMC MORTGAGE                          MELBOURNE                                     FL
                              EMC MORTGAGE                          COPPELL                                       TX
                              EMC MORTGAGE                          HANFORD                                       CA
                              EMC MORTGAGE                          Mansfield                                     TX
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          CITRUS SPRINGS                                FL
                              EMC MORTGAGE                          Dripping Springs                              TX
                              EMC MORTGAGE                          Accokeek                                      MD
                              EMC MORTGAGE                          Fort Pierce                                   FL
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              MID AMERICA BAN                       Shorewood                                     WI
                              EMC MORTGAGE                          Fresno                                        CA
                              EMC MORTGAGE                          Buena Park                                    CA
                              EMC MORTGAGE                          Champions Gate                                FL
                              EMC MORTGAGE                          EL CAJON                                      CA
                              EMC MORTGAGE                          ALAMO HEIGHTS                                 TX
                              EMC MORTGAGE                          HOUSTON                                       TX
                              EMC MORTGAGE                          OCALA                                         FL
                              EMC MORTGAGE                          Richmond                                      VA
                              EMC MORTGAGE                          VICTORVILLE                                   CA
                              EMC MORTGAGE                          LOS ANGELES                                   CA
                              EMC MORTGAGE                          WEST VALLEY CITY                              UT
                              EMC MORTGAGE                          SIMPSONVILLE                                  SC
                              EMC MORTGAGE                          HORIZON CITY                                  TX
                              EMC MORTGAGE                          LOUISVILLE                                    KY
                              EMC MORTGAGE                          NAPLES                                        FL
                              EMC MORTGAGE                          MANITOWISH WATERS                             WI
                              EMC MORTGAGE                          WILDOMAR                                      CA
                              EMC MORTGAGE                          WEST HOLLYWOOD                                FL
                              EMC MORTGAGE                          ROWLAND HEIGHTS                               CA
                              EMC MORTGAGE                          Smyrna                                        GA
                              EMC MORTGAGE                          El Monte                                      CA
                              EMC MORTGAGE                          Wellington                                    FL
                              EMC MORTGAGE                          Overland Park                                 KS
                              EMC MORTGAGE                          CHINO                                         CA
                              EMC MORTGAGE                          LUMBERTON                                     NJ
                              EMC MORTGAGE                          Memphis                                       TN
                              EMC MORTGAGE                          EVERETT                                       MA
                              EMC MORTGAGE                          BOSTON                                        MA
                              EMC MORTGAGE                          Queen Creek                                   AZ
                              EMC MORTGAGE                          HAYWARD                                       CA
                              EMC MORTGAGE                          Glen Ellen                                    CA
                              EMC MORTGAGE                          Evergreen Park                                IL
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          OZONE PARK                                    NY
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          Cathedral City                                CA
                              EMC MORTGAGE                          CALDWELL                                      ID
                              EMC MORTGAGE                          LOS ANGELES                                   CA
                              EMC MORTGAGE                          Lake Orion                                    MI
                              EMC MORTGAGE                          Rockledge                                     FL
                              EMC MORTGAGE                          PEORIA                                        AZ
                              EMC MORTGAGE                          Celebration                                   FL
                              EMC MORTGAGE                          duncanville                                   TX
                              EMC MORTGAGE                          Lawnside                                      NJ
                              EMC MORTGAGE                          Everett                                       WA
                              EMC MORTGAGE                          Fort Collins                                  CO
                              EMC MORTGAGE                          Nashua                                        NH
                              EMC MORTGAGE                          Portland                                      OR
                              EMC MORTGAGE                          Pittstown                                     NJ
                              EMC MORTGAGE                          Clearlake                                     CA
                              EMC MORTGAGE                          ASTORIA                                       NY
                              EMC MORTGAGE                          Washington                                    DC
                              EMC MORTGAGE                          CREEDMOOR                                     NC
                              EMC MORTGAGE                          SUNNYVALE                                     CA
                              EMC MORTGAGE                          Cherry Hill                                   NJ
                              EMC MORTGAGE                          WHITE BEAR LAKE                               MN
                              EMC MORTGAGE                          Palmyra                                       NJ
                              EMC MORTGAGE                          CARMEL                                        CA
                              EMC MORTGAGE                          OGDEN                                         UT
                              EMC MORTGAGE                          PONTE VEDRA BEACH                             FL
                              EMC MORTGAGE                          FORT MYERS                                    FL
                              EMC MORTGAGE                          SANTA PAULA                                   CA
                              EMC MORTGAGE                          CARMICHAEL                                    CA
                              EMC MORTGAGE                          Sacramento                                    CA
                              EMC MORTGAGE                          New Haven                                     CT
                              EMC MORTGAGE                          Baltimore                                     MD
                              EMC MORTGAGE                          Mission                                       TX
                              EMC MORTGAGE                          OLYMPIA                                       WA
                              EMC MORTGAGE                          WHITTIER                                      CA
                              EMC MORTGAGE                          MINNEOLA                                      FL
                              EMC MORTGAGE                          MERCER ISLAND                                 WA
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          EL PORTAL                                     FL
                              EMC MORTGAGE                          San Bernardino                                CA
                              EMC MORTGAGE                          Winter Park                                   FL
                              EMC MORTGAGE                          Chester Springs                               PA
                              EMC MORTGAGE                          Henderson                                     NV
                              EMC MORTGAGE                          San Jose                                      CA
                              EMC MORTGAGE                          Frisco                                        TX
                              EMC MORTGAGE                          Cortlandt Manor                               NY
                              EMC MORTGAGE                          ANNAPOLIS                                     MD
                              EMC MORTGAGE                          Fresno                                        CA
                              EMC MORTGAGE                          Scottsdale                                    AZ
                              EMC MORTGAGE                          Maple Valley                                  WA
                              EMC MORTGAGE                          Oregon City                                   OR
                              EMC MORTGAGE                          Grants Pass                                   OR
                              EMC MORTGAGE                          CHANDLER                                      AZ
                              EMC MORTGAGE                          Quincy                                        FL
                              EMC MORTGAGE                          GREENWOOD                                     AR
                              EMC MORTGAGE                          PICO RIVERA                                   CA
                              EMC MORTGAGE                          Royalton                                      MN
                              EMC MORTGAGE                          Port Tabacco                                  MD
                              EMC MORTGAGE                          Philadelphia                                  PA
                              EMC MORTGAGE                          Capitol Heights                               MD
                              EMC MORTGAGE                          Paterson                                      NJ
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          Santa Cruz                                    CA
                              EMC MORTGAGE                          KANEOHE                                       HI
                              EMC MORTGAGE                          GUN BARREL CITY                               TX
                              EMC MORTGAGE                          WHITTIER                                      CA
                              EMC MORTGAGE                          ROWLETT                                       TX
                              EMC MORTGAGE                          BURBANK                                       CA
                              EMC MORTGAGE                          TOLEDO                                        OH
                              EMC MORTGAGE                          Yorktown                                      VA
                              EMC MORTGAGE                          WESTON                                        FL
                              EMC MORTGAGE                          Castaic                                       CA
                              EMC MORTGAGE                          Mission                                       TX
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          CONROE                                        TX
                              EMC MORTGAGE                          Hilton Head Island                            SC
                              EMC MORTGAGE                          BIGFORK                                       MT
                              EMC MORTGAGE                          CORONA                                        CA
                              EMC MORTGAGE                          DANA POINT                                    CA
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          Fort Washington                               MD
                              EMC MORTGAGE                          Marlboro                                      NJ
                              EMC MORTGAGE                          WEST PALM BEACH                               FL
                              EMC MORTGAGE                          Indialantic                                   FL
                              EMC MORTGAGE                          SAN JOSE                                      CA
                              EMC MORTGAGE                          SILVER SPRING                                 MD
                              EMC MORTGAGE                          Reno                                          NV
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          SANGER                                        CA
                              EMC MORTGAGE                          SANIBEL                                       FL
                              EMC MORTGAGE                          Los Angeles                                   CA
                              EMC MORTGAGE                          Westmorland                                   CA
                              EMC MORTGAGE                          SELIGMAN                                      AZ
                              EMC MORTGAGE                          NOKESVILLE                                    VA
                              EMC MORTGAGE                          Gastonia                                      NC
                              EMC MORTGAGE                          Venice                                        FL
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          Chicago                                       IL
                              EMC MORTGAGE                          Orlando                                       FL
                              EMC MORTGAGE                          Santa Ana                                     CA
                              EMC MORTGAGE                          Monroe Twp.                                   NJ
                              EMC MORTGAGE                          NANTUCKET                                     MA
                              EMC MORTGAGE                          GLENDALE                                      AZ
                              EMC MORTGAGE                          Bladensburg                                   MD
                              EMC MORTGAGE                          Arlington                                     VA
                              EMC MORTGAGE                          SOUTH GATE                                    CA
                              EMC MORTGAGE                          Fairfax                                       VA
                              EMC MORTGAGE                          Newport News                                  VA
                              EMC MORTGAGE                          E LONGMEADOW                                  MA
                              EMC MORTGAGE                          Oxnard                                        CA
                              EMC MORTGAGE                          BEAUMONT                                      TX
                              EMC MORTGAGE                          LOVETTSVILLE                                  VA
                              EMC MORTGAGE                          Englewood Cliffs                              NJ
                              EMC MORTGAGE                          Brooklyn                                      NY
                              EMC MORTGAGE                          New Fairfield                                 CT
                              EMC MORTGAGE                          Irvine                                        CA
                              EMC MORTGAGE                          East Wakefield                                NH
                              EMC MORTGAGE                          SAN BERNARDINO                                CA
                              EMC MORTGAGE                          TEMECULA                                      CA
                              EMC MORTGAGE                          CONYERS                                       GA
                              EMC MORTGAGE                          River Edge                                    NJ
                              EMC MORTGAGE                          Orlando                                       FL
                              EMC MORTGAGE                          Champions Gate                                FL
                              EMC MORTGAGE                          Champions Gate                                FL
                              EMC MORTGAGE                          Lancaster                                     CA
                              EMC MORTGAGE                          Whitman                                       MA
                              EMC MORTGAGE                          Decatur                                       TX
                              EMC MORTGAGE                          SAN ANTONIO                                   TX
                              EMC MORTGAGE                          WAXHAW                                        NC
                              EMC MORTGAGE                          BEAUMONT                                      TX
                              EMC MORTGAGE                          Lawrenceville                                 GA
                              EMC MORTGAGE                          Glendale                                      CA
                              EMC MORTGAGE                          Suffolk                                       VA
                              EMC MORTGAGE                          ALEXANDRIA                                    VA
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          MIAMI                                         FL
                              EMC MORTGAGE                          HILLSBOROUGH                                  NJ
                              EMC MORTGAGE                          Pacoima                                       CA
                              EMC MORTGAGE                          Kissimmee                                     FL
                              EMC MORTGAGE                          CANYON LAKE                                   CA
                              EMC MORTGAGE                          Bowie                                         MD
                              EMC MORTGAGE                          Norwalk                                       CA
                              EMC MORTGAGE                          Baton Rouge                                   LA
                              EMC MORTGAGE                          Baton Rouge                                   LA
                              EMC MORTGAGE                          Laredo                                        TX
                              EMC MORTGAGE                          Marina Del Rey                                CA
                              EMC MORTGAGE                          Ogden                                         UT
                              EMC MORTGAGE                          Coarsegold                                    CA
                              EMC MORTGAGE                          St Petersburg                                 FL
                              EMC MORTGAGE                          JOPPA                                         MD
                              EMC MORTGAGE                          Prairieville                                  LA
                              EMC MORTGAGE                          Laveen                                        AZ
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Buckeye                                       AZ
                              EMC MORTGAGE                          Canal Winchester                              OH
                              EMC MORTGAGE                          Dearborn Heights                              MI
                              EMC MORTGAGE                          Ypsilanti                                     MI
                              EMC MORTGAGE                          Silver Spring                                 MD
                              EMC MORTGAGE                          Placentia                                     CA
                              EMC MORTGAGE                          Clermont                                      FL
                              EMC MORTGAGE                          Townsend                                      MA
                              EMC MORTGAGE                          Hesperia                                      CA
                              HSBC MORTGAGE                         WHITE PLAINS                                  NY
                              HSBC MORTGAGE                         HUNTINGTON                                    NY
                              HSBC MORTGAGE                         BAYSIDE                                       NY
                              HSBC MORTGAGE                         BRONX                                         NY
                              HSBC MORTGAGE                         LOS ANGELES                                   CA
                              HSBC MORTGAGE                         CLIFFSIDE PARK                                NJ
                              HSBC MORTGAGE                         WATERVLIET                                    NY
                              HSBC MORTGAGE                         HEMPSTEAD                                     NY
                              HSBC MORTGAGE                         BROOKLYN                                      NY
                              HSBC MORTGAGE                         WOODSIDE                                      NY
                              HSBC MORTGAGE                         ALPHARETTA                                    GA
                              HSBC MORTGAGE                         MIAMI                                         FL
                              HSBC MORTGAGE                         GREAT NECK                                    NY
                              HSBC MORTGAGE                         NORTH LAUDERDALE                              FL
                              HSBC MORTGAGE                         FOUNTAIN VALLEY                               CA
                              HSBC MORTGAGE                         MIAMI                                         FL
                              HSBC MORTGAGE                         RIDGEFIELD                                    CT
                              HSBC MORTGAGE                         RANDOLPH                                      NJ
                              HSBC MORTGAGE                         MONROE                                        NY
                              HSBC MORTGAGE                         TEMPLE CITY                                   CA
                              HSBC MORTGAGE                         SARDINIA                                      NY
                              HSBC MORTGAGE                         RANCHO CUCAMONGA                              CA
                              HSBC MORTGAGE                         EDGEWATER                                     NJ
                              HSBC MORTGAGE                         MILLBRAE                                      CA
                              HSBC MORTGAGE                         SOUDERTON                                     PA
                              HSBC MORTGAGE                         SAN FRANCISCO                                 CA
                              HSBC MORTGAGE                         WEST HAVEN                                    CT
                              HSBC MORTGAGE                         FLUSHING                                      NY
                              HSBC MORTGAGE                         NEW YORK                                      NY
                              HSBC MORTGAGE                         TACOMA                                        WA
                              HSBC MORTGAGE                         FLUSHING                                      NY
                              HSBC MORTGAGE                         ARLINGTON                                     WA
                              HSBC MORTGAGE                         PALM BEACH GARDENS                            FL
                              HSBC MORTGAGE                         MONTGOMERY VILLAGE                            MD
                              HSBC MORTGAGE                         EAST HAMPTON                                  NY
                              HSBC MORTGAGE                         MOUNT PLEASANT                                NY
                              HSBC MORTGAGE                         JACKSON                                       NJ
                              HSBC MORTGAGE                         HOMESTEAD                                     FL
                              HSBC MORTGAGE                         LODI                                          NJ
                              HSBC MORTGAGE                         HAMPTON                                       VA
                              HSBC MORTGAGE                         NEW YORK                                      NY
                              HSBC MORTGAGE                         EAST MEADOW                                   NY
                              HSBC MORTGAGE                         STAFFORD                                      VA
                              HSBC MORTGAGE                         WEST RIVER                                    MD
                              HSBC MORTGAGE                         NEW YORK                                      NY
                              HSBC MORTGAGE                         LOMBARD                                       IL
                              HSBC MORTGAGE                         HAWORTH                                       NJ
                              HSBC MORTGAGE                         DARIEN                                        CT
                              HSBC MORTGAGE                         OAKLAND PARK                                  FL
                              HSBC MORTGAGE                         SUN VALLEY                                    CA
                              HSBC MORTGAGE                         FORT WASHINGTON                               MD
                              HSBC MORTGAGE                         CLOUDLAND                                     GA
                              HSBC MORTGAGE                         POESTENKILL                                   NY
                              HSBC MORTGAGE                         NORTHBROOK                                    IL
                              HSBC MORTGAGE                         MADERA                                        CA
                              HSBC MORTGAGE                         NORTHBROOK                                    IL
                              HSBC MORTGAGE                         INDIANAPOLIS                                  IN
                              HSBC MORTGAGE                         FOSTER CITY                                   CA
                              HSBC MORTGAGE                         NEW YORK                                      NY
                              HSBC MORTGAGE                         MENLO PARK                                    CA
                              HSBC MORTGAGE                         BRIDGEPORT                                    TX
                              HSBC MORTGAGE                         ST LOUIS                                      MO
                              EMC MORTGAGE                          Nanticoke                                     PA
                              EMC MORTGAGE                          Katy                                          TX
                              EMC MORTGAGE                          Scranton                                      PA
                              EMC MORTGAGE                          Pomona                                        CA
                              EMC MORTGAGE                          EAST HAMPTON                                  NY
                              EMC MORTGAGE                          ANTIOCH                                       CA
                              EMC MORTGAGE                          COLLEYVILLE                                   TX
                              EMC MORTGAGE                          Venice                                        CA
                              EMC MORTGAGE                          FLOSSMOOR                                     IL
                              EMC MORTGAGE                          HENDERSON                                     NV
                              EMC MORTGAGE                          CORAL SPRINGS                                 FL
                              EMC MORTGAGE                          Saint Petersburg                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          Saint Petersburg                              FL
                              EMC MORTGAGE                          LANSING                                       IL
                              EMC MORTGAGE                          Charlotte                                     NC
                              EMC MORTGAGE                          Mission Hills                                 CA
                              EMC MORTGAGE                          Michigan City                                 IN
                              EMC MORTGAGE                          MESA                                          AZ
                              EMC MORTGAGE                          Shirley                                       NY
                              EMC MORTGAGE                          South Padre Island                            TX
                              EMC MORTGAGE                          Brentwood                                     CA
                              EMC MORTGAGE                          MILTON                                        MA
                              EMC MORTGAGE                          Oswego                                        IL
                              EMC MORTGAGE                          SAN LEANDRO                                   CA
                              EMC MORTGAGE                          HOUSTON                                       TX
                              EMC MORTGAGE                          Winter Garden                                 FL
                              EMC MORTGAGE                          PANORAMA CITY                                 CA
                              EMC MORTGAGE                          NORFOLK                                       VA
                              EMC MORTGAGE                          Chattanooga                                   TN
                              EMC MORTGAGE                          IDAHO FALLS                                   ID
                              EMC MORTGAGE                          IDAHO FALLS                                   ID
                              EMC MORTGAGE                          MONROVIA                                      CA
                              EMC MORTGAGE                          SAN DIEGO                                     CA
                              EMC MORTGAGE                          HACIENDA HEIGHTS AREA                         CA
                              EMC MORTGAGE                          CORONA                                        CA
                              EMC MORTGAGE                          WEST VALLEY CITY                              UT
                              EMC MORTGAGE                          FORT COLLINS                                  CO
                              EMC MORTGAGE                          KENNESAW                                      GA
                              EMC MORTGAGE                          DALLAS                                        GA
                              EMC MORTGAGE                          BOSTON                                        MA
                              EMC MORTGAGE                          WARWICK                                       RI
                              EMC MORTGAGE                          WARWICK                                       RI
                              EMC MORTGAGE                          WESTMINSTER                                   MA
                              EMC MORTGAGE                          NEW ORLEANS                                   LA
                              EMC MORTGAGE                          MERIDEN                                       CT
                              EMC MORTGAGE                          MERIDEN                                       CT
                              EMC MORTGAGE                          TAMPA                                         FL
                              EMC MORTGAGE                          MIAMI                                         FL
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          SCOTTSDALE                                    AZ
                              EMC MORTGAGE                          PALATINE                                      IL
                              EMC MORTGAGE                          SANTA ANA                                     CA
                              EMC MORTGAGE                          TEMECULA AREA                                 CA
                              EMC MORTGAGE                          NASHVILLE                                     TN
                              EMC MORTGAGE                          FRANKLIN                                      TN
                              EMC MORTGAGE                          HAMDEN                                        CT
                              EMC MORTGAGE                          CHARLOTTE                                     NC
                              EMC MORTGAGE                          BURLINGAME                                    CA
                              EMC MORTGAGE                          OGDEN                                         UT
                              EMC MORTGAGE                          KINGSLAND                                     TX
                              EMC MORTGAGE                          GILBERT                                       AZ
                              EMC MORTGAGE                          ACCOKEEK                                      MD
                              EMC MORTGAGE                          Monroe Township                               NJ
                              EMC MORTGAGE                          Moreno Valley                                 CA
                              EMC MORTGAGE                          Santa Ana                                     CA
                              EMC MORTGAGE                          ANDERSON                                      SC
                              EMC MORTGAGE                          SANTEE                                        CA
                              EMC MORTGAGE                          Victorville                                   CA
                              EMC MORTGAGE                          Indio                                         CA
                              EMC MORTGAGE                          Prescott                                      AZ
                              EMC MORTGAGE                          Springdale                                    MD
                              HSBC MORTGAGE                         CAPE CORAL                                    FL
                              HSBC MORTGAGE                         DACULA                                        GA
                              EMC MORTGAGE                          Calumet City                                  IL
                              EMC MORTGAGE                          Sebastopol                                    CA
                              EMC MORTGAGE                          Baldwin Park                                  CA
                              EMC MORTGAGE                          San Diego                                     CA
                              EMC MORTGAGE                          Raymore                                       MO
                              EMC MORTGAGE                          Spartanburg                                   SC
                              EMC MORTGAGE                          Norridge                                      IL
                              EMC MORTGAGE                          Gold Beach                                    OR
                              EMC MORTGAGE                          San Diego                                     CA
                              EMC MORTGAGE                          Silver Spring                                 MD
                              EMC MORTGAGE                          FORT COLLINS                                  CO
                              EMC MORTGAGE                          FORT COLLINS                                  CO
                              EMC MORTGAGE                          FORT COLLINS                                  CO
                              EMC MORTGAGE                          KAILUA KONA                                   HI
                              EMC MORTGAGE                          Waltham                                       ME
                              EMC MORTGAGE                          Tampa                                         FL
                              EMC MORTGAGE                          Lakewood                                      CA
                              EMC MORTGAGE                          NEW HOPE                                      AL
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          Dover                                         NJ
                              EMC MORTGAGE                          Naples                                        FL
                              EMC MORTGAGE                          Moreno Valley                                 CA
                              EMC MORTGAGE                          Dallas                                        TX
                              EMC MORTGAGE                          Whittier                                      CA
                              EMC MORTGAGE                          Germantown                                    MD
                              EMC MORTGAGE                          STOCKTON                                      CA
                              EMC MORTGAGE                          ATLANTA                                       GA
                              EMC MORTGAGE                          (N HOLLYWOOD AREA) LOS AN                     CA
                              EMC MORTGAGE                          BRAINTREE                                     MA
                              EMC MORTGAGE                          PRESTON                                       MD
                              EMC MORTGAGE                          Kissimmee                                     FL
                              EMC MORTGAGE                          AUSTIN                                        TX
                              EMC MORTGAGE                          LAS VEGAS                                     NV
                              EMC MORTGAGE                          RESEDA AREA                                   CA
                              EMC MORTGAGE                          BARRINGTON                                    CA
                              EMC MORTGAGE                          BALTIMORE                                     MD
                              EMC MORTGAGE                          Voorhees                                      NJ
                              EMC MORTGAGE                          Escondido                                     CA
                              EMC MORTGAGE                          BELLFLOWER                                    CA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          COMPTON                                       CA
                              EMC MORTGAGE                          KISSIMMEE                                     FL
                              EMC MORTGAGE                          SAMMAMISH                                     WA
                              EMC MORTGAGE                          AUBURN                                        CA
                              EMC MORTGAGE                          BREMERTON                                     WA
                              EMC MORTGAGE                          GREENWOOD                                     AR
                              EMC MORTGAGE                          BREMERTON                                     WA
                              EMC MORTGAGE                          VENTURA                                       CA
                              EMC MORTGAGE                          LAKELAND                                      FL
                              EMC MORTGAGE                          SHARPSBURG                                    GA
                              EMC MORTGAGE                          LONGVIEW                                      WA
                              EMC MORTGAGE                          SACRAMENTO                                    CA
                              EMC MORTGAGE                          MESA                                          AZ
                              EMC MORTGAGE                          SAYLORSBURG                                   PA
                              EMC MORTGAGE                          DISTRICT HEIGHTS                              MD
                              EMC MORTGAGE                          STUART                                        FL
                              EMC MORTGAGE                          SEATTLE                                       WA
                              EMC MORTGAGE                          FAIRFIELD                                     CA
                              EMC MORTGAGE                          WOODLAND HILLS                                CA
                              EMC MORTGAGE                          VANCOUVER                                     WA
                              EMC MORTGAGE                          GATLINBURG                                    TN
                              EMC MORTGAGE                          DOUGLASVILLE                                  GA
                              EMC MORTGAGE                          McAllen                                       TX
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Littleton                                     MA
                              EMC MORTGAGE                          LAKEWOOD                                      CA
                              EMC MORTGAGE                          Spring                                        TX
                              EMC MORTGAGE                          Oceano                                        CA
                              EMC MORTGAGE                          GILROY                                        CA
                              EMC MORTGAGE                          WEST VALLEY CITY                              UT
                              EMC MORTGAGE                          Ukiah                                         CA
                              EMC MORTGAGE                          Burbank                                       CA
                              EMC MORTGAGE                          Frisco                                        TX
                              EMC MORTGAGE                          Phoenix                                       AZ
                              EMC MORTGAGE                          Cloverdale                                    CA
                              EMC MORTGAGE                          MIAMI                                         FL
                              EMC MORTGAGE                          San Jose                                      CA
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          Petaluma                                      CA
                              EMC MORTGAGE                          HILTON HEAD ISLAND                            SC
                              EMC MORTGAGE                          TAMPA                                         FL
                              EMC MORTGAGE                          MCDONOUGH                                     GA
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          FRESNO                                        CA
                              EMC MORTGAGE                          SAINT PETERSBURG                              FL
                              EMC MORTGAGE                          Colorado Springs                              CO
                              EMC MORTGAGE                          KENT                                          WA
                              EMC MORTGAGE                          Milwaukee                                     WI
                              EMC MORTGAGE                          CINCINNATI                                    OH
                              EMC MORTGAGE                          SANTA MONICA                                  CA
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          FORT COLLINS                                  CO
                              EMC MORTGAGE                          PORT ORANGE                                   FL
                              EMC MORTGAGE                          CHARLOTTE                                     NC
                              EMC MORTGAGE                          Houston                                       TX
                              EMC MORTGAGE                          LITTLEROCK                                    CA
                              EMC MORTGAGE                          Mira Loma                                     CA
                              EMC MORTGAGE                          Spring Hill                                   FL
                              EMC MORTGAGE                          PORT ST. LUCIE                                FL
                              EMC MORTGAGE                          DALLAS                                        TX
                              EMC MORTGAGE                          SANTA CRUZ                                    CA
                              EMC MORTGAGE                          SAN JOSE                                      CA
                              EMC MORTGAGE                          SAN FRANCISCO                                 CA
                              EMC MORTGAGE                          HOUSTON                                       TX
                              EMC MORTGAGE                          HUNTINGTON BEACH                              CA
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          PASADENA                                      CA
                              EMC MORTGAGE                          ARLINGTON                                     CA
                              EMC MORTGAGE                          SCOTTSDALE                                    AZ
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          CAPISTRANO BEACH                              CA
                              EMC MORTGAGE                          Cave Creek                                    AZ
                              EMC MORTGAGE                          Glendale                                      AZ
                              EMC MORTGAGE                          Roselle                                       IL
                              EMC MORTGAGE                          Newport News                                  VA
                              EMC MORTGAGE                          Somersworth                                   NH
                              EMC MORTGAGE                          Oviedo                                        FL
                              EMC MORTGAGE                          St Charles                                    IL
                              EMC MORTGAGE                          BOSTON                                        MA
                              EMC MORTGAGE                          MORENO VALLEY                                 CA
                              EMC MORTGAGE                          WARWICK                                       RI
                              EMC MORTGAGE                          WESTMINSTER                                   CO
                              EMC MORTGAGE                          Vancouver                                     WA
                              EMC MORTGAGE                          South San Francisco                           CA
                              EMC MORTGAGE                          Lansdowne                                     PA
                              EMC MORTGAGE                          Monticello                                    ME
                              EMC MORTGAGE                          Vista                                         CA
                              EMC MORTGAGE                          Franklin                                      TN
                              EMC MORTGAGE                          Manassas                                      VA
                              EMC MORTGAGE                          SAN BERNARDINO                                CA
                              EMC MORTGAGE                          Forestville                                   CA
                              EMC MORTGAGE                          MONKTON                                       MD
                              EMC MORTGAGE                          NEWTOWN                                       CT
                              EMC MORTGAGE                          Naples                                        FL
                              EMC MORTGAGE                          Haymarket                                     VA
                              EMC MORTGAGE                          HIALEAH                                       FL
                              EMC MORTGAGE                          COLUMBUS                                      GA
                              EMC MORTGAGE                          SAVANNAH                                      GA
                              EMC MORTGAGE                          GLENDALE                                      AZ
                              EMC MORTGAGE                          BARTOW                                        FL
                              EMC MORTGAGE                          Sierra Madre                                  CA
                              EMC MORTGAGE                          SALINAS                                       CA
                              EMC MORTGAGE                          BELLWOOD                                      IL
                              EMC MORTGAGE                          PHOENIX                                       AZ
                              EMC MORTGAGE                          Avenal                                        CA
                              EMC MORTGAGE                          Buckeye                                       AZ
                              EMC MORTGAGE                          Glendale                                      AZ
                              EMC MORTGAGE                          Pikesville                                    MD
                              EMC MORTGAGE                          Severna Park                                  MD
                              EMC MORTGAGE                          Denver                                        CO
                              EMC MORTGAGE                          Bakersfield                                   CA
                              BRANCH BANK AND                       LITTLETON                                     NC
                              BRANCH BANK AND                       SMITHFIELD                                    NC
                              BRANCH BANK AND                       CONCORD                                       GA
                              BRANCH BANK AND                       OCEAN ISLE BEACH                              NC
                              BRANCH BANK AND                       MOORESVILLE                                   NC
                              BRANCH BANK AND                       ATLANTA                                       GA
                              BRANCH BANK AND                       KESWICK                                       VA
                              BRANCH BANK AND                       GAINESVILLE                                   VA
                              BRANCH BANK AND                       WASHINGTON                                    DC
                              BRANCH BANK AND                       WILMINGTON                                    NC
                              BRANCH BANK AND                       ASHBURN                                       VA
                              BRANCH BANK AND                       FAIRFAX                                       VA
                              BRANCH BANK AND                       FALL CHURCH                                   VA
                              BRANCH BANK AND                       SUITLAND                                      MD
                              BRANCH BANK AND                       ORANGE PARK                                   FL
                              BRANCH BANK AND                       TALLAHASSEE                                   FL
                              BRANCH BANK AND                       STUART                                        FL
                              BRANCH BANK AND                       ORLANDO                                       FL
                              BRANCH BANK AND                       RALEIGH                                       NC
                              BRANCH BANK AND                       BOYNTON BEACH                                 FL
                              BRANCH BANK AND                       ATLANTA                                       GA
                              BRANCH BANK AND                       WALDORF                                       MD
                              BRANCH BANK AND                       ALBUQUERQUE                                   NM
                              BRANCH BANK AND                       POTOMAC                                       MD
                              BRANCH BANK AND                       GRETNA                                        NE
                              BRANCH BANK AND                       BALTIMORE                                     MD
                              BRANCH BANK AND                       PRINCESS ANNE                                 MD
                              BRANCH BANK AND                       SUFFOLK                                       VA
                              BRANCH BANK AND                       HAGERSTOWN                                    MD
                              BRANCH BANK AND                       HILHAM                                        TN
                              BRANCH BANK AND                       VIENNA                                        VA
                              BRANCH BANK AND                       ANNAPOLIS                                     MD
                              BRANCH BANK AND                       GLASGOW                                       KY
                              EMC MORTGAGE                          Grapevine                                     TX
                              EMC MORTGAGE                          Panorama City                                 CA
                              EMC MORTGAGE                          Cedar City                                    UT
                              EMC MORTGAGE                          PACIFIC PALISADES                             CA
                              EMC MORTGAGE                          Port Charlotte                                FL
                              EMC MORTGAGE                          JACKSONVILLE                                  FL
                              EMC MORTGAGE                          Gainesville                                   VA
                              EMC MORTGAGE                          NEWPORT                                       NC
                              EMC MORTGAGE                          WEST VALLEY                                   UT
                              EMC MORTGAGE                          Manchester                                    MA
                              EMC MORTGAGE                          Bakersfield                                   CA
                              EMC MORTGAGE                          Oak Harbor                                    WA
                              EMC MORTGAGE                          Dublin                                        OH
                              EMC MORTGAGE                          LOMBARD                                       IL
                              EMC MORTGAGE                          San Pablo                                     CA
                              EMC MORTGAGE                          CHANTILLY                                     VA
                              EMC MORTGAGE                          Maplewood                                     MN
                              EMC MORTGAGE                          Marysville                                    WA
                              EMC MORTGAGE                          Upland                                        CA
                              EMC MORTGAGE                          HYATTSVILLE                                   MD
                              EMC MORTGAGE                          BAKERSFIELD                                   CA
                              EMC MORTGAGE                          LITHONIA                                      GA
                              EMC MORTGAGE                          Naples                                        FL
                              EMC MORTGAGE                          Hermiston                                     OR
                              EMC MORTGAGE                          SAN FRANCISCO                                 CA
                              EMC MORTGAGE                          Rowland Heights                               CA
                              EMC MORTGAGE                          Blue Ridge                                    VA
                              EMC MORTGAGE                          MEMPHIS                                       TN
                              EMC MORTGAGE                          GALT                                          CA
                              EMC MORTGAGE                          Inglewood                                     CA
                              EMC MORTGAGE                          Hampton                                       VA
                              EMC MORTGAGE                          FRESNO                                        CA
                              EMC MORTGAGE                          RANCHO CUCAMONGA                              CA
                              EMC MORTGAGE                          SANTA ANA                                     CA
                              EMC MORTGAGE                          Milwaukee                                     WI
                              EMC MORTGAGE                          Las Vegas                                     NV
                              EMC MORTGAGE                          WILLIS                                        TX
                              EMC MORTGAGE                          ARLINGTON                                     TX
                              EMC MORTGAGE                          ALAMO                                         TX
                              EMC MORTGAGE                          BOONTON                                       NJ
                              EMC MORTGAGE                          FORT WORTH                                    TX
                              EMC MORTGAGE                          Sterling                                      VA
                              EMC MORTGAGE                          Ontario                                       CA
                              EMC MORTGAGE                          Hialeah                                       FL
                              EMC MORTGAGE                          CAPITOL HGTS                                  MD
                              EMC MORTGAGE                          Northridge                                    CA
                              EMC MORTGAGE                          Monroe                                        NY
                              EMC MORTGAGE                          STEVENSON RANCH                               CA
                              EMC MORTGAGE                          TUSTIN                                        CA
                              EMC MORTGAGE                          SNOHOMISH                                     WA
                              EMC MORTGAGE                          Los Angeles                                   CA
                              EMC MORTGAGE                          GRANT                                         FL
                              EMC MORTGAGE                          LINCOLN                                       NE
                              EMC MORTGAGE                          OXNARD                                        CA
                              EMC MORTGAGE                          Truckee                                       CA
                              EMC MORTGAGE                          ORLANDO                                       FL
                              EMC MORTGAGE                          Imperial Beach                                CA
                              EMC MORTGAGE                          Miami                                         FL
                              EMC MORTGAGE                          San Antonio                                   TX
                              EMC MORTGAGE                          Farmingdale                                   NY
                              BANK OF AMERICA                       BRONX                                         NY
                              BANK OF AMERICA                       LAWRENCE                                      MA
                              BANK OF AMERICA                       FREEHOLD                                      NJ
                              BANK OF AMERICA                       PITTSBURGH                                    PA
                              BANK OF AMERICA                       CLEVELAND                                     OH
                              BANK OF AMERICA                       SHEBOYGAN                                     WI
                              BANK OF AMERICA                       RICHLAND                                      WA
                              BANK OF AMERICA                       BREWSTER                                      NY
                              BANK OF AMERICA                       FLINT                                         MI
                              BANK OF AMERICA                       WEST COLUMBIA                                 SC
                              BANK OF AMERICA                       KATY                                          TX
                              BANK OF AMERICA                       CARTERSVILLE                                  GA
                              BANK OF AMERICA                       MONACA                                        PA
                              BANK OF AMERICA                       LATHAM                                        NY
                              BANK OF AMERICA                       BUFFALO                                       NY
                              BANK OF AMERICA                       FOREST HILLS                                  TX
                              BANK OF AMERICA                       MOUND                                         MN
                              BANK OF AMERICA                       EAST HAMPTON                                  CT
                              BANK OF AMERICA                       SCOTTSBORO                                    AL
                              BANK OF AMERICA                       ALIQUIPPA                                     PA
                              BANK OF AMERICA                       BRIDGEPORT                                    CT
                              BANK OF AMERICA                       DETROIT                                       MI
                              BANK OF AMERICA                       PIRU                                          CA
                              BANK OF AMERICA                       HAZEL PARK                                    MI
                              BANK OF AMERICA                       LAS CRUCES                                    NM
                              BANK OF AMERICA                       TWENTYNINE PALMS                              CA
                              BANK OF AMERICA                       MANKATO                                       MN
                              BANK OF AMERICA                       HIALEAH                                       FL
                              BANK OF AMERICA                       WALLED LAKE                                   MI
                              BANK OF AMERICA                       WOODSTOCK                                     NY
                              BANK OF AMERICA                       JOLIET                                        IL
                              BANK OF AMERICA                       LANSING                                       MI
                              BANK OF AMERICA                       ISLIP                                         NY
                              BANK OF AMERICA                       CORPUS CHRISTI                                TX
                              BANK OF AMERICA                       BLOOMINGDALE                                  IL
                              BANK OF AMERICA                       HAGERSTOWN                                    MD
                              BANK OF AMERICA                       CHICO                                         TX
                              BANK OF AMERICA                       FAR ROCKAWAY                                  NY
                              BANK OF AMERICA                       GREEN BAY                                     WI
                              BANK OF AMERICA                       CLOQUET                                       MN
                              BANK OF AMERICA                       PITTSBURGH                                    PA
                              BANK OF AMERICA                       HENDERSON                                     NV
                              BANK OF AMERICA                       CLEBURNE                                      TX
                              BANK OF AMERICA                       MESA                                          AZ
                              BANK OF AMERICA                       PHOENIX                                       AZ
                              BANK OF AMERICA                       NEW BERN                                      NC
                              BANK OF AMERICA                       BRONX                                         NY
                              BANK OF AMERICA                       ROCKMART                                      GA
                              BANK OF AMERICA                       CHICAGO                                       IL
                              BANK OF AMERICA                       LOUISVILLE                                    KY
                              BANK OF AMERICA                       BALTIMORE                                     MD
                              BANK OF AMERICA                       ALLENTOWN                                     PA
                              BANK OF AMERICA                       MIRAMAR                                       FL
                              BANK OF AMERICA                       DAYTONA BEACH                                 FL
                              BANK OF AMERICA                       VIRGINIA BEACH                                VA
                              BANK OF AMERICA                       LUTZ                                          FL
                              BANK OF AMERICA                       ROCKMART                                      GA
                              BANK OF AMERICA                       FAIR OAKS                                     CA
                              BANK OF AMERICA                       LONG BEACH                                    CA
                              BANK OF AMERICA                       PEARLAND                                      TX
                              BANK OF AMERICA                       PHILADELPHIA                                  PA
                              BANK OF AMERICA                       ACWORTH                                       GA
                              BANK OF AMERICA                       SEVERN                                        MD
                              BANK OF AMERICA                       CARLISLE                                      PA
                              BANK OF AMERICA                       CARTERSVILLE                                  GA
                              BANK OF AMERICA                       PERRIS                                        CA
                              BANK OF AMERICA                       PHILADELPHIA                                  PA
                              BANK OF AMERICA                       MARYLAND HEIGHTS                              MO
                              BANK OF AMERICA                       VIRGINIA BEACH                                VA
                              BANK OF AMERICA                       ANTIOCH                                       CA
                              BANK OF AMERICA                       SCHUYLKILL HAVEN                              PA
                              BANK OF AMERICA                       CLEVELAND                                     OH
                              BANK OF AMERICA                       GALVESTON                                     TX
                              BANK OF AMERICA                       RICHMOND                                      CA
                              BANK OF AMERICA                       YONKERS                                       NY
                              BANK OF AMERICA                       ROUND ROCK                                    TX
                              BANK OF AMERICA                       COLUMBUS                                      OH
                              BANK OF AMERICA                       BALTIMORE                                     MD
                              BANK OF AMERICA                       FORT WORTH                                    TX
                              BANK OF AMERICA                       KANSAS CITY                                   KS
                              BANK OF AMERICA                       CORALVILLE                                    IA
                              BANK OF AMERICA                       HANFORD                                       CA
                              BANK OF AMERICA                       CATONSVILLE                                   MD
                              BANK OF AMERICA                       BELTSVILLE                                    MD
                              BANK OF AMERICA                       ARLINGTON HEIGHTS                             IL
                              BANK OF AMERICA                       COLUMBUS                                      OH
                              BANK OF AMERICA                       SHEBOYGAN                                     WI
                              BANK OF AMERICA                       WALLA WALLA                                   WA
                              BANK OF AMERICA                       FLOWERY BRANCH                                GA
                              BANK OF AMERICA                       PASADENA                                      CA
                              BANK OF AMERICA                       PLAINVILLE                                    MA
                              BANK OF AMERICA                       ST. PAUL                                      MN
                              BANK OF AMERICA                       MIAMI                                         FL
                              EMC MORTGAGE                          SAN JOSE                                      CA
                              EMC MORTGAGE                          Los Angeles                                   CA
                              EMC MORTGAGE                          Parker                                        CO
                              EMC MORTGAGE                          SAN MATEO                                     CA
                              EMC MORTGAGE                          Los Angeles                                   CA
                              EMC MORTGAGE                          SANTA ANA                                     CA
                              EMC MORTGAGE                          Pomona                                        CA
                              EMC MORTGAGE                          Wellington                                    FL
                              EMC MORTGAGE                          VALLEJO                                       CA
                              EMC MORTGAGE                          Catonsville                                   MD
                              EMC MORTGAGE                          PORTERVILLE                                   CA
                              EMC MORTGAGE                          Whittier                                      CA
                              EMC MORTGAGE                          Ballard                                       CA
                              EMC MORTGAGE                          MEMPHIS                                       TN
                              EMC MORTGAGE                          San Francisco                                 CA
                              EMC MORTGAGE                          MINNEAPOLIS                                   MN
                              EMC MORTGAGE                          CEDAR GROVE                                   NJ
                              EMC MORTGAGE                          SALISBURY                                     MD
                              EMC MORTGAGE                          VALENCIA                                      CA

                              ZIP_         FIRST_              STATED           STATED_                   AMORT
                              CODE         PAY_DATE            _MAT             ORIGINAL_TERM             _TERM1
---------------------------------------------------------------------------------------------------------------------
                                96740            20061001         20210901                       180             180
                                96019            20060601         20210501                       180             360
                                28025            20060701         20210601                       180             360
                                68045            20060801         20210701                       180             360
                                84003            20060701         20210601                       180             360
                                90011            20060701         20210601                       180             360
                                84403            20060801         20210701                       180             360
                                84088            20060701         20210601                       180             360
                                84088            20060701         20210601                       180             360
                                60652            20060801         20210701                       180             360
                                17362            20060701         20210601                       180             360
                                80205            20060801         20360701                       360             360
                                60516            20060701         20210601                       180             360
                                84088            20060801         20210701                       180             360
                                48219            20060801         20210701                       180             360
                                85015            20060901         20360801                       360             360
                                75093            20060701         20360601                       360             360
                                32771            20061001         20360901                       360             360
                                32303            20060901         20210801                       180             180
                                 8021            20061001         20210901                       180             180
                                97266            20061001         20210901                       180             360
                                97222            20061001         20210901                       180             360
                                92583            20061201         20211101                       180             180
                                30328            20061101         20211001                       180             180
                                33404            20070101         20361201                       360             360
                                98606            20070101         20361201                       360             360
                                77090            20070201         20370101                       360             360
                                85306            20070301         20370201                       360             360
                                37343            20061201         20211101                       180             180
                                37343            20061201         20211101                       180             180
                                22003            20070301         20370201                       360             360
                                33908            20070201         20370101                       360             360
                                92336            20070201         20370101                       360             360
                                80130            20070201         20370101                       360             360
                                30008            20070301         20370201                       360             360
                                19139            20070401         20370301                       360             360
                                24574            20070201         20370101                       360             360
                                21117            20070401         20370301                       360             480
                                85705            20070301         20370201                       360             360
                                 7730            20070401         20370301                       360             480
                                56036            20070301         20370201                       360             360
                                76020            20070201         20370101                       360             360
                                11368            20070301         20370201                       360             360
                                35206            20070201         20370101                       360             360
                                98502            20070201         20370101                       360             360
                                19140            20070301         20370201                       360             360
                                75703            20070301         20370201                       360             360
                                22101            20070601         20370501                       360             360
                                92376            20070501         20370401                       360             480
                                73075            20070201         20370101                       360             360
                                32177            20070101         20211201                       180             180
                                45331            20070201         20370101                       360             360
                                77845            20070301         20370201                       360             360
                                85338            20070201         20370101                       360             360
                                78109            20061101         20361001                       360             360
                                78244            20061101         20361001                       360             360
                                30331            20070201         20370101                       360             360
                                 4084            20070301         20370201                       360             360
                                10016            20070301         20370201                       360             360
                                92354            20061001         20360901                       360             360
                                10312            20061101         20361001                       360             360
                                 7047            20061101         20361001                       360             360
                                19132            20061201         20361101                       360             360
                                91750            20061201         20361101                       360             360
                                59715            20070101         20361201                       360             360
                                43213            20061201         20361101                       360             360
                                48093            20070101         20211201                       180             360
                                77009            20070101         20361201                       360             360
                                45217            20070101         20361201                       360             360
                                44146            20070101         20361201                       360             360
                                44035            20070101         20361201                       360             360
                                60625            20070101         20211201                       180             360
                                77536            20070101         20361201                       360             360
                                33027            20070301         20370201                       360             360
                                29150            20070301         20370201                       360             360
                                49270            20070301         20370201                       360             480
                                89110            20070301         20370201                       360             360
                                20109            20070301         20370201                       360             360
                                75146            20070401         20370301                       360             360
                                50035            20070301         20370201                       360             360
                                78539            20070401         20370301                       360             360
                                78209            20070101         20361201                       360             360
                                21048            20070301         20370201                       360             360
                                10014            20070501         20370401                       360             360
                                34953            20061101         20361001                       360             360
                                64133            20070101         20361201                       360             360
                                 4572            20070301         20370201                       360             360
                                33069            20070201         20370101                       360             360
                                61604            20070301         20370201                       360             480
                                96001            20070201         20370101                       360             360
                                75098            20070401         20370301                       360             360
                                33189            20070501         20370401                       360             360
                                80128            20070301         20370201                       360             360
                                91335            20070101         20361201                       360             360
                                14882            20070101         20361201                       360             360
                                15061            20070101         20361201                       360             360
                                29073            20070101         20361201                       360             360
                                30004            20070201         20370101                       360             360
                                33857            20061201         20361101                       360             360
                                92509            20070101         20361201                       360             360
                                92530            20060901         20360801                       360             600
                                60525            20061001         20360901                       360             360
                                34983            20061101         20361001                       360             360
                                 8244            20061101         20361001                       360             360
                                19027            20061101         20361001                       360             360
                                93305            20061201         20361101                       360             360
                                34669            20070101         20361201                       360             360
                                90044            20070101         20361201                       360             360
                                91730            20070101         20361201                       360             360
                                93257            20070101         20361201                       360             360
                                29180            20070501         20370401                       360             360
                                21804            20070301         20370201                       360             360
                                72701            20061101         20361001                       360             360
                                33023            20070301         20370201                       360             360
                                80904            20070201         20370101                       360             360
                                32218            20070501         20370401                       360             360
                                78250            20070301         20370201                       360             360
                                60302            20070401         20370301                       360             360
                                92880            20070401         20370301                       360             360
                                 2151            20070401         20370301                       360             360
                                85323            20070401         20370301                       360             480
                                78758            20070401         20370301                       360             360
                                22202            20070101         20361201                       360             360
                                73109            20070401         20370301                       360             360
                                 4103            20070401         20370301                       360             360
                                92252            20070301         20370201                       360             360
                                11369            20070601         20370501                       360             360
                                75205            20070301         20370201                       360             360
                                 8742            20070501         20370401                       360             360
                                11221            20070301         20370201                       360             360
                                78223            20070301         20370201                       360             360
                                85901            20070301         20370201                       360             360
                                89704            20070401         20370301                       360             360
                                38301            20070401         20370301                       360             360
                                30096            20070401         20370301                       360             360
                                89449            20070401         20370301                       360             360
                                34690            20070301         20370201                       360             360
                                39501            20070401         20370301                       360             360
                                33165            20070501         20370401                       360             360
                                30458            20070401         20370301                       360             360
                                85041            20070401         20370301                       360             360
                                11357            20070501         20370401                       360             360
                                68110            20070401         20370301                       360             360
                                94544            20070401         20370301                       360             360
                                85326            20070401         20370301                       360             360
                                30094            20070301         20370201                       360             360
                                78251            20070401         20370301                       360             360
                                84108            20070301         20370201                       360             360
                                55343            20070401         20370301                       360             360
                                33544            20070301         20370201                       360             360
                                45383            20070401         20370301                       360             360
                                48228            20070301         20370201                       360             360
                                34747            20070401         20370301                       360             360
                                22485            20070401         20370301                       360             360
                                85017            20070401         20370301                       360             360
                                78218            20070401         20370301                       360             360
                                92562            20070401         20370301                       360             480
                                29451            20070501         20370401                       360             360
                                77469            20070301         20370201                       360             360
                                85242            20070301         20370201                       360             360
                                55331            20070301         20370201                       360             360
                                50317            20070201         20370101                       360             360
                                92054            20070301         20370201                       360             360
                                78652            20070401         20370301                       360             360
                                77531            20070501         20370401                       360             360
                                23464            20070401         20370301                       360             360
                                85251            20070301         20370201                       360             360
                                52405            20070301         20370201                       360             360
                                85226            20070501         20370401                       360             360
                                33193            20070401         20370301                       360             360
                                37087            20070401         20370301                       360             360
                                95687            20070401         20370301                       360             360
                                30566            20070501         20370401                       360             360
                                 6807            20070501         20370401                       360             360
                                28303            20070401         20370301                       360             360
                                28277            20070301         20370201                       360             360
                                93705            20070301         20370201                       360             360
                                93536            20070201         20370101                       360             360
                                33971            20061101         20361001                       360             360
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                                14215            20070201         20370101                       360             360
                                60466            20070201         20370101                       360             360
                                45420            20070101         20361201                       360             360
                                21009            20070201         20370101                       360             360
                                92335            20070101         20361201                       360             360
                                61101            20070101         20361201                       360             360
                                60048            20070201         20370101                       360             360
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                                89141            20070201         20370101                       360             360
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                                40211            20070201         20370101                       360             360
                                44647            20070201         20370101                       360             360
                                30184            20070201         20370101                       360             360
                                 7060            20070201         20370101                       360             360
                                 2048            20070201         20370101                       360             360
                                21205            20070101         20361201                       360             360
                                85250            20070101         20361201                       360             360
                                46041            20070201         20370101                       360             360
                                98032            20070201         20370101                       360             360
                                80520            20070201         20370101                       360             360
                                33331            20070201         20370101                       360             360
                                34953            20070201         20370101                       360             360
                                 8611            20070201         20370101                       360             360
                                21236            20070201         20370101                       360             360
                                21215            20070201         20370101                       360             360
                                20735            20070101         20361201                       360             360
                                32320            20070201         20370101                       360             360
                                49006            20070201         20370101                       360             360
                                95207            20070101         20361201                       360             360
                                20866            20070201         20370101                       360             360
                                75161            20070201         20370101                       360             360
                                98284            20070201         20370101                       360             360
                                60502            20070201         20370101                       360             360
                                96789            20070201         20370101                       360             360
                                 6610            20070201         20370101                       360             360
                                20191            20070201         20370101                       360             360
                                 7442            20070201         20370101                       360             360
                                55746            20070201         20370101                       360             360
                                40047            20070201         20370101                       360             360
                                98168            20070201         20370101                       360             360
                                40047            20070201         20370101                       360             360
                                87123            20070201         20370101                       360             360
                                21061            20070201         20370101                       360             360
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                                60073            20070201         20370101                       360             360
                                22304            20070201         20370101                       360             360
                                44118            20070201         20370101                       360             360
                                97222            20070201         20370101                       360             360
                                23452            20070201         20370101                       360             360
                                17402            20070201         20370101                       360             360
                                23222            20070201         20370101                       360             360
                                21234            20070201         20370101                       360             360
                                84660            20070201         20370101                       360             360
                                45013            20070201         20370101                       360             360
                                21061            20070201         20370101                       360             360
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                                46218            20070201         20370101                       360             360
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                                54812            20070201         20370101                       360             360
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                                33174            20070401         20370301                       360             360
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                                30311            20070401         20370301                       360             360
                                76249            20070301         20370201                       360             360
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                                32951            20070501         20370401                       360             360
                                97540            20070301         20370201                       360             360
                                23666            20070401         20370301                       360             360
                                85225            20070501         20370401                       360             360
                                28663            20070201         20370101                       360             360
                                77017            20070301         20370201                       360             360
                                54115            20070301         20370201                       360             360
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                                49712            20070301         20370201                       360             360
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                                 7753            20070301         20370201                       360             360
                                75034            20070301         20370201                       360             360
                                55101            20070301         20370201                       360             360
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                                23235            20070401         20370301                       360             360
                                 6902            20070501         20370401                       360             360
                                22485            20070401         20370301                       360             360
                                34743            20070401         20370301                       360             480
                                94107            20070401         20370301                       360             360
                                80014            20070301         20370201                       360             360
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                                92344            20070301         20370201                       360             360
                                33619            20070301         20370201                       360             360
                                28086            20070301         20370201                       360             360
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                                85014            20070401         20370301                       360             360
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                                27705            20070401         20370301                       360             360
                                32792            20070401         20370301                       360             360
                                89044            20070501         20370401                       360             360
                                37128            20070401         20370301                       360             360
                                 7087            20070401         20370301                       360             480
                                78245            20070401         20370301                       360             360
                                99336            20070501         20370401                       360             360
                                23464            20070401         20370301                       360             360
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                                20744            20070401         20370301                       360             360
                                85206            20070501         20370401                       360             360
                                92311            20070401         20370301                       360             360
                                34236            20070401         20370301                       360             360
                                92311            20070401         20370301                       360             360
                                 6824            20070501         20370401                       360             360
                                89044            20070501         20370401                       360             360
                                85013            20070401         20370301                       360             360
                                22644            20070501         20370401                       360             360
                                75052            20070401         20370301                       360             360
                                81647            20070401         20370301                       360             360
                                76234            20070401         20370301                       360             360
                                87112            20070501         20370401                       360             360
                                76266            20070401         20370301                       360             360
                                93727            20070401         20370301                       360             360
                                33331            20070401         20370301                       360             360
                                30047            20070401         20370301                       360             480
                                22151            20070401         20370301                       360             360
                                97426            20070401         20370301                       360             360
                                32819            20070401         20370301                       360             360
                                60629            20070201         20370101                       360             360
                                77375            20070401         20370301                       360             360
                                78045            20070501         20370401                       360             360
                                 8558            20070401         20370301                       360             360
                                89178            20070401         20370301                       360             360
                                21227            20070401         20370301                       360             360
                                78626            20070401         20370301                       360             360
                                27217            20070401         20370301                       360             360
                                 2650            20070501         20370401                       360             360
                                 3870            20070401         20370301                       360             360
                                29928            20070501         20370401                       360             360
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                                32922            20070401         20370301                       360             360
                                47129            20070301         20370201                       360             360
                                29910            20070601         20370501                       360             360
                                33467            20070501         20370401                       360             360
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                                 8873            20070401         20370301                       360             360
                                95946            20070501         20370401                       360             360
                                20851            20070501         20370401                       360             360
                                11236            20070501         20370401                       360             360
                                23235            20070401         20370301                       360             360
                                64110            20070401         20370301                       360             360
                                33014            20070401         20370301                       360             360
                                80221            20070101         20361201                       360             360
                                28701            20070401         20370301                       360             360
                                87122            20070401         20370301                       360             360
                                93552            20070401         20370301                       360             360
                                33711            20070501         20370401                       360             360
                                30548            20070401         20370301                       360             360
                                91766            20070401         20220301                       180             180
                                 8053            20070501         20370401                       360             360
                                77459            20070401         20370301                       360             360
                                46385            20060901         20210801                       180             180
                                48197            20061101         20211001                       180             180
                                60402            20070101         20211201                       180             180
                                49444            20070401         20370301                       360             360
                                33549            20070401         20370301                       360             360
                                33458            20070401         20370301                       360             360
                                22207            20070501         20370401                       360             360
                                32043            20070401         20370301                       360             360
                                33162            20070401         20370301                       360             480
                                30024            20070301         20370201                       360             360
                                50211            20070401         20370301                       360             360
                                80634            20070401         20370301                       360             360
                                60647            20070401         20370301                       360             360
                                55444            20070401         20370301                       360             360
                                17360            20061001         20360901                       360             360
                                76036            20061001         20360901                       360             360
                                17408            20070101         20361201                       360             360
                                93313            20070101         20361201                       360             360
                                92301            20070101         20361201                       360             360
                                85379            20070201         20370101                       360             360
                                93312            20070201         20370101                       360             360
                                20109            20070101         20361201                       360             360
                                34669            20070101         20361201                       360             360
                                34221            20070101         20361201                       360             360
                                30327            20070301         20370201                       360             360
                                20853            20070601         20370501                       360             360
                                91011            20070401         20370301                       360             360
                                76240            20070601         20370501                       360             360
                                80020            20070401         20370301                       360             360
                                78541            20070501         20370401                       360             360
                                30642            20070401         20370301                       360             360
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                                89131            20070401         20370301                       360             360
                                60067            20070401         20370301                       360             360
                                30066            20070401         20370301                       360             360
                                60527            20070601         20220501                       180             180
                                90034            20070401         20370301                       360             360
                                84043            20070401         20370301                       360             360
                                89044            20070501         20370401                       360             360
                                33543            20070501         20370401                       360             480
                                21075            20070501         20370401                       360             360
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                                85021            20070401         20370301                       360             360
                                86323            20070301         20370201                       360             360
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                                 4106            20070401         20370301                       360             360
                                93722            20070401         20370301                       360             360
                                78201            20070601         20370501                       360             360
                                78654            20070501         20370401                       360             360
                                55409            20070401         20370301                       360             360
                                33186            20070501         20370401                       360             360
                                20124            20070401         20370301                       360             360
                                89148            20070501         20370401                       360             480
                                92592            20070201         20370101                       360             360
                                90280            20070401         20220301                       180             180
                                22192            20070401         20370301                       360             360
                                 7751            20070501         20370401                       360             360
                                32707            20070501         20370401                       360             360
                                60423            20070301         20370201                       360             360
                                56655            20070301         20370201                       360             360
                                50315            20070301         20370201                       360             360
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                                21045            20070301         20370201                       360             360
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                                78041            20070301         20370201                       360             360
                                20720            20070301         20370201                       360             360
                                10472            20070301         20370201                       360             360
                                46201            20061201         20361101                       360             360
                                77019            20070201         20370101                       360             360
                                 7103            20070301         20370201                       360             360
                                44147            20070301         20370201                       360             360
                                33073            20070101         20361201                       360             360
                                92115            20070301         20370201                       360             360
                                85296            20070301         20370201                       360             360
                                 2645            20070301         20370201                       360             360
                                43701            20070301         20370201                       360             360
                                30078            20070301         20370201                       360             360
                                71854            20070301         20370201                       360             360
                                85302            20070201         20370101                       360             360
                                23464            20070301         20370201                       360             360
                                85218            20070301         20370201                       360             360
                                46208            20070201         20370101                       360             360
                                23226            20070301         20370201                       360             360
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                                99207            20070301         20370201                       360             360
                                90805            20070301         20370201                       360             360
                                44089            20070301         20370201                       360             360
                                44089            20070301         20370201                       360             360
                                20657            20070301         20370201                       360             360
                                63011            20070301         20370201                       360             360
                                44107            20070301         20220201                       180             180
                                96748            20070201         20370101                       360             360
                                33027            20070301         20370201                       360             360
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                                33179            20070301         20370201                       360             360
                                30655            20070301         20370201                       360             360
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                                19390            20070301         20370201                       360             360
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                                 7422            20070301         20370201                       360             360
                                33063            20070301         20370201                       360             360
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                                19050            20070301         20370201                       360             360
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                                59102            20070301         20370201                       360             360
                                15147            20070301         20370201                       360             360
                                21223            20070301         20370201                       360             360
                                87124            20070301         20370201                       360             360
                                19143            20070301         20370201                       360             360
                                92308            20070501         20370401                       360             360
                                63108            20070501         20370401                       360             360
                                92571            20070401         20370301                       360             480
                                 4101            20070501         20370401                       360             360
                                78572            20070501         20370401                       360             360
                                70403            20070401         20370301                       360             360
                                92663            20070401         20370301                       360             360
                                40245            20070501         20220401                       180             360
                                78504            20070401         20220301                       180             180
                                97212            20070501         20370401                       360             360
                                77095            20070401         20370301                       360             360
                                34787            20070501         20370401                       360             360
                                11234            20070501         20370401                       360             360
                                33054            20070501         20370401                       360             360
                                90505            20070501         20370401                       360             480
                                32807            20070501         20370401                       360             360
                                85032            20070401         20370301                       360             360
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                                80207            20070501         20370401                       360             360
                                96707            20070401         20370301                       360             360
                                10922            20070401         20370301                       360             360
                                34120            20070401         20370301                       360             360
                                80012            20070401         20370301                       360             360
                                46062            20070501         20370401                       360             360
                                78660            20070501         20370401                       360             360
                                 7111            20070501         20370401                       360             360
                                20152            20070401         20370301                       360             360
                                10454            20070401         20370301                       360             360
                                30024            20070401         20370301                       360             360
                                90247            20070401         20370301                       360             360
                                92065            20070501         20370401                       360             360
                                21093            20070501         20370401                       360             360
                                91361            20070501         20370401                       360             360
                                 7305            20070501         20370401                       360             360
                                63119            20070401         20370301                       360             480
                                78130            20070401         20370301                       360             360
                                23222            20070501         20370401                       360             360
                                20745            20070501         20370401                       360             360
                                34293            20070501         20370401                       360             360
                                21401            20070401         20370301                       360             360
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                                20841            20070401         20370301                       360             360
                                30238            20070401         20370301                       360             360
                                28216            20070201         20370101                       360             360
                                 7079            20070501         20370401                       360             360
                                80134            20070401         20370301                       360             360
                                33810            20070401         20370301                       360             360
                                22193            20070401         20370301                       360             360
                                33708            20070501         20370401                       360             360
                                17331            20070501         20370401                       360             360
                                77336            20070501         20270401                       240             240
                                95624            20070501         20370401                       360             360
                                34652            20070501         20370401                       360             360
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                                 3820            20070501         20370401                       360             360
                                20147            20070501         20370401                       360             360
                                55106            20070501         20370401                       360             480
                                85249            20070501         20370401                       360             360
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                                30127            20070401         20370301                       360             360
                                60538            20070501         20370401                       360             360
                                92603            20070501         20370401                       360             360
                                85396            20070501         20370401                       360             360
                                33767            20070501         20370401                       360             360
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                                95382            20070401         20370301                       360             360
                                85024            20070501         20370401                       360             360
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                                96707            20070501         20370401                       360             360
                                32205            20070501         20370401                       360             360
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                                80503            20070501         20370401                       360             360
                                27540            20070501         20370401                       360             360
                                65653            20070501         20370401                       360             360
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                                55025            20070501         20370401                       360             360
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                                11572            20070501         20370401                       360             360
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                                91316            20070501         20370401                       360             360
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                                77469            20070401         20370301                       360             360
                                36854            20070401         20370301                       360             480
                                78121            20070401         20370301                       360             360
                                30093            20070401         20370301                       360             360
                                89002            20070501         20370401                       360             360
                                33905            20070401         20370301                       360             480
                                78247            20070401         20370301                       360             360
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                                 6479            20070501         20370401                       360             360
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                                27944            20070501         20370401                       360             360
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                                85388            20070501         20370401                       360             360
                                37912            20070501         20370401                       360             480
                                89122            20070401         20370301                       360             480
                                19355            20070501         20370401                       360             360
                                92203            20070401         20370301                       360             360
                                92354            20070401         20370301                       360             360
                                85203            20070501         20370401                       360             360
                                28173            20070501         20370401                       360             360
                                29075            20070201         20370101                       360             360
                                33065            20070501         20370401                       360             360
                                 7107            20070501         20370401                       360             360
                                60450            20070401         20370301                       360             360
                                92501            20070401         20370301                       360             360
                                21703            20070501         20370401                       360             360
                                49201            20070601         20370501                       360             360
                                93012            20070501         20370401                       360             360
                                30707            20070501         20370401                       360             360
                                77026            20070601         20220501                       180             180
                                85041            20070601         20370501                       360             360
                                 8527            20070501         20370401                       360             480
                                85335            20070501         20370401                       360             360
                                11003            20070501         20370401                       360             360
                                80013            20070401         20370301                       360             360
                                30236            20070301         20370201                       360             360
                                30147            20070401         20370301                       360             360
                                60409            20070401         20370301                       360             360
                                99301            20070401         20370301                       360             360
                                10573            20070401         20370301                       360             360
                                31407            20070401         20370301                       360             360
                                30228            20070401         20370301                       360             360
                                33594            20070401         20370301                       360             360
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                                20706            20070401         20370301                       360             360
                                76258            20070601         20370501                       360             360
                                96822            20070501         20370401                       360             360
                                36093            20070401         20370301                       360             360
                                33707            20070401         20370301                       360             360
                                86351            20070601         20370501                       360             480
                                 7305            20070601         20370501                       360             360
                                33914            20070601         20370501                       360             480
                                55124            20070501         20370401                       360             360
                                95822            20070501         20370401                       360             480
                                64130            20070501         20370401                       360             360
                                64130            20070501         20370401                       360             360
                                94568            20070501         20370401                       360             360
                                11968            20070601         20370501                       360             360
                                76016            20070501         20370401                       360             360
                                90036            20070501         20370401                       360             360
                                92801            20070401         20370301                       360             360
                                21120            20070501         20370401                       360             360
                                75076            20070501         20370401                       360             360
                                32218            20070401         20370301                       360             360
                                75002            20070201         20370101                       360             360
                                89110            20070401         20370301                       360             360
                                60428            20070401         20370301                       360             360
                                28403            20070501         20370401                       360             360
                                32712            20070501         20370401                       360             360
                                 6460            20070401         20370301                       360             360
                                60523            20070401         20370301                       360             360
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                                80514            20070401         20370301                       360             360
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                                86442            20070601         20370501                       360             360
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                                30214            20070501         20370401                       360             480
                                10977            20070501         20370401                       360             360
                                94603            20070501         20370401                       360             360
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                                85042            20070601         20370501                       360             360
                                30066            20070501         20370401                       360             360
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                                30458            20070501         20370401                       360             360
                                 7003            20070501         20370401                       360             360
                                96821            20070401         20370301                       360             480
                                22202            20070101         20361201                       360             360
                                89142            20070401         20370301                       360             480
                                22202            20070201         20370101                       360             360
                                22202            20070201         20370101                       360             360
                                85007            20070401         20370301                       360             360
                                22202            20070201         20370101                       360             360
                                85209            20070501         20370401                       360             360
                                22031            20070401         20370301                       360             360
                                80549            20070601         20370501                       360             360
                                31410            20070401         20370301                       360             360
                                95136            20070401         20370301                       360             360
                                98229            20070401         20370301                       360             360
                                93420            20070401         20370301                       360             360
                                76205            20070501         20220401                       180             180
                                76201            20070501         20370401                       360             360
                                75034            20070401         20370301                       360             360
                                53215            20070401         20370301                       360             360
                                 1108            20061201         20361101                       360             360
                                93304            20070501         20370401                       360             360
                                55032            20070401         20370301                       360             360
                                76209            20070401         20370301                       360             360
                                55423            20070401         20370301                       360             360
                                78245            20070501         20170401                       120             120
                                95814            20070501         20370401                       360             360
                                21227            20070501         20370401                       360             360
                                77009            20070601         20370501                       360             360
                                89199            20070401         20370301                       360             360
                                77581            20070401         20370301                       360             360
                                99212            20070501         20370401                       360             360
                                30294            20070401         20370301                       360             360
                                78006            20070501         20370401                       360             360
                                77047            20070401         20370301                       360             360
                                37013            20070401         20370301                       360             360
                                85053            20070501         20370401                       360             360
                                60620            20070501         20370401                       360             360
                                92007            20070501         20370401                       360             360
                                85053            20070401         20370301                       360             360
                                21613            20070301         20370201                       360             360
                                21224            20070501         20370401                       360             360
                                28081            20070401         20370301                       360             360
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                                22033            20070401         20370301                       360             360
                                20020            20070401         20370301                       360             360
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                                32257            20070201         20370101                       360             360
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                                93638            20070501         20370401                       360             480
                                11106            20070501         20370401                       360             360
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                                28277            20070501         20370401                       360             360
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                                 8753            20070501         20370401                       360             360
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                                30040            20070501         20370401                       360             360
                                29715            20070501         20370401                       360             360
                                 4330            20060801         20360701                       360             360
                                77086            20070601         20370501                       360             360
                                91001            20070601         20370501                       360             360
                                33543            20070501         20370401                       360             360
                                22554            20070501         20370401                       360             360
                                72947            20070501         20370401                       360             360
                                30143            20070301         20370201                       360             360
                                32561            20070401         20370301                       360             360
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                                71913            20070601         20370501                       360             360
                                32244            20070401         20370301                       360             360
                                11951            20070501         20370401                       360             360
                                20011            20070401         20370301                       360             360
                                76013            20070301         20370201                       360             360
                                89131            20070401         20370301                       360             360
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                                84041            20070401         20370301                       360             480
                                89183            20070401         20370301                       360             360
                                29926            20070601         20370501                       360             360
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                                21401            20070101         20361201                       360             360
                                77449            20070501         20370401                       360             360
                                21234            20070401         20370301                       360             360
                                30024            20070401         20370301                       360             360
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                                33331            20070401         20370301                       360             360
                                11375            20070201         20370101                       360             360
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                                30019            20070401         20370301                       360             360
                                20832            20070501         20370401                       360             360
                                 2554            20070501         20370401                       360             360
                                76002            20061001         20360901                       360             360
                                92673            20070501         20370401                       360             360
                                10036            20070201         20370101                       360             360
                                97601            20070501         20370401                       360             360
                                10314            20070301         20370201                       360             360
                                95828            20070501         20370401                       360             360
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                                85353            20070501         20370401                       360             360
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                                60305            20070501         20370401                       360             360
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                                97123            20070501         20370401                       360             360
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                                91752            20070401         20220301                       180             180
                                91761            20070401         20370301                       360             360
                                27603            20070501         20370401                       360             360
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                                20607            20070501         20370401                       360             480
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                                78260            20070501         20370401                       360             360
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                                90621            20070501         20370401                       360             360
                                33896            20070501         20370401                       360             360
                                92020            20070501         20370401                       360             360
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                                33414            20070501         20370401                       360             360
                                66221            20070501         20370401                       360             360
                                91710            20070101         20361201                       360             480
                                 8048            20070501         20370401                       360             360
                                38109            20070501         20370401                       360             360
                                 2149            20070501         20370401                       360             360
                                 2109            20070501         20370401                       360             360
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                                11416            20070601         20370501                       360             360
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                                83607            20070501         20370401                       360             360
                                90017            20070501         20220401                       180             180
                                48359            20070601         20370501                       360             360
                                32955            20070501         20370401                       360             360
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                                34747            20070501         20370401                       360             360
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                                27522            20070501         20370401                       360             360
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                                 8065            20070601         20370501                       360             360
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                                32082            20070601         20220501                       180             180
                                33907            20070601         20370501                       360             360
                                93060            20070501         20370401                       360             360
                                95608            20070301         20370201                       360             360
                                95832            20070601         20370501                       360             360
                                 6511            20070501         20370401                       360             360
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                                78572            20070501         20370401                       360             360
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                                98040            20070501         20370401                       360             360
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                                32789            20070301         20370201                       360             360
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                                85249            20070601         20370501                       360             360
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                                72936            20070601         20220501                       180             180
                                90660            20070501         20370401                       360             480
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                                 7502            20070601         20370501                       360             480
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                                75156            20070601         20370501                       360             360
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                                75089            20070501         20220401                       180             180
                                91504            20070501         20370401                       360             360
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                                23692            20070501         20370401                       360             360
                                33332            20070501         20370401                       360             360
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                                85035            20070401         20370301                       360             360
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                                90044            20070501         20370401                       360             480
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                                34747            20070601         20370501                       360             360
                                92587            20070501         20220401                       180             180
                                20720            20070601         20370501                       360             360
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                                84404            20070401         20370301                       360             360
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                                33708            20061201         20361101                       360             360
                                21085            20070501         20370401                       360             360
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                                43110            20070201         20370101                       360             360
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                                92870            20070501         20370401                       360             480
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                                 1469            20070301         20370201                       360             360
                                92345            20070601         20370501                       360             480
                                10605            20070501         20370401                       360             360
                                11768            20070201         20370101                       360             360
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                                10462            20070401         20370301                       360             360
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                                 7010            20070501         20370401                       360             360
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                                10002            20070501         20370401                       360             360
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                                11967            20070601         20220501                       180             180
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                                 2186            20070601         20370501                       360             360
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                                77093            20070501         20370401                       360             360
                                34787            20061101         20361001                       360             480
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                                 2120            20070501         20370401                       360             360
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                                29625            20070501         20370401                       360             360
                                92071            20070601         20370501                       360             360
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                                92201            20070601         20220501                       180             180
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                                33990            20070501         20370401                       360             360
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                                 7801            20070601         20220501                       180             180
                                34120            20070501         20370401                       360             360
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                                29928            20070601         20220501                       180             180
                                33618            20070501         20370401                       360             480
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                                 1944            20070601         20220501                       180             180
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                                78255            20070601         20220501                       180             180
                                11735            20070301         20370201                       360             360
                                10470            20070101         20361201                       360             360
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                                 7728            20070301         20370201                       360             360
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                                44110            20070201         20370101                       360             360
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                                48532            20070301         20370201                       360             360
                                29170            20070101         20361201                       360             360
                                77493            20070101         20361201                       360             360
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                                15061            20070401         20370301                       360             360
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                                 6424            20070201         20370101                       360             360
                                35768            20070101         20361201                       360             360
                                15001            20070201         20370101                       360             360
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                                48228            20070101         20361201                       360             360
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                                48030            20070301         20370201                       360             360
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                                56001            20070101         20361201                       360             360
                                33015            20070201         20370101                       360             360
                                48390            20070301         20370201                       360             360
                                12498            20060601         20360501                       360             360
                                60435            20070201         20370101                       360             360
                                48911            20070101         20361201                       360             360
                                11751            20070101         20361201                       360             360
                                78414            20070201         20370101                       360             360
                                60108            20070201         20370101                       360             360
                                21740            20070101         20361201                       360             360
                                76431            20061101         20361001                       360             360
                                11691            20070101         20361201                       360             360
                                54302            20070201         20370101                       360             360
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                                89015            20060501         20360401                       360             360
                                76033            20060601         20360501                       360             360
                                85202            20070101         20361201                       360             360
                                85035            20070301         20370201                       360             360
                                28562            20070301         20370201                       360             360
                                10472            20070101         20361201                       360             360
                                30153            20070201         20370101                       360             360
                                60609            20061201         20361101                       360             360
                                40211            20061201         20361101                       360             360
                                21225            20070101         20361201                       360             360
                                18104            20070301         20370201                       360             360
                                33025            20070101         20361201                       360             360
                                32117            20070301         20370201                       360             360
                                23456            20070201         20370101                       360             360
                                33559            20070101         20361201                       360             360
                                30153            20070201         20370101                       360             360
                                95628            20070201         20370101                       360             360
                                90805            20070301         20370201                       360             360
                                77584            20060801         20360701                       360             360
                                19140            20070101         20361201                       360             360
                                30102            20061201         20361101                       360             360
                                21144            20070201         20370101                       360             360
                                17013            20060501         20360401                       360             360
                                30120            20070101         20361201                       360             360
                                92570            20070201         20370101                       360             360
                                19125            20070201         20370101                       360             360
                                63043            20070101         20361201                       360             360
                                23464            20070101         20361201                       360             360
                                94509            20070301         20370201                       360             360
                                17972            20070201         20370101                       360             360
                                44104            20070201         20370101                       360             360
                                77554            20070301         20370201                       360             360
                                94805            20070101         20361201                       360             360
                                10703            20061201         20361101                       360             360
                                78681            20070101         20361201                       360             360
                                43219            20070301         20370201                       360             360
                                21225            20070101         20361201                       360             360
                                76102            20070201         20370101                       360             360
                                66109            20070201         20370101                       360             360
                                52241            20070201         20370101                       360             360
                                93230            20070201         20370101                       360             360
                                21228            20070301         20370201                       360             360
                                20705            20060801         20360701                       360             360
                                60004            20070201         20370101                       360             360
                                43204            20070101         20361201                       360             360
                                53081            20070101         20361201                       360             360
                                99362            20070101         20361201                       360             360
                                30542            20070201         20370101                       360             360
                                91103            20070101         20361201                       360             360
                                 2762            20070201         20370101                       360             360
                                55104            20070201         20370101                       360             360
                                33126            20070101         20361201                       360             360
                                95132            20070601         20370501                       360             480
                                90044            20070601         20370501                       360             480
                                80134            20070601         20370501                       360             480
                                94402            20070601         20370501                       360             360
                                91602            20070601         20370501                       360             360
                                92707            20070601         20370501                       360             480
                                91766            20070601         20370501                       360             480
                                33414            20070501         20370401                       360             360
                                94589            20070601         20370501                       360             360
                                21228            20070601         20370501                       360             360
                                93257            20070601         20370501                       360             360
                                90605            20070601         20370501                       360             360
                                93463            20070601         20370501                       360             360
                                38111            20070601         20370501                       360             360
                                94134            20070601         20370501                       360             360
                                55403            20070501         20370401                       360             360
                                 7009            20070501         20370401                       360             480
                                21804            20070501         20370401                       360             480
                                91354            20070501         20370401                       360             360

                              BALLOON           PAYMENT           ORIGINAL_           CURRENT_            LIEN
                                                                  BALANCE             BALANCE
-------------------------------------------------------------------------------------------------------------------------
                              No                      549.84               97750               97750      First Lien
                              Yes                    1250.77              188000           185925.01      First Lien
                              Yes                    1630.06              241950            239124.7      First Lien
                              Yes                      356.6               51000            50534.51      First Lien
                              Yes                    1230.62              176000           173578.73      First Lien
                              Yes                    1368.54              211000            208751.1      First Lien
                              Yes                     863.53              123500           122459.69      First Lien
                              Yes                     800.53              117350           116211.22      First Lien
                              Yes                     784.16              114950           113837.46      First Lien
                              Yes                    1146.06              168000           166343.17      First Lien
                              Yes                     808.46              120000           118810.13      First Lien
                              No                      495.78               85000             84990.5      First Lien
                              Yes                    1911.04              270000           267571.32      First Lien
                              Yes                     966.95              140000           138791.45      First Lien
                              Yes                      718.3              104000           103102.28      First Lien
                              No                     1108.35              174800           174429.16      First Lien
                              No                      878.54              127200           125997.39      First Lien
                              No                     1256.82              227650              227650      First Lien
                              No                     2002.59              222800           215583.35      First Lien
                              No                     1483.22              160000           153058.08      First Lien
                              Yes                    1174.68              168000           166848.58      First Lien
                              Yes                    1314.52              188000           186712.48      First Lien
                              No                     1356.87              252000              250500      First Lien
                              No                     1280.83              232000              232000      First Lien
                              No                      850.92              127900           127261.74      First Lien
                              No                     2414.21              367500           364158.67      First Lien
                              No                       697.7               99783            99406.85      First Lien
                              No                     1110.21              169000           168427.18      First Lien
                              No                      625.55               68000             66519.5      First Lien
                              No                      625.55               68000             65687.4      First Lien
                              No                     1684.37              294000              294000      First Lien
                              No                     1329.09              192432           191690.78      First Lien
                              No                     2249.34              354000           353994.35      First Lien
                              No                     1318.02              188500           187791.73      First Lien
                              No                      520.22               74400            74177.04      First Lien
                              No                     1491.86              216000           215071.44      First Lien
                              No                      454.93               63500            63272.84      First Lien
                              Yes                    1742.32              297600           296047.61      First Lien
                              No                       845.9              124000           123534.37      First Lien
                              Yes                     1689.4              280000           279654.87      First Lien
                              No                      415.06               58640            58468.57      First Lien
                              No                      504.81               74000            73707.85      First Lien
                              No                     3971.14              604500           602451.04      First Lien
                              No                      332.82               49400            49200.11      First Lien
                              No                     1327.34              210000           208961.09      First Lien
                              No                      338.98               51600            50299.04      First Lien
                              No                      692.05              106700           106329.44      First Lien
                              No                    13138.58             2000000          1998319.75      First Lien
                              Yes                     612.38              100000            99920.85      First Lien
                              No                      323.24               46800            46561.19      First Lien
                              No                      399.67               69760               69760      First Lien
                              No                      892.13              118750           118366.14      First Lien
                              No                      727.18              104000           103688.37      First Lien
                              No                     1653.74              248570           247539.31      First Lien
                              No                      500.74               72500            71927.86      First Lien
                              No                      480.02               69500            69067.71      First Lien
                              No                      917.22              132800           132288.49      First Lien
                              No                     1063.64              154000           153526.93      First Lien
                              No                     2635.42              460000           459999.99      First Lien
                              No                      2306.4              384000           381172.23      First Lien
                              No                     2099.65              304000           302109.16      First Lien
                              No                     3579.98              512000           508892.84      First Lien
                              No                      567.59               86400            85681.64      First Lien
                              No                     1253.07              245500              245500      First Lien
                              No                     1667.86              308000           307913.43      First Lien
                              No                      524.41               75000            74479.94      First Lien
                              Yes                     777.15              118300           117695.05      First Lien
                              No                     1226.51              199200           198051.08      First Lien
                              No                      788.31              120000           119386.41      First Lien
                              No                      557.08               84800            84366.35      First Lien
                              No                      856.91              128800           128156.38      First Lien
                              Yes                     976.88              143200           142519.51      First Lien
                              No                      725.84              106400           105491.35      First Lien
                              No                     2150.83              356000              356000      First Lien
                              No                      923.63              118750            118466.5      First Lien
                              Yes                    1775.09              266000           265657.23      First Lien
                              No                     1283.33              220000              220000      First Lien
                              No                     1306.25              220000              220000      First Lien
                              No                      749.56              107200           106959.82      First Lien
                              No                     1313.86              200000           199322.09      First Lien
                              No                     2102.18              320000           319188.82      First Lien
                              No                     1023.08              136500           135913.79      First Lien
                              No                     1876.19              285600           284631.96      First Lien
                              No                     4954.17              820000              820000      First Lien
                              No                     1148.33              212000              212000      First Lien
                              No                      572.46               80100            79753.57      First Lien
                              No                     1768.13              256000            255213.6      First Lien
                              No                     2320.79              253710           253196.96      First Lien
                              Yes                      608.6               78900            78831.84      First Lien
                              No                     1556.81              234000            233029.7      First Lien
                              No                      852.63              157500              157409      First Lien
                              No                      781.42              118950           118749.55      First Lien
                              No                      1294.6              199600           198906.77      First Lien
                              No                     3244.12              520000           517071.62      First Lien
                              No                      839.06              120000           119457.21      First Lien
                              No                      353.49               54500            54161.22      First Lien
                              No                     1114.99              178400           178398.68      First Lien
                              No                     1415.77              212800           211756.94      First Lien
                              No                      997.47              162000           160906.97      First Lien
                              No                     1812.84              279500           278035.62      First Lien
                              Yes                    1792.62              318000           317281.46      First Lien
                              No                     1585.46              224000           222487.97      First Lien
                              No                      704.76              111500           110678.14      First Lien
                              No                     1807.77              265000           263310.77      First Lien
                              No                      588.89               87409            86838.03      First Lien
                              No                     1718.79              265000           263375.65      First Lien
                              No                     1101.02              171950           171027.07      First Lien
                              No                      1346.7              205000           203951.76      First Lien
                              No                     1156.19              176000           175100.05      First Lien
                              No                     1035.83              180800              180800      First Lien
                              No                      353.03               51750            51669.01      First Lien
                              No                     1613.79              230800           230108.39      First Lien
                              No                     3138.01              460000           457067.82      First Lien
                              No                     1364.35              200000           199370.25      First Lien
                              No                      884.06              128000           127507.02      First Lien
                              No                     1186.98              215000              215000      First Lien
                              No                      768.26              109875           109545.77      First Lien
                              No                     3388.63              473000           471992.01      First Lien
                              No                      3601.9              569858           568304.11      First Lien
                              No                      3059.6              415000           414167.52      First Lien
                              Yes                    1990.56              340000           339540.79      First Lien
                              No                      717.99              116610           116276.33      First Lien
                              No                     1158.72              202250              202250      First Lien
                              No                      409.04               58500            58368.94      First Lien
                              No                     1818.49              284000           283244.12      First Lien
                              No                     1565.59              229500           228777.37      First Lien
                              No                     2793.74              442000           441600.42      First Lien
                              No                      443.33               76000               76000      First Lien
                              No                     3442.95              517500           516649.13      First Lien
                              No                     3267.62              479000           477491.75      First Lien
                              No                      894.32              129484           129086.22      First Lien
                              No                      671.25               96000            95712.32      First Lien
                              No                      1111.5              197600              197600      First Lien
                              No                       656.7               86400            86237.78      First Lien
                              No                     1069.83              209600              209600      First Lien
                              No                     8593.73             1500000          1499995.76      First Lien
                              No                      851.59              128000           127563.42      First Lien
                              No                      915.46              137600           137259.65      First Lien
                              No                     2783.43              403000            402384.8      First Lien
                              No                     1780.49              261000           258153.66      First Lien
                              No                     1061.26              192228              192228      First Lien
                              No                     4097.99              640000           638867.57      First Lien
                              No                      480.05               73150               73150      First Lien
                              No                     3542.25              575305           573658.85      First Lien
                              No                     1312.66              185457           185051.62      First Lien
                              No                      1140.6              167200           166673.53      First Lien
                              No                      749.14              115500           115198.23      First Lien
                              No                       693.5              116800              116800      First Lien
                              No                      1148.3              177044           176584.14      First Lien
                              No                     1473.61              227200           226410.93      First Lien
                              No                     1282.77              190400           189940.48      First Lien
                              No                      561.33               76500            76137.57      First Lien
                              No                     2328.03              337065           336290.81      First Lien
                              No                     3629.18              532000           530747.43      First Lien
                              No                      404.24               60000            59854.61      First Lien
                              No                      517.42               74000            73834.21      First Lien
                              Yes                    2147.96              356000           355561.16      First Lien
                              No                     4424.48              700000           698730.94      First Lien
                              No                     1054.59              164700           162593.56      First Lien
                              No                     1346.34              194931           194125.21      First Lien
                              No                    10093.75             1700000             1700000      First Lien
                              No                      498.16               73025            72736.52      First Lien
                              No                     1790.75              301600              301600      First Lien
                              No                      933.98              144000           143625.96      First Lien
                              No                      363.06               56700            56599.67      First Lien
                              No                     1166.28              211250              211250      First Lien
                              No                        1020              163200              163200      First Lien
                              No                      554.14               85000            84707.64      First Lien
                              No                     1415.83              224000           223575.99      First Lien
                              No                      935.47              142400           142038.23      First Lien
                              No                      471.97               67500            67348.78      First Lien
                              No                     2496.33              380000           379036.75      First Lien
                              No                       697.5              124000              124000      First Lien
                              No                     8431.78             1300000          1297755.14      First Lien
                              No                      429.85               60000            59872.13      First Lien
                              No                      817.88              124500           124076.75      First Lien
                              No                     1398.47              205000           204354.48      First Lien
                              No                     1646.25           247443.55            246416.8      First Lien
                              No                     1611.78              255000           253100.47      First Lien
                              No                      924.63              140750           140151.94      First Lien
                              No                      241.81               34582            34452.03      First Lien
                              No                      638.23               98400            97971.55      First Lien
                              No                       339.1               44100            43892.35      First Lien
                              No                     1261.31              192000           191184.16      First Lien
                              No                        2325              372000              372000      First Lien
                              No                      177.38               27000            26861.89      First Lien
                              No                      1087.5              180000              180000      First Lien
                              No                     2177.51              319200           317607.21      First Lien
                              No                     1416.77              234500              234500      First Lien
                              No                     1434.91              230000           228923.45      First Lien
                              No                      668.25               90000            89700.75      First Lien
                              No                     1063.71              164000           163231.57      First Lien
                              No                     1704.34              243750           242834.11      First Lien
                              No                      471.97               67500            67246.38      First Lien
                              No                      835.31              148500              148500      First Lien
                              No                     1524.21              235000           233976.88      First Lien
                              No                     1800.95              264000           262957.73      First Lien
                              No                      827.29              129200           128623.67      First Lien
                              No                      315.63               44550            44353.81      First Lien
                              No                     1327.44              220000           219713.89      First Lien
                              No                      445.92               63000            62768.45      First Lien
                              No                      948.38              172000            171782.1      First Lien
                              No                     1756.78              251250           250305.93      First Lien
                              No                     2601.44              396000           394317.38      First Lien
                              No                      1777.5              316000              316000      First Lien
                              No                      750.27              106000           105611.44      First Lien
                              No                       886.5              157600              157600      First Lien
                              No                      458.61               66400            66144.24      First Lien
                              No                     1390.42              284000              284000      First Lien
                              No                     2694.88              400000           398381.49      First Lien
                              No                      378.56               59120            58856.25      First Lien
                              No                        1575              280000              280000      First Lien
                              No                      1485.9              292000           291114.45      First Lien
                              No                      933.99              144000           143043.51      First Lien
                              No                     1157.88              210000           209730.12      First Lien
                              No                      1058.5              175200              175200      First Lien
                              No                        1304              196000           195173.84      First Lien
                              No                     1498.27              231000           229994.28      First Lien
                              No                      1259.9              242400              241900      First Lien
                              No                     1664.81              260000           258840.31      First Lien
                              No                      457.06               67000            66735.49      First Lien
                              No                      598.69               92700               92700      First Lien
                              No                     1953.33              293600           292324.67      First Lien
                              No                      610.31               94500               94500      First Lien
                              No                     1530.97              258000           257846.84      First Lien
                              No                     1567.53              248000           246866.81      First Lien
                              No                      950.94              136000           135488.95      First Lien
                              No                       648.6              100000            99564.64      First Lien
                              No                         765              144000              144000      First Lien
                              No                      809.05              128000           127415.12      First Lien
                              No                     2041.71              292000           290804.56      First Lien
                              No                      686.17              143200              143200      First Lien
                              No                     1473.33              272000              272000      First Lien
                              No                      459.86               70000            69702.51      First Lien
                              No                      790.58              143200              143200      First Lien
                              No                     1011.82              156000           154758.93      First Lien
                              No                      664.17              102400           101954.16      First Lien
                              No                     1329.95              216000           214893.89      First Lien
                              No                      837.83              144000           143628.09      First Lien
                              No                       425.1               74200               74200      First Lien
                              No                      698.55              102400           101995.73      First Lien
                              No                     1011.84              146500           144774.26      First Lien
                              No                      462.24               63750             63527.7      First Lien
                              No                      514.25               78280            77947.31      First Lien
                              No                      673.76              116000           115502.34      First Lien
                              No                         855              144000              144000      First Lien
                              Yes                    1220.71              193600            193385.1      First Lien
                              No                     1594.21              228000           227488.18      First Lien
                              No                      935.46              148000           147596.44      First Lien
                              No                     1168.68              187327           187153.49      First Lien
                              No                     1536.46              250000              250000      First Lien
                              No                      598.78               90000            89777.37      First Lien
                              No                      412.17               63000            62807.12      First Lien
                              No                     2864.21              436000           435633.71      First Lien
                              No                     1195.83              205000              205000      First Lien
                              No                     1439.49              256000           255909.95      First Lien
                              No                     1478.09              225000           224429.66      First Lien
                              No                     1115.59              172000           171553.23      First Lien
                              No                      676.49              104300           103937.74      First Lien
                              No                      405.32               59415            59322.02      First Lien
                              No                     2671.88              427500              427500      First Lien
                              No                     1289.93              213600            213505.7      First Lien
                              No                      984.38              150000              150000      First Lien
                              No                      417.37               73000               72850      First Lien
                              No                     1386.82              189000           188357.38      First Lien
                              No                      665.01               85500            85295.89      First Lien
                              No                     1158.98              157950           157521.55      First Lien
                              No                        1740              278400              278400      First Lien
                              No                      841.25              121800           121425.81      First Lien
                              No                       709.2              112500            111611.8      First Lien
                              No                     1730.56              247500           246758.35      First Lien
                              No                     1287.45              211888           211057.91      First Lien
                              No                     1050.98              146700           146281.81      First Lien
                              No                     1016.36              156700            156429.4      First Lien
                              No                     1192.23              179200           178756.73      First Lien
                              No                     3091.67              560000              560000      First Lien
                              No                     3582.56              636900              636900      First Lien
                              Yes                    1382.07              222400            222144.3      First Lien
                              No                     2968.33              548000              548000      First Lien
                              No                      898.33              156800              156800      First Lien
                              No                     2986.52              472500           470395.61      First Lien
                              No                     1668.33              308000              308000      First Lien
                              No                      721.83              113600              113600      First Lien
                              No                      475.64               67200            67003.58      First Lien
                              Yes                     652.04              109700           109560.02      First Lien
                              No                        1350              240000              240000      First Lien
                              Yes                    2068.15              328000           327757.98      First Lien
                              No                     1089.67              152100           151763.47      First Lien
                              No                      848.25              135920              135720      First Lien
                              No                     3265.24              559836              559836      First Lien
                              No                     1425.56              206400           205925.92      First Lien
                              Yes                    3303.96              462650           462277.73      First Lien
                              No                       616.3               96250            95993.83      First Lien
                              No                      674.01              102600           102427.11      First Lien
                              No                     1153.71              165000           164628.81      First Lien
                              No                     2464.67              380000           379343.82      First Lien
                              No                     3592.08              565600           565311.58      First Lien
                              No                     1135.83              188000              188000      First Lien
                              No                     1036.91              152000           151642.12      First Lien
                              No                     3050.18              496300              496300      First Lien
                              No                     1118.77              164000           163613.86      First Lien
                              No                        7125             1200000             1200000      First Lien
                              No                     1744.08              249434           249062.61      First Lien
                              No                     1691.67              280000              280000      First Lien
                              No                     1417.19              218500           218122.68      First Lien
                              No                     1239.07              179400           178987.95      First Lien
                              No                     1085.38              182800              182800      First Lien
                              No                      662.86               94800             94587.6      First Lien
                              No                      973.24              156000           155710.25      First Lien
                              No                       608.3               95000            94747.15      First Lien
                              No                     1188.32              195572           194998.82      First Lien
                              No                     2977.55              448000           446889.71      First Lien
                              Yes                    2777.42              453550            453007.7      First Lien
                              No                     2941.57              523000           522945.75      First Lien
                              No                     1838.83              299200              299200      First Lien
                              No                     2134.61              309060           308350.13      First Lien
                              No                     2396.07              325000           323906.11      First Lien
                              No                     1058.97              161200           160791.39      First Lien
                              No                     1237.53              190800           190470.52      First Lien
                              No                     4696.23              884000           883996.43      First Lien
                              No                     2013.69              333300              333300      First Lien
                              No                      1873.9              268000           267399.57      First Lien
                              No                     1276.37              184800           184375.55      First Lien
                              No                      441.91               63200             63058.4      First Lien
                              No                    10833.33             2000000             2000000      First Lien
                              No                     5585.94              975000              975000      First Lien
                              No                      4645.7              735000            733667.5      First Lien
                              No                     1034.84              148000           147779.63      First Lien
                              No                      593.47               91500            91261.24      First Lien
                              No                      476.73               62000            61821.52      First Lien
                              No                     1841.67              340000              340000      First Lien
                              No                     2181.01              332000           331440.55      First Lien
                              No                     1064.23              162000           161863.89      First Lien
                              No                     3610.85              498000           496864.42      First Lien
                              No                     1820.36              288000           287477.87      First Lien
                              No                     3045.88              441000            440326.8      First Lien
                              No                     2611.98              425000              425000      First Lien
                              No                      850.21              154000              154000      First Lien
                              No                       313.5               52800               52800      First Lien
                              No                      1261.3              192000           191513.33      First Lien
                              No                     1254.97              182000           181989.86      First Lien
                              No                     1224.16              184000           183149.43      First Lien
                              No                     3448.88              525000            523669.2      First Lien
                              No                     1932.75              322400           321432.13      First Lien
                              No                      759.75              110000           109832.07      First Lien
                              No                     3008.75              498000              498000      First Lien
                              No                       787.5              157500              157500      First Lien
                              No                     3493.68              560000           558342.53      First Lien
                              No                      640.51               97500            97252.83      First Lien
                              No                      666.94               72500             69301.8      First Lien
                              No                      564.77               60000            57830.58      First Lien
                              No                     1446.04              166000           162600.53      First Lien
                              No                      892.86              124629           124363.41      First Lien
                              No                     1167.48              180000           179532.44      First Lien
                              No                      1318.5              234400              234400      First Lien
                              No                     3222.92              595000              595000      First Lien
                              No                      638.58               85000            84836.27      First Lien
                              Yes                    1472.19              244000           243699.25      First Lien
                              No                     1880.17              311200              311200      First Lien
                              No                      853.04              122000           121726.67      First Lien
                              No                      436.05               63920            63769.49      First Lien
                              No                     2666.25              474000              474000      First Lien
                              No                     1365.27              216000           215293.53      First Lien
                              No                     2037.75              343200              343200      First Lien
                              No                      452.37               77550            77549.98      First Lien
                              No                      771.09              115900           115321.58      First Lien
                              No                     1187.61              223550              223550      First Lien
                              No                     1104.17              200000              200000      First Lien
                              No                     1605.77              254050           252889.16      First Lien
                              No                     2003.65              290100           288982.63      First Lien
                              No                     1499.73              271650              271650      First Lien
                              No                       713.4              114350           113706.02      First Lien
                              No                     1592.82              252000           250614.44      First Lien
                              No                       609.1               92720            92305.16      First Lien
                              No                     2131.25              372000              372000      First Lien
                              No                     3805.61              610000           604490.42      First Lien
                              No                         799              150400              150400      First Lien
                              No                     1760.36              286432           286431.99      First Lien
                              No                     1060.93              167850            167545.7      First Lien
                              No                     3471.84              556500           554945.48      First Lien
                              No                     1534.68              241600           241523.22      First Lien
                              No                     1364.35              200000           199529.11      First Lien
                              No                     1259.31              224000           223876.81      First Lien
                              No                        1235              228000              228000      First Lien
                              No                      502.08               73600            73426.72      First Lien
                              No                     2163.54              335000              335000      First Lien
                              No                      425.79               64000            63841.71      First Lien
                              No                     1213.14              173500           173111.29      First Lien
                              No                     7931.44              896300           893410.25      First Lien
                              No                     1618.02              243200           242598.44      First Lien
                              No                     1736.76              297730              297730      First Lien
                              No                      3549.5              513916           513131.48      First Lien
                              Yes                    1717.78              289000           288754.81      First Lien
                              No                     1138.67              206250              206250      First Lien
                              No                     1528.07              224000           223472.62      First Lien
                              No                      2272.5              404000              404000      First Lien
                              No                     1198.61              184800           184319.99      First Lien
                              No                        1035              184000              184000      First Lien
                              No                     1926.82              308850           307987.28      First Lien
                              No                      1273.6              184400           183976.48      First Lien
                              No                     1767.26              276000           275265.43      First Lien
                              No                     1187.57              178500           178058.48      First Lien
                              No                     1741.51              304000           303973.23      First Lien
                              No                      426.53               61000            60954.72      First Lien
                              No                      720.56              114000           113793.32      First Lien
                              No                     1407.12              211500           210976.85      First Lien
                              No                     2641.94              470000           469678.13      First Lien
                              No                      3742.6              589000              589000      First Lien
                              Yes                    1406.31              229650           229468.26      First Lien
                              No                     2036.61              376000           375989.95      First Lien
                              No                        1125              216000              216000      First Lien
                              No                     1291.88              206700              206700      First Lien
                              No                     2732.89              410000           409933.33      First Lien
                              No                     1401.67              232000              232000      First Lien
                              No                     3612.78              516691           515142.71      First Lien
                              No                      2472.6              389900           389131.22      First Lien
                              No                      735.01               94500            94274.42      First Lien
                              No                     1124.03              207514              207514      First Lien
                              No                      775.83              152000              152000      First Lien
                              No                     1662.34              263000           262041.22      First Lien
                              No                     1486.89              248000           247005.01      First Lien
                              No                        2032              406400              406400      First Lien
                              No                     2039.06              337500              337500      First Lien
                              No                      448.03               66500               66121      First Lien
                              No                     2305.12              360000           358181.25      First Lien
                              No                     1796.32              270000           269106.94      First Lien
                              No                        2654              404000           402630.62      First Lien
                              No                      780.43              118800           117876.01      First Lien
                              No                     2239.79              413500              413500      First Lien
                              No                     1339.33              229600              229600      First Lien
                              No                       834.3              127000           126569.53      First Lien
                              No                     1167.48              180000           179374.83      First Lien
                              No                      458.43               67200            66977.64      First Lien
                              No                      517.42               76800            76552.13      First Lien
                              No                     1642.55              276640              276640      First Lien
                              No                     2331.03              337500           336463.24      First Lien
                              No                     1443.14              222500           221727.19      First Lien
                              No                      413.49               63750             63472.4      First Lien
                              No                      986.94              193360              193360      First Lien
                              No                      372.57               56000            55814.78      First Lien
                              No                      536.53               86000            85676.69      First Lien
                              No                     3219.95              562500           562027.43      First Lien
                              No                      374.33               60000             59775.9      First Lien
                              No                       441.7               70800            70535.61      First Lien
                              No                      964.21              163000           162314.63      First Lien
                              No                     1649.34              238800            238066.4      First Lien
                              No                     1189.68              145600            143496.2      First Lien
                              No                     1256.07              204000           203022.02      First Lien
                              No                     2449.84              392000           391973.84      First Lien
                              No                     2293.73              332100           330820.88      First Lien
                              No                     1020.54              149600            149128.9      First Lien
                              No                      467.56               71100            70859.44      First Lien
                              No                      359.16               52000            51840.23      First Lien
                              No                     1275.67              187000           186411.17      First Lien
                              No                     1931.38              294000           293003.47      First Lien
                              No                      715.56              103500           103182.68      First Lien
                              No                     1202.65              172000           171484.59      First Lien
                              No                     2431.18              352000           350918.69      First Lien
                              No                     1483.85              259000              259000      First Lien
                              No                     1218.94              192000           191833.95      First Lien
                              No                     1218.91              192000           191827.91      First Lien
                              No                     1009.14              157600           157039.15      First Lien
                              No                      879.17              168800              168800      First Lien
                              No                      341.61               52000            51823.73      First Lien
                              No                        1247              206400              206400      First Lien
                              No                      498.98               75000            74751.92      First Lien
                              No                     1103.65              168000           167416.47      First Lien
                              No                     1103.65              168000           167407.93      First Lien
                              No                     2058.33              380000              380000      First Lien
                              No                      902.42              166600              166600      First Lien
                              No                     1650.87              251300           250448.19      First Lien
                              No                     1686.36              260000           259096.97      First Lien
                              No                        1800              320000              320000      First Lien
                              No                     1724.68              271500              271425      First Lien
                              No                      388.07               57600            57414.07      First Lien
                              No                     1482.05              228500           227706.38      First Lien
                              No                     1841.02              305000            304720.7      First Lien
                              No                      900.93              166400           166326.01      First Lien
                              No                     1875.73              327400              327400      First Lien
                              No                     2061.88              302250           301298.27      First Lien
                              No                     1986.73              360000           359860.31      First Lien
                              No                     1239.58              212500              212500      First Lien
                              No                     1503.74              223200           222479.65      First Lien
                              No                        1188              160000           159515.49      First Lien
                              No                      956.67              164000              164000      First Lien
                              No                      783.47              117760           117370.45      First Lien
                              No                      402.75               57600            57427.38      First Lien
                              No                      475.47               68000            67796.22      First Lien
                              No                     1290.87              201600           200882.61      First Lien
                              No                      401.39               61100            60892.87      First Lien
                              No                      1237.5              220000              220000      First Lien
                              No                     1155.81              175940           175643.51      First Lien
                              Yes                     891.58              150000           149808.57      First Lien
                              No                     3206.37              417000           416492.97      First Lien
                              No                      596.68               94400             94225.5      First Lien
                              No                      624.08               95000            94759.19      First Lien
                              No                     8531.25             1462500             1462500      First Lien
                              Yes                    1792.87              280000           279504.56      First Lien
                              No                     1720.87              196000           194073.04      First Lien
                              No                     2144.53              337500              337500      First Lien
                              No                      688.39              100910            70491.18      First Lien
                              No                     2521.23              393750           392956.71      First Lien
                              No                     2561.25              400000           399292.21      First Lien
                              No                     1462.33              222600           222036.33      First Lien
                              Yes                    4110.56              671250           670718.77      First Lien
                              No                     1502.48              228950              228950      First Lien
                              No                     1479.04              234000           233361.93      First Lien
                              No                     2236.63              316000           315309.49      First Lien
                              No                      989.12              169590           169563.78      First Lien
                              No                      2209.8              328000           327208.42      First Lien
                              No                     1306.23              204000           203639.05      First Lien
                              No                     5976.56             1125000             1125000      First Lien
                              No                      4062.5              650000              650000      First Lien
                              No                     1962.92              302640           301853.88      First Lien
                              No                     1362.38              208000              207600      First Lien
                              No                      629.37              114000              114000      First Lien
                              No                      722.25              130823              130823      First Lien
                              No                     1851.01              268000           267590.89      First Lien
                              No                     3614.87              578579              578379      First Lien
                              No                     2678.32              415000           414707.67      First Lien
                              No                     1136.66              198400           198399.67      First Lien
                              No                      2208.8              332000           331178.83      First Lien
                              No                     2462.54              389600           388884.84      First Lien
                              No                      2422.5              408000              408000      First Lien
                              No                     5729.17             1000000             1000000      First Lien
                              No                     1509.37              258750              258750      First Lien
                              Yes                     976.45              154860           154587.48      First Lien
                              No                     1160.45              165965           165593.18      First Lien
                              No                      593.08               78030            77932.67      First Lien
                              No                     1329.17              232000              232000      First Lien
                              No                     1017.02              147250           147025.22      First Lien
                              No                        2961              507600              507600      First Lien
                              No                     1008.05              131100           130860.03      First Lien
                              No                     2889.84              513750              513750      First Lien
                              No                       739.5              122400              122400      First Lien
                              No                      821.67              136000              136000      First Lien
                              No                     4416.66              799999              799999      First Lien
                              No                      975.68              143024           142687.24      First Lien
                              No                       972.9              150000           149610.36      First Lien
                              No                        2045              327200              327200      First Lien
                              No                     3193.75              511000              511000      First Lien
                              No                      830.21              128000           127778.96      First Lien
                              No                     1860.96              249600           248579.32      First Lien
                              No                     2258.75              417000              417000      First Lien
                              No                     1116.13              169900            169613.7      First Lien
                              No                     1417.51              210400           210062.48      First Lien
                              No                     1862.85              280000           279539.62      First Lien
                              No                     2901.25              506400              506400      First Lien
                              Yes                     974.42              169000           168846.38      First Lien
                              No                     2150.83              356000              356000      First Lien
                              No                     3886.67              704000              704000      First Lien
                              No                     2964.36              440000           439294.19      First Lien
                              No                      972.25              148000           147750.62      First Lien
                              No                      774.57              135200           135198.44      First Lien
                              No                     1069.69              163000              163000      First Lien
                              No                     7734.37             1350000             1350000      First Lien
                              No                     1249.37              203288           203287.99      First Lien
                              No                     3791.67              650000              650000      First Lien
                              No                      4456.2              763920              763920      First Lien
                              No                     6337.75             1031250          1031227.89      First Lien
                              No                        1456              268800              268800      First Lien
                              No                     1470.09              261350              261350      First Lien
                              No                     4781.25              900000              900000      First Lien
                              No                      530.83               98000               98000      First Lien
                              No                     1966.25              363000              363000      First Lien
                              No                     1700.42              308000              308000      First Lien
                              No                     1623.01              243950            243548.9      First Lien
                              No                      481.06               68800            68647.25      First Lien
                              No                     2107.95              325000           324438.78      First Lien
                              No                      1945.8              300000           299481.95      First Lien
                              No                     1625.45              263992           263489.71      First Lien
                              No                     3177.08              500000              500000      First Lien
                              No                     2624.98              420000           419996.36      First Lien
                              No                      441.79               66404            66239.75      First Lien
                              No                      2011.3              351200           351064.08      First Lien
                              No                     1496.25              256500              256500      First Lien
                              No                        1345              215200              215200      First Lien
                              No                      372.47               54600            54471.44      First Lien
                              No                      377.11               54600            54474.59      First Lien
                              No                      3424.6              528000           527088.24      First Lien
                              No                     4402.59              600000           598972.01      First Lien
                              No                     2154.73              328000           327447.29      First Lien
                              No                     2709.16              440000           439582.51      First Lien
                              No                      672.44               88470            88303.87      First Lien
                              No                     1623.34              244000           243396.47      First Lien
                              No                        8450             1560000             1560000      First Lien
                              No                     1731.25              277000              277000      First Lien
                              No                      858.64              129060           128740.77      First Lien
                              Yes                     583.97               90000            89906.89      First Lien
                              No                     1554.15              233600            233022.2      First Lien
                              No                       928.8              143200           142828.02      First Lien
                              No                        3007              515641           515559.34      First Lien
                              Yes                    1115.38              171900           171721.68      First Lien
                              No                      517.19               78728            78528.44      First Lien
                              No                      727.18              104000           103767.01      First Lien
                              No                       648.6              100000            99827.32      First Lien
                              No                     2979.17              520000              520000      First Lien
                              No                      3788.4              686200           686199.95      First Lien
                              No                     1168.75              220000              220000      First Lien
                              No                     1398.46              205000            204679.2      First Lien
                              No                     1460.08              231000           230581.21      First Lien
                              No                     1156.62              209600           209501.67      First Lien
                              No                      1632.4              280000           279839.26      First Lien
                              No                      624.87               91600            91456.67      First Lien
                              No                      856.81              125600           125304.29      First Lien
                              No                     4195.83              760000              760000      First Lien
                              Yes                     802.42              135000           134885.47      First Lien
                              No                      5307.4              980000           979828.15      First Lien
                              No                      920.29              145600           145202.99      First Lien
                              No                     1042.71              182000              182000      First Lien
                              No                     1211.25              228000              228000      First Lien
                              No                      424.45               63000            62949.61      First Lien
                              No                     1432.19              250000           249982.29      First Lien
                              Yes                     955.44              147250           145346.76      First Lien
                              Yes                    1106.98              191992           191589.22      First Lien
                              No                     4310.03              700000           698668.14      First Lien
                              No                     2098.16              380044              380044      First Lien
                              No                     2490.83              392000              392000      First Lien
                              No                      1189.5              187200              187200      First Lien
                              No                     8101.56             1275000             1275000      First Lien
                              No                      338.07               45000            44854.55      First Lien
                              No                      719.34              109500           109315.48      First Lien
                              No                     1415.78              266500              266500      First Lien
                              No                      811.79              119000           118719.82      First Lien
                              No                     1855.42              292000              292000      First Lien
                              No                     1240.12              191200           190869.83      First Lien
                              No                      410.85               65000            64941.23      First Lien
                              No                     2853.67              489200              489200      First Lien
                              No                      511.64               75000            74882.62      First Lien
                              No                      561.42               66000            65775.45      First Lien
                              No                     1057.29              175000              175000      First Lien
                              Yes                    1188.77              200000           197835.82      First Lien
                              No                     1152.92              175500           175204.25      First Lien
                              No                     2412.78              372000           371357.64      First Lien
                              No                     1476.78              224800           224230.16      First Lien
                              No                      762.04              116000            115606.8      First Lien
                              No                      403.85               59200            59060.62      First Lien
                              No                     1096.37              156800            156448.7      First Lien
                              No                      830.02              123200           122902.69      First Lien
                              No                        8750             1500000             1500000      First Lien
                              No                      688.38               98450            98229.43      First Lien
                              No                     1058.89              175264              175264      First Lien
                              No                     3283.51              469600           468547.92      First Lien
                              No                      604.49               93200            92957.92      First Lien
                              No                     1997.06              304000           303229.42      First Lien
                              No                      638.65               99740               99652      First Lien
                              No                     1275.98              210000           209590.74      First Lien
                              No                     3152.21              440000           438527.46      First Lien
                              No                     1199.91              185000           184519.46      First Lien
                              Yes                    3430.09              544000           543499.91      First Lien
                              No                     1628.23              269500              269500      First Lien
                              Yes                    1625.75              269450           269339.91      First Lien
                              No                     2035.26              322000           321416.24      First Lien
                              Yes                    1135.48              200000           199811.89      First Lien
                              No                      509.73               72900            72791.46      First Lien
                              No                      450.27               62100            62014.24      First Lien
                              No                     5569.38              938000              938000      First Lien
                              No                     3950.43              625000           624434.98      First Lien
                              No                     1188.66              170000           169746.89      First Lien
                              No                     5635.11              847000           845607.39      First Lien
                              No                     2146.11              344000           342588.79      First Lien
                              No                     2962.12              418500           417892.27      First Lien
                              No                     2820.88              424000           423302.88      First Lien
                              No                      843.69              119200           118939.54      First Lien
                              No                     1746.37              256000           254989.35      First Lien
                              No                      1237.5              220000              220000      First Lien
                              No                      507.03               82500               82500      First Lien
                              No                      662.49              120000              119999      First Lien
                              No                     2213.18              386300              386300      First Lien
                              No                     4519.67              688000           686184.99      First Lien
                              No                     5288.28              805000           802959.44      First Lien
                              No                      1102.4              161600           161219.51      First Lien
                              No                     1092.56              192000           190701.88      First Lien
                              No                      748.68              123920              123920      First Lien
                              No                     1155.42              188000              188000      First Lien
                              No                     2383.33              416000              416000      First Lien
                              No                     1343.33              248000              248000      First Lien
                              No                      437.92               65000            64843.13      First Lien
                              No                     2556.67              416000              416000      First Lien
                              No                     1329.17              232000              232000      First Lien
                              No                     1970.83              344000              344000      First Lien
                              No                     1460.19              237600            237589.5      First Lien
                              Yes                     923.32              157710            157501.7      First Lien
                              No                     1030.28              163000           162852.64      First Lien
                              No                      390.31               61750            61694.17      First Lien
                              No                       819.6              128000           127887.07      First Lien
                              No                      685.14              107000           106905.59      First Lien
                              Yes                    3180.12              470000           469709.66      First Lien
                              No                     1403.65              245000              245000      First Lien
                              No                     2135.02              325000           324452.35      First Lien
                              No                      2463.5              455000              454800      First Lien
                              No                     2404.69              427500              427500      First Lien
                              No                     1016.68              147200           147087.99      First Lien
                              No                     1332.19              203000              203000      First Lien
                              No                     1441.14              231000           230570.96      First Lien
                              No                     1646.76              268000           267947.08      First Lien
                              No                     2734.25              450000           448681.17      First Lien
                              No                       447.5               64000             63904.7      First Lien
                              No                      1787.5              312000              312000      First Lien
                              Yes                    1267.05              210000           209741.15      First Lien
                              No                     1696.01              301900            301512.7      First Lien
                              Yes                     907.82              159900            159673.8      First Lien
                              No                     1625.68              300150              300125      First Lien
                              No                     1648.97              293150              293150      First Lien
                              No                        2275              364000              364000      First Lien
                              No                     2590.89              497450              497450      First Lien
                              No                     1982.27              283500            283077.9      First Lien
                              No                     2156.25              345000              345000      First Lien
                              No                     1500.37              222700           222521.91      First Lien
                              No                     2567.54              417000            415806.8      First Lien
                              No                     3126.68              556000           555854.59      First Lien
                              No                     2010.92              327200              327200      First Lien
                              No                        2120              384000              384000      First Lien
                              No                      492.96               52371            52060.54      First Lien
                              No                      556.66               81600             81472.3      First Lien
                              No                     1728.16              232750           232290.15      First Lien
                              No                      951.56              145000              145000      First Lien
                              No                      922.96              132000           131301.29      First Lien
                              No                      755.15              108000            107839.2      First Lien
                              No                     1398.78              231600           231522.41      First Lien
                              No                      819.83              126400           126071.67      First Lien
                              No                     1271.81              193600           193109.27      First Lien
                              No                      856.39               75000             74112.9      First Lien
                              No                     2123.33              392000              392000      First Lien
                              No                     1443.75              252000              252000      First Lien
                              No                     1160.34              168000           167872.16      First Lien
                              No                        1250              200000              200000      First Lien
                              No                     1363.85              202436           201947.45      First Lien
                              No                      515.69               78500            78367.72      First Lien
                              No                      894.87              156196              156196      First Lien
                              No                      886.67              152000              152000      First Lien
                              No                      985.04              144396           144057.03      First Lien
                              No                     1154.54              201520              201520      First Lien
                              No                     1232.91              215200           215198.89      First Lien
                              No                     1237.47              194750              194750      First Lien
                              No                        1890              336000              336000      First Lien
                              No                     1090.83              190400              190400      First Lien
                              No                     1709.52              304000            303914.5      First Lien
                              No                      593.75              100000              100000      First Lien
                              No                      917.88              149350              149350      First Lien
                              No                      916.16              134300           133983.81      First Lien
                              No                     1101.94              195900              195900      First Lien
                              No                      817.93              119900           119614.72      First Lien
                              No                     1485.29              233750              233750      First Lien
                              No                     1001.28              150500           149329.29      First Lien
                              No                     1733.33              320000              320000      First Lien
                              Yes                    2654.62              387000           386769.38      First Lien
                              No                     3991.81              600000           599013.51      First Lien
                              Yes                     894.32              160000            159844.3      First Lien
                              No                         625              100000            99999.89      First Lien
                              No                      843.05              138748           138477.59      First Lien
                              No                     1258.67              204800              204800      First Lien
                              No                     1147.46              215992              215992      First Lien
                              Yes                    1667.38              284800            284549.9      First Lien
                              No                        1680              288000              288000      First Lien
                              No                        2025              405000              405000      First Lien
                              No                      2195.8              430198              430198      First Lien
                              No                     2991.85              552342              552342      First Lien
                              No                     1218.64              183188           182886.73      First Lien
                              No                      961.84              167884              167884      First Lien
                              No                      1125.6              165000           163407.96      First Lien
                              No                      479.14               76800            76728.86      First Lien
                              No                     2967.34              457500            457106.1      First Lien
                              No                     3678.81              560000           558568.42      First Lien
                              No                     1712.67              293600              293600      First Lien
                              No                     2734.25              450000           446092.31      First Lien
                              No                     1199.13              161500           161073.12      First Lien
                              No                      1192.5              216000              216000      First Lien
                              No                      759.74              110000           109747.36      First Lien
                              No                     1582.58              244000           243597.19      First Lien
                              No                      719.92              130400              130400      First Lien
                              No                      1639.2              256000           255534.74      First Lien
                              No                     3331.32              465000           464009.04      First Lien
                              No                      644.54               84800            84586.96      First Lien
                              No                     1881.03              297600           296788.53      First Lien
                              No                      963.52              205551              205551      First Lien
                              No                     1495.62              261053              261053      First Lien
                              Yes                    1384.04              207400           207200.17      First Lien
                              No                     1246.62              217592              217592      First Lien
                              No                     4261.35              743800              743800      First Lien
                              No                     2592.68              452540              452540      First Lien
                              No                     4251.04              770000              770000      First Lien
                              No                     1121.15              158400           158169.97      First Lien
                              No                      459.85               70000            69822.56      First Lien
                              No                     1583.42              238000           237411.32      First Lien
                              No                     2607.99              392000            391030.4      First Lien
                              No                      768.37              120000           119680.64      First Lien
                              No                     2774.31              417000           415270.88      First Lien
                              No                     6403.11             1000000           999117.72      First Lien
                              No                        1210              211200              211200      First Lien
                              No                        1875              300000              300000      First Lien
                              No                     6485.98             1000000            998273.2      First Lien
                              No                      1022.6              146250           145248.37      First Lien
                              No                        1972              394400              394400      First Lien
                              No                     3457.03              533000           530679.52      First Lien
                              No                       781.4              110400           110239.69      First Lien
                              No                      1330.6              200000           193857.93      First Lien
                              No                     1640.83              286400              286400      First Lien
                              No                      862.36              128000           127691.09      First Lien
                              No                     1028.76              164900           164593.73      First Lien
                              No                     3956.57              559000           558188.25      First Lien
                              No                     5416.67             1000000             1000000      First Lien
                              No                     1410.11              233397              233397      First Lien
                              No                      802.73              127000           126769.75      First Lien
                              No                      1147.5              204000              204000      First Lien
                              No                       950.2              146500           146247.01      First Lien
                              No                     1145.57              207500              207500      First Lien
                              No                        1015              168000           167999.84      First Lien
                              No                     3366.85              611200            609845.1      First Lien
                              No                        1235              208000              208000      First Lien
                              No                     1480.42              258400              258400      First Lien
                              No                      409.31               60000             59905.4      First Lien
                              No                     1610.25              280000           276042.07      First Lien
                              No                     1710.08              309750              309750      First Lien
                              No                      1497.8              228000            227615.8      First Lien
                              No                     2052.66              339750              339750      First Lien
                              No                     1448.75              228000              228000      First Lien
                              No                     1329.17              220000              220000      First Lien
                              No                     1394.16              229450           228777.55      First Lien
                              No                     2367.38              365000           364051.93      First Lien
                              Yes                     819.64              140000           139773.86      First Lien
                              No                     5131.33              822500           820202.44      First Lien
                              No                     1032.01              168000              167920      First Lien
                              No                      991.02              161250              161250      First Lien
                              No                      2940.5              497094            496077.9      First Lien
                              No                     2111.92              236800           235285.17      First Lien
                              No                     3537.76              617500              617500      First Lien
                              Yes                    1021.04              174400           174169.64      First Lien
                              No                     1160.78              164000           163641.64      First Lien
                              No                     3093.66              465000           464235.46      First Lien
                              No                      463.75               84000               84000      First Lien
                              No                     1776.25              348000              348000      First Lien
                              No                     1728.84              270000            269281.4      First Lien
                              No                       478.1               86600               86600      First Lien
                              No                     1006.87              144000           143785.59      First Lien
                              No                      869.99              142912           141556.93      First Lien
                              No                      818.72              145550           145549.44      First Lien
                              No                      464.57               73500            73299.58      First Lien
                              No                      1001.7              181440              181440      First Lien
                              No                      810.75              125000           124892.38      First Lien
                              No                     2680.27              408000            404137.5      First Lien
                              Yes                    2377.54              400000           399276.24      First Lien
                              Yes                    1090.08              168000           167884.49      First Lien
                              No                      973.93              137600           137400.17      First Lien
                              No                     3841.86              600000           598938.36      First Lien
                              No                      872.08              149500              149500      First Lien
                              No                     2299.37              424500              424500      First Lien
                              No                     1730.35              250530           250147.56      First Lien
                              No                     1517.51              231000           230610.75      First Lien
                              No                     7265.63             1162500             1162500      First Lien
                              No                      753.91              109155           108988.37      First Lien
                              No                      833.72              138000           137994.92      First Lien
                              No                      825.92              149600              149600      First Lien
                              No                     1597.92              260000              260000      First Lien
                              No                     5833.33             1000000             1000000      First Lien
                              No                     1063.87              148500           148289.71      First Lien
                              No                     1236.95              183600           183305.48      First Lien
                              No                      521.08               73620            73426.62      First Lien
                              No                      611.27              102950              102950      First Lien
                              No                     4144.73              647300           646018.27      First Lien
                              No                     2348.39              344250           343711.28      First Lien
                              No                      2002.5              356000              356000      First Lien
                              No                     1298.47              188000           187713.02      First Lien
                              No                     3941.57              600000           598988.97      First Lien
                              No                     3676.97              559720           558776.83      First Lien
                              No                     3048.15              464000           463610.18      First Lien
                              No                     1166.67              200000              200000      First Lien
                              No                     4179.17              680000              680000      First Lien
                              Yes                    2187.44              352000           351183.53      First Lien
                              No                     4195.29              600000           599106.64      First Lien
                              No                     2323.41              405540              405540      First Lien
                              No                     1828.13              325000              325000      First Lien
                              No                      4162.5              740000              740000      First Lien
                              No                     1222.62              230274           230140.72      First Lien
                              No                     2916.53              480000           479064.56      First Lien
                              No                     2521.92              456800              456800      First Lien
                              No                     1633.33              280000              280000      First Lien
                              No                     1385.54              255792              255792      First Lien
                              No                     2242.84              406250              406250      First Lien
                              No                     1093.36              201852              201852      First Lien
                              No                     1764.58              308000              308000      First Lien
                              No                       603.4              103440              103440      First Lien
                              No                     1063.28              125000           124147.31      First Lien
                              No                     1955.43              318172              318172      First Lien
                              No                      840.26              136720              136720      First Lien
                              No                       874.3              147250              147250      First Lien
                              No                     1450.42              210000           209679.42      First Lien
                              No                      495.99               75500            75436.56      First Lien
                              No                     1645.21              298000              298000      First Lien
                              No                     1441.12              228000           227793.88      First Lien
                              No                     1017.92              153000           152748.43      First Lien
                              No                     1705.45              250000           249804.97      First Lien
                              No                     3178.14              490000           489153.85      First Lien
                              No                     4021.16              628000           626888.78      First Lien
                              No                     1182.38              175500           175218.47      First Lien
                              No                     2212.24              350000              350000      First Lien
                              No                      3097.5              504000              504000      First Lien
                              No                      939.32              136000           135792.39      First Lien
                              No                     3275.32              525000            524024.9      First Lien
                              No                     2321.39              332000           331505.68      First Lien
                              No                        1062              188800              188800      First Lien
                              No                     1415.59              200000           199855.24      First Lien
                              No                     6002.92              937500           935841.07      First Lien
                              No                     1139.55              161000           160281.35      First Lien
                              No                     2166.67              400000              400000      First Lien
                              No                     1074.98              145350              145350      First Lien
                              No                     3590.15              568000           566970.26      First Lien
                              No                      956.67              164000              164000      First Lien
                              No                     1283.33              224000              224000      First Lien
                              No                     1245.31              192000           191668.45      First Lien
                              No                      498.75               84000               84000      First Lien
                              No                      949.95              141000           140773.81      First Lien
                              No                     1466.99              220500           220120.98      First Lien
                              No                     2406.55              453000              452998      First Lien
                              Yes                    1683.52              267000              266803      First Lien
                              No                      899.48              157000              157000      First Lien
                              No                      1795.5              319200              319200      First Lien
                              No                     1656.25              300000              300000      First Lien
                              No                        2812              473600              473600      First Lien
                              No                     3723.96              650000              650000      First Lien
                              No                     1520.32              220120           219783.97      First Lien
                              No                     3258.82              515580           514645.29      First Lien
                              No                     2407.08              436000              436000      First Lien
                              No                     1280.63              200000            199646.1      First Lien
                              No                     3318.75              540000              540000      First Lien
                              No                     7065.63             1190000             1190000      First Lien
                              No                      1057.5              188000              188000      First Lien
                              No                     3723.96              650000              650000      First Lien
                              No                        1875              300000              300000      First Lien
                              No                     1362.67              233600              233600      First Lien
                              No                      1147.5              204000              204000      First Lien
                              No                     2912.92              449110           448723.32      First Lien
                              No                     3003.29              465025              465025      First Lien
                              No                      873.93               95000            94709.92      First Lien
                              Yes                    1914.23              332000           331540.64      First Lien
                              No                      914.12              134000           133790.29      First Lien
                              No                     4223.44              765000              765000      First Lien
                              No                        2450              392000              392000      First Lien
                              No                     1532.32              236250           235842.03      First Lien
                              Yes                    1910.61              312000           311876.89      First Lien
                              No                      988.03              150400           150273.64      First Lien
                              Yes                     658.08              100000             99809.2      First Lien
                              No                     3772.01              650000           646631.12      First Lien
                              Yes                    2674.05              471000           470556.99      First Lien
                              No                     1567.53              248000            247775.8      First Lien
                              No                     3358.33              620000              620000      First Lien
                              No                     1123.73              129000           128147.74      First Lien
                              No                      518.88               80000            79861.85      First Lien
                              No                      286.66               40500            40437.21      First Lien
                              No                     5484.38              975000              975000      First Lien
                              No                     5890.62              975000              975000      First Lien
                              No                     4410.47              680000           679414.53      First Lien
                              No                      273.03               47700             47655.5      First Lien
                              No                      695.27              110000           109700.06      First Lien
                              No                      388.51               59900            59744.42      First Lien
                              No                        2145              396000              396000      First Lien
                              No                     2185.78              337000           336709.85      First Lien
                              No                      1461.1              247000           246495.11      First Lien
                              No                     2735.21              515000           514862.17      First Lien
                              No                     1826.68              289000           288738.74      First Lien
                              No                     2100.22              328000           327710.61      First Lien
                              No                     3467.92              594500              594500      First Lien
                              No                      1156.2              176000           175852.13      First Lien
                              No                        1170              208000              208000      First Lien
                              No                     3534.22              574000           572841.76      First Lien
                              No                      3144.3              504000           503063.92      First Lien
                              No                        3250              600000              600000      First Lien
                              No                      910.94              159000              159000      First Lien
                              No                     1720.83              280000              280000      First Lien
                              No                     5729.17             1000000             1000000      First Lien
                              Yes                    1420.95              230000           229821.75      First Lien
                              No                     1053.28              154400           154158.38      First Lien
                              No                       697.3              103500           103333.97      First Lien
                              No                     1996.51              355000           354934.54      First Lien
                              No                      771.61              125550              125550      First Lien
                              No                      2062.5              360000              360000      First Lien
                              No                      800.58              139750           139737.32      First Lien
                              Yes                     1930.2              315200           315075.63      First Lien
                              No                      984.65              148000           147878.68      First Lien
                              No                     1856.25              330000              330000      First Lien
                              No                     4609.37              750000              750000      First Lien
                              No                     3981.22              735000           734994.48      First Lien
                              No                     1668.66              264000           263521.39      First Lien
                              No                     1592.81              252000           251543.15      First Lien
                              No                     2970.72              470000           469147.92      First Lien
                              No                     2880.12              417000           416363.43      First Lien
                              No                      2455.1              481000              481000      First Lien
                              No                      1272.7              204000           203811.06      First Lien
                              No                     1135.82              166500           166370.12      First Lien
                              No                     2704.65              417000           416279.94      First Lien
                              No                      349.27               51200            51119.88      First Lien
                              No                     1668.33              276250           276138.02      First Lien
                              No                        3045              522000              522000      First Lien
                              No                     3333.92              507500           507073.63      First Lien
                              No                     3463.74              548000           547504.59      First Lien
                              No                        2600              480000              480000      First Lien
                              No                     1132.71              164000           163875.21      First Lien
                              No                      1299.3              240000              239870      First Lien
                              No                     2410.71              453800           453781.57      First Lien
                              No                       739.5              122400              122400      First Lien
                              No                      966.95              140000           139786.28      First Lien
                              No                     1114.47              191080           191079.99      First Lien
                              No                     1234.38              178720           178447.18      First Lien
                              No                      1336.6              193520           193224.59      First Lien
                              No                      2100.7              411600              411565      First Lien
                              No                     1490.63              265000              265000      First Lien
                              No                     1712.91              271000           270755.01      First Lien
                              No                     3560.94              645000              645000      First Lien
                              No                     9464.58             1540000             1540000      First Lien
                              No                      469.66               68000             67896.2      First Lien
                              Yes                     581.67               92250            92181.92      First Lien
                              Yes                    2590.34              423000           422665.24      First Lien
                              No                     1670.82              248000           247602.18      First Lien
                              No                     3968.44              747000              747000      First Lien
                              No                      566.23               80000            79883.82      First Lien
                              No                      4609.9              835000              835000      First Lien
                              No                     2029.47              297500           297034.45      First Lien
                              Yes                    1832.48              313000           312725.13      First Lien
                              No                     2108.07              312900           312649.77      First Lien
                              No                     4304.16              506000           502451.98      First Lien
                              No                      2918.7              450000           449612.55      First Lien
                              No                     2351.29              372000            371325.6      First Lien
                              No                      754.49              110600           110513.72      First Lien
                              No                      754.49              110600           110513.72      First Lien
                              No                      483.54               76500            76430.83      First Lien
                              No                     2793.54              506000              506000      First Lien
                              No                      720.53              123520              123520      First Lien
                              No                     2266.67              340000              340000      First Lien
                              No                     1403.45              203200           202097.51      First Lien
                              No                      2537.5              435000              435000      First Lien
                              No                      2650.1              391400              391400      First Lien
                              No                     1148.33              208000              208000      First Lien
                              No                      605.99               89500            89499.95      First Lien
                              No                         950              160000              160000      First Lien
                              No                     1077.34              157000           156703.56      First Lien
                              No                      652.69               94500            94355.74      First Lien
                              No                     1801.18              257600           257022.87      First Lien
                              No                     4161.83              588000           587574.42      First Lien
                              Yes                    2688.32              439000           438652.57      First Lien
                              Yes                     2514.3              387500            387233.6      First Lien
                              No                     1472.21              208000           207392.07      First Lien
                              Yes                    1065.53              182000            181920.3      First Lien
                              No                        2550              480000              480000      First Lien
                              No                        4030              744000              744000      First Lien
                              No                     1167.48              180000           178573.91      First Lien
                              No                      644.71              102000           101705.51      First Lien
                              No                     2155.02              350000            348322.1      First Lien
                              No                      2881.4              450000           449203.75      First Lien
                              No                      828.82              120000            119816.8      First Lien
                              No                      2433.5              458250           458069.79      First Lien
                              No                     4679.03              750000           747904.94      First Lien
                              No                     4176.56              742500              742500      First Lien
                              No                     2682.61              413600            412163.5      First Lien
                              No                     1387.44              211200           210530.57      First Lien
                              No                     1051.09              160000           159594.41      First Lien
                              No                      947.92              175000              175000      First Lien
                              No                     3843.04              585000           583517.11      First Lien
                              No                     1859.14              298000           297446.51      First Lien
                              No                     2498.44              461250              461250      First Lien
                              No                     2919.82              456000           455193.14      First Lien
                              No                     2258.75              417000              417000      First Lien
                              No                     2307.41              330000           329260.67      First Lien
                              No                     1266.12              185600           185309.35      First Lien
                              No                     1761.72              307500              307500      First Lien
                              No                     2364.95              360000           359393.37      First Lien
                              No                        5111              740000           738300.35      First Lien
                              No                     2302.54              350500           349909.38      First Lien
                              No                     7874.95             1608500             1608500      First Lien
                              No                     1596.73              240000           239605.39      First Lien
                              No                     3275.32              525000            524024.9      First Lien
                              No                     7015.96             1110000          1106973.28      First Lien
                              No                     1694.44              271600           271095.54      First Lien
                              No                     3027.34              581250              581250      First Lien
                              No                        4050              720000              720000      First Lien
                              No                     2566.66              440000           439999.09      First Lien
                              No                      1512.5              264000              264000      First Lien
                              No                     4108.45              650000           648821.58      First Lien
                              No                        1625              300000              300000      First Lien
                              No                     3502.51              547000           545544.15      First Lien
                              No                      1762.5              360000              360000      First Lien
                              No                      4209.3              735000           734714.24      First Lien
                              No                      612.08               92000            91848.74      First Lien
                              No                     4122.49              635600           632347.25      First Lien
                              No                     2376.16              448500           447277.16      First Lien
                              No                     1315.42              229600              229600      First Lien
                              No                     1726.56              325000              325000      First Lien
                              No                     5859.81              892000           889738.92      First Lien
                              No                     3404.49              481000           480301.51      First Lien
                              No                     2893.23              505000              505000      First Lien
                              No                     3124.72              488000           487136.52      First Lien
                              No                      1734.3              264000           263555.13      First Lien
                              No                     1839.95              340000           339682.48      First Lien
                              No                     3691.94              562000              561053      First Lien
                              No                     1962.65              295000            294270.3      First Lien
                              No                     1555.37              228000           227643.19      First Lien
                              No                      4352.6              685000           684999.99      First Lien
                              No                     1228.33              214400              214400      First Lien
                              No                    10581.52             1495000          1492829.04      First Lien
                              No                      241.75               36800            36706.52      First Lien
                              No                      4229.5              620000           517817.76      First Lien
                              No                     5118.75              945000              945000      First Lien
                              No                        8125             1500000             1500000      First Lien
                              No                     1034.84              148000           147779.63      First Lien
                              No                        5625             1000000             1000000      First Lien
                              No                      301.17               55600               55600      First Lien
                              No                      883.18              131090           130985.17      First Lien
                              No                      445.76               67000            66945.07      First Lien
                              No                     1300.83              223000              223000      First Lien
                              No                     3405.14              525000           524547.99      First Lien
                              No                        3470              535000            533141.9      First Lien
                              No                     2022.62              320000           319710.71      First Lien
                              No                      3368.9              540000           539499.85      First Lien
                              No                     1397.14              210000           209827.86      First Lien
                              No                     3859.38              650000              650000      First Lien
                              Yes                    1610.54              263000           262896.23      First Lien
                              No                      340.52               52500            52454.79      First Lien
                              No                      372.95               57500            57450.49      First Lien
                              No                      385.92               59500            59448.77      First Lien
                              No                      379.43               58500            58449.63      First Lien
                              No                      319.35               48000            47960.65      First Lien
                              No                      324.95               50100            50056.86      First Lien
                              No                      369.71               57000            56950.92      First Lien
                              No                      340.52               52500            52454.79      First Lien
                              No                      367.88               56000            55952.95      First Lien
                              No                     1064.73              154157           153921.67      First Lien
                              No                     2495.21              406000              406000      First Lien
                              No                     2114.75              310000           309514.88      First Lien
                              No                      966.15              175000              175000      First Lien
                              No                     2965.02              315000           314069.35      First Lien
                              No                       624.3               70000            69776.74      First Lien
                              No                     3113.28              480000           479586.72      First Lien
                              No                      4049.4              593600           593136.93      First Lien
                              No                     1038.02              154072           153824.83      First Lien
                              No                     4317.18              692000           690714.74      First Lien
                              No                      592.87               88000            87858.84      First Lien
                              Yes                    1249.24              204000           203343.02      First Lien
                              No                     2801.94              432000            431167.4      First Lien
                              No                        1349              227200              227200      First Lien
                              No                      771.92              125600              125600      First Lien
                              No                     1329.17              220000              220000      First Lien
                              No                     1038.56              171900              171900      First Lien
                              No                     1945.79              300000           299481.97      First Lien
                              No                     6372.21              970000           968365.49      First Lien
                              No                     2486.46              434000              434000      First Lien
                              No                     3039.98              468700           467890.65      First Lien
                              No                     1593.05              242500           242091.38      First Lien
                              No                      726.75              122400              122400      First Lien
                              No                      806.67              140800              140800      First Lien
                              No                      606.67              104000              104000      First Lien
                              No                     5320.97              780000           778779.38      First Lien
                              No                     1314.06              217500              217500      First Lien
                              No                     1123.75              186000              186000      First Lien
                              No                     1746.04              289000              289000      First Lien
                              No                     1841.56              276800           276344.89      First Lien
                              No                        1450              240000              240000      First Lien
                              No                     1401.67              232000              232000      First Lien
                              No                       813.5              119250           119063.38      First Lien
                              No                      905.48              134400           134138.86      First Lien
                              No                     1011.31              160000           159709.93      First Lien
                              No                      790.31              140500              140500      First Lien
                              No                     1543.66              238000           237589.03      First Lien
                              No                     2428.35              365000           364399.89      First Lien
                              No                     2784.71              505000              504400      First Lien
                              No                       697.5              124000           123999.26      First Lien
                              No                     2143.58              354800              354800      First Lien
                              No                     1637.22              240000           239565.08      First Lien
                              No                      900.47              132000           131793.44      First Lien
                              No                        5625             1000000            999999.6      First Lien
                              No                      888.43              147050              147050      First Lien
                              No                      515.06               76450            76327.36      First Lien
                              No                     3492.84              525000           524136.81      First Lien
                              No                     2635.42              460000              460000      First Lien
                              No                     1044.27              155000           154876.04      First Lien
                              No                     1766.39              319950              319950      First Lien
                              Yes                    1430.56              260000           259869.44      First Lien
                              No                      873.19              128000           127799.68      First Lien
                              No                     2126.31              392550              392550      First Lien
                              No                     1550.35              236000           235801.73      First Lien
                              No                     1316.42              156000           155463.58      First Lien
                              No                     1122.92              196000              196000      First Lien
                              No                     2980.05              459460              459460      First Lien
                              No                     1169.19              216000              215850      First Lien
                              No                        2049              320000           319425.96      First Lien
                              No                      388.91               59200            59150.26      First Lien
                              No                     3574.61              524000           523591.22      First Lien
                              No                     4046.69              616000           615482.48      First Lien
                              No                     3166.67              608000              608000      First Lien
                              No                     1144.78              176500           176348.03      First Lien
                              No                      389.06               62250               62250      First Lien
                              No                     2064.64              284750           284554.03      First Lien
                              No                     1173.34              172000           171865.83      First Lien
                              No                      2070.7              348750              348750      First Lien
                              No                     1435.42              260000              260000      First Lien
                              No                      558.36               89500            88215.25      First Lien
                              No                      555.24               89000            87720.81      First Lien
                              No                      555.24               89000            87712.39      First Lien
                              No                     2585.83              428000              428000      First Lien
                              No                       768.5              127200              127200      First Lien
                              No                      654.46               93600            93460.65      First Lien
                              No                     2856.93              464000           463117.18      First Lien
                              No                       497.2               73800            73740.99      First Lien
                              No                     1519.49              220000           219832.59      First Lien
                              No                     1935.17              227500           226726.03      First Lien
                              No                     1944.05              316320              316320      First Lien
                              No                     1603.33              296000              296000      First Lien
                              No                     1395.88              218000           217677.94      First Lien
                              No                     2356.41              358700           358398.64      First Lien
                              No                      1464.5              242400              242400      First Lien
                              No                     1400.75              258600              258600      First Lien
                              No                     5098.96              890000              890000      First Lien
                              No                     2484.37              450000           449999.99      First Lien
                              No                     2016.98              315000           314442.63      First Lien
                              No                      845.22              132000           131883.53      First Lien
                              No                     1243.23              217000              217000      First Lien
                              No                      463.88               68000            67946.95      First Lien
                              No                     1337.07              196000           195693.27      First Lien
                              No                     2581.25              442500              442500      First Lien
                              No                     9787.24             1592500             1592500      First Lien
                              Yes                    1497.85              252000            251893.4      First Lien
                              No                      1605.7              254038           253577.45      First Lien
                              No                     1289.03              215000           214785.97      First Lien
                              No                     2635.72              417000           416244.02      First Lien
                              No                     1854.67              342400              342400      First Lien
                              No                     1872.92              310000              310000      First Lien
                              No                     1138.52              185250              185250      First Lien
                              No                        2577              323208           318390.72      First Lien
                              No                    12842.24             1980000          1974856.96      First Lien
                              No                     1244.62              199500           198754.98      First Lien
                              No                      839.37              124900           124494.91      First Lien
                              No                     1492.49              255750           254326.69      First Lien
                              No                        2805              528000              528000      First Lien
                              No                     1997.33              316000           315138.36      First Lien
                              No                     1961.52              284000           283347.22      First Lien
                              No                      898.16              135000           134666.08      First Lien
                              No                     1455.23              216000           215478.72      First Lien
                              No                     1064.19              156000           155632.71      First Lien
                              No                     1657.62              240000           239262.76      First Lien
                              No                     1576.63              240000           239391.63      First Lien
                              No                      893.75              156000              156000      First Lien
                              No                        1175              235000              235000      First Lien
                              No                     1302.08              250000              250000      First Lien
                              No                        2550              480000              480000      First Lien
                              No                     1038.17              164250           163802.12      First Lien
                              No                      1668.6              254000           253356.16      First Lien
                              No                      377.78               59000            58839.37      First Lien
                              No                      637.93              106400           106294.07      First Lien
                              No                       777.8              106000           105928.87      First Lien
                              No                     2049.57              316000           315727.93      First Lien
                              Yes                    2547.48              416000           415835.85      First Lien
                              Yes                     622.33              101625            101584.9      First Lien
                              No                     3593.33              616000              616000      First Lien
                              No                     2641.43              429000           428592.94      First Lien
                              No                     1171.83              167592           167342.46      First Lien
                              No                     3233.37              486000           485601.63      First Lien
                              No                     4670.31              735000              735000      First Lien
                              No                     1221.89              186000           185843.74      First Lien
                              No                     1063.33              176000              176000      First Lien
                              No                     1736.72              292500              292500      First Lien
                              No                     1148.33              208000              208000      First Lien
                              No                     3380.21              649000              649000      First Lien
                              No                     1338.75              214200              214200      First Lien
                              No                     3453.13              650000              650000      First Lien
                              No                      742.19              142500              142500      First Lien
                              Yes                    1447.76              220000           219854.03      First Lien
                              No                       733.2              116000            115789.7      First Lien
                              No                     2097.64              300000           299553.33      First Lien
                              No                      954.36              155000           154612.22      First Lien
                              Yes                     934.26              140000           139910.36      First Lien
                              No                     1260.42              220000              220000      First Lien
                              No                     1414.69              226350              226350      First Lien
                              No                      513.69               79200            79131.81      First Lien
                              No                      479.02               72000            71881.62      First Lien
                              No                     2390.63              450000              450000      First Lien
                              No                     3222.62              533400              533400      First Lien
                              No                      3184.9              611500              611500      First Lien
                              No                      501.04               96200               96200      First Lien
                              No                      511.98               81000             80759.7      First Lien
                              No                     1081.16              145611           145515.75      First Lien
                              No                     1806.87              294000              294000      First Lien
                              No                      2612.5              456000              456000      First Lien
                              No                      695.82              102000           101920.43      First Lien
                              No                     1359.84              207000            206826.1      First Lien
                              No                      497.84               71200            71093.99      First Lien
                              No                     2404.69              513000           512999.69      First Lien
                              No                     3571.83              591200              591200      First Lien
                              No                     3891.59              600000           598963.91      First Lien
                              No                     4204.34              640000           638921.58      First Lien
                              No                     2760.42              500000              500000      First Lien
                              No                      413.02               65000               65000      First Lien
                              No                     3164.58              620000              620000      First Lien
                              No                     3287.93              534000              532984      First Lien
                              No                     2916.53              480000           479533.47      First Lien
                              No                      909.85              138500           138174.18      First Lien
                              No                     3790.64              592000           591477.69      First Lien
                              No                     5308.33              910000              910000      First Lien
                              No                        1304              196000           195839.33      First Lien
                              No                     2420.94              381000              381000      First Lien
                              No                     1571.63              227549           227375.85      First Lien
                              No                     1111.67              184000              184000      First Lien
                              No                     1453.76              230000           229792.07      First Lien
                              No                     3078.59              500000           499525.58      First Lien
                              No                     1978.22              305000           304737.41      First Lien
                              Yes                    1363.84              244000           243762.47      First Lien
                              Yes                     807.93              138000            137756.3      First Lien
                              No                      421.85               65040               64984      First Lien
                              No                     1219.37              188000           187838.13      First Lien
                              No                     2499.52              470498              470498      First Lien
                              No                     1142.63              169600           169464.37      First Lien
                              No                      510.27               74800            74741.65      First Lien
                              No                     2823.33              484000              484000      First Lien
                              No                     4235.71              620910           620314.18      First Lien
                              No                     2302.19              417000              417000      First Lien
                              No                     1371.59              217000           216408.29      First Lien
                              No                     2062.44              310000           309745.89      First Lien
                              No                      8437.5             1500000             1500000      First Lien
                              No                      4162.5              740000              740000      First Lien
                              No                      1242.5              213000              213000      First Lien
                              No                      5520.8              780000           779435.45      First Lien
                              Yes                    1345.55              237000           236888.82      First Lien
                              No                      895.11              129600           129501.39      First Lien
                              No                      406.42               57420            57378.44      First Lien
                              No                      966.15              175000              175000      First Lien
                              No                      580.17               94400               94400      First Lien
                              No                     3533.33              640000              640000      First Lien
                              No                     2601.54              417000           416225.49      First Lien
                              No                     1229.74              189600            189272.6      First Lien
                              No                     1367.54              198000           197849.33      First Lien
                              No                      752.37              116000            115799.7      First Lien
                              No                        1540              264000              264000      First Lien
                              No                     1256.25              201000              201000      First Lien
                              No                     4493.71              719000           718993.75      First Lien
                              No                     3633.35              590100           589540.09      First Lien
                              No                      847.92              148000              148000      First Lien
                              No                     1671.67              272000              272000      First Lien
                              No                     2464.58              455000              455000      First Lien
                              No                     3183.88              524000           522464.29      First Lien
                              No                     2230.09              335200           334370.91      First Lien
                              No                     4710.24              765000           764274.13      First Lien
                              No                     6157.17             1000000           998097.38      First Lien
                              No                     3787.35              599200            598113.7      First Lien
                              No                     1254.02              198400           197859.03      First Lien
                              No                     2986.52              472500           471211.62      First Lien
                              No                     1247.74              200000           199515.74      First Lien
                              No                     2594.79              470000              470000      First Lien
                              No                     3300.29              472000           471146.31      First Lien
                              No                      960.74              152000           151722.55      First Lien
                              No                     3618.45              580000           578922.75      First Lien
                              No                     1724.01              280000           279467.26      First Lien
                              No                      3305.4              544000            542838.9      First Lien
                              No                      3694.3              600000           598858.23      First Lien
                              No                      1249.9              230750              230750      First Lien
                              No                     2424.22              401250              401250      First Lien
                              No                     3124.79              566000              566000      First Lien
                              No                     1350.71              198000           197689.43      First Lien
                              No                      2212.5              360000              360000      First Lien
                              No                      2869.8              460000           459145.64      First Lien
                              No                     1550.35              236000           235602.33      First Lien
                              No                     2968.37              482100           481182.74      First Lien
                              No                     2907.51              460000           459166.06      First Lien
                              No                     1771.79              284000           283472.52      First Lien
                              No                      505.65               80000            79927.68      First Lien
                              No                     3041.48              475000            473735.8      First Lien
                              No                     3507.98              555000           553486.64      First Lien
                              No                     1006.87              144000           143785.59      First Lien
                              No                     5416.67             1000000             1000000      First Lien
                              No                     2708.33              500000              500000      First Lien
                              No                      606.35               92300            92144.46      First Lien
                              No                     1429.74              226200           225995.51      First Lien
                              No                     1611.33              281250              281250      First Lien
                              No                     1776.34              270400           270172.83      First Lien
                              No                     9340.62             1470000             1470000      First Lien
                              No                     1255.83              219200              219200      First Lien
                              No                      615.21               89073            89005.22      First Lien
                              No                     1104.17              200000              200000      First Lien
                              No                      2985.1              432200           431871.13      First Lien
                              No                      995.87              170720              170720      First Lien
                              No                     4537.32              525000           523251.74      First Lien
                              No                     1341.56              243000              243000      First Lien
                              No                     1333.45              208250           208066.26      First Lien
                              No                      813.39              156171              156171      First Lien
                              No                      1346.7              205000           204827.78      First Lien
                              No                     2283.42              413600              413600      First Lien
                              No                      3979.8              613600            613071.7      First Lien
                              No                     1068.75              171000              171000      First Lien
                              No                     1253.75              204000              204000      First Lien
                              No                     2581.25              420000              420000      First Lien
                              No                     1935.94              315000              315000      First Lien
                              No                     1970.83              344000              344000      First Lien
                              No                      835.33              143200              143200      First Lien
                              No                     2366.15              385000              385000      First Lien
                              No                      551.04               97963               97963      First Lien
                              No                     3632.15              560000           559517.85      First Lien
                              Yes                    2347.82              395000           394832.91      First Lien
                              No                     1574.85              222500           222338.95      First Lien
                              No                      358.74               57600            57398.92      First Lien
                              No                     1276.88              227000              227000      First Lien
                              Yes                    2185.22              379000           378828.22      First Lien
                              No                      765.41              138640              138640      First Lien
                              Yes                     900.19              147000              146942      First Lien
                              No                     4525.52              735000            734302.6      First Lien
                              No                     2333.57              379000           378617.66      First Lien
                              No                      462.76               67000            66949.01      First Lien
                              Yes                     1361.9              215992           215912.55      First Lien
                              No                     1117.71              168000           167862.29      First Lien
                              No                      735.77              112000            111905.9      First Lien
                              No                      877.66              133600           133487.76      First Lien
                              Yes                    1510.19              266000           265875.23      First Lien
                              No                      970.11              132210           132121.29      First Lien
                              No                     4333.33              800000              800000      First Lien
                              Yes                     1051.1              182300           182217.37      First Lien
                              Yes                    1190.57              213000           212896.62      First Lien
                              Yes                    1327.39              220000           219910.11      First Lien
                              No                     3022.14              527500              527500      First Lien
                              No                     1594.21              228000           227316.79      First Lien
                              No                     3807.15              635000           634367.85      First Lien
                              No                     1860.83              308000              308000      First Lien
                              No                     2208.33              400000              400000      First Lien
                              No                     1904.69              345000              345000      First Lien
                              Yes                     854.18              128000           127959.15      First Lien
                              No                      882.26              124650           124559.79      First Lien
                              No                     2646.25              438000              438000      First Lien
                              No                     3412.57              547000           546493.37      First Lien
                              No                        1760              307200              307200      First Lien
                              No                     1804.69              315000              315000      First Lien
                              No                      676.31              107000           106903.27      First Lien
                              No                     1582.36              172010           171484.78      First Lien
                              No                     1604.17              280000              280000      First Lien
                              No                      2623.7              399388            397345.7      First Lien
                              No                     1816.08              280000           279027.51      First Lien
                              No                     1696.93              272000           270984.22      First Lien
                              No                      425.68               62400            62203.51      First Lien
                              No                      518.46               76000            75699.94      First Lien
                              No                      581.75               83200            82887.36      First Lien
                              No                     1368.74              222300           221234.31      First Lien
                              No                     2262.81              358000           355708.34      First Lien
                              No                       614.7               96000            95658.38      First Lien
                              No                      518.01               75000            74652.26      First Lien
                              No                      553.78               79200            78841.76      First Lien
                              No                      665.13               97500            97036.65      First Lien
                              No                      685.73              113500              113500      First Lien
                              No                     1077.95              160000           159483.63      First Lien
                              No                      251.72               36000            35892.11      First Lien
                              No                      415.11               64000            63614.17      First Lien
                              No                     1052.76              174250              174250      First Lien
                              No                     1206.78              183700           182919.44      First Lien
                              No                      569.81               82500             82117.5      First Lien
                              No                      645.79               93500            93139.84      First Lien
                              No                     2070.05              382415            382162.8      First Lien
                              No                      604.69               87550            87113.48      First Lien
                              No                     2528.28              400000           398172.25      First Lien
                              No                      486.64               76000            75715.31      First Lien
                              No                      997.35              156960              156960      First Lien
                              No                     1051.09              160000           159457.67      First Lien
                              No                      818.62              120000           119429.73      First Lien
                              No                     1997.34              316000           314556.08      First Lien
                              No                       805.5              115200           114854.79      First Lien
                              No                     1112.89              194250            194249.7      First Lien
                              No                      818.62              120000           119524.33      First Lien
                              No                      512.41               78000            77599.22      First Lien
                              No                     2407.01              348500           346884.21      First Lien
                              No                     1157.41              176184           174017.96      First Lien
                              No                     1593.75              255000              255000      First Lien
                              No                      446.06               67900            67552.75      First Lien
                              No                     2392.65              410000           406517.48      First Lien
                              No                     2624.57              380000            378238.2      First Lien
                              No                      337.57               48875            48686.74      First Lien
                              No                        1075              172000              172000      First Lien
                              No                     1145.33              170000           169092.67      First Lien
                              No                        1450              223558           220762.42      First Lien
                              No                      492.56               86000            85974.76      First Lien
                              No                      975.52              143000           142320.44      First Lien
                              No                     1101.33              179200              179200      First Lien
                              No                      643.28               92000            91719.07      First Lien
                              No                     2895.02              440689            438435.5      First Lien
                              No                      712.77              108500           108038.97      First Lien
                              No                     1555.37              228000           226633.25      First Lien
                              No                      505.37               71400            71024.47      First Lien
                              No                      378.07               57550            57253.68      First Lien
                              No                      985.32              146250           145727.82      First Lien
                              No                     1145.69              200000              199975      First Lien
                              No                       652.5              108000              108000      First Lien
                              No                     2205.24              340000           338466.52      First Lien
                              No                     1141.54              176000           173918.54      First Lien
                              No                      712.77              108500           108038.97      First Lien
                              No                     1582.82              264000            262672.7      First Lien
                              No                     2635.73              417000           415479.79      First Lien
                              No                        1750              300000              300000      First Lien
                              No                      410.96               59500             59224.1      First Lien
                              No                      907.42              129777            128839.9      First Lien
                              No                        1110              177600              177600      First Lien
                              No                     1264.14              200000           197377.62      First Lien
                              No                      665.13               97500            97036.65      First Lien
                              No                     1773.27              288000           286615.29      First Lien
                              No                      834.33              132000           131396.84      First Lien
                              No                     1447.38              207000           206058.54      First Lien
                              No                     1215.59              176000            173634.1      First Lien
                              No                     1245.61              205000           204196.85      First Lien
                              No                      354.84               51375            51103.89      First Lien
                              No                      654.89               96000            95620.99      First Lien
                              No                     2338.33              368000              368000      First Lien
                              No                      2611.3              397500           395394.68      First Lien
                              No                     2866.31              415000           412748.31      First Lien
                              No                      656.93              100000            99488.64      First Lien
                              No                      682.32              107950           107556.45      First Lien
                              No                      393.83               59950            59640.23      First Lien
                              No                       607.8               88000            87661.02      First Lien
                              No                     2257.85              348112           346596.44      First Lien
                              No                      891.51              134000           133444.34      First Lien
                              No                     1485.53              232000           230892.05      First Lien
                              No                     1115.59              172000           171402.63      First Lien
                              No                     2344.17              388000              388000      First Lien
                              No                     2339.87              343000           341645.85      First Lien
                              No                      497.29               72000            71666.16      First Lien
                              No                      612.08               92000            91540.87      First Lien
                              No                     1105.34              179520           178484.55      First Lien
                              No                      971.35              146000           145394.57      First Lien
                              No                     2762.51              415225           413152.79      First Lien
                              No                     2010.93              287597           286516.32      First Lien
                              No                     1018.67              151200           150588.17      First Lien
                              No                     1017.92              153000           152226.48      First Lien
                              Yes                    2398.55              416000           415811.45      First Lien
                              Yes                    2315.48              395500           395326.81      First Lien
                              Yes                    1821.98              316000           315856.77      First Lien
                              No                     3177.62              530000           529472.38      First Lien
                              No                      3812.5              610000              610000      First Lien
                              Yes                    1814.11              335000           334825.99      First Lien
                              Yes                    2013.44              324000           323876.56      First Lien
                              No                     3574.61              524000           523179.97      First Lien
                              No                        2175              360000              360000      First Lien
                              No                     1203.12              210000              210000      First Lien
                              No                      1147.5              204000              204000      First Lien
                              No                      2292.5              393000              393000      First Lien
                              No                      5937.5             1000000             1000000      First Lien
                              No                      806.88              114000           113917.49      First Lien
                              No                     3081.25              580000              580000      First Lien
                              No                     3452.87              637500           637453.13      First Lien
                              Yes                    2715.66              437000           436666.05      First Lien
                              Yes                    1072.58              172800           172667.58      First Lien
                              No                        2725              545000              545000      First Lien

                              LOAN_TO_           MI                             MI_PCT         CURRENT_
                              VALUE                                                            GROSS_COUPON
---------------------------------------------------------------------------------------------------------------------
                                      21.72      No MI                                  0                       6.75
                                      80.00      No MI                                  0                          7
                                      73.77      No MI                                  0                      7.125
                                      75.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      49.07      No MI                                  0                       6.75
                                      79.99      No MI                                  0                        7.5
                                      79.99      No MI                                  0                       7.25
                                      79.99      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      59.85      No MI                                  0                      7.125
                                      43.59      No MI                                  0                          7
                                      77.14      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      7.375
                                      79.99      No MI                                  0                      6.625
                                      94.98      Radian Guaranty                       25                          7
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      79.45      No MI                                  0                          7
                                      70.00      No MI                                  0                      6.875
                                      90.00      No MI                                  0                        7.5
                                      79.72      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      83.29      PMI                                   12                      7.625
                                      79.87      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.375
                                      84.11      Triad Guaranty                        12                       7.75
                                      87.53      Radian Guaranty                       25                        6.5
                                      80.00      No MI                                  0                       7.25
                                      70.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      65.00      No MI                                  0                      6.875
                                      95.00      Triad Guaranty                        30                      7.125
                                      47.73      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      62.76      No MI                                  0                       6.75
                                      35.09      No MI                                  0                      6.875
                                      25.00      No MI                                  0                      6.875
                                      90.00      PMI                                   25                      7.375
                                      66.44      No MI                                  0                      6.875
                                      95.00      PMI                                   30                       8.25
                                      80.00      No MI                                  0                        7.5
                                      87.00      PMI                                   25                          7
                                      78.38      No MI                                  0                      7.375
                                      79.89      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      70.00      No MI                                  0                      7.375
                                      46.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          6
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.875
                                      76.72      No MI                                  0                      6.125
                                      80.00      No MI                                  0                        6.5
                                      84.27      PMI                                   12                        7.5
                                      79.99      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.25
                                      89.55      PMI                                   25                      6.875
                                      80.00      No MI                                  0                      6.875
                                      79.51      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      95.00      PMI                                   30                      8.625
                                      95.00      PMI                                   30                      7.625
                                      84.62      PMI                                   12                          7
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                     100.00      PMI                                   35                      8.225
                                      80.00      No MI                                  0                      6.875
                                      33.47      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        6.5
                                      89.00      PMI                                   25                      7.725
                                      80.00      No MI                                  0                      7.375
                                      90.00      PMI                                   25                       10.5
                                     100.00      PMI                                   35                          9
                                      69.00      No MI                                  0                          7
                                      82.90      Republic MIC                          12                        6.5
                                      65.00      No MI                                  0                      6.875
                                      76.18      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.375
                                      50.53      No MI                                  0                        7.5
                                      68.55      No MI                                  0                       6.75
                                      80.00      No MI                                  0                        7.5
                                      95.00      United Guaranty                       35                          7
                                      54.00      No MI                                  0                       6.25
                                      65.00      No MI                                  0                       6.75
                                      61.75      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.625
                                      49.00      No MI                                  0                        6.5
                                      79.10      No MI                                  0                       7.25
                                      69.98      No MI                                  0                      7.125
                                      59.00      No MI                                  0                       6.75
                                      79.98      No MI                                  0                      6.625
                                      37.62      No MI                                  0                      6.875
                                      40.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      90.00      PMI                                   25                       7.25
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      68.25      No MI                                  0                      6.625
                                      75.00      No MI                                  0                        7.5
                                     100.00      PMI                                   35                       7.75
                                      80.00      No MI                                  0                        6.5
                                      99.05      PMI                                   35                       8.05
                                      80.00      No MI                                  0                        6.5
                                      62.70      No MI                                  0                       6.25
                                      74.28      No MI                                  0                      6.875
                                     100.00      PMI                                   35                        7.5
                                      80.00      No MI                                  0                      6.625
                                      90.00      PMI                                   30                       7.25
                                      65.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                          7
                                      90.00      Mortgage Guaranty In                  25                          7
                                      73.69      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      71.91      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      90.00      PMI                                   25                      8.375
                                      80.00      No MI                                  0                      6.125
                                      51.72      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                          7
                                      76.76      No MI                                  0                      7.375
                                      90.00      Radian Guaranty                       25                       7.25
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.625
                                      95.00      PMI                                   30                      7.875
                                      80.00      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      74.04      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.125
                                      90.00      PMI                                   25                          8
                                      75.00      No MI                                  0                      7.375
                                      95.86      PMI                                   35                       7.25
                                      68.97      No MI                                  0                      7.125
                                      98.67      PMI                                   35                        7.5
                                      80.00      No MI                                  0                       6.75
                                      50.91      No MI                                  0                        6.5
                                      90.00      PMI                                   25                      6.625
                                      90.00      GE Capital MI                         25                      7.375
                                      62.96      No MI                                  0                      7.125
                                      92.44      PMI                                   30                       7.25
                                      80.00      No MI                                  0                      7.125
                                      79.56      No MI                                  0                       6.75
                                      90.00      Republic MIC                          25                      6.625
                                      73.92      No MI                                  0                      6.625
                                      80.00      No MI                                  0                        7.5
                                     100.00      PMI                                   35                        6.8
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      72.58      No MI                                  0                        7.5
                                      71.70      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      57.78      No MI                                  0                       6.75
                                     100.00      PMI                                   35                       7.75
                                      79.81      No MI                                  0                      6.875
                                      77.95      No MI                                  0                       7.25
                                      78.55      No MI                                  0                          7
                                      85.00      PMI                                   20                        6.5
                                      71.81      No MI                                  0                      6.875
                                      85.00      United Guaranty                       12                        7.5
                                      79.35      No MI                                  0                       6.75
                                      90.00      PMI                                   25                        8.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        7.5
                                      90.00      PMI                                   25                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      74.44      No MI                                  0                       7.25
                                      62.50      No MI                                  0                      6.375
                                      90.00      PMI                                   25                      8.125
                                      80.00      No MI                                  0                       6.75
                                      77.38      No MI                                  0                        7.5
                                      93.75      PMI                                   30                        7.5
                                      90.00      PMI                                   25                       6.75
                                      79.66      No MI                                  0                       6.75
                                      78.34      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      90.00      Radian Guaranty                       25                      7.635
                                      80.00      No MI                                  0                       7.25
                                      90.00      PMI                                   25                      7.625
                                      80.00      No MI                                  0                      6.625
                                      75.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       6.75
                                      79.52      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      5.875
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                       6.75
                                      78.36      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                          7
                                      88.85      PMI                                   25                       6.75
                                      79.48      No MI                                  0                       6.25
                                      89.66      PMI                                   25                      6.625
                                      78.82      No MI                                  0                       7.25
                                      90.00      PMI                                   25                       7.75
                                      80.00      No MI                                  0                          7
                                      89.15      PMI                                   25                       7.75
                                      89.90      PMI                                   25                      7.125
                                      78.73      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       5.75
                                      80.00      No MI                                  0                        6.5
                                      76.92      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.75
                                      75.85      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.25
                                      80.00      No MI                                  0                          7
                                      78.94      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      79.19      No MI                                  0                      7.375
                                      75.00      No MI                                  0                      7.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                        7.5
                                      74.00      No MI                                  0                        6.5
                                      76.46      No MI                                  0                      6.375
                                      98.81      PMI                                   35                      7.375
                                      76.27      No MI                                  0                          7
                                      96.93      PMI                                   35                      7.875
                                      63.38      No MI                                  0                      6.875
                                      86.50      Mortgage Guaranty In                  25                          7
                                      80.00      No MI                                  0                       6.75
                                      63.38      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      79.92      No MI                                  0                       6.75
                                     100.00      PMI                                   35                       7.25
                                      95.00      Radian Guaranty                       30                        7.5
                                      80.00      No MI                                  0                       7.25
                                      99.34      PMI                                   35                      7.875
                                      63.48      No MI                                  0                      6.875
                                      90.00      PMI                                   25                          8
                                      95.00      PMI                                   30                      8.625
                                      90.00      PMI                                   25                          8
                                      80.00      No MI                                  0                        7.5
                                      77.09      No MI                                  0                      7.375
                                      90.00      PMI                                   25                      7.625
                                      86.84      Radian Guaranty                       25                        7.5
                                      80.00      No MI                                  0                      6.125
                                      90.00      PMI                                   25                       7.75
                                      78.35      No MI                                  0                       6.75
                                      80.00      No MI                                  0                          7
                                      56.00      No MI                                  0                      6.625
                                      99.52      PMI                                   35                       6.75
                                      80.00      No MI                                  0                          7
                                      49.82      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      75.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      7.625
                                      56.26      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.125
                                      90.00      PMI                                   25                       7.75
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.999
                                      80.00      No MI                                  0                      7.375
                                      95.00      PMI                                   30                       8.25
                                      86.72      Republic MIC                          25                      6.625
                                      95.00      Republic MIC                          30                      6.875
                                      79.72      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      70.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                       7.25
                                      69.57      No MI                                  0                      7.125
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       7.25
                                      90.66      GE Capital MI                         30                       6.75
                                      80.00      No MI                                  0                      7.375
                                      79.14      No MI                                  0                      7.125
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.375
                                      95.00      PMI                                   30                      6.625
                                      80.00      No MI                                  0                      6.125
                                      70.00      No MI                                  0                       6.99
                                      95.00      PMI                                   30                      6.875
                                      63.01      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.375
                                      90.00      GE Capital MI                         25                      7.375
                                     100.00      PMI                                   35                       8.05
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      64.29      No MI                                  0                      6.375
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        7.5
                                      73.92      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                      64.52      No MI                                  0                        6.5
                                      65.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      75.00      No MI                                  0                       6.75
                                     100.00      PMI                                   35                        8.5
                                      80.00      No MI                                  0                        6.5
                                      72.34      No MI                                  0                      6.875
                                      79.03      No MI                                  0                      6.875
                                      99.60      PMI                                   35                      7.875
                                      80.00      No MI                                  0                        6.5
                                      90.00      Mortgage Guaranty In                  25                      7.375
                                      71.19      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.875
                                     100.00      PMI                                   35                      8.275
                                      80.00      No MI                                  0                          7
                                      61.05      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      5.999
                                      74.33      No MI                                  0                      7.375
                                      90.55      PMI                                   30                       7.25
                                      49.22      No MI                                  0                          6
                                      80.00      No MI                                  0                      6.375
                                      75.00      No MI                                  0                      6.875
                                      26.37      No MI                                  0                      7.375
                                      32.44      No MI                                  0                       7.75
                                      62.88      No MI                                  0                        6.5
                                      94.42      PMI                                   30                       7.75
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.75
                                      52.61      No MI                                  0                        6.5
                                     100.00      PMI                                   35                       8.25
                                      61.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                     100.00      PMI                                   35                        7.5
                                      80.00      No MI                                  0                       7.25
                                      57.11      No MI                                  0                       6.75
                                      78.27      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                          7
                                      79.99      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.375
                                      75.47      No MI                                  0                      6.625
                                      79.99      No MI                                  0                        6.5
                                      79.99      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      79.98      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      43.26      No MI                                  0                      6.375
                                      79.16      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.375
                                      46.18      No MI                                  0                        6.5
                                      64.97      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                       7.25
                                     100.00      PMI                                   35                       7.75
                                      55.90      No MI                                  0                          7
                                      86.36      PMI                                   25                        7.5
                                      66.39      No MI                                  0                       6.75
                                      80.00      No MI                                  0                          7
                                      79.82      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.375
                                      85.00      Republic MIC                          12                      6.625
                                      75.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       6.75
                                      77.32      No MI                                  0                       6.75
                                      79.92      No MI                                  0                       6.75
                                      79.99      No MI                                  0                      6.375
                                      73.76      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      75.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      77.22      No MI                                  0                        7.5
                                      71.25      No MI                                  0                        6.5
                                      90.00      Republic MIC                          25                          7
                                      58.39      No MI                                  0                       6.75
                                      95.00      PMI                                   30                      7.625
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        6.5
                                      35.41      No MI                                  0                       6.25
                                      65.00      No MI                                  0                        7.5
                                     100.00      PMI                                   35                          8
                                      80.00      No MI                                  0                       7.25
                                      99.94      PMI                                   35                        7.5
                                     100.00      PMI                                   35                      7.625
                                     100.00      PMI                                   35                      8.625
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.125
                                      89.76      Republic MIC                          25                        6.5
                                      80.00      No MI                                  0                          6
                                      78.15      No MI                                  0                          6
                                      75.00      No MI                                  0                       7.25
                                      70.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.625
                                      90.00      United Guaranty                       25                          7
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      75.18      No MI                                  0                        6.5
                                      80.00      No MI                                  0                          7
                                      79.38      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      7.125
                                      74.67      No MI                                  0                      7.375
                                      79.46      No MI                                  0                       6.75
                                      75.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                          7
                                      79.63      No MI                                  0                      6.375
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      6.375
                                      77.62      No MI                                  0                      5.875
                                      80.00      No MI                                  0                      7.375
                                      70.00      No MI                                  0                        5.5
                                      85.00      PMI                                   12                       6.25
                                      80.00      No MI                                  0                        7.5
                                      90.00      Radian Guaranty                       25                      7.375
                                      80.00      No MI                                  0                       7.25
                                      88.88      Radian Guaranty                       25                      6.885
                                      78.79      No MI                                  0                      7.375
                                      79.57      No MI                                  0                       7.25
                                      94.84      PMI                                   30                      6.875
                                      90.00      PMI                                   25                      7.385
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.375
                                      75.95      No MI                                  0                      6.875
                                      75.00      No MI                                  0                      7.625
                                      75.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      78.95      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        6.5
                                      85.00      Radian Guaranty                       12                        6.5
                                      78.53      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.75
                                      75.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      7.125
                                      79.90      No MI                                  0                       6.75
                                      74.39      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        6.5
                                      78.33      No MI                                  0                      6.875
                                      90.22      Republic MIC                          30                       7.25
                                      80.00      No MI                                  0                      6.625
                                      85.00      PMI                                   12                          7
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      8.125
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.625
                                      77.34      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      85.00      Republic MIC                          12                      6.875
                                      46.88      No MI                                  0                      6.625
                                      84.25      PMI                                   12                        8.5
                                      80.00      No MI                                  0                        6.5
                                     100.00      PMI                                   35                      6.875
                                      75.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.625
                                      90.00      Radian Guaranty                       25                      7.625
                                      66.87      No MI                                  0                       7.25
                                      79.55      No MI                                  0                      6.625
                                      62.50      No MI                                  0                      6.625
                                      70.00      No MI                                  0                      6.875
                                      75.00      No MI                                  0                      6.875
                                      95.00      PMI                                   30                      7.875
                                      63.59      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.625
                                      75.00      No MI                                  0                      6.375
                                      97.01      PMI                                   35                        7.5
                                      80.00      No MI                                  0                       6.75
                                     100.00      PMI                                   35                      7.875
                                      75.00      No MI                                  0                      6.625
                                      75.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                     100.00      PMI                                   35                       7.75
                                      79.84      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      77.92      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.125
                                      72.57      No MI                                  0                      6.875
                                      75.00      No MI                                  0                          7
                                      94.60      PMI                                   30                      7.125
                                      73.76      No MI                                  0                        7.5
                                      90.00      Radian Guaranty                       25                      8.375
                                      77.33      No MI                                  0                      6.875
                                      76.30      No MI                                  0                      7.375
                                      90.00      United Guaranty                       25                          7
                                      95.00      Radian Guaranty                       30                        8.5
                                      75.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       7.25
                                      63.83      No MI                                  0                       6.75
                                      80.00      No MI                                  0                        7.5
                                      76.85      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      79.24      No MI                                  0                        6.5
                                      79.43      No MI                                  0                        6.5
                                      89.43      PMI                                   25                      6.875
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      77.19      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      98.79      PMI                                   35                      7.875
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      38.24      No MI                                  0                          7
                                      80.00      No MI                                  0                          7
                                      75.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        6.5
                                      79.99      No MI                                  0                       6.75
                                      75.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      62.05      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      79.99      No MI                                  0                          7
                                      80.00      No MI                                  0                        7.5
                                      65.00      No MI                                  0                       6.75
                                      63.83      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.25
                                      79.37      No MI                                  0                      7.625
                                      69.42      No MI                                  0                        7.5
                                      80.00      No MI                                  0                          7
                                      79.82      No MI                                  0                      6.875
                                      90.00      United Guaranty                       25                          7
                                      80.00      No MI                                  0                        7.5
                                      65.00      No MI                                  0                       7.25
                                      65.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                       6.75
                                      99.67      PMI                                   35                          8
                                      80.00      No MI                                  0                      6.875
                                      38.36      No MI                                  0                       6.25
                                      90.00      PMI                                   25                      8.375
                                      78.71      No MI                                  0                          7
                                      65.00      No MI                                  0                        6.5
                                      76.52      No MI                                  0                        7.5
                                      80.00      No MI                                  0                          7
                                     100.00      PMI                                   35                      7.375
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       6.75
                                      90.00      GE Capital MI                         25                      6.999
                                      90.00      PMI                                   25                      7.375
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      74.29      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.375
                                     100.00      PMI                                   35                       7.25
                                      61.76      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      78.35      No MI                                  0                      6.625
                                      44.70      No MI                                  0                      6.625
                                      70.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.375
                                      79.75      No MI                                  0                      7.125
                                      79.37      No MI                                  0                      6.875
                                      95.00      PMI                                   30                      7.375
                                      80.00      No MI                                  0                      6.375
                                      64.12      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      7.625
                                      69.86      No MI                                  0                      7.625
                                     100.00      PMI                                   35                       8.25
                                      79.99      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.375
                                      80.95      United Guaranty                       12                       7.25
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       6.75
                                      76.03      No MI                                  0                        6.5
                                      80.00      No MI                                  0                          7
                                      87.72      PMI                                   25                       7.25
                                      62.15      No MI                                  0                      6.125
                                      79.55      No MI                                  0                       7.25
                                      53.34      No MI                                  0                      6.625
                                      65.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.125
                                      66.67      No MI                                  0                          7
                                      79.99      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      62.34      No MI                                  0                      6.625
                                      77.78      No MI                                  0                      6.125
                                      92.63      PMI                                   30                       7.75
                                      77.08      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.125
                                      70.00      No MI                                  0                       7.25
                                      85.00      Republic MIC                          12                       6.75
                                      70.00      No MI                                  0                        6.5
                                      61.54      No MI                                  0                       6.25
                                      90.00      Republic MIC                          25                        7.5
                                      90.00      PMI                                   25                      7.875
                                      70.00      No MI                                  0                      7.125
                                      53.78      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      71.78      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.375
                                      89.04      PMI                                   25                      7.625
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      77.19      No MI                                  0                       6.75
                                      78.57      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      79.99      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        6.5
                                      29.55      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        6.5
                                      82.75      PMI                                   12                        6.5
                                      95.00      Republic MIC                          30                        6.5
                                      80.00      No MI                                  0                      6.625
                                      64.85      No MI                                  0                      6.625
                                     100.00      PMI                                   35                       7.75
                                      67.13      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                        6.5
                                      95.00      Radian Guaranty                       30                       6.75
                                      80.00      No MI                                  0                      7.375
                                     100.00      PMI                                   35                      7.875
                                      79.66      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.375
                                      68.18      No MI                                  0                      6.125
                                      80.00      No MI                                  0                        7.5
                                      62.28      No MI                                  0                      6.875
                                      34.15      No MI                                  0                       6.75
                                      86.26      Radian Guaranty                       25                       6.75
                                      53.30      No MI                                  0                       6.25
                                      93.80      Radian Guaranty                       30                        6.5
                                      86.22      Radian Guaranty                       25                       6.75
                                      80.00      No MI                                  0                        7.5
                                      99.49      PMI                                   35                       6.25
                                      88.59      Mortgage Guaranty In                  25                        7.5
                                      75.00      No MI                                  0                        7.5
                                      85.00      United Guaranty                       12                      7.125
                                      96.53      Republic MIC                          25                       6.25
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      90.00      Radian Guaranty                       25                       7.75
                                      80.00      No MI                                  0                       7.25
                                      95.00      Radian Guaranty                       30                      8.125
                                     100.00      PMI                                   35                      7.875
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      73.53      No MI                                  0                      6.625
                                      68.18      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.125
                                      76.21      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      95.00      PMI                                   30                      7.625
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      60.24      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      7.375
                                      79.99      No MI                                  0                       7.25
                                      79.99      No MI                                  0                       6.75
                                      79.99      No MI                                  0                       7.25
                                      85.00      PMI                                   12                      7.625
                                      74.69      No MI                                  0                          7
                                      80.00      No MI                                  0                        6.5
                                      94.39      Radian Guaranty                       30                      7.875
                                      80.00      No MI                                  0                          7
                                      47.06      No MI                                  0                      6.125
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                          6
                                      80.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.999
                                      80.00      No MI                                  0                      6.875
                                      77.10      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.375
                                      76.90      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      62.07      No MI                                  0                      6.125
                                      95.00      PMI                                   30                      8.125
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.625
                                     100.00      PMI                                   35                       7.75
                                      89.26      PMI                                   25                      8.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      5.625
                                      80.00      No MI                                  0                      6.875
                                      85.00      Radian Guaranty                       12                      7.625
                                      80.00      No MI                                  0                      6.875
                                      78.29      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.625
                                      25.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                          7
                                      70.00      No MI                                  0                          7
                                      29.27      No MI                                  0                      6.625
                                      64.15      No MI                                  0                          7
                                      30.30      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        7.5
                                      52.63      No MI                                  0                       6.75
                                      75.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                          6
                                      65.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.625
                                      59.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.125
                                      41.23      No MI                                  0                      6.375
                                      79.86      No MI                                  0                      7.625
                                      56.34      No MI                                  0                        6.5
                                      80.00      No MI                                  0                       7.25
                                      47.57      No MI                                  0                        6.5
                                      80.00      No MI                                  0                       6.75
                                      78.76      No MI                                  0                       6.75
                                      76.85      No MI                                  0                      6.625
                                      74.67      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      73.69      No MI                                  0                          7
                                      75.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.875
                                      75.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                       7.25
                                      65.00      No MI                                  0                      6.125
                                      46.79      No MI                                  0                       6.75
                                      59.83      No MI                                  0                        6.5
                                      70.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.375
                                      75.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      5.875
                                      80.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.625
                                      75.00      No MI                                  0                          7
                                      74.34      No MI                                  0                      6.625
                                      57.90      No MI                                  0                      6.125
                                      62.79      No MI                                  0                      6.625
                                      74.98      No MI                                  0                      6.625
                                      80.00      No MI                                  0                        7.5
                                      75.00      No MI                                  0                      7.375
                                      79.54      No MI                                  0                       6.75
                                      75.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      77.64      No MI                                  0                       6.75
                                      79.61      No MI                                  0                      6.875
                                      51.95      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.625
                                      65.00      No MI                                  0                          7
                                      64.81      No MI                                  0                        6.5
                                      70.00      No MI                                  0                      7.375
                                      79.66      No MI                                  0                      6.875
                                      70.03      No MI                                  0                        7.5
                                      95.00      PMI                                   30                      7.375
                                      58.35      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      77.61      No MI                                  0                      7.375
                                      78.74      No MI                                  0                          7
                                      90.00      PMI                                   25                       7.75
                                      90.00      PMI                                   25                      7.125
                                      90.00      Republic MIC                          25                      7.625
                                      78.47      No MI                                  0                      7.125
                                      78.94      No MI                                  0                      6.625
                                      85.00      Radian Guaranty                       12                       7.25
                                      80.00      No MI                                  0                       6.75
                                      76.73      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.875
                                      79.56      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                        7.5
                                      90.00      PMI                                   25                      6.875
                                      65.00      No MI                                  0                       6.75
                                      37.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.375
                                      64.64      No MI                                  0                      6.125
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                        6.5
                                      65.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                        6.5
                                      77.78      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      23.81      No MI                                  0                      6.125
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      95.00      PMI                                   30                      7.125
                                      75.00      No MI                                  0                      7.375
                                      69.27      No MI                                  0                      6.875
                                      79.47      No MI                                  0                      6.625
                                      80.00      No MI                                  0                        6.5
                                      60.00      No MI                                  0                          7
                                      61.89      No MI                                  0                       7.25
                                      70.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.625
                                      90.00      Mortgage Guaranty In                  25                      7.125
                                      63.64      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      49.07      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.625
                                      75.00      No MI                                  0                      6.625
                                     100.00      PMI                                   35                      7.625
                                      57.14      No MI                                  0                        6.5
                                      95.00      PMI                                   30                      8.875
                                      67.22      No MI                                  0                        6.5
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      70.00      No MI                                  0                      7.125
                                      87.58      Republic MIC                          25                      7.125
                                      90.00      GE Capital MI                         25                          7
                                      79.47      No MI                                  0                      6.375
                                      88.12      Radian Guaranty                       25                      7.125
                                      71.36      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      66.67      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.125
                                      36.11      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        6.5
                                      64.15      No MI                                  0                      6.625
                                      50.02      No MI                                  0                      6.625
                                      79.88      No MI                                  0                      7.375
                                      70.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                       6.75
                                      62.82      No MI                                  0                      6.875
                                      77.93      No MI                                  0                        7.5
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       6.75
                                      59.95      No MI                                  0                       6.75
                                      95.00      Radian Guaranty                       30                       7.75
                                      95.00      Radian Guaranty                       30                      7.375
                                      54.43      No MI                                  0                      6.375
                                      74.45      No MI                                  0                       7.25
                                      78.95      No MI                                  0                      6.625
                                      70.00      No MI                                  0                        7.5
                                      76.71      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      57.81      No MI                                  0                        7.5
                                      65.00      No MI                                  0                          7
                                      84.86      PMI                                   12                       6.25
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      77.71      No MI                                  0                        6.5
                                       9.21      No MI                                  0                       6.75
                                      90.00      Mortgage Guaranty In                  25                      7.625
                                      56.52      No MI                                  0                       6.75
                                      65.00      No MI                                  0                       7.25
                                      59.14      No MI                                  0                       6.75
                                      90.00      Radian Guaranty                       25                      6.875
                                      53.40      No MI                                  0                        6.5
                                      79.97      No MI                                  0                       6.75
                                      79.20      No MI                                  0                        6.5
                                      50.68      No MI                                  0                       6.75
                                      56.14      No MI                                  0                      5.875
                                      51.50      No MI                                  0                      6.375
                                      85.00      Republic MIC                          12                        6.5
                                      80.00      No MI                                  0                      6.625
                                      88.08      Republic MIC                          25                          7
                                      80.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                       6.75
                                      76.53      No MI                                  0                       6.25
                                      78.75      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      62.50      No MI                                  0                      6.875
                                      54.12      No MI                                  0                       6.95
                                      80.00      No MI                                  0                       7.25
                                      90.00      Mortgage Guaranty In                  25                      7.125
                                      64.78      No MI                                  0                       6.75
                                      79.99      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      51.93      No MI                                  0                       6.75
                                      79.79      No MI                                  0                      7.375
                                      49.83      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      70.00      No MI                                  0                        6.5
                                      50.00      No MI                                  0                        6.5
                                      79.43      No MI                                  0                      7.375
                                      64.13      No MI                                  0                      6.125
                                      80.00      No MI                                  0                      6.375
                                      90.00      GE Capital MI                         25                       7.25
                                      78.68      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      85.00      Radian Guaranty                       12                       7.25
                                      20.88      No MI                                  0                          7
                                      67.67      No MI                                  0                      6.875
                                      79.43      No MI                                  0                        6.5
                                      75.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.375
                                      79.21      No MI                                  0                        6.5
                                      79.99      No MI                                  0                      6.375
                                      90.00      Radian Guaranty                       25                       7.25
                                      31.82      No MI                                  0                      7.375
                                      73.53      No MI                                  0                      6.999
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.125
                                      78.41      No MI                                  0                       6.75
                                      77.43      No MI                                  0                        6.5
                                      77.71      No MI                                  0                      6.625
                                      70.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      75.00      No MI                                  0                      7.125
                                      60.00      No MI                                  0                      6.875
                                      77.50      No MI                                  0                      7.125
                                      71.14      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.625
                                      59.01      No MI                                  0                      6.625
                                      87.50      Radian Guaranty                       25                       7.25
                                      57.96      No MI                                  0                        6.5
                                      75.00      No MI                                  0                      7.125
                                      42.17      No MI                                  0                      6.125
                                      90.00      Mortgage Guaranty In                  25                       6.75
                                      80.00      No MI                                  0                        6.5
                                      70.00      No MI                                  0                       7.25
                                      70.00      No MI                                  0                       7.25
                                      59.91      No MI                                  0                        6.5
                                      69.32      No MI                                  0                      6.625
                                      80.00      No MI                                  0                          7
                                     100.00      PMI                                   35                          8
                                      80.00      No MI                                  0                      7.375
                                      79.96      No MI                                  0                          7
                                     100.00      PMI                                   35                      8.125
                                      80.00      No MI                                  0                      6.625
                                     100.00      PMI                                   35                      8.125
                                      80.00      No MI                                  0                      7.125
                                     100.00      PMI                                   35                       8.25
                                      70.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.625
                                      64.56      No MI                                  0                      6.875
                                     100.00      PMI                                   35                      7.375
                                      80.00      No MI                                  0                      7.625
                                      63.86      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                       6.75
                                      85.00      Republic MIC                          12                        6.5
                                      51.47      No MI                                  0                       6.25
                                      60.81      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.375
                                      65.00      No MI                                  0                      6.375
                                      39.47      No MI                                  0                      6.375
                                      75.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      79.19      No MI                                  0                        6.5
                                      66.48      No MI                                  0                      6.875
                                      63.40      No MI                                  0                      6.375
                                      75.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      73.16      No MI                                  0                        6.5
                                      67.35      No MI                                  0                        7.5
                                      77.98      No MI                                  0                       7.25
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      42.29      No MI                                  0                      7.375
                                      79.66      No MI                                  0                      6.875
                                      64.99      No MI                                  0                      5.875
                                      75.00      No MI                                  0                          7
                                      70.00      No MI                                  0                      6.375
                                      58.42      No MI                                  0                        6.5
                                      64.99      No MI                                  0                      6.375
                                      75.00      No MI                                  0                       6.25
                                      80.00      No MI                                  0                       6.75
                                      77.19      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      32.50      No MI                                  0                        6.5
                                      63.56      No MI                                  0                        6.5
                                      63.98      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      5.875
                                      77.37      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      75.00      No MI                                  0                       6.75
                                      65.00      No MI                                  0                      6.375
                                      70.65      No MI                                  0                      6.875
                                      77.38      No MI                                  0                      6.375
                                      74.96      No MI                                  0                      6.875
                                      71.26      No MI                                  0                      7.625
                                      64.99      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.875
                                      50.00      No MI                                  0                        6.5
                                      89.92      GE Capital MI                         25                      6.875
                                      79.73      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      36.05      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.875
                                      59.62      No MI                                  0                       7.25
                                      75.00      No MI                                  0                        6.5
                                      65.93      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      66.89      No MI                                  0                       6.75
                                      76.17      No MI                                  0                        6.5
                                      85.68      Republic MIC                          25                      7.125
                                      77.91      No MI                                  0                          7
                                      63.72      No MI                                  0                          7
                                      54.12      No MI                                  0                       6.75
                                      64.07      No MI                                  0                       6.75
                                      59.26      No MI                                  0                        6.5
                                      58.70      No MI                                  0                      6.375
                                      79.55      No MI                                  0                          7
                                      78.41      No MI                                  0                      7.125
                                      67.44      No MI                                  0                      6.875
                                      42.34      No MI                                  0                       6.75
                                      48.32      No MI                                  0                       6.75
                                      50.42      No MI                                  0                       6.75
                                      48.75      No MI                                  0                       6.75
                                      45.71      No MI                                  0                          7
                                      40.73      No MI                                  0                       6.75
                                      43.18      No MI                                  0                       6.75
                                      43.03      No MI                                  0                       6.75
                                      74.67      No MI                                  0                      6.875
                                      79.64      No MI                                  0                      7.375
                                      77.93      No MI                                  0                      7.375
                                      78.23      No MI                                  0                       7.25
                                      62.50      No MI                                  0                      6.625
                                      90.00      PMI                                   25                       7.75
                                      70.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                       7.25
                                      79.99      No MI                                  0                       7.25
                                      44.12      No MI                                  0                       6.75
                                      61.78      No MI                                  0                      6.875
                                      70.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      78.73      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      75.00      No MI                                  0                       7.25
                                      74.40      No MI                                  0                       7.25
                                      79.61      No MI                                  0                       7.25
                                      79.09      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      75.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.125
                                      68.52      No MI                                  0                        6.5
                                      54.14      No MI                                  0                       6.75
                                      70.00      No MI                                  0                       6.75
                                      56.15      No MI                                  0                          7
                                      60.99      No MI                                  0                      6.625
                                      79.95      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      75.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      64.52      No MI                                  0                       6.75
                                      79.98      No MI                                  0                       7.25
                                      89.99      Radian Guaranty                       25                      7.125
                                      77.78      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      64.05      No MI                                  0                      7.125
                                      79.20      No MI                                  0                      6.625
                                      70.28      No MI                                  0                          6
                                      71.11      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      53.79      No MI                                  0                          6
                                      80.00      No MI                                  0                      6.875
                                      74.11      No MI                                  0                       6.75
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.25
                                      79.15      No MI                                  0                       6.75
                                      75.00      No MI                                  0                        7.5
                                      85.00      Radian Guaranty                       12                      7.875
                                      80.00      No MI                                  0                       7.25
                                      75.00      No MI                                  0                      7.125
                                      65.00      No MI                                  0                      6.625
                                      52.65      No MI                                  0                      6.375
                                      50.28      No MI                                  0                      6.375
                                      51.15      No MI                                  0                      6.375
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      67.83      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.25
                                      90.00      GE Capital MI                         25                      7.125
                                      80.00      No MI                                  0                      7.375
                                      65.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        6.5
                                      83.85      PMI                                   12                      6.625
                                      85.00      Radian Guaranty                       12                      6.875
                                      80.00      No MI                                  0                       7.25
                                      78.36      No MI                                  0                        6.5
                                      42.38      No MI                                  0                      6.875
                                      71.43      No MI                                  0                      6.625
                                      66.04      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      6.625
                                      79.49      No MI                                  0                      6.875
                                      52.31      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      75.00      No MI                                  0                          7
                                      70.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.625
                                      90.00      GE Capital MI                         25                        6.5
                                      37.07      No MI                                  0                          6
                                      54.12      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      77.50      No MI                                  0                       7.25
                                      75.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      5.125
                                      60.00      No MI                                  0                       6.75
                                      75.00      No MI                                  0                      6.375
                                     100.00      No MI                                  0                        7.1
                                      75.00      No MI                                  0                       5.75
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      7.375
                                     100.00      No MI                                  0                          7
                                      90.00      No MI                                  0                      7.125
                                      73.24      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      67.53      No MI                                  0                          6
                                      67.57      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      6.375
                                      75.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.875
                                      74.21      No MI                                  0                      6.625
                                      54.85      No MI                                  0                          6
                                      88.34      PMI                                   25                          8
                                      80.00      No MI                                  0                       6.75
                                      79.24      No MI                                  0                      6.875
                                      75.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      56.45      No MI                                  0                       6.25
                                      80.00      No MI                                  0                        7.5
                                      78.39      No MI                                  0                          7
                                      70.00      No MI                                  0                      7.625
                                      87.33      Republic MIC                          25                      6.875
                                      80.00      No MI                                  0                       7.25
                                      65.00      No MI                                  0                      7.125
                                      76.61      No MI                                  0                      6.625
                                      54.08      No MI                                  0                       6.25
                                      90.00      PMI                                   25                        7.5
                                       8.67      No MI                                  0                      6.375
                                      42.76      No MI                                  0                       6.25
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        6.5
                                      75.00      No MI                                  0                        7.5
                                      63.52      No MI                                  0                       6.25
                                      60.87      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.875
                                      90.00      Radian Guaranty                       25                        7.5
                                      90.00      Republic MIC                          35                       6.75
                                      80.00      No MI                                  0                          7
                                      60.00      No MI                                  0                      6.375
                                      70.00      No MI                                  0                       7.25
                                      67.94      No MI                                  0                       6.25
                                      65.00      No MI                                  0                       6.25
                                      49.09      No MI                                  0                        6.5
                                      90.00      PMI                                   25                      8.125
                                      79.90      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      84.49      Triad Guaranty                        25                      6.875
                                      80.00      No MI                                  0                        7.5
                                      58.70      No MI                                  0                      5.625
                                      80.00      No MI                                  0                       7.25
                                      69.77      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      71.43      No MI                                  0                      7.625
                                      63.59      No MI                                  0                      6.125
                                      75.00      No MI                                  0                       6.25
                                      61.54      No MI                                  0                      6.125
                                      67.23      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      70.00      No MI                                  0                          7
                                      68.06      No MI                                  0                          7
                                      74.71      No MI                                  0                      7.625
                                      87.19      Republic MIC                          25                      7.375
                                      78.30      No MI                                  0                       7.25
                                      64.79      No MI                                  0                        6.5
                                      52.63      No MI                                  0                       6.25
                                      64.89      No MI                                  0                       6.75
                                      57.75      No MI                                  0                      6.125
                                      62.44      No MI                                  0                        6.5
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       6.75
                                      59.94      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      7.125
                                      85.00      Radian Guaranty                       12                       7.25
                                      80.00      No MI                                  0                          7
                                      90.00      GE Capital MI                         25                       7.25
                                      75.82      No MI                                  0                      6.625
                                      71.62      No MI                                  0                        6.5
                                      77.50      No MI                                  0                          7
                                      69.77      No MI                                  0                       6.75
                                      71.41      No MI                                  0                       6.75
                                      76.08      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.625
                                      69.71      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      7.375
                                      90.00      United Guaranty                       25                      7.625
                                      70.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.375
                                      68.09      No MI                                  0                      6.625
                                      73.16      No MI                                  0                      6.375
                                      80.00      No MI                                  0                       6.75
                                      84.98      PMI                                   12                      7.375
                                      64.44      No MI                                  0                       6.75
                                      69.84      No MI                                  0                          7
                                      77.91      No MI                                  0                        7.5
                                      79.89      No MI                                  0                        7.5
                                      53.65      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      64.54      No MI                                  0                        6.5
                                      79.88      No MI                                  0                      6.125
                                      80.00      No MI                                  0                          7
                                      75.00      No MI                                  0                       6.25
                                      50.51      No MI                                  0                       6.25
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        6.5
                                      78.75      No MI                                  0                        6.5
                                      28.17      No MI                                  0                      6.375
                                      56.29      No MI                                  0                      6.625
                                      80.00      No MI                                  0                        7.5
                                      80.00      No MI                                  0                        6.5
                                      68.64      No MI                                  0                      6.375
                                      76.71      No MI                                  0                       6.25
                                      80.00      No MI                                  0                      6.125
                                      80.00      No MI                                  0                       6.25
                                      65.00      No MI                                  0                        6.5
                                      75.00      No MI                                  0                       7.25
                                      72.56      No MI                                  0                      6.625
                                      64.92      No MI                                  0                       7.25
                                      75.00      No MI                                  0                      7.375
                                      79.31      No MI                                  0                      6.375
                                      78.67      No MI                                  0                      6.875
                                      64.97      No MI                                  0                       6.25
                                      79.31      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.375
                                      64.31      No MI                                  0                        6.5
                                      55.88      No MI                                  0                      6.625
                                      78.95      No MI                                  0                        6.5
                                      90.00      PMI                                   25                        7.5
                                      47.62      No MI                                  0                        6.5
                                      94.34      Republic MIC                          30                        6.5
                                      71.00      No MI                                  0                      6.875
                                      87.00      Radian Guaranty                       25                        6.5
                                      75.00      No MI                                  0                      6.875
                                      65.00      No MI                                  0                      6.875
                                      70.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.875
                                      90.00      GE Capital MI                         25                      7.375
                                      55.56      No MI                                  0                      6.625
                                      68.06      No MI                                  0                      7.375
                                      80.00      No MI                                  0                          7
                                      18.11      No MI                                  0                      6.375
                                      73.64      No MI                                  0                      6.625
                                      85.00      Radian Guaranty                       12                      6.625
                                      80.00      No MI                                  0                       6.25
                                      63.08      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.75
                                      71.85      No MI                                  0                        7.5
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.375
                                      90.00      Radian Guaranty                       25                      7.375
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          7
                                      70.00      No MI                                  0                      7.375
                                      70.01      No MI                                  0                       6.75
                                      46.67      No MI                                  0                       6.75
                                      61.72      No MI                                  0                      6.625
                                      79.47      No MI                                  0                      7.625
                                      80.00      No MI                                  0                        7.5
                                      79.65      No MI                                  0                       6.75
                                      63.17      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      6.625
                                      71.71      No MI                                  0                      6.875
                                      70.00      No MI                                  0                       6.25
                                      58.31      No MI                                  0                       6.25
                                      72.83      No MI                                  0                      7.375
                                      80.00      No MI                                  0                      7.125
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      6.875
                                      64.10      No MI                                  0                       6.25
                                      90.00      Radian Guaranty                       25                          8
                                      80.00      No MI                                  0                        6.5
                                      54.58      No MI                                  0                      6.375
                                      72.20      No MI                                  0                      6.125
                                      80.00      No MI                                  0                       6.75
                                      50.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                        7.5
                                      64.04      No MI                                  0                          6
                                      77.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      6.625
                                      60.53      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.625
                                      90.00      PMI                                   25                      7.625
                                      73.00      No MI                                  0                       7.25
                                      60.24      No MI                                  0                      6.375
                                      80.00      No MI                                  0                      6.875
                                      49.22      No MI                                  0                      6.875
                                      34.74      No MI                                  0                        6.5
                                      63.24      No MI                                  0                      7.375
                                      70.00      No MI                                  0                      6.875
                                      73.96      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                      6.375
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                        7.5
                                      90.00      Radian Guaranty                       25                       6.25
                                      79.56      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      83.33      PMI                                   12                      7.375
                                      80.00      No MI                                  0                        7.5
                                      75.00      No MI                                  0                       7.25
                                      79.92      No MI                                  0                       7.25
                                      74.42      No MI                                  0                      7.125
                                      73.47      No MI                                  0                        7.5
                                      80.00      No MI                                  0                       6.75
                                      85.00      PMI                                   12                       7.25
                                      74.98      No MI                                  0                      6.875
                                      75.00      No MI                                  0                      7.375
                                      85.00      GE Capital MI                         12                      7.375
                                      84.99      United Guaranty                       12                        6.5
                                      85.00      Triad Guaranty                        12                      7.375
                                      80.00      No MI                                  0                        6.5
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                      7.625
                                      80.00      No MI                                  0                      6.875
                                      79.73      No MI                                  0                       7.25
                                      65.83      No MI                                  0                        6.5
                                      80.00      No MI                                  0                        7.5
                                      25.89      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      78.79      No MI                                  0                      6.875
                                      85.00      Mortgage Guaranty In                  12                      7.375
                                      90.00      PMI                                   25                      6.875
                                      79.68      No MI                                  0                        7.5
                                      79.88      No MI                                  0                      6.875
                                      79.61      No MI                                  0                       5.75
                                      80.00      No MI                                  0                      7.375
                                      85.00      GE Capital MI                         12                      7.375
                                      80.00      No MI                                  0                        7.5
                                      81.73      PMI                                   12                      7.125
                                      48.00      No MI                                  0                       6.75
                                      72.85      No MI                                  0                      6.875
                                      79.44      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                        7.5
                                      74.69      No MI                                  0                      6.875
                                      79.78      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      85.00      PMI                                   25                      7.625
                                      79.93      No MI                                  0                      6.875
                                      75.00      No MI                                  0                      7.125
                                      76.91      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       6.75
                                      86.70      Radian Guaranty                       25                       6.75
                                      79.20      No MI                                  0                      6.875
                                      80.00      No MI                                  0                          6
                                      76.65      No MI                                  0                        6.5
                                      61.85      No MI                                  0                          7
                                      85.00      United Guaranty                       12                      7.375
                                      83.85      Radian Guaranty                       12                        7.5
                                      80.00      No MI                                  0                        7.5
                                      78.43      No MI                                  0                        6.5
                                      75.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       6.25
                                      80.00      No MI                                  0                        6.5
                                      79.62      No MI                                  0                        7.5
                                      78.92      No MI                                  0                      7.375
                                      65.08      No MI                                  0                      6.125
                                      75.00      No MI                                  0                      7.375
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.625
                                      75.00      No MI                                  0                      6.875
                                      79.81      No MI                                  0                      7.375
                                      67.11      No MI                                  0                      6.875
                                      85.00      PMI                                   12                        6.5
                                      79.93      No MI                                  0                      6.875
                                      80.00      No MI                                  0                      7.375
                                      90.00      United Guaranty                       25                       6.75
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                      6.625
                                      80.00      No MI                                  0                       6.75
                                      80.00      No MI                                  0                       7.25
                                      78.85      No MI                                  0                       7.25
                                      80.00      No MI                                  0                      7.375
                                      78.63      No MI                                  0                          7
                                      85.00      Republic MIC                          12                       6.25
                                      82.95      GE Capital MI                         12                          7
                                      85.00      PMI                                   12                          7
                                      85.34      PMI                                   12                        7.5
                                      80.00      No MI                                  0                      7.125
                                      85.00      Republic MIC                          12                          7
                                      47.01      No MI                                  0                      6.375
                                      70.00      No MI                                  0                        6.5
                                      79.99      No MI                                  0                      6.375
                                      25.54      No MI                                  0                          6
                                      75.31      No MI                                  0                        7.5
                                      50.76      No MI                                  0                      5.875
                                      80.00      No MI                                  0                          7
                                      80.00      No MI                                  0                       7.25
                                      80.00      No MI                                  0                       7.25
                                      70.00      No MI                                  0                      6.875
                                      80.00      No MI                                  0                       6.75
                                      64.96      No MI                                  0                          7
                                      80.00      No MI                                  0                      7.125
                                      95.00      GE Capital MI                         30                      7.625
                                      77.33      No MI                                  0                      6.375
                                      75.00      No MI                                  0                        6.5
                                      83.24      Mortgage Guaranty In                  25                          7
                                      80.00      No MI                                  0                       6.99
                                      78.99      No MI                                  0                          6

                              SERV_FEE           LPMI          MSERV          TR_FEE          TOTAL_         CURRENT_
                                                                                              STRIP          NET_COUPON
--------------------------------------------------------------------------------------------------------------------------------
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.37           0.01               0           0.63                   6.995
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25           0.5           0.01               0           0.76                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.97           0.01               0           1.23                    7.02
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25           0.7           0.01               0           0.96                    6.04
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          1.79           0.01               0           2.05                   6.575
                                       0.25          0.86           0.01               0           1.12                   6.505
                                       0.25          0.32           0.01               0           0.58                    6.42
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25           0.9           0.01               0           1.16                   7.065
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25           0.5           0.01               0           0.76                   6.965
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.56           0.01               0           0.82                    9.68
                                       0.25          1.44           0.01               0            1.7                     7.3
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.52           0.01               0           0.78                    6.47
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.84           0.01               0            1.1                    6.65
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          1.33           0.01               0           1.59                    6.46
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25           0.7           0.01               0           0.96                    6.54
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          1.21           0.01               0           1.47                   6.905
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.57           0.01               0           0.83                   7.045
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25           0.8           0.01               0           1.06                    6.94
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25           0.4           0.01               0           0.66                    6.59
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25          0.82           0.01               0           1.08                    6.42
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          0.29           0.01               0           0.55                   6.075
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25          1.07           0.01               0           1.33                    5.92
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.66           0.01               0           0.92                    5.88
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          0.68           0.01               0           0.94                    6.81
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25         0.923           0.01               0          1.183                   7.317
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25         0.698           0.01               0          0.958                   7.167
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25         0.398           0.01               0          0.658                   6.092
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.64           0.01               0            0.9                   6.735
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25         0.683           0.01               0          0.943                   6.682
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   5.615
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25         0.782           0.01               0          1.042                   5.583
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25         0.671           0.01               0          0.931                   6.819
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25         0.666           0.01               0          0.926                   6.824
                                       0.25         0.486           0.01               0          0.746                   6.379
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25          0.77           0.01               0           1.03                   6.345
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          0.62           0.01               0           0.88                   6.995
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          0.51           0.01               0           0.77                    6.48
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.93           0.01               0           1.19                   6.685
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          1.34           0.01               0            1.6                     6.4
                                       0.25           1.6           0.01               0           1.86                   6.765
                                       0.25          0.74           0.01               0              1                       7
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.62           0.01               0           0.88                   6.745
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25          0.36           0.01               0           0.62                    7.13
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.69           0.01               0           0.95                     5.8
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25          1.16           0.01               0           1.42                    6.33
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.739
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.97           0.01               0           1.23                    7.02
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.73
                                       0.25          0.32           0.01               0           0.58                   6.295
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.65           0.01               0           0.91                    7.14
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          1.23           0.01               0           1.49                    7.01
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25           1.1           0.01               0           1.36                   6.515
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.96           0.01               0           1.22                   7.055
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   5.739
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          0.48           0.01               0           0.74                    6.51
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.615
                                      0.625             0           0.01               0          0.635                    6.74
                                      0.625             0           0.01               0          0.635                   7.115
                                      0.625             0           0.01               0          0.635                   5.865
                                       0.25           1.6           0.01               0           1.86                    5.89
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          0.65           0.01               0           0.91                    7.34
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.58           0.01               0           0.84                    6.66
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          1.49           0.01               0           1.75                       6
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          1.16           0.01               0           1.42                    6.08
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25           1.3           0.01               0           1.56                   6.065
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.93           0.01               0           1.19                    6.81
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.57           0.01               0           0.83                    6.67
                                       0.25          1.01           0.01               0           1.27                   6.355
                                       0.25          1.32           0.01               0           1.58                   7.045
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   5.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    5.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.64           0.01               0            0.9                   5.985
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.64           0.01               0            0.9                   6.485
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.54           0.01               0            0.8                     7.7
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          0.46           0.01               0           0.72                   6.155
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.49           0.01               0           0.75                   6.875
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.77           0.01               0           1.03                   6.845
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25          0.72           0.01               0           0.98                    6.52
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          1.04           0.01               0            1.3                   6.575
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.66           0.01               0           0.92                    6.83
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          0.36           0.01               0           0.62                   6.505
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25           0.9           0.01               0           1.16                   7.215
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          0.32           0.01               0           0.58                    7.92
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          1.16           0.01               0           1.42                   5.455
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.58           0.01               0           0.84                   7.035
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          0.69           0.01               0           0.95                    7.05
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25          1.31           0.01               0           1.57                   6.805
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          0.48           0.01               0           0.74                   6.635
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.739
                                       0.25          0.49           0.01               0           0.75                   6.625
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25          0.54           0.01               0            0.8                    6.45
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.52           0.01               0           0.78                   6.595
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25           0.7           0.01               0           0.96                    7.29
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          1.16           0.01               0           1.42                    5.83
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25          0.48           0.01               0           0.74                    7.01
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.52           0.01               0           0.78                   7.095
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25          0.72           0.01               0           0.98                   6.645
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          0.42           0.01               0           0.68                    5.82
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          1.07           0.01               0           1.33                    6.42
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25          1.19           0.01               0           1.45                   6.425
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25          0.06           0.01               0           0.32                    6.43
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25          0.18           0.01               0           0.44                    6.06
                                       0.25          0.11           0.01               0           0.37                    6.38
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25          0.52           0.01               0           0.78                    5.47
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.81           0.01               0           1.07                    6.68
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.52           0.01               0           0.78                   7.345
                                       0.25          1.23           0.01               0           1.49                   6.385
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          1.88           0.01               0           2.14                   5.485
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25          0.57           0.01               0           0.83                   6.795
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          0.44           0.01               0            0.7                   7.175
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.739
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25          1.88           0.01               0           2.14                   5.985
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.48           0.01               0           0.74                    7.01
                                       0.25          1.05           0.01               0           1.31                   7.065
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   5.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.43           0.01               0           0.69                   6.935
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   5.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          1.16           0.01               0           1.42                    6.33
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25          0.47           0.01               0           0.73                    6.52
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.865
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                                       0.25             0           0.01               0           0.26                    6.24
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                                       0.25          0.48           0.01               0           0.74                   6.885
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                                       0.25          2.51           0.01               0           2.77                   6.105
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                                       0.25          1.23           0.01               0           1.49                    6.51
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25          1.19           0.01               0           1.45                   6.675
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                                       0.25          0.69           0.01               0           0.95                   7.175
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25          1.18           0.01               0           1.44                    6.81
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                                       0.25          0.77           0.01               0           1.03                   6.345
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                                       0.25          0.43           0.01               0           0.69                   7.185
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                                       0.25          0.24           0.01               0            0.5                   6.125
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                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25          0.43           0.01               0           0.69                    7.31
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25           0.7           0.01               0           0.96                    6.54
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25          0.16           0.01               0           0.42                    7.08
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25          1.16           0.01               0           1.42                   6.705
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   5.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25          0.44           0.01               0            0.7                    6.55
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25          0.44           0.01               0            0.7                     7.3
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.49
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   5.865
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.365
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   7.115
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    5.99
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    5.74
                                       0.25             0           0.01               0           0.26                    7.24
                                       0.25             0           0.01               0           0.26                   5.615
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                    6.99
                                       0.25             0           0.01               0           0.26                   6.615
                                       0.25             0           0.01               0           0.26                    6.49
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                   6.865
                                       0.25             0           0.01               0           0.26                   7.365
                                       0.25             0           0.01               0           0.26                   6.115
                                       0.25             0           0.01               0           0.26                    6.24
                                       0.25             0           0.01               0           0.26                    6.74
                                       0.25             0           0.01               0           0.26                    6.73
                                       0.25             0           0.01               0           0.26                    5.74

                              PREPAY          PP_DESC            PP_                   IO_             PROPTYPE
                                                                 LONGWAY               PERIOD
-------------------------------------------------------------------------------------------------------------------------------
                              Yes             3Y PP              S                            120      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                             60      Single Family
                              No              NO PP                                            60      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              H                              0      Mixed Use
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Townhouse
                              Yes             2Y PP              C                              0      2-4 Family
                              Yes             2Y PP              C                              0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             2Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             2Y PP              S                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      2-4 Family
                              No              NO PP                                             0      Townhouse
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             2Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                            60      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             4M PP              H                              0      Single Family
                              No              NO PP                                           120      Hi-Rise Condo
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      Condominium
                              Yes             1Y PP              H                            120      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              S                              0      Condominium
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      CO-OP
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Mixed Use
                              Yes             3Y PP              C                            120      PUD
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Condominium
                              Yes             3Y PP              H                              0      2-4 Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                              0      2-4 Family
                              Yes             6M PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             8M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                              0      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              S                            120      Hi-Rise Condo
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              S                            120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                            120      Hi-Rise Condo
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Condominium
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             4M PP              H                              0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      CO-OP
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             3Y PP              C                              0      2-4 Family
                              No              NO PP                                           120      Condominium
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             6M PP              H                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      Condominium
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Townhouse
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             6M PP              H                            120      Condominium
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              S                            120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      Condominium
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             6M PP              S                            120      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                           120      Hi-Rise Condo
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              Yes             6M PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              Yes             5M PP              H                            120      Single Family
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                             0      2-4 Family
                              Yes             1Y PP              H                              0      PUD
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      2-4 Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                              0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      PUD
                              Yes             3Y PP              H                             60      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             1Y PP              H                            120      PUD
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Hi-Rise Condo
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      CO-OP
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Hi-Rise Condo
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             2Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             1Y PP              S                              0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                             60      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             6M PP              S                            120      PUD
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              C                            120      2-4 Family
                              Yes             3Y PP              C                              0      Hi-Rise Condo
                              Yes             1Y PP              H                              0      Single Family
                              Yes             4M PP              H                              0      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                            120      Condominium
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      2-4 Family
                              Yes             3Y PP              C                              0      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              Yes             2Y PP              C                            120      Single Family
                              Yes             3Y PP              C                            120      PUD
                              Yes             3Y PP              C                            120      PUD
                              No              NO PP                                             0      2-4 Family
                              Yes             6M PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Townhouse
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             4M PP              H                              0      Single Family
                              Yes             1Y PP              H                              0      Condominium
                              Yes             2Y PP              C                            120      Single Family
                              Yes             3Y PP              S                              0      2-4 Family
                              Yes             4M PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                            120      PUD
                              Yes             5M PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             4M PP              H                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              Yes             1Y PP              H                            120      PUD
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Condominium
                              Yes             1Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                            120      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             1Y PP              S                            120      PUD
                              Yes             1Y PP              H                            120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              S                            120      PUD
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Townhouse
                              Yes             3Y PP              C                            120      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                            120      2-4 Family
                              Yes             6M PP              S                            120      2-4 Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Townhouse
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Condominium
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              S                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             1Y PP              H                            120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Townhouse
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              Yes             2Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                              0      PUD
                              Yes             1Y PP              H                            120      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             4M PP              H                            120      Single Family
                              Yes             4M PP              H                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                            120      Hi-Rise Condo
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Hi-Rise Condo
                              Yes             3Y PP              S                            120      Hi-Rise Condo
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                            120      Hi-Rise Condo
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                            120      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                            120      2-4 Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             2Y PP              C                              0      PUD
                              Yes             2Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             1Y PP              S                            120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                              0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              S                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                              0      Single Family
                              Yes             6M PP              H                            120      Condominium
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      Condominium
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      Condominium
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             2Y PP              C                            120      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                            120      PUD
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      Hi-Rise Condo
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Condominium
                              Yes             3Y PP              S                            120      Condominium
                              Yes             3Y PP              S                              0      PUD
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      PUD
                              Yes             1Y PP              H                              0      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              S                              0      Single Family
                              No              NO PP                                            60      Single Family
                              Yes             3Y PP              H                            120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             2Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      2-4 Family
                              No              NO PP                                           120      Townhouse
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Condominium
                              Yes             6M PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              Yes             4M PP              H                            120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                            120      PUD
                              Yes             3Y PP              C                            120      2-4 Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Condominium
                              Yes             1Y PP              H                              0      PUD
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              H                              0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                            120      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              C                            120      PUD
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             2Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                            120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             2Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             6M PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                              0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                              0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                            120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                            120      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              S                            120      Single Family
                              Yes             3Y PP              S                            120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                              0      Single Family
                              Yes             1Y PP              H                              0      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                              0      Townhouse
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                            120      Hi-Rise Condo
                              Yes             3Y PP              S                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              H                            120      PUD
                              Yes             3Y PP              H                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      CO-OP
                              No              NO PP                                             0      CO-OP
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      CO-OP
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           180      Condominium
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           180      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           180      PUD
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Hi-Rise Condo
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             2Y PP              C                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              S                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             4M PP              H                            120      PUD
                              Yes             1Y PP              H                              0      Single Family
                              Yes             3Y PP              C                              0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                            120      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                            120      PUD
                              Yes             1Y PP              H                              0      Condominium
                              No              NO PP                                             0      Condominium
                              Yes             1Y PP              H                            120      Condominium
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Condominium
                              Yes             1Y PP              H                              0      Single Family
                              Yes             1Y PP              H                              0      2-4 Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Condominium
                              Yes             3Y PP              C                              0      Condominium
                              Yes             2Y PP              C                            120      PUD
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             2Y PP              C                              0      Single Family
                              Yes             6M PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             1Y PP              H                            120      2-4 Family
                              Yes             1Y PP              H                              0      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             1Y PP              H                            120      2-4 Family
                              Yes             1Y PP              S                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                            60      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              S                              0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                            60      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              H                            120      Single Family
                              Yes             6M PP              H                            120      PUD
                              Yes             6M PP              H                              0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                            120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              Yes             6M PP              S                            120      Single Family
                              Yes             6M PP              S                              0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      2-4 Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Hi-Rise Condo
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Condominium
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             1Y PP              H                              0      Townhouse
                              Yes             2Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                            120      Condominium
                              Yes             1Y PP              H                              0      PUD
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              Yes             6M PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             6M PP              H                              0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Hi-Rise Condo
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Townhouse
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Condominium
                              Yes             3Y PP              C                              0      2-4 Family
                              Yes             6M PP              H                            120      PUD
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              H                            120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              S                            120      PUD
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             1Y PP              H                            120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              Yes             3Y PP              C                            120      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              C                              0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              C                            120      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              S                              0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Condominium
                              Yes             3Y PP              H                            120      Single Family
                              Yes             6M PP              H                            120      2-4 Family
                              Yes             3Y PP              H                              0      Single Family
                              Yes             3Y PP              H                              0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      PUD
                              Yes             3Y PP              H                            120      2-4 Family
                              Yes             3Y PP              H                              0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             1Y PP              H                            120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           180      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Condominium
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                           120      Condominium
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Townhouse
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      PUD
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                           120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      2-4 Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      Hi-Rise Condo
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              Yes             6M PP              H                              0      Single Family
                              No              NO PP                                             0      Single Family
                              Yes             3Y PP              S                              0      PUD
                              Yes             3Y PP              S                            120      Single Family
                              Yes             6M PP              H                            120      Single Family
                              Yes             3Y PP              H                            120      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             4M PP              H                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                           120      Single Family
                              Yes             3Y PP              S                            120      Single Family
                              No              NO PP                                             0      Single Family
                              No              NO PP                                             0      PUD
                              Yes             3Y PP              H                            120      PUD

                              MERS_ID1
--------------------------------------------------------
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.01E+17
                                               1.01E+17
                                               1.01E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.01E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.16E+15
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
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                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17
                                               1.00E+17

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    FORM
      OF TRANSFEREE AFFIDAVIT AND AGREEMENT

    

    
      	 	 	 	Affidavit
              pursuant to Section 860E(e)(4) of
the Internal Revenue Code of 1986, as
              amended,
and for other purposes
	 	 	 	 
	
              STATE
                OF NEW YORK

            	
              )

            	 	 
	 	
              )

            	
              ss.:

            	 
	
              COUNTY
                OF NEW YORK

            	
              )

            	 	 

    

    

    The
      undersigned is the [Title of
      Officer] of [Name of Transferee] (the “Investor”), the proposed transferee of an
      Ownership Interest in the Bear Stearns Asset Backed Securities I LLC
      Asset-Backed Certificates, Series 2007-AC5, Class [R-1][R-2][R-3] Certificates
      (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement,
      dated as of June 1, 2007 (the “Agreement”), among Bear Stearns Asset Backed
      Securities I LLC, as depositor, EMC Mortgage Corporation, as seller, master
      servicer and company and Wells Fargo Bank, National Association, as trustee
      (the
“Trustee”), and makes this affidavit on behalf of the Investor for the benefit
      of the Depositor and the Trustee.  Capitalized terms used, but not
      defined herein, shall have the meanings ascribed to such terms in the
      Agreement.

     

    1.  The
      Investor is, as of the date hereof, and will be, as of the date of the Transfer,
      a Permitted Transferee.  The Investor is not acquiring its ownership
      interest in the Certificates for the account of a Person other than a Permitted
      Transferee.

     

    2.  The
      Investor has been advised and understands that (i) a tax will be imposed on
      Transfers of the Certificates 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 a subsequent
      transferee furnishes 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.

     

    3.  The
      Investor has been advised and understands that a tax will be imposed on a
“pass-through entity” holding the Certificates 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 Investor
      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.)

     

    4.  The
      Investor has reviewed the provisions of Section 7.02(c) of the Agreement and
      understands the legal consequences of the acquisition of an Ownership Interest
      in the Certificates, including, without limitation, the restrictions on
      subsequent Transfers and the provisions regarding voiding any prohibited
      Transfers and mandatory sales.  The Investor expressly agrees to be
      bound by, and to abide by, such provisions of the Agreement and the restrictions
      noted on the face of the Certificates.  The Investor understands and
      agrees that any breach of any of the representations included herein shall
      render the Transfer of the Certificates to the Investor contemplated hereby
      null
      and void. The Investor consents to any amendment of the Agreement that shall
      be
      deemed necessary by the Depositor (upon advice of nationally recognized counsel)
      to constitute a reasonable arrangement to ensure that the Certificates will
      not
      be owned directly or indirectly by a Person other than a Permitted
      Transferee.

     

    5.  The
      Investor agrees not to Transfer the Certificates, or cause the Transfer of
      the
      Certificates by a Person for whom the Investor is acting as nominee, trustee
      or
      agent, in each case unless it has received an affidavit and agreement in
      substantially the same form as this affidavit and agreement containing these
      same representations and covenants from the subsequent transferee.  In
      connection with any such Transfer by the Investor, the Investor agrees to
      deliver to the Trustee and the Depositor an affidavit substantially in the
      form
      set forth as Exhibit CC to the Agreement to the effect that the Investor has
      no
      actual knowledge that the Person to which the Transfer is to be made is not
      a
      Permitted Transferee.

     

    6.  The
      Investor 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
      associated with holder an ownership interest in the Certificates may exceed
      the
      cash flow with respect thereto in some or all periods and intends to pay such
      taxes as they become due.  The Investor does not have the intention,
      and no purpose of the Transfer of the Certificates to the Investor is, to impede
      the assessment or collection of any tax legally required to be paid with respect
      to the Certificates.

     

    7.  The
      Investor’s U.S. taxpayer identification number is [_____________].

     

    8.  The
      Investor is a “United States person” within the meaning of Section 7701(a)(30)
      of the Code (a “United State Person”).

     

    9.  The
      Investor is aware that the Certificates may be a “noneconomic residual interest”
within the meaning of Treasury regulations promulgated under Section 860E of
      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.

     

    10.  The
      Investor will not cause income from the Certificates to be attributable to
      a
      foreign permanent establishment or fixed base, within the meaning of an
      applicable income tax treaty, of the Investor or any other United States
      Person.

     

    11.  Check
      one
      of the following:

    

    o
      The Transfer of the
      Certificates complies with U.S. Treasury Regulation Sections 1.860E-1(c)(7)
      and
      (8) and, accordingly:

     

    (i)           the
      present value of the anticipated tax liabilities associated with holding the
      Certificates does not exceed the sum of:

     

    
      	
               

            	
              (a)

            	
              the
                present value of any consideration given to the Investor to acquire
                such
                Certificates;

            

    

     

    
      	
               

            	
              (b)

            	
              the
                present value of the expected future distributions on such Certificates;
                and

            

    

     

    
      	
               

            	
              (c)

            	
              the
                present value of the anticipated tax savings associated with holding
                such
                Certificates as the related REMIC generates losses;
                and

            

    

     

    (ii)           the
      Transfer of the Certificates will not result in such Certificates being held,
      directly or indirectly, by a foreign permanent establishment or fixed base,
      within the meaning of an applicable income tax treaty, of the Investor or any
      other United States Person.

     

    For
      purposes of the calculation in clause (i) above, (x) the Investor is assumed
      to
      pay tax at the highest rate currently specified in Section 11(b)(1) 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)(1) of the Code if the Investor 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 (y) 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 Investor.

     

    o
      The Transfer of the
      Certificates complies with U.S. Treasury Regulation Sections 1.860E-1(c)(5)
      and
      (6) and, accordingly:

     

    
      	
               

            	
              (i)

            	
              the
                Investor is an “eligible corporation,” as defined in U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(i), as to which income from the
                Certificates will only be taxed in the United
                States;

            

    

     

    
      	
               

            	
              (ii)

            	
              at
                the time of the Transfer, and at the close of the Investor’s two fiscal
                years preceding the fiscal year of the transfer, the Investor had
                gross
                assets for financial reporting purposes (excluding any obligation
                of a
                “related person” to the Investor within the meaning of U.S. Treasury
                Regulation Section 1.860E-1(c)(6)(ii) and any other asset the principal
                purpose of which is to permit the Investor to satisfy the condition
                of
                this clause (ii)) in excess of $100 million and net assets in excess
                of
                $10 million;

            

    

     

    
      	
               

            	
              (iii)

            	
              the
                Investor will transfer the Certificates only to another “eligible
                corporation,” as defined in U.S. Treasury Regulation Section
                1.860E-1(c)(6)(i), in a transaction in which the requirements of
                U.S.
                Treasury Regulation Sections 1.860E-1(c)(4)(i), (ii) and (iii) and
                -1(c)(5) are satisfied and, accordingly, the subsequent transferee
                provides a similar affidavit with this box checked;
                and

            

    

     

    
      	
               

            	
              (iv)

            	
              the
                Investor determined the consideration paid to it to acquire the
                Certificates 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 Investor) that it has determined in good
                faith and
                has concluded that such consideration, together with other assets
                of the
                Investor, will be sufficient to cover the taxes associated with the
                Certificates.

            

    

     

    o
      None of the
      above

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	 	
              [NAME
                OF INVESTOR]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	
              Name:

            	
              [Name
                of Officer]

            	 
	 	
              Title:

            	
              [Title
                of Officer]

            	 
	 	 	
              [Address
                of Investor for receipt of distributions]

            	 
	 	 	 	 
	 	 	
              Address
                of Investor for receipt of tax information:

            	 

    

     

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] of the Investor, 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
      Investor.

     

    Subscribed
      and sworn before me this ___ day of _________, 20___.

     

    NOTARY
      PUBLIC

     

    COUNTY
      OF

     

    STATE
      OF

     

    My
      commission expires the ___ day of ___________________, 20___.

     

     

    EXHIBIT
      D

     

    FORM
      OF TRANSFEROR CERTIFICATE

     

    ______________,200___

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

    

     

    Attention:
      Bear Stearns Asset Backed Securities I Trust 2007-AC5

     

    
      	
               

            	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I LLC

            

      	 	 	Asset-Backed
              Certificates, Series 2007-AC5, Class

    

     

     

    Ladies
      and Gentlemen:

     

    In
      connection with the sale by ___________ (the “Seller”) to ________ (the
“Purchaser”) of $_________ Initial Certificate Principal Balance of Asset-Backed
      Certificates, Series 2007-AC5, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
      dated as of June 1, 2007, among Bear Stearns Asset Backed Securities I LLC,
      as
      depositor (the “Depositor”), EMC Mortgage Corporation, as master servicer,
      seller and company and Wells Fargo Bank, National Association, as trustee (the
      “Trustee”). The Seller hereby certifies, represents and warrants to, a covenants
      with, the Depositor and the Trustee that:

     

    Neither
      the Seller 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,
      or
      (e) has taken any other action, that (as to any of (a) through (e) above) would
      constitute a distribution of the Certificates under the Securities Act of 1933
      (the “Act”), that would render the disposition of any Certificate a violation of
      Section 5 of the Act or any state securities law, or that would require
      registration or qualification pursuant thereto. The Seller will not act in
      any
      manner set forth in the foregoing sentence with respect to any Certificate.
      The
      Seller has not and will not sell or otherwise transfer any of the Certificates,
      except in compliance with the provisions of the Pooling and Servicing
      Agreement.

     

    
      	 	
              Very
                truly yours,

            	 
	 	 	 
	 	
              (Seller)

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	
              Name:

            	 	 
	 	
              Title:

            	 	 

    

    
 

    EXHIBIT
      E

     

    FORM
      OF INVESTMENT LETTER (NON-RULE 144A)

     

    [Date]

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	
            	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
                Certificates, Series 2007-AC5 (the “Certificates”), including the
                Class  Certificates (the “Privately Offered
                Certificates”)

            

    

     

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, we confirm
      that:

    

    
      	
              (i)

            	
              we
                understand that the Privately Offered Certificates are not being
                registered under the Securities Act of 1933, as amended (the “Act”) or any
                applicable state securities or “Blue Sky” laws, and are being sold to us
                in a transaction that is exempt from the registration requirements
                of such
                laws;

            

    

     

    
      	
              (ii)

            	
              any
                information we desired concerning the Certificates, including the
                Privately Offered Certificates, the trust in which the Certificates
                represent the entire beneficial ownership interest (the “Trust”) or any
                other matter we deemed relevant to our decision to purchase Privately
                Offered Certificates has been made available to
                us;

            

    

     

    
      	
              (iii)

            	
              we
                are able to bear the economic risk of investment in Privately Offered
                Certificates; we are an institutional “accredited investor” as defined in
                Section 501(a)(1), (2), (3) or (7) of Regulation D promulgated under
                the
                Act and a sophisticated institutional
                investor;

            

    

     

    
      	
              (iv)

            	
              we
                are acquiring Privately Offered Certificates for our own account,
                not as
                nominee for any other person, and not with a present view to any
                distribution or other disposition of the Privately Offered
                Certificates;

            

    

     

    
      	
              (v)

            	
              we
                agree the Privately Offered Certificates must be held indefinitely
                by us
                (and may not be sold, pledged, hypothecated or in any way disposed
                of)
                unless subsequently registered under the Act and any applicable state
                securities or “Blue Sky” laws or an exemption from the registration
                requirements of the Act and any applicable state securities or “Blue Sky”
                laws is available;

            

    

     

    
      	
              (vi)

            	
              we
                agree that in the event that at some future time we wish to dispose
                of or
                exchange any of the Privately Offered Certificates (such disposition
                or
                exchange not being currently foreseen or contemplated), we will not
                transfer or exchange any of the Privately Offered Certificates
                unless:

            

    

     

    
      	
               

            	
              (A)
                (1) the sale is to an Eligible Purchaser (as defined below), (2)
                if
                required by the Pooling and Servicing Agreement (as defined below)
                a
                letter to substantially the same effect as either this letter or,
                if the
                Eligible Purchaser is a Qualified Institutional Buyer as defined
                under
                Rule 144A of the Act, the Rule 144A and Related Matters Certificate
                in the
                form attached to the Pooling and Servicing Agreement (as defined
                below)
                (or such other documentation as may be acceptable to the Trustee)
                is
                executed promptly by the purchaser and delivered to the addressees
                hereof
                and (3) all offers or solicitations in connection with the sale,
                whether
                directly or through any agent acting on our behalf, are limited only
                to
                Eligible Purchasers and are not made by means of any form of general
                solicitation or general advertising whatsoever;
                and

            

    

     

    
      	
               

            	
              (B)
                if the Privately Offered Certificate is not registered under the
                Act (as
                to which we acknowledge you have no obligation), the Privately Offered
                Certificate is sold in a transaction that does not require registration
                under the Act and any applicable state securities or “blue sky” laws and,
                if Wells Fargo Bank National Association (the “Trustee”) so requests, a
                satisfactory Opinion of Counsel is furnished to such effect, which
                Opinion
                of Counsel shall be an expense of the transferor or the
                transferee;

            

    

     

    
      	
              (vii)

            	
              we
                agree to be bound by all of the terms (including those relating to
                restrictions on transfer) of the Pooling and Servicing, pursuant
                to which
                the Trust was formed; we have reviewed carefully and understand the
                terms
                of the Pooling and Servicing
                Agreement;

            

    

     

    
      	
              (viii)

            	
              we
                either: (i) are not acquiring the Privately Offered Certificate directly
                or indirectly by, or on behalf of, an employee benefit plan or other
                retirement arrangement which is subject to Title I of the Employee
                Retirement Income Security Act of 1974, as amended, and/or section
                4975 of
                the Internal Revenue Code of 1986, as amended, or (ii) in the case
                of the
                Privately Offered Certificates, have provided the Opinion of Counsel
                required by the Agreement, or (iii) in the case of the Class B-4,
                Class
                B-5 and Class B-6 Certificates, are providing a representation to
                the
                effect that the proposed transfer and holding of such Certificate
                and
                servicing, management and operation of the Trust and its assets:
                (I) will
                not result in any prohibited transaction which is not covered under
                Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE 91-38, PTCE
                90-1, PTCE 95-60, PTCE 96-23 and (II) will not give rise to any additional
                obligations on the part of the Depositor, the Master Servicer or
                the
                Trustee.

            

    

     

    
      	
              (ix)

            	
              We
                understand that each of the Privately Offered Certificates bears,
                and will
                continue to bear, a legend to substantiate the following effect:
                THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
                UNDER THE
                SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE
                SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE,
                AGREES
                THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
                TRANSFERRED ONLY IN COMPLIANCE WITH THE ACT AND OTHER APPLICABLE
                LAWS AND
                ONLY (1) PURSUANT TO RULE 144A UNDER THE ACT (“RULE 144A”) TO A PERSON
                THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
                BUYER
                WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT
                OR A QIB PURCHASING FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS
                INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER
                TRANSFER
                IS BEING MADE IN RELIANCE ON RULE 144A, (2) PURSUANT TO AN EXEMPTION
                FROM
                REGISTRATION PROVIDED BY RULE 144 UNDER THE ACT (IF AVAILABLE) OR
                (3) IN
                CERTIFICATED FORM TO AN “INSTITUTIONAL ACCREDITED INVESTOR” WITHIN THE
                MEANING THEREOF IN RULE 501(a)(1), (2),(3) OR (7) (OR ANY ENTITY
                IN WHICH
                ALL OF THE EQUITY HOLDERS COME WITHIN SUCH PARAGRAPHS) OF REGULATION
                D
                UNDER THE ACT PURCHASING NOT FOR DISTRIBUTION IN VIOLATION OF THE
                ACT,
                SUBJECT TO (A) THE RECEIPT BY THE TRUSTEE OF A LETTER SUBSTANTIALLY
                IN THE
                FORM PROVIDED IN THE AGREEMENT AND (B) THE RECEIPT BY THE TRUSTEE
                OF AN
                OPINION OF COUNSEL AS TO COMPLIANCE WITH ALL APPLICABLE SECURITIES
                LAWS OF
                THE UNITED STATES.  [In the case of the Class B-4,
                Class B-5 and Class B-6 Certificates]: THIS CERTIFICATE MAY NOT BE
                ACQUIRED DIRECTLY OR INDIRECTLY BY, OR ON BEHALF OF, AN EMPLOYEE
                BENEFIT
                PLAN OR OTHER RETIREMENT ARRANGEMENT WHICH IS SUBJECT TO TITLE I
                OF THE
                EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION
                4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, UNLESS THE
                TRANSFEREE CERTIFIES OR REPRESENTS THAT THE PROPOSED TRANSFER AND
                HOLDING
                OF A CERTIFICATE AND THE SERVICING, MANAGEMENT AND OPERATION OF THE
                TRUST
                AND ITS ASSETS: (I) WILL NOT RESULT IN ANY PROHIBITED TRANSACTION
                WHICH IS
                NOT COVERED UNDER AN INDIVIDUAL OR CLASS PROHIBITED TRANSACTION EXEMPTION,
                INCLUDING, BUT NOT LIMITED TO, PROHIBITED TRANSACTION CLASS EXEMPTION
                (“PTCE”) 84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60 OR PTCE 96-23 AND (II)
                WILL NOT GIVE RISE TO ANY ADDITIONAL OBLIGATIONS ON THE PART OF THE
                DEPOSITOR, THE MASTER SERVICER OR THE TRUSTEE, WHICH WILL BE DEEMED
                REPRESENTED BY AN OWNER OF A BOOK-ENTRY CERTIFICATE OR A GLOBAL
                CERTIFICATE, OR PROVIDES AN OPINION OF COUNSEL TO SUCH EFFECT.
                [In the case of the Class P, Class R-1, Class R-2 and Class
                R-3
                Certificates]: NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO
                ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER (I) A CERTIFICATION
                PURSUANT TO SECTION 7.02(b) OF THE AGREEMENT OR (II) AN OPINION OF
                COUNSEL
                PURSUANT TO 7.02(b) OF THE AGREEMENT, SATISFACTORY TO THE TRUSTEE
                THAT THE
                PURCHASE AND HOLDING OF THIS CERTIFICATE ARE PERMISSIBLE UNDER APPLICABLE
                LAW, WILL NOT CONSTITUTE OR RESULT IN ANY NON-EXEMPT PROHIBITED
                TRANSACTIONS UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME
                SECURITY
                ACT OF 1974, AS AMENDED (“ERISA”) OR SECTION 4975 OF THE CODE AND WILL NOT
                SUBJECT THE TRUSTEE, MASTER SERVICER OR THE DEPOSITOR TO ANY OBLIGATION
                OR
                LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
                AGREEMENT.

            

    

    

    “Eligible
      Purchaser” means a corporation, partnership or other entity which we have
      reasonable grounds to believe and do believe (i) can make representations with
      respect to itself to substantially the same effect as the representations set
      forth herein, and (ii) is either a Qualified Institutional Buyer as defined
      under Rule 144A of the Act or an institutional “Accredited Investor” as defined
      under Rule 501 of the Act.

    

    Terms
      not
      otherwise defined herein shall have the meanings assigned to them in the Pooling
      and Servicing Agreement, dated as of June 1, 2007 (the “Pooling and Servicing
      Agreement”), among Bear Stearns Asset Backed Securities I LLC, as depositor,
      Wells Fargo Bank, National Association, as trustee, and EMC Mortgage
      Corporation, as master servicer, seller and company.

    

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

    

    Name
      of
      Nominee (if any): ________________

    

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ___
      day of ________, 20___.

     

    
      	 	
              Very
                truly yours,

            	 
	 	 	 
	 	
              [PURCHASER]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              (Authorized
                Officer)

            	 
	 	 	 	 
	 	
              [By:

            	 	 
	 	 	
              Attorney-in-fact]

            	 

    

     

    

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    
      	 	
              [NAME
                OF NOMINEE]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              (Authorized
                Officer)

            	 
	 	 	 	 
	 	
              [By:

            	 	 
	 	 	
              Attorney-in-fact]

            	 

    

     

    

    EXHIBIT
      F

     

    FORM
      OF RULE 144A AND RELATED MATTERS CERTIFICATE

     

    [SELLER]

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    Wells
      Fargo Bank, National Association

    Sixth
      Street and Marquette Avenue

    Minneapolis,
      MN 55479

     

    
      	
            	
              Re:

            	
              Bear Stearns Asset Backed Securities
                I
                Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 (the
                “Certificates”), including the Class ___ Certificates (the “Privately
                Offered Certificates”)

            

    

     

    Dear
      Ladies and Gentlemen:

     

    In
      connection with our purchase of Privately Offered Certificates, the undersigned
      certifies to each of the parties to whom this letter is addressed that it is
      a
      qualified institutional buyer (as defined in Rule 144A under the Securities
      Act
      of 1933, as amended (the “Act”)) as follows:

     

    
      	
              1.  

            	
              It
                owned and/or invested on a discretionary basis eligible securities
                (excluding affiliate’s securities, bank deposit notes and CD’s, loan
                participations, repurchase agreements, securities owned but subject
                to a
                repurchase agreement and swaps), as described
                below:

            

    

     

    Date:
      ______________, 20__ (must be on or after the close of its most recent fiscal
      year)

     

    Amount:
      $
      _____________________; and

     

    
      	
              2.  

            	
              The
                dollar amount set forth above is:

            

    

     

    
      	
               

            	
              a.

            	
              greater
                than $100 million and the undersigned is one of the following
                entities:

            

    

     

    
      	
               

            	
              (x)

            	
              o

            	
              an
                insurance company as defined in Section 2(13) of the Act1;
                or

            

    

     

    
      	
               

            	
              (y)

            	
              o

            	
              an
                investment company registered under the Investment Company Act or
                any
                business development company as defined in Section 2(a)(48) of the
                Investment Company Act of 1940; or

            

    

     

    
      	
               

            	
              (z)

            	
              o

            	
              a
                Small Business Investment Company licensed by the U.S. Small Business
                Administration under Section 301(c) or (d) of the Small Business
                Investment Act of 1958; or

            

    

     

    
      	
               

            	
              (aa)

            	
              o

            	
              a
                plan (i) established and maintained by a state, its political
                subdivisions, or any agency or instrumentality of a state or its
                political
                subdivisions, the laws of which permit the purchase of securities
                of this
                type, for the benefit of its employees and (ii) the governing investment
                guidelines of which permit the purchase of securities of this type;
                or

            

    

     

    
      	
               

            	
              (bb)

            	
              o

            	
              a
                business development company as defined in Section 202(a)(22) of
                the
                Investment Advisers Act of 1940; or

            

    

     

    
      	
               

            	
              (cc)

            	
              o

            	
              a
                corporation (other than a U.S. bank, savings and loan association
                or
                equivalent foreign institution), partnership, Massachusetts or similar
                business trust, or an organization described in Section 501(c)(3)
                of the
                Internal Revenue Code; or

            

    

     

    
      	
               

            	
              (dd)

            	
              o

            	
              a
                U.S. bank, savings and loan association or equivalent foreign institution,
                which has an audited net worth of at least $25 million as demonstrated
                in
                its latest annual financial statements;
                or

            

    

     

    
      	
               

            	
              (ee)

            	
              o

            	
              an
                investment adviser registered under the Investment Advisers Act;
                or

            

    

     

    
      	
               

            	
              b.

            	
              o

            	
              greater
                than $10 million, and the undersigned is a broker-dealer registered
                with
                the SEC; or

            

    

     

    
      	
               

            	
              c.

            	
              o

            	
              less
                than $ 10 million, and the undersigned is a broker-dealer registered
                with
                the SEC and will only purchase Rule 144A securities in transactions
                in
                which it acts as a riskless principal (as defined in Rule 144A);
                or

            

    

     

    
      	
               

            	
              d.

            	
              o

            	
              less
                than $100 million, and the undersigned is an investment company registered
                under the Investment Company Act of 1940, which, together with one
                or more
                registered investment companies having the same or an affiliated
                investment adviser, owns at least $100 million of eligible securities;
                or

            

    

     

    
      	
               

            	
              e.

            	
              o

            	
              less
                than $100 million, and the undersigned is an entity, all the equity
                owners
                of which are qualified institutional
                buyers.

            

    

     

    The
      undersigned further certifies that it is purchasing a Privately Offered
      Certificate for its own account or for the account of others that independently
      qualify as “Qualified Institutional Buyers” as defined in Rule 144A. It is aware
      that the sale of the Privately Offered Certificates is being made in reliance
      on
      its continued compliance with Rule 144A. It is aware that the transferor may
      rely on the exemption from the provisions of Section 5 of the Act provided
      by
      Rule 144A. The undersigned understands that the Privately Offered Certificates
      may be resold, pledged or transferred only to (i) 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 in Rule 144A, or (ii)
      an
      institutional “accredited investor,” as such term is defined under Rule 501 of
      the Act in a transaction that otherwise does not constitute a public
      offering.

     

    The
      undersigned agrees that if at some future time it wishes to dispose of or
      exchange any of the Privately Offered Certificates, it will not transfer or
      exchange any of the Privately Offered Certificates to a Qualified Institutional
      Buyer without first obtaining a Rule 144A and Related Matters Certificate in
      the
      form hereof from the transferee and delivering such certificate to the
      addressees hereof. Prior to making any transfer of Privately Offered
      Certificates, if the proposed Transferee is an institutional “accredited
      investor,” the transferor shall obtain from the transferee and deliver to the
      addressees hereof an Investment Letter in the form attached to the Pooling
      and
      Servicing Agreement, dated as of June 1, 2007, among Bear Stearns Asset Backed
      Securities I LLC, as depositor, Wells Fargo Bank, National Association, as
      trustee and EMC Mortgage Corporation, as master servicer, seller and company,
      pursuant to which the Certificates were issued.

     

    The
      undersigned certifies that it either: (i) is not acquiring the Privately Offered
      Certificate directly or indirectly by, or on behalf of, an employee benefit
      plan
      or other retirement arrangement which is subject to Title I of the Employee
      Retirement Income Security Act of 1974, as amended, and/or section 4975 of
      the
      Internal Revenue Code of 1986, as amended, or (ii) in the case of the Privately
      Offered Certificates, has provided the Opinion of Counsel required by the
      Agreement, or (iii) in the case of the Class B-4, Class B-5 and Class B-6
      Certificates, are providing a representation to the effect that the proposed
      transfer and holding of such Certificate and servicing, management and operation
      of the Trust and its assets: (I) will not result in any prohibited transaction
      which is not covered under Prohibited Transaction Class Exemption (“PTCE”)
      84-14, PTCE 91-38, PTCE 90-1, PTCE 95-60, PTCE 96-23 and (II) will not give
      rise
      to any additional obligations on the part of the Depositor, the Master Servicer
      or the Trustee.

     

    If
      the
      Purchaser proposes that its Certificates be registered in the name of a nominee
      on its behalf, the Purchaser has identified such nominee below, and has caused
      such nominee to complete the Nominee Acknowledgment at the end of this
      letter.

     

    
      
        

      

      
        	
                 

              	
                1

              	
                A
                  purchase by an insurance company for one or more of its separate
                  accounts,
                  as defined by Section 2(a)(37) of the Investment Company Act of
                  1940,
                  which are neither registered nor required to be registered thereunder,
                  shall be deemed to be a purchase for the account of such insurance
                  company.

              

      

       

    

    Name
      of
      Nominee (if any):

     

    IN
      WITNESS WHEREOF, this document has been executed by the undersigned who is
      duly
      authorized to do so on behalf of the undersigned Eligible Purchaser on the
      ____
      day of ___________, 20___.

     

    
      	 	
              Very
                truly yours,

            	 
	 	 	 
	 	
              [PURCHASER]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              (Authorized
                Officer)

            	 
	 	 	 	 
	 	
              [By:

            	 	 
	 	 	
              Attorney-in-fact]

            	 

    

     

     

    Nominee
      Acknowledgment

     

    The
      undersigned hereby acknowledges and agrees that as to the Certificates being
      registered in its name, the sole beneficial owner thereof is and shall be the
      Purchaser identified above, for whom the undersigned is acting as
      nominee.

     

    
      	 	
              [NAME
                OF NOMINEE]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              (Authorized
                Officer)

            	 
	 	 	 	 
	 	
              [By:

            	 	 
	 	 	
              Attorney-in-fact]

            	 

    

     

     

    EXHIBIT
      G

     

    FORM
      OF REQUEST FOR RELEASE

     

    
      	
              To:

            	
              Wells
                Fargo Bank, National Association

            

      	 	1015
              10th Avenue S.E.

      	 	Minneapolis,
              Minnesota 55414-0031

    

     

    
      	
            	
              Re:

            	
              Custodial
                Agreement, dated as of June 29, 2007, among Bear Stearns Asset Backed
                Securities I LLC, as Depositor, Master Funding LLC, as a seller,
                EMC
                Mortgage Corporation, as master servicer, a seller and company and
                Wells
                Fargo Bank, National Association, as custodian and
                trustee

            

    

     

    In
      connection with the administration of the Mortgage Loans held by you pursuant
      to
      the above-captioned Custodial Agreement, we request the release, and hereby
      acknowledge receipt, of the 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 and proceeds have been deposited into the Custodial
              Account	 
	 	 	 	 	 	 
	
              _____

            	 	
              2.

            	Foreclosure	 
	 	 	 	 	 	 
	
              _____

            	 	
              3.

            	Substitution	 
	 	 	 	 	 	 
	
              _____

            	 	
              4.

            	Other
              Liquidation	 
	 	 	 	 	 	 
	
              _____

            	 	
              5.

            	Nonliquidation	
              Reason:________________________

            
	 	 	 	 	 	 
	
              _____

            	 	
              6.

            	California
              Mortgage Loan paid in full	 

    

     

    
      	 	 	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	
              (authorized
                signer)

            	 
	 	 	 	 
	 	
              Issuer:

            	 	 
	 	
              Address:

            	 	 
	 	
              Date:

            	 	 

    

     

     

    EXHIBIT
      H

    

    DTC
      LETTER OF REPRESENTATIONS

    

    [Provided
      upon Request]

    

     

    EXHIBIT
      I

    

    SCHEDULE
      OF MORTGAGE LOANS WITH LOST NOTES

    

    [Provided
      upon Request]

    

     

    EXHIBIT
      J

     

    FORM
      OF WELLS FARGO CUSTODIAL AGREEMENT

     

               THIS
      CUSTODIAL AGREEMENT (as amended and supplemented from time to time, the
“Agreement”), dated as of June 29, 2007, by and among BEAR STEARNS ASSET BACKED
      SECURITIES I LLC, as depositor under the Pooling and Servicing Agreement defined
      below (together with any successor in interest, the “Depositor”), EMC MORTGAGE
      CORPORATION, as a seller (in such capacity, “EMC”), as master servicer (together
      with any successor in interest or successor under the Pooling and Servicing
      Agreement referred to below, the “Master Servicer”) and company (together with
      any successor in interest or successor under the Pooling and Servicing Agreement
      referred to below, the “Company”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as
      trustee (including its successors under the Pooling and Servicing Agreement
      referred to below, the “Trustee”) and custodian (together with any successor in
      interest or any successor appointed hereunder, the “Custodian”) and MASTER
      FUNDING LLC, as a seller (“Master Funding”, and together with EMC, the
“Sellers”).

    

    WITNESSETH
      THAT:

     

    WHEREAS,
      the Depositor, EMC, the Company, the Master Servicer and the Trustee have
      entered into a Pooling and Servicing Agreement, dated as of June 1, 2007,
      relating to the issuance of Bear Stearns Asset Backed Securities I Trust
      2007-AC5, Asset-Backed Certificates, Series 2007-AC5 (as in effect on the date
      of this Agreement, the “Original Pooling and Servicing Agreement,” and as
      amended and supplemented from time to time, the “Pooling and Servicing
      Agreement”); and

     

    WHEREAS,
      the Custodian has agreed to act as agent for the Trustee for the purposes of
      receiving and holding certain documents and other instruments delivered by
      the
      Depositor, the Sellers or the Master Servicer, under the Pooling and Servicing
      Agreement and the Servicers under their respective Servicing Agreements, all
      upon the terms and conditions and subject to the limitations hereinafter set
      forth;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      agreements hereinafter set forth, the Trustee, the Depositor, the Sellers,
      the
      Master Servicer and the Custodian hereby agree as follows:

     

    ARTICLE
      I.

    DEFINITIONS

     

    Capitalized
      terms used in this Agreement and not defined herein shall have the meanings
      assigned in the Original Pooling and Servicing Agreement, unless otherwise
      required by the context herein.

     

    ARTICLE
      II.

    CUSTODY
      OF MORTGAGE DOCUMENTS

     

    Section
      2.1.  Custodian
      to Act as Agent: Acceptance of Mortgage Files.  The Custodian, as
      the duly appointed custodial agent of the Trustee for these purposes,
      acknowledges (subject to any exceptions noted in the Initial Certification
      referred to in Section 2.3(a)) receipt of the Mortgage Files relating to the
      Mortgage Loans identified on the schedule attached hereto (the “Mortgage Files”)
      and declares that it holds and will hold such Mortgage Files as agent for the
      Trustee, in trust, for the use and benefit of all present and future
      Certificateholders.

     

    Section
      2.2.  Recordation
      of Assignments.  If any Mortgage File includes one or more
      assignments of Mortgage that have not been recorded pursuant to the provisions
      of Section 2.01 of the Pooling and Servicing Agreement and the related Mortgage
      Loan is not a MOM Loan or the related Mortgaged Properties are located in
      jurisdictions specifically excluded by the Opinion of Counsel delivered to
      the
      Trustee pursuant to Section 2.01 of the Pooling and Servicing Agreement, each
      such assignment shall be delivered by the Custodian to the related Seller for
      the purpose of recording it in the appropriate public office for real property
      records, and the Sellers, at no expense to the Custodian, shall promptly cause
      to be recorded in the appropriate public office for real property records each
      such assignment of Mortgage and, upon receipt thereof from such public office,
      shall return each such assignment of Mortgage to the Custodian.

     

    Section
      2.3.  Review
      of Mortgage Files.

     

    (a)  On
      or
      prior to the Closing Date, in accordance with Section 2.02 of the Pooling and
      Servicing Agreement, the Custodian shall deliver to EMC (on its own behalf
      and
      on behalf of Master Funding), the Master Servicer and the Trustee an Initial
      Certification in the form annexed hereto as Exhibit One evidencing receipt
      (subject to any exceptions noted therein) of a Mortgage File for each of the
      Mortgage Loans listed on the Schedule attached hereto (the “Mortgage Loan
      Schedule”).

     

    (b)  Within
      90
      days of the Closing Date, the Custodian agrees, for the benefit of
      Certificateholders, to review, in accordance with the provisions of Section
      2.02
      of the Pooling and Servicing Agreement, each such document, and shall deliver
      to
      EMC (on its own behalf and on behalf of Master Funding), the Master Servicer
      and
      the Trustee, an Interim Certification in the form annexed hereto as Exhibit
      Two
      to the effect that all such documents have been executed and received and that
      such documents relate to the Mortgage Loans identified on the Mortgage Loan
      Schedule, except for any exceptions listed on Schedule A attached to such
      Interim Certification. The Custodian shall be under no duty or obligation to
      inspect, review or examine said documents, instruments, certificates or other
      papers to determine that the same are genuine, enforceable, or appropriate
      for
      the represented purpose or that they have actually been recorded or that they
      are other than what they purport to be on their face.

     

    (c)  Not
      later
      than 180 days after the Closing Date, the Custodian shall review the Mortgage
      Files as provided in Section 2.02 of the Pooling and Servicing Agreement and
      deliver to EMC (on its own behalf and on behalf of Master Funding), the Master
      Servicer and the Trustee, a Final Certification in the form annexed hereto
      as
      Exhibit Three evidencing the completeness of the Mortgage Files.

     

    (d)  In
      reviewing the Mortgage Files as provided herein and in the Pooling and Servicing
      Agreement, the Custodian shall make no representation as to and shall not be
      responsible to verify (i) the validity, legality, enforceability, due
      authorization, recordability, sufficiency or genuineness of any of the documents
      included in any Mortgage File or (ii) the collectability, insurability,
      effectiveness or suitability of any of the documents in any Mortgage
      File.

     

    Upon
      receipt of written request from the Trustee, the Custodian shall as soon as
      practicable supply the Trustee with a list of all of the documents relating
      to
      the Mortgage Loans missing from the Mortgage Files.

     

    Section
      2.4.  Notification
      of Breaches of Representations and Warranties.  Upon discovery by
      the Custodian of a breach of any representation or warranty made by the
      Depositor as set forth in the Pooling and Servicing Agreement with respect
      to a
      Mortgage Loan relating to a Mortgage File, the Custodian shall give prompt
      written notice to the Depositor, the related Servicer and the
      Trustee.

     

    Section
      2.5.  Custodian
      to Cooperate: Release of Mortgage Files.  Upon receipt of written
      notice from the Trustee that EMC has repurchased a Mortgage Loan pursuant to
      Article II of the Pooling and Servicing Agreement, and a request for release
      (a
“Request for Release”) confirming that the purchase price therefor has been
      deposited in the Master Servicer Collection Account or the Distribution Account,
      then the Custodian agrees to promptly release to EMC the related Mortgage
      File.

     

    Upon
      the
      Custodian’s receipt of a Request for Release substantially in the form of
      Exhibit G to the Pooling and Servicing Agreement signed by a Servicing Officer
      of a Servicer, stating that it has received payment in full of a Mortgage Loan
      or that payment in full will be escrowed in a manner customary for such
      purposes, the Custodian agrees promptly to release to the Servicer, the related
      Mortgage File.  The Depositor shall deliver to the Custodian and the
      Custodian agrees to review in accordance with the provisions of their Agreement
      the Mortgage Note and other documents constituting the Mortgage File with
      respect to any Replacement Mortgage Loan.

     

    From
      time
      to time as is appropriate for the servicing or foreclosure of any Mortgage
      Loan,
      including, for this purpose, collection under any Primary Insurance Policy
      or
      PMI Policy, the Company or the related Servicer, as applicable, shall deliver
      to
      the Custodian a Request for Release signed by a Servicing Officer requesting
      that possession of all of the Mortgage File be released to the Company or the
      related Servicer, as applicable, and certifying as to the reason for such
      release and that such release will not invalidate any insurance coverage
      provided in respect of the Mortgage Loan under any of the Insurance Policies.
      Upon receipt of the foregoing, the Custodian shall deliver the Mortgage File
      to
      the Company or the related Servicer, as applicable. The Company or the related
      Servicer, as applicable, shall cause each Mortgage File or any document therein
      so released to be returned to the Custodian when the need therefore by the
      Company or the related Servicer, as applicable, no longer exists, unless (i)
      the
      Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
      the
      Mortgage Loan have been deposited in the Master Servicer Collection Account
      or
      the Distribution Account or (ii) 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 Company or the related Servicer, as applicable, has
      delivered to the Custodian 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.

     

    At
      any
      time that the Company or the related Servicer is required to deliver to the
      Custodian a Request for Release, the Company or the related Servicer, as
      applicable, shall deliver two copies of the Request for Release if delivered
      in
      hard copy or the Company or the related Servicer, as applicable, may furnish
      such Request for Release electronically to the Custodian, in which event the
      Servicing Officer transmitting the same shall be deemed to have signed the
      Request for Release. In connection with any Request for Release of a Mortgage
      File because of a repurchase of a Mortgage Loan, such Request for Release shall
      be accompanied by an assignment of mortgage, without recourse, representation
      or
      warranty from the Trustee to the Seller (unless such Mortgage Loan is a MOM
      Loan) and the related Mortgage Note shall be endorsed without recourse,
      representation or warranty by the Trustee (unless such Mortgage Loans is
      registered on the MERS System) and be returned to the Seller. In connection
      with
      any Request for Release of a Mortgage File because of the payment in full of
      a
      Mortgage Loan, such Request for Release shall be accompanied by a certificate
      of
      satisfaction or other similar instrument to be executed by or on behalf of
      the
      Trustee and returned to the Company or the related Servicer, as
      applicable.

     

    Section
      2.6.  Assumption
      Agreements.  In the event that any assumption agreement,
      substitution of liability agreement or sale of servicing agreement is entered
      into with respect to any Mortgage Loan subject to this Agreement in accordance
      with the terms and provisions of the Pooling and Servicing Agreement, the Master
      Servicer, to the extent provided in the Pooling and Servicing Agreement or
      the
      related Servicing Agreement, shall cause the Company or the related Servicer,
      as
      applicable, to notify the Custodian that such assumption or substitution
      agreement has been completed by forwarding to the Custodian the original of
      such
      assumption or substitution agreement, which shall be added to the related
      Mortgage File and, for all purposes, shall be considered a part of such Mortgage
      File to the same extent as all other documents and instruments constituting
      parts thereof.

     

    ARTICLE
      III.

    CONCERNING
      THE CUSTODIAN

     

    Section
      3.1.  Custodian
      a Bailee and Agent of the Trustee.  With respect to each Mortgage
      Note, Mortgage and other documents constituting each Mortgage File which are
      delivered to the Custodian, the Custodian is exclusively the bailee and
      custodial agent of the Trustee and has no instructions to hold any Mortgage
      Note
      or Mortgage for the benefit of any person other than the Trustee and the
      Certificateholders and undertakes to perform such duties and only such duties
      as
      are specifically set forth in this Agreement and in the Pooling and Servicing
      Agreement. Except upon compliance with the provisions of Section 2.5 of this
      Agreement, no Mortgage Note, Mortgage or Mortgage File shall be delivered by
      the
      Custodian to the Company, the Depositor, any Servicer or the Master Servicer
      or
      otherwise released from the possession of the Custodian.

     

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

     

    Section
      3.3.  Trustee
      to Pay Custodian’s Fees and Expenses.  The Trustee covenants and
      agrees to pay to the Custodian from time to time a fee as agreed upon by such
      parties as reasonable compensation for all services rendered by it in the
      exercise and performance of any of the powers and duties hereunder of the
      Custodian.  Upon its request, the Custodian shall be paid or
      reimbursed from the Trust Fund for all reasonable expenses, disbursements and
      advances incurred or made by the Custodian in accordance with any of the
      provisions of this Agreement (including the reasonable compensation and the
      expenses and disbursements of its counsel and of all persons not regularly
      in
      its employ), except any such expense, disbursement or advance as may arise
      from
      the Custodian’s negligence or bad faith or to the extent that such cost or
      expense is indemnified by the Depositor pursuant to the Pooling and Servicing
      Agreement.

     

    Section
      3.4.  Custodian
      May Resign; Trustee May Remove Custodian.  The Custodian may
      resign from the obligations and duties hereby imposed upon it as such
      obligations and duties relate to its acting as Custodian of the Mortgage Loans.
      Upon receiving such written notice of resignation, the Trustee shall either
      take
      custody of the Mortgage Files itself and give prompt written notice thereof
      to
      the Depositor, the Master Servicer and the Custodian, or promptly appoint a
      successor Custodian by written instrument, in duplicate, one copy of which
      instrument shall be delivered to the resigning Custodian and one copy to the
      successor Custodian. If the Trustee shall not have taken custody of the Mortgage
      Files and no successor Custodian shall have been so appointed and have accepted
      appointment within 30 days after the giving of such written notice of
      resignation, the resigning Custodian may petition any court of competent
      jurisdiction for the appointment of a successor Custodian.

     

    The
      Trustee may remove the Custodian at any time upon 60 days prior written notice
      to Custodian. In such event, the Trustee shall appoint, or petition a court
      of
      competent jurisdiction to appoint, a successor Custodian hereunder. Any
      successor Custodian shall be a depository institution subject to supervision
      or
      examination by federal or state authority shall be able to satisfy the other
      requirements contained in Section 3.6 and shall be unaffiliated with the
      Servicers, the Company and the Depositor.

     

    Any
      resignation or removal of the Custodian and appointment of a successor Custodian
      pursuant to any of the provisions of this Section 3.4 shall become effective
      upon acceptance of appointment by the successor Custodian. The Trustee shall
      give prompt notice to the Depositor and the Master Servicer of the appointment
      of any successor Custodian. No successor Custodian shall be appointed by the
      Trustee without the prior approval of the Depositor and the Master
      Servicer.

     

    Section
      3.5.  Merger
      or Consolidation of Custodian.  Any Person into which the
      Custodian may be merged or converted or with which it may be consolidated,
      or
      any Person resulting from any merger, conversion or consolidation to which
      the
      Custodian shall be a party, or any Person succeeding to the business of the
      Custodian, shall be the successor of the Custodian 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.

     

    Section
      3.6.  Representations
      of the Custodian.  The Custodian hereby represents that it is a
      depository institution subject to supervision or examination by a federal or
      state authority, has a combined capital and surplus of at least $15,000,000
      and
      is qualified to do business in the jurisdictions in which it will hold any
      Mortgage File.

     

    ARTICLE
      IV.

    COMPLIANCE
      WITH REGULATION AB

     

    Section
      4.1.  Intent
      of the parties; Reasonableness.  The parties hereto acknowledge
      and agree that the purpose of this Article IV is to facilitate compliance by
      the
      Depositor with the provisions of Regulation AB and related rules and regulations
      of the Commission.  The Depositor shall not exercise its right to
      request delivery of information or other performance under these provisions
      other than in good faith, or for purposes other than compliance with the
      Securities Act, the Exchange Act and the rules and regulations of the Commission
      under the Securities Act and the Exchange Act.  Each of the parties
      hereto acknowledges that interpretations of the requirements of Regulation
      AB
      may change over time, whether due to interpretive guidance provided by the
      Commission or its staff, consensus among participants in the mortgage-backed
      securities markets, advice of counsel, or otherwise, and agrees to comply with
      requests made by the Depositor in good faith for delivery of information under
      these provisions on the basis of evolving interpretations of Regulation AB
      to
      the extent reasonably practicable.  The Custodian shall cooperate
      reasonably with the Depositor to deliver to the Depositor (including any of
      its
      assignees or designees), any and all disclosure, statements, reports,
      certifications, records and any other information necessary in the reasonable,
      good faith determination of the Depositor to permit the Depositor to comply
      with
      the provisions of Regulation AB.

     

    Section
      4.2.  Additional
      Representations and Warranties of the Custodian.

     

    (a)  [Reserved];

     

    (b)  The
      Custodian shall be deemed to represent to the Depositor as of the date hereof
      and on each date on which information is provided to the Depositor under Section
      4.3 that, except as disclosed in writing to the Depositor prior to such date:
      (i) there are no aspects of its financial condition that could have a material
      adverse effect on the performance by it of its custodial obligations under
      this
      Agreement or any other Securitization Transaction as to which it is the
      custodian; (ii) there are no material legal or governmental proceedings pending
      (or known to be contemplated) against it; and (iii) there are no affiliations,
      relationships or transactions relating to the Custodian with respect to the
      Depositor or any sponsor, issuing entity, servicer, trustee, originator,
      significant obligor, enhancement or support provider or other material
      transaction party (as such terms are used in Regulation AB) relating to the
      Securitization Transaction contemplated by the Agreement, as identified by
      the
      Depositor to the Custodian in writing as of the Closing Date (each, a
      "Transaction Party").

     

    (c)  If
      so
      requested by the Depositor on any date following the Closing Date, the Custodian
      shall, within five Business Days following such request, confirm in writing
      the
      accuracy of the representations and warranties set forth in paragraph (a) of
      this Section or, if any such representation and warranty is not accurate as
      of
      the date of such confirmation, provide reasonably adequate disclosure of the
      pertinent facts, in writing, to the requesting party. Any such request from
      the
      Depositor shall not be given more than once each calendar quarter, unless the
      Depositor shall have a reasonable basis for a determination that any of the
      representations and warranties may not be accurate.

     

    Section
      4.3.  Additional
      Information to Be Provided by the Custodian. For so long as the Certificates
      are outstanding, for the purpose of satisfying the Depositor 's reporting
      obligation under the Exchange Act with respect to any class of Certificates,
      the
      Custodian shall (a) notify the Depositor in writing of any material litigation
      or governmental proceedings pending against the Custodian that would be material
      to Certificateholders, and (b) provide to the Depositor a written description
      of
      such proceedings. Any notices and descriptions required under this Section
      4.3
      shall be given no later than five Business Days prior to the Determination
      Date
      following the month in which the Custodian has knowledge of the occurrence
      of
      the relevant event. As of the date the Depositor or Master Servicer files each
      Report on Form 10-D or Form 10-K with respect to the Certificates, the Custodian
      will be deemed to represent that any information previously provided under
      this
      Section 4.3, if any, is materially correct and does not have any material
      omissions unless the Custodian has provided an update to such
      information.

     

    Section
      4.4.  Report
      on Assessment of Compliance and Attestation. On or before March 15 of each
      calendar year beginning in 2008, the Custodian shall:

     

    (a)           deliver
      to the Master Servicer, the Depositor and the Trustee a report regarding the
      Custodian’s assessment of compliance with the Servicing Criteria during the
      preceding calendar year, as required under Rules 13a-18 and 15d-18 of the
      Exchange Act and Item 1122 of Regulation AB.  The Assessment of
      Compliance, as set forth in Regulation AB, must contain (i) a statement by
      such
      officer of its responsibility for assessing compliance with the Servicing
      Criteria applicable to the Custodian, (ii) a statement by such officer that
      the
      Custodian used the Servicing Criteria attached as Exhibit Four hereto, and
      which
      will also be attached to the Assessment of Compliance, to assess compliance
      with
      the Servicing Criteria applicable to the Custodian, (iii) an assessment by
      such
      officer of the Custodian’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 the Custodian performs with
      respect to asset-backed securities transactions taken as a whole involving
      the
      Custodian, that are backed by the same asset type as the Mortgage Loans, (iv)
      a
      statement that a registered public accounting firm has issued an attestation
      report on the Custodian’s Assessment of Compliance for the period consisting of
      the preceding calendar year, and (v) a statement as to which of the Servicing
      Criteria, if any, are not applicable to the Custodian, which statement shall
      be
      based on the activities the Custodian performs with respect to asset-backed
      securities transactions taken as a whole involving the Custodian, that are
      backed by the same asset type as the Mortgage Loans. Such report at a minimum
      shall address each of the Servicing Criteria identified and marked on Exhibit
      Four attached hereto as being applicable to the Custodian; and

     

    (b)           deliver
      to the Master Servicer, the Depositor and the Trustee a report by a registered
      public accounting firm that attests to, and reports on, the Assessment of
      Compliance made by the Custodian, 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.

     

    (c)           Notwithstanding
      the foregoing, an Assessment of Compliance is not required to be delivered
      by
      the Custodian unless it is required as part of a Form 10-K with respect to
      the
      Trust Fund.

     

    (d)           In
      the event the Custodian is terminated under, or resigns pursuant to, the terms
      of this Agreement, the Custodian shall provide an Assessment of Compliance
      and
      cause to be provided an Attestation Report pursuant to this Section 4.4
      notwithstanding any such termination or resignation.

     

    Section
      4.5.  Indemnification;
      Remedies.

     

    (a)  The
      Custodian shall indemnify the Depositor, each affiliate of the Depositor, EMC
      and each broker dealer acting as underwriter, placement agent or initial
      purchaser of the Certificates or each Person who controls any of such parties
      (within the meaning of Section 15 of the Securities Act and Section 20 of the
      Exchange Act); and the respective present and former directors, officers,
      employees and agents of each of the foregoing, and shall hold each of them
      harmless from and against any losses, damages, penalties, fines, forfeitures,
      legal fees and expenses and related costs, judgments, and any other costs,
      fees
      and expenses that any of them may sustain arising out of or based
      upon:

     

    (i)           (A)
      any untrue statement of a material fact contained or alleged to be contained
      in
      any information, report, certification, accountants’ attestation or other
      material provided under this Article IV by or on behalf of the Custodian
      (collectively, the “Custodian Information”), or (B) the omission or alleged
      omission to state in the Custodian Information a material fact required to
      be
      stated in the Custodian Information or necessary in order to make the statements
      therein, in the light of the circumstances under which they were made, not
      misleading; or

     

    (ii)           any
      failure by the Custodian to deliver any information, report, certification,
      accountants’ attestation or other material when and as required under this
      Article IV.

     

    (iii)           the
      negligence, bad faith or willful misconduct of the Custodian in the performance
      of its obligations under this Article IV.

     

    (b)  In
      the
      case of any failure of performance described in clause (ii) of Section 4.5(a),
      the Custodian shall promptly reimburse the Depositor for all costs reasonably
      incurred by the Depositor in order to obtain the information, report,
      certification, accountants’ letter or other material not delivered as required
      by the Custodian.

     

    (c)  In
      no
      event shall the Custodian or its directors, officers, and employees be liable
      for any special, indirect or consequential damages from any action taken or
      omitted to be taken by it or them hereunder or in connection herewith even
      if
      advised of the possibility of such damages.

     

    This
      indemnification shall survive the termination of this Agreement or the
      termination of the Custodian.

     

    ARTICLE
      V.

    MISCELLANEOUS
      PROVISIONS

     

    Section
      5.1.  Notices.  All
      notices, requests, consents and demands and other communications required under
      this Agreement or pursuant to any other instrument or document delivered
      hereunder shall be in writing and, unless otherwise specifically provided,
      may
      be delivered personally, by telegram or telex, or by registered or certified
      mail, postage prepaid, return receipt requested, at the addresses specified
      on
      the signature page hereof (unless changed by the particular party whose address
      is stated herein by similar notice in writing), in which case the notice will
      be
      deemed delivered when received.

     

    Section
      5.2.  [Reserved].

     

    Section
      5.3.  Amendments.  No
      modification or amendment of or supplement to this Agreement shall be valid
      or
      effective unless the same is in writing and signed by all parties
      hereto.  The Trustee shall give prompt notice to the Custodian of any
      amendment or supplement to the Pooling and Servicing Agreement and furnish
      the
      Custodian with written copies thereof.

     

    Section
      5.4.  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
      OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW.

     

    Section
      5.5.  Recordation
      of Agreement.  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 Depositor and at the Trust’s expense, but only upon direction
      accompanied by an Opinion of Counsel reasonably satisfactory to the Depositor
      to
      the effect that the failure to effect such recordation is likely to materially
      and adversely affect 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
      5.6.  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.

     

    [Signature
      Page Follows]

    

     

    IN
      WITNESS WHEREOF, this Agreement is executed as of the date first above
      written.

    

    
      	
              Address:

               

              383
                Madison Avenue

              New
                York, New York 10179

            	
              BEAR
                STEARNS ASSET BACKED SECURITIES I LLC

               

              By:______________________________________

              Name:                      

              Title:

            
	 	 
	
              Address:

               

              2780
                Lake Vista Drive,

              Lewisville,
                Texas 75067

              Facsimile:
                (214) 626-4889

              Attention:
                Michelle Viner

            	
              EMC
                MORTGAGE CORPORATION,

              as
                Master Servicer and Seller

               

              By:______________________________________

              Name:

              Title:

            
	 	 
	
              Address:

               

              2780
                Lake Vista Drive,

              Lewisville,
                Texas 75067

              Facsimile:
                (214) 626-4889

              Attention:
                Mark Novachek

            	
              MASTER
                FUNDING LLC,

              as
                Seller

               

              By:______________________________________

              Name:

              Title:

            
	 	 
	
              Address:

               

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Trustee

               

              By:______________________________________

              Name:

              Title:

            
	 	 
	
              Address:

               

              1015
                10th Avenue S.E.

              Minneapolis,
                Minnesota 55414-0031

            	
              WELLS
                FARGO BANK,

              NATIONAL
                ASSOCIATION,

              as
                Custodian

               

              By:______________________________________

              Name:

              Title:

            

    

    
    

    
 

    
      	STATE
              OF NEW YORK	)
	 	)
              ss:
	COUNTY
              OF NEW YORK	)

    

     

    On
      the
      29th day of June 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Bear Stearns Asset Backed Securities I LLC, and
      also known to me to be the person who executed the within instrument on behalf
      of said party, and acknowledged to me that such party 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

            	 

    

     

    [SEAL]

     

     

    
      	
              STATE
                OF TEXAS

            	
              )

            
	 	)
              ss:
	
              COUNTY
                OF DALLAS

            	
              )

            

    

     

    On
      the
      29th day of June 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of EMC Mortgage Corporation, one of the parties that executed
      the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      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 TEXAS

            	)
	 	)
              ss:
	
              COUNTY
                OF DALLAS

            	)

    

     

    On
      the
      29th day of June 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be an authorized
      representative of Master Funding LLC, one of the parties that executed the
      within instrument, and also known to me to be the person who executed the within
      instrument on behalf of said party, and acknowledged to me that such party
      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 MARYLAND  	)
	 	)
              ss:
	
              COUNTY
                OF HOWARD

            	)

    

                                                                  

     

    On
      the
      29th day of June 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Wells Fargo Bank, National Association, a national
      banking association, one of the parties that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said party,
      and
      acknowledged to me that such party 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 MINNESOTA 	)
	 	)
              ss:
	
              COUNTY
                OF HENNEPIN

            	)

    

                                    

    On
      the
      29th day of June 2007 before me, a notary public in and for said State,
      personally appeared __________________________, known to me to be a(n)
      __________________________ of Wells Fargo Bank, National Association, a national
      banking association, one of the parties that executed the within instrument,
      and
      also known to me to be the person who executed it on behalf of said party,
      and
      acknowledged to me that such party 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
      ONE

     

    FORM
      OF
      CUSTODIAN INITIAL CERTIFICATION

     

    June
      29,
      2007

     

    
      	
              Wells
                Fargo Bank, National Association

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

            	
              With
                a copy to:

               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Facsimile:
                (214) 626-4889

               

            
	
               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Facsimile:
                (214) 626-3704

            

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC5

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of June 29, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
                2007-AC5

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(a) of the above-captioned Custodial Agreement,
      and
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      (which contains an original Mortgage Note or lost note affidavit) to the extent
      required in Section 2.01 of the Pooling and Servicing Agreement with respect
      to
      each Mortgage Loan listed in the Mortgage Loan Schedule, with any exceptions
      listed on Schedule A attached hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    
      	 	WELLS
              FARGO BANK, NATIONAL
              ASSOCIATION	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name: 	 	 
	 	Title:	 	 

    

                                                        

                                                                   

                                                                    

    SCHEDULE
      A

     

    (Provided
      Upon Request)

     

     

    EXHIBIT
      TWO

     

    FORM
      OF
      CUSTODIAN INTERIM CERTIFICATION

     

    [DATE]

     

    
      	
              Wells
                Fargo Bank, National Association

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

               

            	
              With
                a copy to:

               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Facsimile:
                (214) 626-4889

               

            
	
              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Facsimile:
                (214) 626-3704

            

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC5

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of June 29, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
                2007-AC5

            	 

    

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.3(b) of the above-captioned Custodial Agreement and
      subject to Section 2.02(a) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement.

     

    
      	 	WELLS
              FARGO BANK, NATIONAL
              ASSOCIATION	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name: 	 	 
	 	Title:  	 	 

    

                                             

     

    SCHEDULE
      A

    

    (PROVIDED
      UPON REQUEST)

    

     

    EXHIBIT
      THREE

     

    FORM
      OF
      CUSTODIAN FINAL CERTIFICATION

     

    
      	 	
              [DATE]

            
	 	 
	
              Wells
                Fargo Bank, National Association

              9062
                Old Annapolis Road

              Columbia,
                Maryland 21045

               

            	
              With
                a copy to:

               

              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Michelle Viner

              Facsimile:
                (214) 626-4889

               

            
	
              EMC
                Mortgage Corporation

              2780
                Lake Vista Drive

              Lewisville,
                TX 75067

              Attention:
                Janan Weeks

              Facsimile:
                (214) 626-3704

            

    

    

    Attention:
      Bear Stearns Asset Backed Securities I LLC, Series 2007-AC5

     

    
      	
               

            	
              Re:

            	
              Custodial
                Agreement, dated as of June 29, 2007, by and among Wells Fargo Bank,
                National Association, Bear Stearns Asset Backed Securities I LLC,
                EMC
                Mortgage Corporation and Master Funding LLC relating to Bear Stearns
                Asset
                Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
                2007-AC5

            	 

    

     

    In
      accordance with Section 2.3(c) of the above-captioned Custodial Agreement
and,
      subject to Section 2.02(b) of the Pooling and Servicing Agreement, the
      undersigned, as Custodian, hereby certifies that it has received a Mortgage
      File
      to the extent required pursuant to Section 2.01 of the Pooling and Servicing
      Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
      Schedule, and it has reviewed the Mortgage File and the Mortgage Loan Schedule
      and has determined that: all required documents have been executed and received
      and that such documents relate to the Mortgage Loans identified on the Mortgage
      Loan Schedule, with any exceptions listed on Schedule A attached
      hereto.

     

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Custodial Agreement or in the Pooling and Servicing
      Agreement, as applicable.

     

    
      	 	WELLS
              FARGO BANK, NATIONAL
              ASSOCIATION	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name:	 	 
	 	Title:	 	 

    

     

     

    SCHEDULE
      A

    

    (PROVIDED
      UPON REQUEST)

    

     

    EXHIBIT
      FOUR

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    

    The
      assessment of compliance to be delivered by the Custodian shall address, at
      a
      minimum, the criteria identified below as “Applicable Servicing
      Criteria”:

     

    
      
        	
                Servicing
                  Criteria

              	 	
                Applicable

                Servicing
                  Criteria

              
	
                Reference

              	 	
                Criteria

              	 	 
	 	 	
                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

              	 	 
	 	 	 	 	 
	
                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

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	 	 	
                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.

              	 	 
	 	 	 	 	 
	
                1122(d)(2)(ii)

              	 	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                1122(d)(2)(iv)

              	 	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	 	 
	 	 	 	 	 
	
                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 institutions”
                  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.

              	 	 
	 	 	 	 	 
	
                1122(d)(2)(vi)

              	 	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 	 
	 	 	 	 	 
	
                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
                  reconciliations; 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.

              	 	 
	 	 	 	 	 
	 	 	
                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.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	 	 	
                Pool
                  Asset Administration

              	 	 
	 	 	 	 	 
	
                1122(d)(4)(i)

              	 	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related asset pool documents.

              	 	
                √

              
	 	 	 	 	 
	
                1122(d)(4)(ii)

              	 	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements.

              	 	
                √

              
	 	 	 	 	 
	
                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

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                1122(d)(4)(vi)

              	 	
                Changes
                  with respect to the terms or status of an obligor’s pool asset (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.

              	 	 
	 	 	 	 	 
	
                1122(d)(4)(vii)

              	 	
                Loss
                  mitigation of recovery actions (e.g., forbearance plans, modifications
                  and
                  deed 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
                  documents.

              	 	 
	 	 	 	 	 
	
                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 in 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).

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                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 3-
                  calendar
                  days of full repayment of the related pool asset, or such other
                  number of
                  days specified in the transaction agreements.

              	 	 
	 	 	 	 	 
	
                1122(d)(4)(xi)

              	 	
                Payments
                  made on behalf of an obligor (such as tax ore 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 service at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 
	 	 	 	 	 
	
                1122(d)(4)(xiv)

              	 	
                Delinquencies,
                  charge-offs and uncollectible funds are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	 	 
	 	 	 	 	 
	
                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.

              	 	 

      

    

     

     

    EXHIBIT
      K

    

    FORM
      OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

     

    The
      [                   ]
      agreement dated as of [      ], 200[ ] (the
“Agreement”), among [IDENTIFY PARTIES]

    

    I,
      ________________________________, the _______________________ of [NAME OF
      COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
      [Trustee], and their officers, with the knowledge and intent that they will
      rely
      upon this certification, that:

     

    (1)           I
      have reviewed the servicer compliance statement of the Company provided in
      accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
      report on assessment of the Company’s compliance with the servicing criteria set
      forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
      accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
      as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
      Assessment”), the registered public accounting firm’s attestation report
      provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
      and
      Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans by the Company during 200[ ] that were delivered by the
      Company to the [Depositor] [Master Servicer] [Trustee] pursuant to the Agreement
      (collectively, the “Company Servicing Information”);

     

    (2)           Based
      on my knowledge, the Company Servicing Information, taken as a whole, does
      not
      contain any untrue statement of a material fact or omit to state a material
      fact
      necessary to make the statements made, in the light of the circumstances under
      which such statements were made, not misleading with respect to the period
      of
      time covered by the Company Servicing Information;

     

    (3)           Based
      on my knowledge, all of the Company Servicing Information required to be
      provided by the Company under the Agreement has been provided to the [Depositor]
      [Master Servicer] [Trustee];

     

    (4)           I
      am responsible for reviewing the activities performed by the Company as servicer
      under the Agreement, and based on my knowledge and the compliance review
      conducted in preparing the Compliance Statement and except as disclosed in
      the
      Compliance Statement, the Servicing Assessment or the Attestation Report, the
      Company has fulfilled its obligations under the Agreement in all material
      respects; and

     

    (5)           The
      Compliance Statement required to be delivered by the Company pursuant to the
      Agreement, and the Servicing Assessment and Attestation Report required to
      be
      provided by the Company and by any Subservicer or Subcontractor pursuant to
      the
      Agreement, have been provided to the [Depositor] [Master
      Servicer].  Any material instances of noncompliance described in such
      reports have been disclosed to the [Depositor] [Master Servicer].  Any
      material instance of noncompliance with the Servicing Criteria has been
      disclosed in such reports.

     

     

    
      	Date: 	 
	 	 
	By: 	 
	 	 
	Name:	 
	 	 
	Title: 	 

    

     

     

    EXHIBIT
      L

    

    FORM
      OF MORTGAGE LOAN PURCHASE AGREEMENT

    

    MORTGAGE
      LOAN PURCHASE AGREEMENT, dated as of June 29, 2007, as amended and supplemented
      by any and all amendments hereto (collectively, “this Agreement”), by and
      among EMC MORTGAGE CORPORATION, a Delaware corporation (“EMC” or a
“Mortgage Loan Seller”), MASTER FUNDING LLC, a Delaware limited liability
      company (“Master Funding” or a “Mortgage Loan Seller”, and
      together with EMC, the “Mortgage Loan Sellers”) and BEAR STEARNS ASSET
      BACKED SECURITIES I LLC, a Delaware limited liability company (the
“Purchaser”).

     

    Upon
      the
      terms and subject to the conditions of this Agreement, each Mortgage Loan Seller
      agrees to sell, and the Purchaser agrees to purchase, certain conventional,
      fixed rate, first lien mortgage loans secured by one- to four-family residences
      (collectively, the “Mortgage Loans”) as described herein. The Purchaser
      intends to deposit the Mortgage Loans into a trust fund (the “Trust
      Fund”) and create Bear Stearns Asset Backed Securities I Trust 2007-AC5,
      Asset-Backed Certificates, Series 2007-AC5 (the “Certificates”), under a
      pooling and servicing agreement, to be dated as of June 1, 2007 (the “Pooling
      and Servicing Agreement”), among the Purchaser, as depositor, EMC, as
      seller, company and master servicer (in such capacity, the “Master
      Servicer”) and Wells Fargo Bank, National Association, as trustee (the
“Trustee”).

     

    The
      Purchaser has filed with the Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (Number 333-131374)
      relating to its Asset-Backed Certificates and the offering of certain series
      thereof (including certain classes of the Certificates) from time to time in
      accordance with Rule 415 under the Securities Act of 1933, as amended, and
      the
      rules and regulations of the Commission promulgated thereunder (the
“Securities Act”).  Such registration statement, when it became
      effective under the Securities Act, and the prospectus relating to the public
      offering of certain classes of the Certificates by the Purchaser (the “Public
      Offering”), as each may be amended or supplemented from time to time
      pursuant to the Securities Act or otherwise, are referred to herein as the
      “Registration Statement” and the “Prospectus,”
respectively.  The “Prospectus Supplement” shall mean that
      supplement, dated June 28, 2007, to the Prospectus, dated June 26, 2007,
      relating to certain classes of the Certificates.  With respect to the
      Public Offering of certain classes of the Certificates, the Purchaser and Bear,
      Stearns & Co. Inc. (“Bear Stearns”) have entered into a terms
      agreement, dated as of June 20, 2007, to an underwriting agreement, dated April
      13, 2006, between the Purchaser and Bear Stearns (together, the “Underwriting
      Agreement”).

     

    Now,
      therefore, in consideration of the premises and the mutual agreements set forth
      herein, the parties hereto agree as follows:

     

    SECTION
      1.  Definitions.  Certain
      terms are defined herein. Capitalized terms used herein but not defined herein
      shall have the meanings specified in the Pooling and Servicing Agreement. The
      following other terms are defined as follows:

     

    Acquisition
      Price:  With respect to EMC and the sale of the EMC Mortgage
      Loans, cash in an amount equal to
      $        *        
      (plus
      $        *        
      in accrued interest).  With respect to Master Funding and the sale of
      the Master Funding Mortgage Loans, cash in an amount equal to
      $        *        
      (plus
      $        *        
      in accrued interest).

     

    Bear
      Stearns:  Bear, Stearns & Co. Inc.

     

    Closing
      Date:  June 29, 2007.

     

    Custodial
      Agreement:  The custodial agreement, dated as of June 29, 2007,
      among the Depositor, EMC, Master Funding, the Trustee and the
      Custodian.

     

    Custodian:
      Wells Fargo.

     

    Cut-off
      Date Balance:  Shall mean $449,904,362.33.

     

    Deleted
      Mortgage Loan:  A Mortgage Loan replaced or to be replaced by a
      Replacement Mortgage Loan.

     

    Due
      Date: With respect to each Mortgage Loan, the date in each month on
      which its scheduled payment is due, as set forth in the related Mortgage
      Note.

     

    EMC: EMC
      Mortgage Corporation.

     

    EMC
      Flow Loans: The Mortgage Loans purchased by EMC pursuant to a flow loan
      purchase agreement.

     

    EMC
      Mortgage Loans: The Mortgage Loans identified as such on the Mortgage
      Loan Schedule for which EMC is the applicable Mortgage Loan Seller.

     

    Master
      Funding: Master Funding LLC.

     

    Master
      Funding  Mortgage Loans:  The Mortgage Loans identified
      as such on the Mortgage Loan Schedule for which Master Funding is the applicable
      Mortgage Loan Seller.

     

    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.

     

    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.

     

    Moody’s:  Moody’s
      Investors Service, Inc., or its successors in interest.

     

    Mortgage:  The
      mortgage or deed of trust creating a first lien on an interest in real property
      securing a Mortgage Note.

     

    Mortgage
      File:  The items referred to in Exhibit 1 pertaining to a
      particular Mortgage Loan and any additional documents required to be added
      to
      such documents pursuant to this Agreement.

     

    Mortgage
      Rate:  The annual rate of interest borne by a Mortgage Note as
      stated therein.

     

    Mortgagor:  The
      obligor(s) on a Mortgage Note.

     

    Net
      Mortgage Rate:  For each Mortgage Loan, the Mortgage Rate for such
      Mortgage Loan less (i) the Trustee Fee, (ii) the Servicing Fee Rate and (iii)
      the rate at which the LPMI Fee is calculated, if applicable.

     

    Opinion
      of Counsel:  A written opinion of counsel, who may be counsel for
      a Mortgage Loan Seller or the Purchaser, reasonably acceptable to the
      Trustee.

     

    Person:  Any
      legal person, including any individual, corporation, partnership, joint venture,
      association, joint stock company, trust, unincorporated organization or
      government or any agency or political subdivision thereof.

     

    Purchase
      Price:  With respect to any Mortgage Loan required to be purchased
      by EMC (on its own behalf as a Mortgage Loan Seller and on behalf of Master
      Funding) pursuant to the applicable provisions of this Agreement, an amount
      equal to the sum of (i) 100% of the principal remaining unpaid on such Mortgage
      Loan as of the date of purchase (including if a foreclosure has already
      occurred, the principal balance of the related Mortgage Loan at the time the
      Mortgaged Property was acquired), net of any Servicing Advances and Advances
      attributable to principal and payable to the purchaser of the Mortgage Loan
      if
      such purchaser is also the Servicer of such Mortgage Loan, (ii) accrued and
      unpaid interest thereon at the Mortgage Rate through and including the last
      day
      of the month of purchase, net of any portion of the Servicing Fee and any
      Servicing Advances and Advances attributable to interest that is payable to
      the
      purchaser of the Mortgage Loan if such purchaser is also the Servicer of such
      Mortgage Loan, plus and (iii) any costs and damages (if any) incurred by the
      Trust in connection with any violation of such Mortgage Loan of any
      anti-predatory lending laws.

     

    Rating
      Agencies:  Standard & Poor’s and Moody’s, each a “Rating
      Agency.”

     

    Replacement
      Mortgage Loan:  A mortgage loan substituted for a Deleted Mortgage
      Loan which must meet on the date of such substitution the requirements stated
      herein and in the Pooling and Servicing Agreement; upon such substitution,
      such
      mortgage loan shall be a “Mortgage Loan” hereunder.

     

    Securities
      Act:  The Securities Act of 1933, as amended.

     

    Standard
      & Poor’s:  Standard & Poor’s, a division of The
      McGraw-Hill Companies, Inc. or its successors in interest.

     

    Transaction
      Documents: This Agreement, the Pooling and Servicing Agreement, the
      Custodial Agreement and the Underwriting Agreement.

     

    Value:  The
      value of the Mortgaged Property at the time of origination of the related
      Mortgage Loan, such value being the lesser of (i) the value of such property
      set
      forth in an appraisal accepted by the applicable originator of the Mortgage
      Loan
      or (ii) the sales price of such property at the time of
      origination.

     

    Wells
      Fargo: Wells Fargo Bank, National Association, or its successors in
      interest.

     

     

    
      

    

    
      * Please
        contact Bear Stearns for pricing information.

    

     

     

    SECTION
      2.  Purchase
      and Sale of the Mortgage Loans and Related Rights.

     

    (a)  Upon
      satisfaction of the conditions set forth in Section 11 hereof, each Mortgage
      Loan Seller agrees to sell, and the Purchaser agrees to purchase Mortgage Loans
      sold by such Mortgage Loan Seller having an aggregate outstanding principal
      balance as of the Cut-off Date equal to the related Cut-off Date
      Balance.

     

    (b)  The
      closing for the purchase and sale of the Mortgage Loans and the closing for
      the
      issuance of  the Certificates will take place on the Closing Date at
      the office of the Purchaser’s counsel in New York, New York or such other place
      as the parties shall agree.

     

    (c)  Upon
      the
      satisfaction of the conditions set forth in Section 11 hereof, on the Closing
      Date, the Purchaser shall pay to each respective Mortgage Loan Seller the
      related Acquisition Price for the Mortgage Loans sold by such Mortgage Loan
      Seller in immediately available funds by wire transfer to such account or
      accounts as shall be designated by such Mortgage Loan Seller.

     

    (d)  In
      addition to the foregoing, on the Closing Date each Mortgage Loan Seller assigns
      to the Purchaser all of its right, title and interest in the Servicing
      Agreements.

     

    SECTION
      3.  Mortgage
      Loan Schedule.  EMC (on its own behalf as a Mortgage Loan Seller
      and on behalf of Master Funding) agrees to provide to the Purchaser as of the
      date hereof a listing of the Mortgage Loans (the “Mortgage Loan
      Schedule”) setting forth the information listed on Exhibit 2 to this
      Agreement with respect to each of the Mortgage Loans being sold by the
      respective Mortgage Loan Sellers.  The Mortgage Loan Schedule shall be
      delivered to the Purchaser on the Closing Date and shall be in form and
      substance mutually agreed to by EMC (on its own behalf as a Mortgage Loan Seller
      and on behalf of Master Funding) and the Purchaser.

     

    SECTION
      4.  Mortgage
      Loan Transfer.

     

    (a)  The
      Purchaser will be entitled to all scheduled payments of principal and interest
      on the Mortgage Loans due after the Cut-off Date (regardless of when actually
      collected) and all payments thereof.  Each Mortgage Loan Seller will
      be entitled to all scheduled payments of principal and interest on the Mortgage
      Loans due on or before the Cut-off Date (including payments collected after
      the
      Cut-off Date) and all payments thereof.  Such principal amounts and
      any interest thereon belonging to the related Mortgage Loan Seller as described
      above will not be included in the aggregate outstanding principal balance of
      the
      Mortgage Loans as of the Cut-off Date as set forth on the Mortgage Loan
      Schedule.

     

    (b)  Pursuant
      to various conveyancing documents to be executed on the Closing Date and
      pursuant to the Pooling and Servicing Agreement, the Purchaser will assign
      on
      the Closing Date all of its right, title and interest in and to the Mortgage
      Loans to the Trustee for the benefit of the Certificateholders. In connection
      with the transfer and assignment of the Mortgage Loans, each Mortgage Loan
      Seller has delivered or will deliver or cause to be delivered to the Trustee
      or
      the Custodian on behalf of the Trustee by the Closing Date or such later date
      as
      is agreed to by the Purchaser and such Mortgage Loan Seller (each of the Closing
      Date and such later date is referred to as a “Mortgage File Delivery
      Date”), the items of each Mortgage File, provided, however,
      that in lieu of the foregoing, each Mortgage Loan Seller may deliver the
      following documents, under the circumstances set forth below: (x) in lieu of
      the
      original Mortgage (other than the Mortgages related to the EMC Flow Loans),
      assignments to the Trustee or intervening assignments thereof which have been
      delivered, are being delivered or will upon receipt of recording information
      relating to the Mortgage required to be included thereon, be delivered to
      recording offices for recording and have not been returned in time to permit
      their delivery as specified above, the related Mortgage Loan Seller may deliver
      a true copy thereof with a certification on the face of such copy, substantially
      as follows: “Certified to be a true and correct copy of the original”; (y) in
      lieu of the Mortgage (other than the Mortgages related to the EMC Flow Loans),
      assignments to the Trustee or intervening assignments thereof, if the applicable
      jurisdiction retains the originals of such documents or if the originals are
      lost (in each case, as evidenced by a certification to such effect), such
      Mortgage Loan Seller may deliver photocopies of such documents containing an
      original certification by the judicial or other governmental authority of the
      jurisdiction where such documents were recorded; and (z) in lieu of the Mortgage
      Notes relating to the Mortgage Loans, each identified in the list delivered
      by
      the Purchaser to the Trustee on the Closing Date and attached hereto as
Exhibit 5 the related Mortgage Loan Seller may deliver lost note
      affidavits and indemnities of such Mortgage Loan Seller; and provided further,
      however, that in the case of Mortgage Loans which have been prepaid in full
      after the Cut-off Date and prior to the Closing Date, such Mortgage Loan Seller,
      in lieu of delivering the above documents, may deliver to the Trustee a
      certification by such Mortgage Loan Seller or the Master Servicer to such
      effect. Each Mortgage Loan Seller shall deliver such original documents
      (including any original documents as to which certified copies had previously
      been delivered) or such certified copies to the Trustee, or the Custodian on
      behalf of the Trustee, promptly after they are received. EMC (on its own behalf
      as a Mortgage Loan Seller and on behalf of Master Funding) shall cause the
      Mortgage and intervening assignments, if any, and the assignment of the Mortgage
      to be recorded not later than 180 days after the Closing Date unless such
      assignment is not required to be recorded under the terms set forth
      in  Section 6(a) hereof.

     

    (c)  In
      connection with the assignment of any Mortgage Loan registered on the MERS®
System, EMC (on its own behalf as a Mortgage Loan Seller and on behalf of Master
      Funding) further agrees that it will cause, at EMC’s own expense, within 30 days
      after the Closing Date, the MERS® System to indicate that such Mortgage Loans
      have been assigned by the related Mortgage Loan Seller to the Purchaser and
      by
      the Purchaser 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. EMC (on its own
      behalf as a Mortgage Loan Seller and on behalf of Master Funding) further agrees
      that it will not, and will not permit any Servicer or the Master Servicer to,
      and the Master Servicer agrees that it will not, alter the codes referenced
      in
      this paragraph with respect to any Mortgage Loan during the term of the Pooling
      and Servicing Agreement unless and until such Mortgage Loan is repurchased
      in
      accordance with the terms of the Pooling and Servicing Agreement.

     

    (d)  Each
      Mortgage Loan Seller and the Purchaser acknowledge hereunder that all of the
      Mortgage Loans will ultimately be assigned to Wells Fargo Bank, National
      Association, as Trustee for the benefit of the Certificateholders, on the date
      hereof.

     

    SECTION
      5.  Examination
      of Mortgage Files.

     

    (a)  On
      or
      before the Mortgage File Delivery Date, each Mortgage Loan Seller will have
      made
      the related Mortgage Files available to the Purchaser or its agent for
      examination which may be at the offices of the Trustee or such Mortgage Loan
      Seller and/or such Mortgage Loan Seller’s custodian. The fact that the Purchaser
      or its agent has conducted or has failed to conduct any partial or complete
      examination of the related Mortgage Files shall not affect the Purchaser’s
      rights to demand cure, repurchase, substitution or other relief as provided
      in
      this Agreement. In furtherance of the foregoing, each Mortgage Loan Seller
      shall
      make the related Mortgage Files available to the Purchaser or its agent from
      time to time so as to permit the Purchaser to confirm such Mortgage Loan
      Seller’s compliance with the delivery and recordation requirements of this
      Agreement and the Pooling and Servicing Agreement. In addition, upon request
      of
      the Purchaser, each Mortgage Loan Seller agrees to provide to the Purchaser,
      Bear Stearns and to any investors or prospective investors in the Certificates
      information regarding the Mortgage Loans and their servicing, to make the
      related Mortgage Files available to the Purchaser, Bear Stearns and to such
      investors or prospective investors (which may be at the offices of the related
      Mortgage Loan Seller and/or such Mortgage Loan Seller’s custodian) and to make
      available personnel knowledgeable about the related Mortgage Loans for
      discussions with the Purchaser, Bear Stearns and such investors or prospective
      investors, upon reasonable request during regular business hours, sufficient
      to
      permit the Purchaser, Bear Stearns and such investors or potential investors
      to
      conduct such due diligence as any such party reasonably believes is
      appropriate.

     

    (b)  Pursuant
      to the Pooling and Servicing Agreement, on the Closing Date the Trustee (or
      the
      Custodian as obligated under the Custodial Agreement), for the benefit of the
      Certificateholders, will review items of the Mortgage Files as set forth on
      Exhibit 1 and will deliver to the parties indicated on Exhibit One to the
      Custodial Agreement an initial certification in the form attached as Exhibit
      One
      to the Custodial Agreement.

     

    (c)  Within
      90
      days of the Closing Date, the Trustee or the Custodian on its behalf shall,
      in
      accordance with the provisions of Section 2.02 of the Pooling and Servicing
      Agreement, deliver to EMC (on its own behalf as a Mortgage Loan Seller and
      on
      behalf of Master Funding), the Master Servicer and, if reviewed by the
      Custodian, the Trustee an Interim Certification in the form attached as Exhibit
      Two to the Custodial Agreement to the effect that all such documents have been
      executed and received and that such documents relate to the Mortgage Loans
      identified on the Mortgage Loan Schedule, except for any exceptions listed
      on
      Schedule A attached to such Interim Certification. The Custodian shall be under
      no duty or obligation to inspect, review or examine said documents, instruments,
      certificates or other papers to determine that the same are genuine,
      enforceable, or appropriate for the represented purpose or that they have
      actually been recorded or that they are other than what they purport to be
      on
      their face. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) shall correct or cure any such defect within 90 days from the
      date of notice from the Trustee of the defect and if EMC (on its own behalf
      as a
      Mortgage Loan Seller and on behalf of Master Funding) does not correct or cure
      such defect within such period and such defect materially and adversely affects
      the interests of the Certificateholders in the related Mortgage Loan, EMC (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) will,
      in accordance with the terms of the Pooling and Servicing Agreement, provide
      the
      Trustee with a Replacement Mortgage Loan, purchase the related Mortgage Loan
      at
      the applicable Purchase Price or deliver to the Trustee an Opinion of Counsel
      addressed to the Trustee to the effect that such defect does not materially
      or
      adversely affect the interests of Certificateholders in such Mortgage Loan.;
      provided, however, that if such defect relates solely to the
      inability of EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) to deliver the original security instrument or intervening
      assignments thereof, or a certified copy because the originals of such
      documents, or a certified copy, have not been returned by the applicable
      jurisdiction, EMC (on its own behalf as Seller and on behalf of Master Funding)
      shall not be required to purchase such Mortgage Loan if EMC (on its own behalf
      as a Mortgage Loan Seller and on behalf of Master Funding) delivers such
      original documents or certified copy promptly upon receipt, but in no event
      later than 360 days after the Closing Date. The foregoing repurchase obligation
      shall not apply in the event that EMC (on its own behalf as a Mortgage Loan
      Seller and on behalf of Master Funding) cannot deliver such original or copy
      of
      any document submitted for recording to the appropriate recording office in
      the
      applicable jurisdiction because such document has not been returned by such
      office; provided that EMC (on its own behalf as a Mortgage Loan Seller and
      on
      behalf of Master Funding) shall instead deliver a recording receipt of such
      recording office or, if such receipt is not available, a certificate of EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) or
      a
      Servicing Officer confirming that such documents have been accepted for
      recording, and delivery to the Trustee shall be effected by EMC (on its own
      behalf as a Mortgage Loan Seller and on behalf of Master Funding) within thirty
      days of its receipt of the original recorded document.

     

    (d)  The
      Trustee or the Custodian on its behalf will review the Mortgage Files within
      180
      days of the Closing Date and will deliver to EMC (on its own behalf as a
      Mortgage Loan Seller and on behalf of Master Funding), the Master Servicer,
      and
      if reviewed by the Custodian, the Trustee, a final certification substantially
      in the form of Exhibit Three to the Custodial Agreement.  If the
      Trustee or the Custodian on its behalf is unable to deliver a final
      certification with respect to the items listed in Exhibit 1 due to any
      document that is missing, has not been executed, is unrelated, determined on
      the
      basis of the Mortgagor name, original principal balance and loan number, to
      the
      Mortgage Loans identified in the Mortgage Loan Schedule (a “Material
      Defect”), the Trustee or the Custodian on its behalf shall notify the EMC
      (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
      of
      such Material Defect.  EMC (on its own behalf as a Mortgage Loan
      Seller and on behalf of Master Funding) shall correct or cure any such Material
      Defect within 90 days from the date of notice from the Trustee of the Material
      Defect and if EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) does not correct or cure such Material Defect within such period
      and such defect materially and adversely affects the interests of the
      Certificateholders in the related Mortgage Loan, EMC (on its own behalf as
      a
      Mortgage Loan Seller and on behalf of Master Funding) will, in accordance with
      the terms of the Pooling and Servicing Agreement provide the Trustee with a
      Replacement Mortgage Loan (if within two years of the Closing Date), purchase
      the related Mortgage Loan at the applicable Purchase Price or deliver to the
      Trustee an Opinion of Counsel addressed to the Trustee to the effect that such
      defect does not materially or adversely affect the interests of the
      Certificateholders in such Mortgage Loan; provided, however, that
      if such defect relates solely to the inability of EMC (on its own behalf as
      a
      Mortgage Loan Seller and on behalf of Master Funding) to deliver the original
      security instrument or intervening assignments thereof, or a certified copy
      because the originals of such documents, or a certified copy, have not been
      returned by the applicable jurisdiction, EMC (on its own behalf as a Mortgage
      Loan Seller and on behalf of Master Funding) shall not be required to purchase
      such Mortgage Loan if EMC (on its own behalf as a Mortgage Loan Seller and
      on
      behalf of Master Funding) delivers such original documents or certified copy
      promptly upon receipt, but in no event later than 360 days after the Closing
      Date.  The foregoing repurchase obligation shall not apply in the
      event that EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
      Master Funding) cannot deliver such original or copy of any document submitted
      for recording to the appropriate recording office in the applicable jurisdiction
      because such document has not been returned by such office; provided that EMC
      (on its own behalf as a Mortgage Loan Seller and on behalf of Master Funding)
      shall instead deliver a recording receipt of such recording office or, if such
      receipt is not available, a certificate of EMC (on its own behalf as a Mortgage
      Loan Seller and on behalf of Master Funding) or a Servicing Officer confirming
      that such documents have been accepted for recording, and delivery to the
      Trustee shall be effected by EMC (on its own behalf as a Mortgage Loan Seller
      and on behalf of Master Funding) within thirty days of its receipt of the
      original recorded document.

     

    (e)  At
      the
      time of any substitution, EMC (on its own behalf as a Mortgage Loan Seller
      and
      on behalf of Master Funding) shall deliver or cause to be delivered the
      Replacement Mortgage Loan, the related Mortgage File and any other documents
      and
      payments required to be delivered in connection with a substitution pursuant
      to
      the Pooling and Servicing Agreement.  At the time of any purchase or
      substitution, the Trustee shall (i) assign the selected Mortgage Loan to EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and
      shall release or cause the Custodian to release the documents (including, but
      not limited to the Mortgage, Mortgage Note and other contents of the Mortgage
      File) in the possession of the Trustee or the Custodian, as applicable relating
      to the Deleted Mortgage Loan and (ii) execute and deliver such instruments
      of
      transfer or assignment, in each case without recourse, as shall be necessary
      to
      vest in EMC (on its own behalf as a Mortgage Loan Seller and on behalf of Master
      Funding) title to such Deleted Mortgage Loan.

     

    SECTION
      6.  Recordation
      of Assignments of Mortgage.

     

    (a)  EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) will,
      promptly after the Closing Date, cause each Mortgage and each assignment of
      Mortgage from the Mortgage Loan Sellers to the Trustee, and all unrecorded
      intervening assignments, if any, delivered on or prior to the Closing Date,
      to
      be recorded in all recording offices in the jurisdictions where the related
      Mortgaged Properties are located; provided, however, EMC (on its
      own behalf as a Mortgage Loan Seller and on behalf of Master Funding) need
      not
      cause to be recorded any assignment which relates to a Mortgage Loan that is
      a
      MOM Loan or for which the related Mortgaged Property is located in any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      delivered by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) to the Trustee and the Rating Agencies, the recordation of
      such
      assignment is not necessary to protect the Trustee’s interest in the related
      Mortgage Loan; provided, however, notwithstanding the delivery of
      any Opinion of Counsel, each assignment of Mortgage shall be submitted for
      recording by EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) in the manner described above, at no expense to the Trust Fund
      or Trustee, upon the earliest to occur of (i) reasonable direction by the
      Holders of Certificates evidencing Percentage Interests aggregating not less
      than 25% of the Trust, (ii) the occurrence of a Company Default, (iii) the
      occurrence of a bankruptcy, insolvency or foreclosure relating to EMC under
      the
      Pooling and Servicing Agreement, (iv) the occurrence of a servicing transfer
      as
      described in Section 9.05 of the Pooling and Servicing Agreement or an
      assignment of the servicing as described in Section 8.05(b) of the Pooling
      and
      Servicing Agreement or (iv) with respect to any one assignment of Mortgage,
      the
      occurrence of a bankruptcy, insolvency or foreclosure relating to the Mortgagor
      under the related Mortgage.

     

    While
      each such Mortgage or assignment is being recorded, if necessary, EMC (on its
      own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall
      leave or cause to be left with the Trustee or the Custodian on its behalf a
      certified copy of such Mortgage or assignment. In the event that, within 180
      days of the Closing Date, the Trustee has not been provided with an Opinion
      of
      Counsel as described above or received evidence of recording with respect to
      each Mortgage Loan delivered to the Purchaser pursuant to the terms hereof
      or as
      set forth above and the related Mortgage Loan is not a MOM Loan, the failure
      to
      provide evidence of recording or such Opinion of Counsel shall be considered
      a
      Material Defect, and the provisions of Section 5(c) and (d) shall apply. All
      customary recording fees and reasonable expenses relating to the recordation
      of
      the assignments of mortgage to the Trustee or the Opinion of Counsel, as the
      case may be, shall be borne by EMC.

     

    (b)  It
      is the
      express intent of the parties hereto that the conveyance of the Mortgage Loans
      by each Mortgage Loan Seller to the Purchaser, as contemplated by this Agreement
      be, and be treated as, a sale. It is, further, not the intention of the parties
      that such conveyance be deemed a pledge of the Mortgage Loans by such Mortgage
      Loan Seller to the Purchaser to secure a debt or other obligation of that
      Mortgage Loan Seller.  However, in the event that, notwithstanding the
      intent of the parties, the Mortgage Loans are held by a court to continue to
      be
      property of such Mortgage Loan Seller, then (a) this Agreement shall also be
      deemed to be a security agreement within the meaning of Articles 8 and 9 of
      the
      applicable Uniform Commercial Code; (b) the transfer of the Mortgage Loans
      provided for herein shall be deemed to be a grant by such Mortgage Loan Seller
      to the Purchaser of a security interest in all of such Mortgage Loan Seller’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, to the extent the Purchaser
      would otherwise be entitled to own such Mortgage Loans and proceeds pursuant
      to
      Section 4 hereof, including all amounts, other than investment earnings, from
      time to time held or invested in any accounts created pursuant to the Pooling
      and Servicing Agreement, whether in the form of cash, instruments, securities
      or
      other property; (c) the possession by the Purchaser or the Trustee (or the
      Custodian on its behalf) of Mortgage Notes and such other items of property
      as
      constitute instruments, money, negotiable documents or chattel paper shall
      be
      deemed to be “possession by the secured party” for purposes of perfecting the
      security interest pursuant to Section 9-305 (or comparable provision) of the
      applicable Uniform Commercial Code; and (d) 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 Purchaser for the purpose of perfecting such security
      interest under applicable law. Any assignment of the interest of the Purchaser
      pursuant to any provision hereof or pursuant to the Pooling and Servicing
      Agreement shall also be deemed to be an assignment of any security interest
      created hereby. EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of Master Funding) and the Purchaser shall, to the extent consistent with this
      Agreement, take such actions as may be reasonably necessary to ensure that,
      if
      this Agreement were deemed to create a security interest in the Mortgage Loans,
      such security interest would be deemed to be a perfected security interest
      of
      first priority under applicable law and will be maintained as such throughout
      the term of the Pooling and Servicing Agreement.

     

    SECTION
      7.  Representations
      and Warranties of EMC Concerning the Mortgage Loans. EMC hereby represents
      and warrants to the Purchaser as of the Closing Date or such other date as
      may
      be specified below with respect to each Mortgage Loan, that:

     

    (a)  The
      information set forth in the Mortgage Loan Schedule hereto is true and correct
      in all material respects.

     

    (b)  Immediately
      prior to the transfer to the Purchaser, the related Mortgage Loan Seller was
      the
      sole owner of beneficial title and holder of each Mortgage and Mortgage Note
      relating to the Mortgage Loans and is conveying the same free and clear of
      any
      and all liens, claims, encumbrances, participation interests, equities, pledges,
      charges or security interests of any nature and the Mortgage Loan Seller has
      full right and authority to sell or assign the same pursuant to this
      Agreement.

     

    (c)  Each
      Mortgage Loan at the time it was made complied in all material respects with
      all
      applicable local, state and federal laws and regulations, including, without
      limitation, usury, equal credit opportunity, disclosure and recording laws
      and
      all applicable predatory, abusive and fair lending laws; and each Mortgage
      Loan
      has been serviced in all material respects in accordance with all applicable
      local, state and federal laws and regulations, including, without limitation,
      usury, equal credit opportunity, disclosure and recording laws and all
      applicable anti-predatory lending laws and the terms of the related Mortgage
      Note, the Mortgage and other loan documents.

     

    (d)  There
      is
      no monetary default existing under any Mortgage or the related Mortgage Note
      and
      there is no material event which, with the passage of time or with notice and
      the expiration of any grace or cure period, would constitute a default, breach
      or event of acceleration; and neither the related Mortgage Loan Seller, any
      of
      its affiliates nor any servicer of any related Mortgage Loan has taken any
      action to waive any default, breach or event of acceleration; and no foreclosure
      action is threatened or has been commenced with respect to the Mortgage
      Loan.

     

    (e)  The
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments, (i) if required by
      law
      in the jurisdiction where the Mortgaged Property is located, or (ii) to protect
      the interests of the Trustee on behalf of the Certificateholders.

     

    (f)  No
      selection procedure reasonably believed by the related Mortgage Loan Seller
      to
      be adverse to the interests of the Certificateholders was utilized in selecting
      the Mortgage Loans.

     

    (g)  Each
      Mortgage is a valid and enforceable first lien on the property securing the
      related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
      in
      fee simple (except with respect to common areas in the case of condominiums,
      PUDs and de minimis PUDs) or by leasehold for a term longer than
      the term of the related Mortgage, subject only to (i) the lien of current real
      property taxes and assessments, (ii) covenants, conditions and restrictions,
      rights of way, easements and other matters of public record as of the date
      of
      recording of such Mortgage, such exceptions being acceptable to mortgage lending
      institutions generally or specifically reflected in the appraisal obtained
      in
      connection with the origination of the related Mortgage Loan or referred to
      in
      the lender’s title insurance policy delivered to the originator of the related
      Mortgage Loan and (iii) other matters to which like properties are commonly
      subject which do not materially interfere with the benefits of the security
      intended to be provided by such Mortgage.

     

    (h)  There
      is
      no mechanics’ lien or claim for work, labor or material affecting the premises
      subject to any Mortgage which is or may be a lien prior to, or equal with,
      the
      lien of such Mortgage except those which are insured against by the title
      insurance policy referred to in clause (m) below.

     

    (i)  There
      was
      no delinquent tax or assessment lien against the property subject to any
      Mortgage, except where such lien was being contested in good faith and a stay
      had been granted against levying on the property.

     

    (j)  There
      is
      no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
      including the obligation of the Mortgagor to pay the unpaid principal and
      interest on such Mortgage Note.

     

    (k)  The
      physical property subject to any Mortgage is free of material damage and is
      in
      good repair and there is no proceeding pending or threatened for the total
      or
      partial condemnation of any Mortgaged Property.

     

    (l)  The
      Mortgaged Property and all improvements thereon comply with all requirements
      of
      any applicable zoning and subdivision laws and ordinances.

     

    (m)  A
      lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
      assurance of title customary in the relevant jurisdiction therefor in a form
      acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
      Mortgage Loan was created by a title insurance company which was qualified
      to do
      business in the jurisdiction where the related  Mortgaged Property is
      located, insuring such Mortgage Loan Seller and its successors and assigns
      that
      the Mortgage is a first priority lien on the related Mortgaged Property in
      the
      original principal amount of the Mortgage Loan.  The related Mortgage
      Loan Seller is the sole insured under such lender’s title insurance policy, and
      such policy, binder or assurance is valid and remains in full force and effect,
      and each such policy, binder or assurance shall contain all applicable
      endorsements including a negative amortization endorsement, if
      applicable.

     

    (n)  At
      the
      time of origination, each Mortgaged Property was the subject of an appraisal
      which conformed to the underwriting requirements of the originator of the
      Mortgage Loan and, the appraisal is in a form acceptable to Fannie Mae or
      Freddie Mac.

     

    (o)  The
      improvements on each Mortgaged Property securing a Mortgage Loan are insured
      (by
      an insurer which is acceptable to the related Mortgage Loan Seller) against
      loss
      by fire and such hazards as are covered under a standard extended coverage
      endorsement in the locale in which the Mortgaged Property is located, in an
      amount which is not less than the lesser of the maximum insurable value of
      the
      improvements securing such Mortgage Loan or the outstanding principal balance
      of
      the Mortgage Loan, but in no event in an amount less than an amount that is
      required to prevent the Mortgagor from being deemed to be a co-insurer
      thereunder; if the improvement on the Mortgaged Property is a condominium unit,
      it is included under the coverage afforded by a blanket policy for the
      condominium project; if upon origination of the related Mortgage Loan, the
      improvements on the Mortgaged Property were in an area identified as a federally
      designated flood area, a flood insurance policy is in effect in an amount
      representing coverage not less than the least of (i) the outstanding principal
      balance of the Mortgage Loan, (ii) the restorable cost of improvements located
      on such Mortgaged Property or (iii) the maximum coverage available under federal
      law; and each Mortgage obligates the Mortgagor thereunder to maintain the
      insurance referred to above at the Mortgagor’s cost and expense.

     

    (p)  Each
      Mortgage Loan constitutes a “qualified mortgage” under Section 860G(a)(3)(A) of
      the Code and Treasury Regulation Section 1.860G-2(a)(1), (2), (4), (5), (6),
      (7)  and (9) without reliance on the provisions of Treasury Regulation
      Section 1.860G-2(a)(3) or Treasury Regulation Section 1.860G-2(f)(2) or any
      other provision that would allow a Mortgage Loan to be treated as a “qualified
      mortgage” notwithstanding its failure to meet the requirements of Section
      860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G-2(a)(1), (2),
      (4), (5), (6), (7) and (9).

     

    (q)  None
      of
      the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
      226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing TILA,
      which implements the Home Ownership and Equity Protection Act of 1994, as
      amended or (b) “high cost home,” “covered” (excluding home loans defined as
“covered home loans” in the New Jersey Home Ownership Security Act of 2002 that
      were originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loans under any applicable state, federal or local law (or a
      similarly classified loan using different terminology under a law imposing
      heightened regulatory scrutiny or additional legal liability for residential
      mortgage loans having high interest rates, points and/or fees).

     

    (r)  The
      information set forth in Schedule A of the Prospectus Supplement with respect
      to
      the Mortgage Loans is true and correct in all material respects.

     

    (s)  No
      Mortgage Loan (a) is a “high cost loan” or “covered loan” as applicable (as such
      terms are defined in the then current Standard & Poor’s LEVELS® Glossary,
      which is now Version 6.0, Appendix E, attached hereto as Exhibit 6) or (b)
      was
      originated on or after October 1, 2002 through March 6, 2003 and is governed
      by
      the Georgia Fair Lending Act.

     

    (t)  Each
      Mortgage Loan was originated in accordance with the underwriting guidelines
      of
      the related originator.

     

    (u)  Each
      original Mortgage has been recorded or is in the process of being recorded
      in
      accordance with the requirements of Section 2.01 of the Pooling and Servicing
      Agreement in the appropriate jurisdictions wherein such recordation is required
      to perfect the lien thereof for the benefit of the Trust Fund.

     

    (v)  The
      related Mortgage File contains each of the documents and instruments listed
      in
      Section 2.01 of the Pooling and Servicing Agreement, subject to any exceptions,
      substitutions and qualifications as are set forth in such Section.

     

    (w)  The
      Mortgage Loans are currently being serviced in accordance with accepted
      servicing practices.

     

    (x)  With
      respect to each Mortgage Loan that has a prepayment penalty feature, each such
      prepayment penalty is enforceable and will be enforced by the related Mortgage
      Loan Seller and each prepayment penalty is permitted pursuant to federal, state
      and local law.  In addition, with respect to each Mortgage Loan (i) no
      Mortgage Loan will impose a prepayment penalty for a term in excess of five
      years from the date such Mortgage Loan was originated and (ii) such prepayment
      penalty is at least equal to the lesser of (A) the maximum amount permitted
      under applicable law and (B) six months interest at the related Mortgage
      Interest Rate on the amount prepaid in excess of 20% of the original principal
      balance of such Mortgage Loan.

     

    (y)  If
      any of
      the Mortgage Loans are secured by a leasehold interest, with respect to each
      leasehold interest: the use of leasehold estates for residential properties
      is
      an accepted practice in the area where the related Mortgaged Property is
      located; residential property in such area consisting of leasehold estates
      is
      readily marketable; the lease is recorded and no party is in any way in breach
      of any provision of such lease; the leasehold is in full force and effect and
      is
      not subject to any prior lien or encumbrance by which the leasehold could be
      terminated or subject to any charge or penalty; and the remaining term of the
      lease does not terminate less than ten years after the maturity date of such
      Mortgage Loan.

     

    (z)  Each
      Mortgage Loan was originated (a)  by a savings and loan association,
      savings bank, commercial bank, credit union, insurance company or similar
      institution that is supervised and examined by a federal or state authority,
      (b)
      by a mortgagee approved by the Secretary of Housing and Urban Development
      pursuant to Sections 203 and 211 of the National Housing Act, as amended, or
      (c)
      by a mortgage broker or correspondent lender in a manner such that the related
      Mortgage Loan would be regarded for purposes of Section 3(a)(41) of the
      Securities Exchange Act of 1934, as amended, as having been originated by an
      entity described in clauses (a) or (b) above.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      this
      Section 7 will inure to the benefit of the Purchaser, its successors and
      assigns, notwithstanding any restrictive or qualified endorsement on any
      Mortgage Note or assignment of Mortgage or the examination of any Mortgage
      File.
      Upon any substitution for a Mortgage Loan, the representations and warranties
      set forth above shall be deemed to be made by the Mortgage Loan Seller as to
      any
      Replacement Mortgage Loan as of the date of substitution.

     

    Upon
      discovery or receipt of notice by EMC, the Purchaser or the Trustee of a breach
      of any representation or warranty of EMC set forth in this Section 7 which
      materially and adversely affects the value of the interests of the Purchaser,
      the Certificateholders or the Trustee in any of the Mortgage Loans delivered
      to
      the Purchaser pursuant to this Agreement, the party discovering or receiving
      notice of such breach shall give prompt written notice to the
      others.  In the case of any such breach of a representation or
      warranty set forth in this Section 7, within 90 days from the date of discovery
      by EMC, or the date EMC is notified by the party discovering or receiving notice
      of such breach (whichever occurs earlier), EMC will (i) cure such breach in
      all
      material respects, (ii) purchase the affected Mortgage Loan at the applicable
      Purchase Price or (iii) if within two years of the Closing Date, substitute
      a
      qualifying Replacement Mortgage Loan in exchange for such Mortgage Loan;
      provided that, (A) in the case of a breach of the representation and warranty
      concerning the Mortgage Loan Schedule contained in clause (a) of this Section
      7,
      if such breach is material and relates to any field on the Mortgage Loan
      Schedule which identifies any Prepayment Charge or (B) in the case of a breach
      of the representation contained in clause (x) of this Section 7, then, in each
      case, in lieu of purchasing such Mortgage Loan from the Trust Fund at the
      Purchase Price, EMC shall pay the amount of the Prepayment Charge (net of any
      amount previously collected by or paid to the Trust Fund in respect of such
      Prepayment Charge) from its own funds and without reimbursement therefor, and
      EMC shall have no obligation to repurchase or substitute for such Mortgage
      Loan.
      The obligations of EMC to cure, purchase or substitute a qualifying Replacement
      Mortgage Loan shall constitute the Purchaser’s, the Trustee’s and the
      Certificateholder’s sole and exclusive remedy under this Agreement or otherwise
      respecting a breach of representations or warranties hereunder with respect
      to
      the Mortgage Loans, except for the obligation of EMC to indemnify the Purchaser
      for such breach as set forth in and limited by Section 14 hereof.

     

    Any
      cause
      of action against EMC or relating to or arising out of a breach by EMC of any
      representations and warranties made in this Section 7 shall accrue as to any
      Mortgage Loan upon (i) discovery of such breach by EMC or notice thereof by
      the
      party discovering such breach and (ii) failure by EMC to cure such breach,
      purchase such Mortgage Loan or substitute a qualifying Replacement Mortgage
      Loan
      pursuant to the terms hereof.

     

    SECTION
      8.  Representations
      and Warranties Concerning EMC. As of the date hereof and as of the Closing
      Date, EMC represents and warrants to the Purchaser and Master Funding as to
      itself in the capacity indicated as follows:

     

    (a)  EMC
      (i)
      is a corporation duly organized, validly existing and in good standing under
      the
      laws of the State of Delaware and (ii) is qualified and in good standing to
      do
      business in each jurisdiction where such qualification is necessary, except
      where the failure so to qualify would not reasonably be expected to have a
      material adverse effect on EMC’s business as presently conducted or on EMC’s
      ability to enter into this Agreement or any other Transaction Document to which
      it is a party and to consummate the transactions contemplated hereby or
      thereby;

     

    (b)  EMC
      has
      full power to own its property, to carry on its business as presently conducted
      and to enter into and perform its obligations under this Agreement or any other
      Transaction Document to which it is a party;

     

    (c)  the
      execution and delivery by EMC of this Agreement and any other Transaction
      Document to which it is a party has been duly authorized by all necessary action
      on the part of EMC; and neither the execution and delivery of this Agreement
      or
      any other Transaction Document to which it is a party, nor the consummation
      of
      the transactions herein or therein contemplated, nor compliance with the
      provisions hereof or thereof, will conflict with or result in a breach of,
      or
      constitute a default under, any of the provisions of any law, governmental
      rule,
      regulation, judgment, decree or order binding on EMC or its properties or the
      charter or by-laws of EMC, except those conflicts, breaches or defaults which
      would not reasonably be expected to have a material adverse effect on EMC’s
      ability to enter into this Agreement or any other Transaction Document to which
      it is a party and to consummate the transactions contemplated hereby or
      thereby;

     

    (d)  the
      execution, delivery and performance by EMC of this Agreement and the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (e)  each
      of
      this Agreement and the other Transaction Document to which it is a party has
      been duly executed and delivered by EMC and, assuming due authorization,
      execution and delivery by the Purchaser, constitutes a valid and binding
      obligation of EMC enforceable against it in accordance with its terms (subject
      to applicable bankruptcy and insolvency laws and other similar laws affecting
      the enforcement of the rights of creditors generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of EMC, threatened
      against EMC, before or by any court, administrative agency, arbitrator or
      governmental body (i) with respect to any of the transactions contemplated
      by
      this Agreement or any other Transaction Document to which it is a party or
      (ii)
      with respect to any other matter which in the judgment of EMC could reasonably
      be expected to be determined adversely to EMC and will if determined adversely
      to EMC materially and adversely affect EMC’s ability to perform its obligations
      under this Agreement or any other Transaction Document to which it is a party;
      and EMC is not in default with respect to any order of any court, administrative
      agency, arbitrator or governmental body so as to materially and adversely affect
      the transactions contemplated by this Agreement; and

     

    (g)  The
      Mortgage Loan Seller’s Information (as defined in Section 14(a) hereof) does not
      include any untrue statement of a material fact or omit to state a material
      fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    SECTION
      9.  Representations
      and Warranties Concerning the Purchaser.  As of the date hereof
      and as of the Closing Date, the Purchaser represents and warrants to the
      Mortgage Loan Sellers as follows:

     

    (a)  the
      Purchaser (i) is a limited liability company duly organized, validly existing
      and in good standing under the laws of the State of Delaware and (ii) is
      qualified and in good standing to do business in each jurisdiction where such
      qualification is necessary, except where the failure so to qualify would not
      reasonably be expected to have a material adverse effect on the Purchaser’s
      business as presently conducted or on the Purchaser’s ability to enter into this
      Agreement or any other Transaction Document to which it is a party and to
      consummate the transactions contemplated hereby or thereby;

     

    (b)  the
      Purchaser has full power to own its property, to carry on its business as
      presently conducted and to enter into and perform its obligations under this
      Agreement or any other Transaction Document to which it is a party;

     

    (c)  the
      execution and delivery by the Purchaser of this Agreement or any other
      Transaction Document to which it is a party has been duly authorized by all
      necessary action on the part of the Purchaser; and neither the execution and
      delivery of this Agreement, nor the consummation of the transactions herein
      contemplated, nor compliance with the provisions hereof or thereof, will
      conflict with or result in a breach of, or constitute a default under, any
      of
      the provisions of any law, governmental rule, regulation, judgment, decree
      or
      order binding on the Purchaser or its properties or the certificate of formation
      or limited liability company agreement of the Purchaser, except those conflicts,
      breaches or defaults which would not reasonably be expected to have a material
      adverse effect on the Purchaser’s ability to enter into this Agreement or any
      other Transaction Document to which it is a party and to consummate the
      transactions contemplated hereby or thereby;

     

    (d)  the
      execution, delivery and performance by the Purchaser of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made;

     

    (e)  each
      of
      this Agreement and the other Transaction Documents to which it is a party has
      been duly executed and delivered by the Purchaser and, assuming due
      authorization, execution and delivery by the Mortgage Loan Sellers, constitutes
      a valid and binding obligation of the Purchaser enforceable against it in
      accordance with its terms (subject to applicable bankruptcy and insolvency
      laws
      and other similar laws affecting the enforcement of the rights of creditors
      generally);

     

    (f)  there
      are
      no actions, suits or proceedings pending or, to the knowledge of the Purchaser,
      threatened against the Purchaser, before or by any court, administrative agency,
      arbitrator or governmental body (i) with respect to any of the transactions
      contemplated by this Agreement and the other Transaction Documents to which
      it
      is a party or (ii) with respect to any other matter which in the judgment of
      the
      Purchaser will be determined adversely to the Purchaser and will if determined
      adversely to the Purchaser materially and adversely affect the Purchaser’s
      ability to perform its obligations under this Agreement and the other
      Transaction Documents to which it is a party; and the Purchaser is not in
      default with respect to any order of any court, administrative agency,
      arbitrator or governmental body so as to materially and adversely affect the
      transactions contemplated by this Agreement and the other Transaction Documents
      to which it is a party; and

     

    (g)  the
      Purchaser’s Information (as defined in Section 14(b) hereof) does not include
      any untrue statement of a material fact or omit to state a material fact
      necessary in order to make the statements made, in light of the circumstances
      under which they were made, not misleading.

     

    SECTION
      10.  Representations
      and Warranties Concerning Master Funding.  As of the date hereof
      and as of the Closing Date, Master Funding represents and warrants to EMC and
      the Purchaser as follows:

     

    (a)  Master
      Funding (i) is a limited liability company duly organized, validly existing
      and
      in good standing under the laws of the State of Delaware and (ii) is qualified
      and in good standing to do business in each jurisdiction where such
      qualification is necessary, except where the failure so to qualify would not
      reasonably be expected to have a material adverse effect on Master Funding’s
      business as presently conducted or on Master Funding’s ability to enter into
      this Agreement and to consummate the transactions contemplated
      hereby;

     

    (b)  Master
      Funding has full power to own its property, to carry on its business as
      presently conducted and to enter into and perform its obligations under this
      Agreement;

     

    (c)  The
      execution and delivery by Master Funding of this Agreement has been duly
      authorized by all necessary action on the part of Master Funding; and neither
      the execution and delivery of this Agreement, nor the consummation of the
      transactions herein contemplated, nor compliance with the provisions hereof
      or
      thereof, will conflict with or result in a breach of, or constitute a default
      under, any of the provisions of any law, governmental rule, regulation,
      judgment, decree or order binding on Master Funding or its properties or the
      written consent of the sole member or limited liability company agreement of
      Master Funding, except those conflicts, breaches or defaults which would not
      reasonably be expected to have a material adverse effect on Master Funding’s
      ability to enter into this Agreement and to consummate the transactions
      contemplated hereby;

     

    (d)  The
      execution, delivery and performance by Master Funding of this Agreement and
      the
      consummation of the transactions contemplated hereby do not require the consent
      or approval of, the giving of notice to, the registration with, or the taking
      of
      any other action in respect of, any state, federal or other governmental
      authority or agency, except those consents, approvals, notices, registrations
      or
      other actions as have already been obtained, given or made and, in connection
      with the recordation of the Mortgages, powers of attorney or assignments of
      Mortgages not yet completed;

     

    (e)  This
      Agreement has been duly executed and delivered by Master Funding and, assuming
      due authorization, execution and delivery by the Purchaser or the parties
      thereto, constitutes a valid and binding obligation of Master Funding
      enforceable against it in accordance with its terms (subject to applicable
      bankruptcy and insolvency laws and other similar laws affecting the enforcement
      of the rights of creditors generally); and

     

    (f)  There
      are
      no actions, suits or proceedings pending or, to the knowledge of Master Funding,
      threatened against Master Funding, before or by any court, administrative
      agency, arbitrator or governmental body (i) with respect to any of the
      transactions contemplated by this Agreement or (ii) with respect to any other
      matter which in the judgment of Master Funding could reasonably be expected
      to
      be determined adversely to Master Funding and if determined adversely to Master
      Funding materially and adversely affect Master Funding’s ability to perform its
      obligations under this Agreement; and Master Funding is not in default with
      respect to any order of any court, administrative agency, arbitrator or
      governmental body so as to materially and adversely affect the transactions
      contemplated by this Agreement.

     

    SECTION
      11.  Conditions
      to Closing.

     

    (a)  The
      obligations of the Purchaser under this Agreement will be subject to the
      satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (1)  Each
      of
      the obligations of each Mortgage Loan Seller required to be performed at or
      prior to the Closing Date pursuant to the terms of this Agreement shall have
      been duly performed and complied with in all material respects; all of the
      representations and warranties of each Mortgage Loan Seller under this Agreement
      shall be true and correct as of the date or dates specified in all material
      respects; and no event shall have occurred which, with notice or the passage
      of
      time, would constitute a default under this Agreement or any of the Transaction
      Documents; and the Purchaser shall have received certificates to that effect
      signed by authorized officers of each of the Mortgage Loan Sellers.

     

    (2)  The
      Purchaser shall have received all of the following closing documents, in such
      forms as are agreed upon and reasonably acceptable to the Purchaser, duly
      executed by all signatories other than the Purchaser as required pursuant to
      the
      respective terms thereof:

     

    (i)  The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to the Trustee and the Purchaser, and all documents required thereby duly
      executed by all signatories;

     

    (ii)  A
      certificate of an officer of EMC dated as of the Closing Date, in a form
      reasonably acceptable to the Purchaser, and attached thereto the resolutions
      of
      EMC authorizing the transactions contemplated by this Agreement, together with
      copies of the articles of incorporation, by-laws and certificate of good
      standing of EMC;

     

    (iii)  A
      certificate of an officer of Master Funding dated as of the Closing Date, in
      a
      form reasonably acceptable to the Purchaser, and attached thereto the
      resolutions of Master Funding authorizing the transactions contemplated by
      this
      Agreement, together with copies of the written consent of the sole member,
      limited liability company agreement and certificate of good standing of Master
      Funding;

     

    (iv)  One
      or
      more opinions of counsel from the Mortgage Loan Sellers’ counsel otherwise in
      form and substance reasonably satisfactory to the Purchaser, the Trustee and
      each Rating Agency;

     

    (v)  A
      letter
      from each of the Rating Agencies giving each Class of Certificates set forth
      on
      Schedule A hereto the rating set forth therein; and

     

    (vi)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      ratings from each Rating Agency for the Certificates.

     

    (3)  The
      Certificates to be sold to Bear Stearns pursuant to the Underwriting Agreement
      shall have been issued and sold to Bear Stearns.

     

    (4)  Each
      Mortgage Loan Seller shall have furnished to the Purchaser such other
      certificates of its officers or others and such other documents and opinions
      of
      counsel to evidence fulfillment of the conditions set forth in this Agreement
      and the transactions contemplated hereby as the Purchaser and their respective
      counsel may reasonably request.

     

    (b)  The
      obligations of each Mortgage Loan Seller under this Agreement shall be subject
      to the satisfaction, on or prior to the Closing Date, of the following
      conditions:

     

    (1)  The
      obligations of the Purchaser required to be performed by it on or prior to
      the
      Closing Date pursuant to the terms of this Agreement shall have been duly
      performed and complied with in all material respects, and all of the
      representations and warranties of the Purchaser under this Agreement shall
      be
      true and correct in all material respects as of the date hereof and as of the
      Closing Date, and no event shall have occurred which would constitute a breach
      by it of the terms of this Agreement or any of the Transaction Documents, and
      each Mortgage Loan Seller shall have received a certificate to that effect
      signed by an authorized officer of the Purchaser.

     

    (2)  Each
      Mortgage Loan Seller shall have received copies of all of the following closing
      documents, in such forms as are agreed upon and reasonably acceptable to each
      Mortgage Loan Seller, duly executed by all signatories other than the related
      Mortgage Loan Seller as required pursuant to the respective terms
      thereof:

     

    (i)  The
      Pooling and Servicing Agreement, in form and substance reasonably satisfactory
      to EMC, and all documents required thereby duly executed by all
      signatories;

     

    (ii)  A
      certificate of an officer of the Purchaser dated as of the Closing Date, in
      a
      form reasonably acceptable to each Mortgage Loan Seller, and attached thereto
      the written consent of the member of the Purchaser authorizing the transactions
      contemplated by this Agreement and the other Transaction Documents to which
      it
      is a party, together with copies of the Purchaser’s certificate of formation,
      limited liability company agreement, and evidence as to the good standing of
      the
      Purchaser dated as of a recent date;

     

    (iii)  One
      or
      more opinions of counsel from the Purchaser’s counsel in form and substance
      reasonably satisfactory to each Mortgage Loan Seller and the Rating Agencies;
      and

     

    (iv)  Such
      other documents, certificates (including additional representations and
      warranties) and opinions as may be reasonably necessary to secure the intended
      rating from each Rating Agency for the Certificates.

     

    SECTION
      12.  Fees
      and Expenses.  Subject to Section 17 hereof, EMC (on its own
      behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall pay
      on
      the Closing Date or such later date as may be agreed to by the Purchaser (i)
      the
      fees and expenses of the Mortgage Loan Sellers’ attorneys and the reasonable
      fees and expenses of the Purchaser’s attorneys, (ii) the fees and expenses of
      Deloitte & Touche LLP, (iii) the fee for the use of Purchaser’s Registration
      Statement based on the aggregate original principal amount of the Certificates
      and the filing fee of the Commission as in effect on the date on which the
      Registration Statement was declared effective, (iv) the fees and expenses
      including counsel’s fees and expenses in connection with any “blue sky” and
      legal investment matters, (v) the fees and expenses of the Trustee which shall
      include without limitation the fees and expenses of the Trustee (and the fees
      and disbursements of its counsel) with respect to (A) legal and document review
      of this Agreement, the Pooling and Servicing Agreement, the Certificates and
      related agreements, (B) attendance at the Closing and (C) review of the Mortgage
      Loans to be performed by the Trustee or the Custodian on its behalf, (vi) the
      expenses for printing or otherwise reproducing the Certificates, the Prospectus
      and the Prospectus Supplement, (vii) the fees and expenses of each Rating Agency
      (both initial and ongoing), (viii) the fees and expenses relating to the
      preparation and recordation of mortgage assignments (including intervening
      assignments, if any and if available, to evidence a complete chain of title
      from
      the originator to the Trustee) from each Mortgage Loan Seller to the Trustee
      or
      the expenses relating to the Opinion of Counsel referred to in Section 6(a)
      hereof, as the case may be, and (ix) Mortgage File due diligence expenses and
      other out-of-pocket expenses incurred by the Purchaser in connection with the
      purchase of the Mortgage Loans and by Bear Stearns in connection with the sale
      of the Certificates. EMC (on its own behalf as a Mortgage Loan Seller and on
      behalf of Master Funding) additionally agrees to pay directly to any third
      party
      on a timely basis the fees provided for above which are charged by such third
      party and which are billed periodically.

     

    SECTION
      13.  Accountants’
      Letters.

     

    (a)  Deloitte
      & Touche LLP will review the characteristics of a sample of the Mortgage
      Loans described in the Mortgage Loan Schedule and will compare those
      characteristics to the description of the Mortgage Loans contained in the
      Prospectus Supplement under the captions “Summary—The Mortgage Loans” and “The
      Mortgage Pool” and in Schedule A thereto.  EMC (on its own behalf as a
      Mortgage Loan Seller and on behalf of Master Funding) will cooperate with the
      Purchaser in making available all information and taking all steps reasonably
      necessary to permit such accountants to complete the review and to deliver
      the
      letters required of them under the Underwriting Agreement. Deloitte & Touche
      LLP will also confirm certain calculations as set forth under the caption
“Yield, Prepayment and Maturity Considerations” in the Prospectus
      Supplement.

     

    (b)  To
      the
      extent statistical information with respect to EMC’s servicing portfolio is
      included in the Prospectus Supplement under the caption “Servicing of the
      Mortgage Loans—EMC,” a letter from the certified public accountant for EMC will
      be delivered to the Purchaser dated the date of the Prospectus Supplement,
      in
      the form previously agreed to by EMC and the Purchaser, with respect to such
      statistical information.

     

    SECTION
      14.  Indemnification.

     

    (a)  EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall
      indemnify and hold harmless the Purchaser and its directors, officers and
      controlling persons (as defined in Section 15 of the Securities Act) from and
      against any loss, claim, damage or liability or action in respect thereof,
      to
      which they or any of them may become subject, under the Securities Act or
      otherwise, insofar as such loss, claim, damage, liability or action arises
      out
      of, or is based upon any untrue statement of a material fact contained in the
      Mortgage Loan Sellers’ Information as identified in Exhibit 3, the
      omission to state in the Term Sheet Supplement, the Prospectus Supplement or
      Prospectus (or any amendment thereof or supplement thereto approved by EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) and
      in
      which additional Mortgage Loan Sellers’ Information is identified), in reliance
      upon and in conformity with Mortgage Loan Sellers’ Information a material fact
      required to be stated therein or necessary to make the statements therein in
      light of the circumstances in which they were made, not misleading; and EMC
      (on
      its own behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall
      reimburse the Purchaser and each other indemnified party for any legal and
      other
      expenses reasonably incurred by them in connection with investigating or
      defending or preparing to defend against any such loss, claim, damage, liability
      or action.

     

    The
      foregoing indemnity agreement is in addition to any liability which EMC or
      Master Funding otherwise may have to the Purchaser or any other such indemnified
      party.

     

    (b)  The
      Purchaser shall indemnify and hold harmless each Mortgage Loan Seller and its
      respective directors, officers and controlling persons (as defined in Section
      15
      of the Securities Act) from and against any loss, claim, damage or liability
      or
      action in respect thereof, to which they or any of them may become subject,
      under the Securities Act or otherwise, insofar as such loss, claim, damage,
      liability or action arises out of, or is based upon any untrue statement of
      a
      material fact contained in the Purchaser’s Information as identified in
Exhibit 4, the omission to state in the Prospectus Supplement or
      Prospectus (or any amendment thereof or supplement thereto approved by the
      Purchaser and in which additional Purchaser’s Information is identified), in
      reliance upon and in conformity with the Purchaser’s Information, a material
      fact required to be stated therein or necessary to make the statements therein
      in light of the circumstances in which they were made, not misleading; and
      the
      Purchaser shall reimburse each Mortgage Loan Seller, and each other indemnified
      party for any legal and other expenses reasonably incurred by them in connection
      with investigating or defending or preparing to defend any such loss, claim,
      damage, liability or action. The foregoing indemnity agreement is in addition
      to
      any liability which the Purchaser otherwise may have to the Mortgage Loan
      Sellers, or any other such indemnified party.

     

    (c)  Promptly
      after receipt by an indemnified party under subsection (a) or (b) above of
      notice of the commencement of any action, such indemnified party shall, if
      a
      claim in respect thereof is to be made against the indemnifying party under
      such
      subsection, notify each party against whom indemnification is to be sought
      in
      writing of the commencement thereof (but the failure so to notify an
      indemnifying party shall not relieve it from any liability which it may have
      under this Section 14 except to the extent that it has been prejudiced in any
      material respect by such failure or from any liability which it may have
      otherwise). In case any such action is brought against any indemnified party,
      and it notifies an indemnifying party of the commencement thereof, the
      indemnifying party will be entitled to participate therein and, to the extent
      it
      may elect by written notice delivered to the indemnified party promptly (but,
      in
      any event, within 30 days) after receiving the aforesaid notice from such
      indemnified party, to assume the defense thereof with counsel reasonably
      satisfactory to such indemnified party. Notwithstanding the foregoing, the
      indemnified party or parties shall have the right to employ its or their own
      counsel in any such case, but the fees and expenses of such counsel shall be
      at
      the expense of such indemnified party or parties unless (i) the employment
      of
      such counsel shall have been authorized in writing by one of the indemnifying
      parties in connection with the defense of such action, (ii) the indemnifying
      parties shall not have employed counsel to have charge of the defense of such
      action within a reasonable time after notice of commencement of the action,
      or
      (iii) such indemnified party or parties shall have reasonably concluded that
      there is a conflict of interest between itself or themselves and the
      indemnifying party in the conduct of the defense of any claim or that the
      interests of the indemnified party or parties are not substantially co-extensive
      with those of the indemnifying party (in which case the indemnifying parties
      shall not have the right to direct the defense of such action on behalf of
      the
      indemnified party or parties), in any of which events such fees and expenses
      shall be borne by the indemnifying parties (provided, however,
      that the indemnifying party shall be liable only for the fees and expenses
      of
      one counsel in addition to one local counsel in the jurisdiction involved.
      Anything in this subsection to the contrary notwithstanding, an indemnifying
      party shall not be liable for any settlement or any claim or action effected
      without its written consent; provided, however, that such consent
      was not unreasonably withheld.

     

    (d)  If
      the
      indemnification provided for in paragraphs (a) and (b) of this Section 14 shall
      for any reason be unavailable to an indemnified party in respect of any loss,
      claim, damage or liability, or any action in respect thereof, referred to in
      Section 14, then the indemnifying party shall in lieu of indemnifying the
      indemnified party contribute to the amount paid or payable by such indemnified
      party as a result of such loss, claim, damage or liability, or action in respect
      thereof, in such proportion as shall be appropriate to reflect the relative
      benefits received by the Mortgage Loan Sellers on the one hand and the Purchaser
      on the other from the purchase and sale of the Mortgage Loans, the offering
      of
      the Certificates and the other transactions contemplated hereunder. No person
      found liable for a fraudulent misrepresentation shall be entitled to
      contribution from any person who is not also found liable for such fraudulent
      misrepresentation.

     

    (e)  The
      parties hereto agree that reliance by an indemnified party on any publicly
      available information or any information or directions furnished by an
      indemnifying party shall not constitute negligence, bad faith or willful
      misconduct by such indemnified party.

     

    SECTION
      15.  Notices.  All
      demands, notices and communications hereunder shall be in writing but may be
      delivered by facsimile transmission subsequently confirmed in writing. Notices
      to EMC shall be directed to EMC Mortgage Corporation, 2780 Lake Vista Drive,
      Lewisville, Texas 75067, (Facsimile: (214) 626-4889), Attention: Michelle Viner;
      notices to Master Funding shall be directed to Master Funding LLC, 2780 Lake
      Vista Drive, Lewisville, Texas 75067 (Facsimile: (214) 626-4889) Attention:
      Mark
      Novachek; and notices to the Purchaser shall be directed to Bear Stearns Asset
      Backed Securities I LLC, 383 Madison Avenue, New York, New York 10179,
      (Telecopy: (212) 272-7206), Attention: Chief Counsel; or to any other address
      as
      may hereafter be furnished by one party to the other party by like notice.
      Any
      such demand, notice or communication hereunder shall be deemed to have been
      received on the date received at the premises of the addressee (as evidenced,
      in
      the case of registered or certified mail, by the date noted on the return
      receipt) provided that it is received on a business day during normal business
      hours and, if received after normal business hours, then it shall be deemed
      to
      be received on the next business day.

     

    SECTION
      16.  Transfer
      of Mortgage Loans.  The Purchaser retains the right to assign the
      Mortgage Loans and any or all of its interest under this Agreement to the
      Trustee without the consent of the Mortgage Loan Sellers, and, upon such
      assignment, the Trustee shall succeed to the applicable rights and obligations
      of the Purchaser hereunder; provided, however, the Purchaser shall
      remain entitled to the benefits set forth in Sections 12, 14 and 18 hereto
      and
      as provided in Section 2(a). Notwithstanding the foregoing, the sole and
      exclusive right and remedy of the Trustee with respect to a breach of
      representation or warranty of the Mortgage Loan Sellers shall be the cure,
      purchase or substitution obligations of EMC contained in Sections 5 and 7
      hereof.

     

    SECTION
      17.  Termination.  This
      Agreement may be terminated (a) by the mutual consent of the parties hereto
      prior to the Closing Date, (b) by the Purchaser, if the conditions to the
      Purchaser’s obligation to close set forth under Section 11(a) hereof are not
      fulfilled as and when required to be fulfilled or (c) by any Mortgage Loan
      Seller, if the conditions to the Mortgage Loan Sellers’ obligation to close set
      forth under Section 11(b) hereof are not fulfilled as and when required to
      be
      fulfilled. In the event of termination pursuant to clause (b), EMC (on its
      own
      behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall pay,
      and
      in the event of termination pursuant to clause (c), the Purchaser shall pay,
      all
      reasonable out-of-pocket expenses incurred by the other in connection with
      the
      transactions contemplated by this Agreement. In the event of a termination
      pursuant to clause (a), each party shall be responsible for its own
      expenses.

     

    SECTION
      18.  Representations,
      Warranties and Agreements to Survive Delivery.  All
      representations, warranties and agreements contained in this Agreement, or
      contained in certificates of officers of the Mortgage Loan Sellers submitted
      pursuant hereto, shall remain operative and in full force and effect and shall
      survive delivery of the Mortgage Loans to the Purchaser (and by the Purchaser
      to
      the Trustee). Subsequent to the delivery of the Mortgage Loans to the Purchaser,
      EMC’s representations and warranties contained herein with respect to the
      Mortgage Loans shall be deemed to relate to the Mortgage Loans actually
      delivered to the Purchaser and included in the Mortgage Loan Schedule and any
      Replacement Mortgage Loan. 

     

    SECTION
      19.  Severability.  If
      any provision of this Agreement shall be prohibited or invalid under applicable
      law, this Agreement shall be ineffective only to such extent, without
      invalidating the remainder of this Agreement.

     

    SECTION
      20.  Counterparts.  This
      Agreement may be executed in counterparts, each of which will be an original,
      but which together shall constitute one and the same agreement.

     

    SECTION
      21.  Amendment.  This
      Agreement cannot be amended or modified in any manner without the prior written
      consent of each party.

     

    SECTION
      22.  GOVERNING
      LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
      OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW.

     

    SECTION
      23.  Further
      Assurances.  Each of the parties agrees to execute and deliver
      such instruments and take such actions as another party may, from time to time,
      reasonably request in order to effectuate the purpose and to carry out the
      terms
      of this Agreement including any amendments hereto which may be required by
      either Rating Agency.

     

    SECTION
      24.  Successors
      and Assigns.

     

    (a)  This
      Agreement shall bind and inure to the benefit of and be enforceable by each
      of
      the Mortgage Loan Sellers and the Purchaser and their permitted successors
      and
      assigns and, to the extent specified in Section 14 hereof, Bear Stearns, and
      their directors, officers and controlling persons (within the meaning of federal
      securities laws). The Mortgage Loan Sellers acknowledge and agree that the
      Purchaser may assign its rights under this Agreement (including, without
      limitation, with respect to the EMC’s representations and warranties respecting
      the Mortgage Loans) to the Trustee. Any person into which any Mortgage Loan
      Seller may be merged or consolidated (or any person resulting from any merger
      or
      consolidation involving such Mortgage Loan Seller), any person resulting from
      a
      change in form of such Mortgage Loan Seller or any person succeeding to the
      business of such Mortgage Loan Seller, shall be considered the “successor” of
      such Mortgage Loan Seller hereunder and shall be considered a party hereto
      without the execution or filing of any paper or any further act or consent
      on
      the part of any party hereto. Except as provided in the two preceding sentences,
      this Agreement cannot be assigned, pledged or hypothecated by either party
      hereto without the written consent of the other parties to this Agreement and
      any such assignment or purported assignment shall be deemed null and
      void.

     

    SECTION
      25.  The
      Mortgage Loan Sellers.  EMC will keep in full force and effect its
      existence, all rights and franchises as a corporation under the laws of the
      State of its incorporation and will obtain and preserve its qualification to
      do
      business as a foreign corporation in each jurisdiction in which such
      qualification is necessary to perform its obligations under this
      Agreement.  Master Funding will keep in full force and effect its
      existence, all rights and franchises as a limited liability company under the
      laws of the State of its formation and will obtain and preserve its
      qualification to do business as a foreign limited liability company in each
      jurisdiction in which such qualification is necessary to perform its obligations
      under this Agreement.

     

    SECTION
      26.  Entire
      Agreement.  This Agreement contains the entire agreement and
      understanding between the parties with respect to the subject matter hereof,
      and
      supersedes all prior and contemporaneous agreements, understandings, inducements
      and conditions, express or implied, oral or written, of any nature whatsoever
      with respect to the subject matter hereof.

     

    SECTION
      27.  No
      Partnership.  Nothing herein contained shall be deemed or
      construed to create a partnership or joint venture between the parties
      hereto.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

      

    IN
      WITNESS WHEREOF, the parties hereto have caused their names to be signed hereto
      by their respective duly authorized officers as of the date first above
      written.

     

    
      	 	EMC
              MORTGAGE
              CORPORATION	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name: 	 	 
	 	Title:	 	 
	 	 	 	 

    

     

    
      	 	
              BEAR
                STEARNS ASSET BACKED

              SECURITIES
                I LLC

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name: 	 	 
	 	Title:	 	 
	 	 	 	 

    

     

    
      	 	MASTER
              FUNDING LLC	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	Name: 	 	 
	 	Title:	 	 
	 	 	 	 

    

     

    

    EXHIBIT
      1

    CONTENTS
      OF MORTGAGE FILE

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items, which shall be available for inspection by the Purchaser or
      its
      designee, and which shall be delivered to the Purchaser or its designee pursuant
      to the terms of this Agreement.

     

    (i)  The
      original Mortgage Note, including any riders thereto, endorsed without recourse
      to the order of “Wells Fargo Bank, National Association”, as Trustee for
      certificateholders of Bear Stearns Asset Backed Securities I Trust 2007-AC5,
      Asset-Backed Certificates, Series 2007-AC5,” or to blank and showing to the
      extent available to the Mortgage Loan Sellers an unbroken chain of endorsements
      from the related originator, at the time they made the initial endorsement,
      to
      the last endorsee up to and including the point the sponsor acquired such
      mortgage loan;

     

    (ii)  the
      original Mortgage and, if the related Mortgage Loan is a MOM Loan, noting the
      presence of the MIN and language indicating that such Mortgage Loan is a MOM
      Loan, which shall have been recorded (or, for Mortgage Loans other than the
      EMC
      Flow Loans, if the original is not available, a copy), with evidence of such
      recording indicated thereon (or if clause (x) in the proviso below applies,
      shall be in recordable form);

     

    (iii)  unless
      the Mortgage Loan is a MOM Loan, the assignment (either an original or a copy,
      which may be in the form of a blanket assignment if permitted in the
      jurisdiction in which the Mortgaged Property is located) to blank or to the
      Trustee of the Mortgage with respect to each Mortgage Loan in the name of “Wells
      Fargo Bank, National Association”, as Trustee for certificateholders of Bear
      Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
      Series 2007-AC5,” which shall have been recorded (or if clause (x) in the
      proviso below applies, shall be in recordable form);

     

    (iv)  an
      original or a copy of all intervening assignments of the Mortgage, if any,
      with
      evidence of recording thereon;

     

    (v)  With
      respect to any Mortgage Loan, the original policy of title insurance or
      mortgagee’s certificate of title insurance or commitment or binder for title
      insurance or, in the event such original title policy has not been received
      from
      the title insurer, such original title policy will be delivered within one
      year
      of the Closing Date or, in the event such original title policy is unavailable,
      a photocopy of such title policy or, in lieu thereof, a current lien search
      on
      the related Mortgaged Property; and

     

    (vi)  originals
      or copies of all available assumption, modification or substitution agreements,
      if any;

     

    provided,
      however, that in lieu of the foregoing, the related Mortgage Loan Seller may
      deliver the following documents, under the circumstances set forth below: (x)
      if
      any Mortgage, assignment thereof to the Trustee or intervening assignments
      thereof have been delivered or are being delivered to recording offices for
      recording and have not been returned in time to permit their delivery as
      specified above, the Purchaser may deliver a true copy thereof with a
      certification on the face of such copy, substantially as follows: “Certified to
      be a true and correct copy of the original”; (y) in lieu of the Mortgage (other
      than the Mortgages related to the EMC Flow Loans), assignment or intervening
      assignments thereof, if the applicable jurisdiction retains the originals of
      such documents (as evidenced by a certification from the Depositor to such
      effect) the Depositor may deliver, or cause to be delivered, photocopies of
      such
      documents containing an original certification by the judicial or other
      governmental authority of the jurisdiction where such documents were recorded;
      and (z) in lieu of the Mortgage Notes relating to the Mortgage Loans identified
      in the list set forth in Exhibit I to the Pooling and Servicing Agreement,
      the
      Purchaser may deliver a lost note affidavit and indemnity and a copy of the
      original note, if available; and provided, further, however, that in the case
      of
      Mortgage Loans which have been prepaid in full after the Cut-off Date and prior
      to the Closing Date, the Purchaser, in lieu of delivering the above documents,
      may deliver to the Trustee and its Custodian a certification of a Servicing
      Officer to such effect and in such case shall deposit all amounts paid in
      respect of such Mortgage Loans, in the Master Servicer Collection Account or
      in
      the Distribution Account on the Closing Date. In the case of the documents
      referred to in clause (x) above, the Purchaser shall deliver such documents
      to
      the Trustee or its Custodian promptly after they are received. EMC (on its
      own
      behalf as a Mortgage Loan Seller and on behalf of Master Funding) shall cause,
      at its expense, the Mortgage and intervening assignments, if any, and to the
      extent required in accordance with the foregoing, the assignment of the Mortgage
      to the Trustee to be submitted for recording promptly after the Closing Date;
      provided that EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding) need not cause to be recorded any assignment (a) in any
      jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
      addressed to the Trustee delivered by EMC (on its own behalf as a Mortgage
      Loan
      Seller and on behalf of Master Funding) to the Trustee and the Rating Agencies,
      the recordation of such assignment is not necessary to protect the Trustee’s
      interest in the related Mortgage Loan or (b) if MERS is identified on the
      Mortgage or on a properly recorded assignment of the Mortgage as mortgagee
      of
      record solely as nominee for EMC (on its own behalf as a Mortgage Loan Seller
      and on behalf of Master Funding) and its successors and assigns.  In
      the event that EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of
      Master Funding), the Purchaser or the Master Servicer gives written notice
      to
      the Trustee that a court has recharacterized the sale of the Mortgage Loans
      as a
      financing, EMC (on its own behalf as a Mortgage Loan Seller and on behalf of
      Master Funding) shall submit or cause to be submitted for recording as specified
      above or, should EMC (on its own behalf as a Mortgage Loan Seller and on behalf
      of Master Funding) fail to perform such obligations, the Master Servicer shall
      cause each such previously unrecorded assignment to be submitted for recording
      as specified above at the expense of the Trust.  In the event a
      Mortgage File is released to EMC (on its own behalf as a Mortgage Loan Seller
      and on behalf of Master Funding) or the Master Servicer as a result of such
      Person having completed a Request for Release, the Custodian shall, if not
      so
      completed, complete the assignment of the related Mortgage in the manner
      specified in clause (iii) above.

     

    

    EXHIBIT
      2

    MORTGAGE
      LOAN SCHEDULE INFORMATION

     

    The
      Mortgage Loan Schedules shall set forth the following information with respect
      to each Mortgage Loan:

     

    
      	
            	
              (a)

            	
              the
                city, state and zip code of the Mortgaged
                Property;

            

    

    
      	
            	
              (b)

            	
              the
                property type;

            

    

    
      	
            	
              (c)

            	
              the
                Mortgage Interest Rate;

            

    

    
      	
            	
              (d)

            	
              the
                Servicing Fee Rate;

            

    

    
      	
            	
              (e)

            	
              the
                Master Servicer’s Fee Rate;

            

    

    
      	
            	
              (f)

            	
              the
                LPMI Fee, if applicable;

            

    

    
      	
            	
              (g)

            	
              the
                Trustee Fee Rate, if applicable;

            

    

    
      	
            	
              (h)

            	
              the
                Net Rate;

            

    

    
      	
            	
              (i)

            	
              the
                maturity date;

            

    

    
      	
            	
              (j)

            	
              the
                stated original term to maturity;

            

    

    
      	
            	
              (k)

            	
              the
                stated remaining term to maturity;

            

    

    
      	
            	
              (l)

            	
              the
                original Principal Balance;

            

    

    
      	
            	
              (m)

            	
              the
                first payment date;

            

    

    
      	
            	
              (n)

            	
              the
                principal and interest payment in effect as of the Cut-off
                Date;

            

    

    
      	
            	
              (o)

            	
              the
                unpaid Principal Balance as of the Cut-off
                Date;

            

    

    
      	
            	
              (p)

            	
              the
                Loan-to-Value Ratio at origination;

            

    

    
      	
            	
              (q)

            	
              the
                insurer of any Primary Mortgage Insurance
                Policy;

            

    

    
      	
            	
              (r)

            	
              the
                MIN with respect to each MOM Loan;

            

    

    
      	
            	
              (s)

            	
              the
                Gross Margin, if applicable;

            

    

    
      	
            	
              (t)

            	
              the
                next Adjustment Date, if
                applicable;

            

    

    
      	
            	
              (u)

            	
              the
                Maximum Lifetime Mortgage Rate, if
                applicable;

            

    

    
      	
            	
              (v)

            	
              the
                Minimum Lifetime Mortgage Rate, if
                applicable;

            

    

    
      	
            	
              (w)

            	
              the
                Periodic Rate Cap, if applicable;

            

    

    
      	
            	
              (x)

            	
              the
                Loan Group, if applicable;

            

    

    
      	
            	
              (y)

            	
              a
                code indicating whether the Mortgage Loan is negatively
                amortizing;

            

    

    
      	
            	
              (z)

            	
              which
                Mortgage Loans adjust after an initial fixed-rate period of one,
                two,
                three, five, seven or ten years or any other
                period;

            

    

    
      	
            	
              (aa)

            	
              the
                Prepayment Charge, if any;

            

    

    
      	
            	
              (bb)

            	
              lien
                position (e.g., first lien or second
                lien);

            

    

    
      	
            	
              (cc)

            	
              a
                code indicating whether the Mortgage Loan is has a balloon
                payment;

            

    

    
      	
            	
              (dd)

            	
              a
                code indicating whether the Mortgage Loan is an interest-only
                loan;

            

    

    
      	
            	
              (ee)

            	
              the
                interest-only term, if applicable;

            

    

    
      	
            	
              (ff)

            	
              the
                Mortgage Loan Seller; and

            

    

    
      	
            	
              (gg)

            	
              the
                original amortization term.

            

    

    

    Such
      schedule also shall set forth for all of the Mortgage Loans, the total number
      of
      Mortgage Loans, the total of each of the amounts described under (n) and (o)
      above, the weighted average by principal balance as of the Cut-off Date of
      each
      of the rates described under (c) through (h) above, and the weighted average
      remaining term to maturity by unpaid principal balance as of the Cut-off
      Date.

     

    

    EXHIBIT
      3

    MORTGAGE
      LOAN SELLER’S INFORMATION

     

    All
      information in the Prospectus Supplement described under the following captions:
      “SUMMARY – The Mortgage Loans,” “THE MORTGAGE POOL,” “THE SPONSOR” and “SCHEDULE
      A – Mortgage Loan Statistical Data.”

    

     

    EXHIBIT
      4

    PURCHASER’S
      INFORMATION

     

    All
      information in the Prospectus Supplement and the Prospectus, except the Mortgage
      Loan Sellers’ Information.

     

     

    EXHIBIT
      5

    SCHEDULE
      OF LOST NOTES

     

    Available
      Upon Request

    
 

    EXHIBIT
      6

     

    REVISED
      March 1, 2007

    

    Appendix
      E – Standard & Poor’s Predatory Lending Categories

     

    
      Standard
        & Poor’s has categorized loans governed by anti-predatory lending laws in
        the Jurisdictions listed below into three categories based upon a combination
        of
        factors that include (a) the risk exposure associated with the assignee
        liability and (b) the tests and thresholds set forth in those laws. Note
        that
        certain loans classified by the relevant statute as Covered are included
        in
        Standard & Poor’s High Cost Loan Category because they included thresholds
        and tests that are typical of what is generally considered High Cost by the
        industry.

      
 

      
        	Standard
                & Poor’s High Cost Loan Categorization
	
                State/Jurisdiction

              	 	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	 	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Arkansas

              	 	
                Arkansas
                  Home Loan Protection Act, Ark. Code Ann. §§ 23-53-101 et
                  seq.

                Effective
                  July 16, 2003

              	 	
                High
                  Cost Home Loan

              
	
                Cleveland
                  Heights, OH

              	 	
                Ordinance
                  No. 72-2003 (PSH), Mun. Code §§ 757.01 et seq.

                Effective
                  June 2, 2003

              	 	
                Covered
                  Loan

              
	
                Colorado

              	 	
                Consumer
                  Equity Protection, Colo. Stat. Ann. §§ 5-3.5-101 et
                  seq.

                Effective
                  for covered loans offered or entered into on or after January 1,
                  2003.
                  Other provisions of the Act took effect on June 7, 2002

              	 	
                Covered
                  Loan

              
	
                Connecticut

              	 	
                Connecticut
                  Abusive Home Loan Lending Practices Act, Conn. Gen. Stat. §§
                  36a-746
et seq.

                Effective
                  October 1, 2001

              	 	
                High
                  Cost Home Loan

              
	
                District
                  of Columbia

              	 	
                Home
                  Loan Protection Act, D.C. Code §§ 26-1151.01 et seq.

                Effective
                  for loans closed on or after January 28, 2003

              	 	
                Covered
                  Loan

              
	
                Florida

              	 	
                Fair
                  Lending Act, Fla. Stat. Ann. §§ 494.0078 et seq.
Effective
                  October 2, 2002

              	 	
                High
                  Cost Home Loan

              
	
                Georgia
(Oct.
                  1, 2002 – Mar. 6, 2003)

              	 	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 – March 6, 2003

              	 	
                High
                  Cost Home Loan

              
	
                Georgia
                  as amended
(Mar. 7, 2003 – current)

              	 	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et
                  seq.

                Effective
                  for loans closed on or after March 7, 2003

              	 	
                High
                  Cost Home Loan

              
	
                HOEPA
                  Section 32

              	 	
                Home
                  Ownership and Equity Protection Act of 1994, 15 U.S.C. § 1639, 12 C.F.R.
                  §§ 226.32 and 226.34 Effective October 1, 1995, amendments October
                  1,
                  2002

              	 	
                High
                  Cost Loan

              
	
                Illinois

              	 	
                High
                  Risk Home Loan Act, Ill. Comp. Stat. tit. 815, §§ 137/5 et
                  seq.

                Effective
                  January 1, 2004 (prior to this date, regulations under Residential
                  Mortgage License Act effective from May 14, 2001)

              	 	
                High
                  Risk Home Loan

              
	
                Indiana

              	 	
                Indiana
                  Home Loan Practices Act, Ind. Code Ann. §§ 24-9-1-1 et
                  seq.

                Effective
                  January 1, 2005; amended by 2005 HB

                1179,
                  effective July 1, 2005.

              	 	
                High
                  Cost Home Loans

              
	Kansas	 	
                Consumer
                  Credit Code, Kan. Stat. Ann. §§ 16a-1-101 et
                  seq.

                Sections
                  16a-1-301 and 16a-3-207 became effective

                April
                  14, 1999; Section 16a-3-308a became effective

                July
                  1, 1999

              	 	
                High
                  Loan to Value Consumer

                Loan
                  (id. § 16a-3-207) and;

                  High
                    APR Consumer Loan (id. §

                  16a-3-308a)

                

              

      

      
        	
                Kentucky

              	 	
                2003
                  KY H.B. 287 – High Cost Home Loan Act, Ky. Rev.
                  Stat. §§ 360.100 et seq.

                Effective
                  June 24, 2003

              	 	
                High
                  Cost Home Loan

              
	
                Maine

              	 	
                Truth
                  in Lending, Me. Rev. Stat. tit. 9-A, §§ 8-101 et seq.

                Effective
                  September 29, 1995 and as amended from

                time
                  to time

              	 	
                High
                  Rate High Fee Mortgage

              
	
                Massachusetts

              	 	
                Part
                  40 and Part 32, 209 C.M.R. §§ 32.00 et seq. and 209 C.M.R. §§ 40.01
                  et seq.

                Effective
                  March 22, 2001 and amended from time to time

              	 	
                High
                  Cost Home Loan

              
	
                Nevada

              	 	
                Assembly
                  Bill No. 284, Nev. Rev. Stat. §§ 598D.010 et seq.

                Effective
                  October 1, 2003 

              	 	
                Home
                  Loan

              
	
                New
                  Jersey

              	 	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	 	
                High
                  Cost Home Loan

              
	
                New
                  Mexico

              	 	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 et
                  seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	 	
                High
                  Cost Home Loan

              
	
                New
                  York

              	 	
                N.Y.
                  Banking Law Article 6-l

                Effective
                  for applications made on or after April 1, 2003

              	 	
                High
                  Cost Home Loan

              
	
                North
                  Carolina

              	 	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§
                  24-1.1E
et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	 	
                High
                  Cost Home Loan

              
	
                Ohio

              	 	
                H.B.
                  386 (codified in various sections of the Ohio Code), Ohio Rev.
                  Code Ann.
                  §§ 1349.25 et seq.

                Effective
                  May 24, 2002

              	 	
                Covered
                  Loan

              
	
                Oklahoma

              	 	
                Consumer
                  Credit Code (codified in various sections of Title 14A)

                Effective
                  July 1, 2000; amended effective January 1, 2004

              	 	
                Subsection
                  10 Mortgage

              
	
                Rhode
                  Island

              	 	
                Rhode
                  Island Home Loan Protection Act, R.I. Gen. Laws §§ 34-25.2-1 et
                  seq.
Effective December 31, 2006.

              	 	
                High
                  Cost Home Loan

              
	
                South
                  Carolina

              	 	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	 	
                High
                  Cost Home Loan

              
	
                Tennessee

              	 	
                Tennessee
                  Home Loan Protection Act, Tenn. Code Ann. §§ 45-20-101 et
                  seq.
Effective January 1, 2007.

              	 	
                High
                  Cost Home Loan

              
	
                West
                  Virginia

              	 	
                West
                  Virginia Residential Mortgage Lender, Broker

                and
                  Servicer Act, W. Va. Code Ann. §§ 31-17-1 et seq.

                Effective
                  June 5, 2002

              	 	
                West
                  Virginia Mortgage Loan Act Loan

              

      

       

       

      
        	Standard
                & Poor’s Covered Loan Categorization
	
                State/Jurisdiction

              	 	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	 	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
(Oct.
                  1, 2002 – Mar. 6, 2003)

              	 	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 – March 6, 2003

              	 	
                Covered
                  Loan

              
	
                New
                  Jersey

              	 	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  November 27, 2003 – July 5, 2004

              	 	
                Covered
                  Home Loan

              

      

       

       

      
        	Standard
                & Poor’s Home Loan Categorization
	
                State/Jurisdiction

              	 	
                Name
                  of Anti-Predatory Lending

                Law/Effective
                  Date

              	 	
                Category
                  under

                Applicable
                  Anti-Predatory

                Lending
                  Law

              
	
                Georgia
(Oct.
                  1, 2002 – Mar. 6, 2003)

              	 	
                Georgia
                  Fair Lending Act, Ga. Code Ann. §§ 7-6A-1 et seq.

                Effective
                  October 1, 2002 – March 6, 2003

              	 	
                Home
                  Loan

              
	
                New
                  Jersey

              	 	
                New
                  Jersey Home Ownership Security Act of 2002, N.J. Rev. Stat. §§ 46:10B-22
                  et seq.

                Effective
                  for loans closed on or after November 27, 2003

              	 	
                Home
                  Loan

              
	
                New
                  Mexico

              	 	
                Home
                  Loan Protection Act, N.M. Rev. Stat. §§ 58- 21A-1 et
                  seq.

                Effective
                  as of January 1, 2004; Revised as of February 26, 2004

              	 	
                Home
                  Loan

              
	
                North
                  Carolina

              	 	
                Restrictions
                  and Limitations on High Cost Home Loans, N.C. Gen. Stat. §§
                  24-1.1E
et seq.

                Effective
                  July 1, 2000; amended October 1, 2003 (adding open-end lines of
                  credit)

              	 	
                Consumer
                  Home Loan

              
	
                South
                  Carolina

              	 	
                South
                  Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann.
§§ 37-23-10
                  et seq.

                Effective
                  for loans taken on or after January 1, 2004

              	 	
                Consumer
                  Home Loan

              

      

       

      Revised
        03/01/07

    

     

     

    SCHEDULE
      A

    

    REQUIRED
      RATINGS FOR EACH CLASS OF CERTIFICATES

     

    Public
      Certificates

    

    
      	
              Class

            	
              S&P

            	
              Moody’s

            
	
              A-1

            	
              AAA

            	
              Aaa

            
	
              A-2

            	
              AAA

            	
              Aaa

            
	
              A-3

            	
              AAA

            	
              Aaa

            
	
              A-4

            	
              AAA

            	
              Aa1

            
	
              A-5

            	
              AAA

            	
              Aaa

            
	
              A-6

            	
              AAA

            	
              Aaa

            
	
              A-7

            	
              AAA

            	
              Aa1

            
	
              PO

            	
              AAA

            	
              Aaa

            
	
              X

            	
              AAA

            	
              Aaa

            
	
              R-1

            	
              AAA

            	
              Aaa

            
	
              R-2

            	
              AAA

            	
              Aaa

            
	
              R-3

            	
              AAA

            	
              Aaa

            
	
              B-1

            	
              AA

            	
              Aa2

            
	
              B-2

            	
              A

            	
              A2

            
	
              B-3

            	
              BBB

            	
              Baa2

            

    

     

    None
      of
      the above ratings has been lowered, qualified or withdrawn since the dates
      of
      issuance of such ratings by the Rating Agencies.

     

    Private
      Certificates

    

    
      	
              
                Class

              

            	
              
                S&P

              

            	
              
                Moody’s

              

            
	
              B-4

            	
              BB

            	
              Ba2

            
	
              B-5

            	
              B

            	
              B2

            
	
              B-6

            	
              Not
                Rated

            	
              Not
                Rated

            
	
              P

            	
              Not
                Rated

            	
              Not
                Rated

            

    

    

     

    EXHIBIT
      M

    

    [Reserved]

    

    

    EXHIBIT
      N

    

    SERVICING
      CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

     

    Definitions

    Primary
      Servicer – transaction party having borrower contact

    Master
      Servicer – aggregator of pool assets

    Trustee
–
      waterfall calculator; fiduciary of the transaction

    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

    

    Note:  The
      definitions above describe the essential function that the party performs,
      rather than the party’s title.

    

    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

            

      	 	[X]
              – under consideration for
              obligation

    

     

     

    
      
        	
                Reg
                  AB
Reference

              	
                Servicing
                  Criteria

              	
                Primary
Servicer

              	
                Master
Servicer

              	
                Trustee

              	
                Custodian

              
	 	 	 	 	 	 
	 	
                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

              	
                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

              	
                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

              	
                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

              	
                X

              	
                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

              	 	
                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

              	 	 	 
	
                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

              	
                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.  (In this transaction there is no
                  external enhancement or other support.)

              	
                X

              	 	
                X

              	 

      

    

    

     

    EXHIBIT
      O

    

    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 party identified
      as responsible for preparing the Securities Exchange Act Reports pursuant to
      Section 4.18 of the Pooling and Servicing Agreement.

    

    Under
      Item 1 of Form 10-D: a) items marked “Monthly Statements to Certificateholders”
are required to be included in the periodic Distribution Date statement under
      Section 6.06, provided by the Trustee based on information received from the
      party providing such information; and b) items marked “Form 10-D report” are
      required to be in the Form 10-D report but not the Monthly Statements to
      Certificateholders, provided by the party indicated. Information under all
      other
      Items of Form 10-D is to be included in the Form 10-D report.  All
      such information and any other Items on Form 8-K and Form 10-D set forth in
      this
      Exhibit shall be sent to the Trustee and the Depositor.

     

    
      
        	
                Form

              	
                Item

              	
                Description

              	
                Servicers

              	
                Master
                  Servicer

              	
                Trustee

              	
                Custodian

              	
                Depositor

              	
                Sponsor

              
	 	 	 	 	 	 	 	 	 
	
                10-D

              	Must
                Be Filed Within 15 Days Of The Distribution Date For The Asset-Backed
                Securities.	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (2)
                  Cash Flows Received And The Sources Thereof For Distributions,
                  Fees And
                  Expenses.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (3)
                  Calculated Amounts And Distribution Of The Flow Of Funds For The
                  Period
                  Itemized By Type And Priority Of Payment, Including:

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (Iv)
                  The Amount Of Excess Cash Flow Or Excess Spread And The Disposition
                  Of
                  Excess Cash Flow.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (4)
                  Beginning And Ending Principal Balances Of The Asset-Backed
                  Securities.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (6)
                  Beginning And Ending Balances Of Transaction Accounts, Such As
                  Reserve
                  Accounts, And Material Account Activity During The Period.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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 Remaining Term, Pool Factors And Prepayment
                  Amounts.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	
                Updated
                  Pool Composition Information Fields To Be As Specified By Depositor
                  From
                  Time To Time

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (9)
                  Delinquency And Loss Information For The Period.

              	
                X

              	
                X

              	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                In
                  Addition, Describe Any Material Changes To The Information Specified
                  In
                  Item 1100(B)(5) Of Regulation Ab Regarding The Pool Assets.
                  (Methodology)

              	
                X

              	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	
                X

              	
                X

              	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	
                X

              	
                X

              	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (12)
                  Material Breaches Of Pool Asset Representations Or Warranties Or
                  Transaction Covenants.

              	
                X

              	
                X

              	
                X

(If
                  Agreed Upon By The Parties)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (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.

              	 	 	
                X

(Monthly
                  Statements To Certificateholders)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                (14)
                  Information Regarding Any New Issuance Of Asset-Backed Securities
                  Backed
                  By The Same Asset Pool,

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                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.

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                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.

              	 	 	 	 	
                X

              	
                X

              
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1121(B) – Pre-Funding Or Revolving Period Information

                 

                Updated
                  Pool Information As Required Under Item 1121(B).

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                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:

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Sponsor
                  (Seller)

              	 	 	 	 	 	
                X

              
	 	 	 	 	 	 	 	
                 

              	 
	 	 	
                Depositor

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Trustee

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Issuing
                  Entity

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Master
                  Servicer, Affiliated Servicer, Other Servicer Servicing 20% Or
                  More Of
                  Pool Assets At Time Of Report, Other Material Servicers

              	
                X

              	
                X

              	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Originator
                  Of 20% Or More Of Pool Assets As Of The Cut-Off Date

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Custodian

              	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 
	 	
                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.

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                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)

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                5

              	
                Submission
                  Of Matters To A Vote Of Security Holders

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Information
                  From Item 4 Of Part Ii Of Form 10-Q

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                6

              	
                Significant
                  Obligors Of Pool Assets

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1112(B) –Significant Obligor Financial
                  Information*

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                *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

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Obtain
                  Required Financial Information Or Effecting Incorporation By
                  Reference

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1115(B) – Derivative Counterparty Financial
                  Information*

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Determining
                  Current Maximum Probable Exposure

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Determining
                  Current Significance Percentage

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Notify
                  Derivative Counterparty Of Significance Percentage And Request
                  Required
                  Financial Information

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Obtain
                  Required Financial Information Or Effecting Incorporation By
                  Reference

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                *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

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Exhibits
                  Required By Item 601 Of Regulation S-K, Such As Material
                  Agreements

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	
                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

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              
	 	 	 	 	 	 	 	 	 
	 	
                1.02

              	
                Termination
                  Of A Material Definitive Agreement

              	
                X

              	
                X

              	
                X

              	 	
                X

              	
                X

              
	 	 	 	 	 	 	 	 	 
	 	 	
                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.

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                1.03

              	
                Bankruptcy
                  Or Receivership

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Disclosure
                  Is Required Regarding The Bankruptcy Or Receivership, If Known
                  To The
                  Master Servicer, With Respect To Any Of The Following:

                 

                Sponsor
                  (Seller), Depositor, Master Servicer, Affiliated Servicer, Other
                  Servicer
                  Servicing 20% Or More Of Pool Assets At Time Of Report, Other Material
                  Servicers, Certificate Administrator, Trustee, Significant Obligor,
                  Credit
                  Enhancer (10% Or More), Derivatives Counterparty,
                  Custodian

              	
                X

              	
                X

              	
                X

              	
                X

              	
                X

              	
                X

              
	 	 	 	 	 	 	 	 	 
	 	
                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 Monthly Statement To Certificateholders

              	 	
                X

              	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                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

              	 	 	
                X

              	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                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”

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                5.06

              	
                Change
                  In Shell Company Status

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                [Not
                  Applicable To Abs Issuers]

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                6.01

              	
                Abs
                  Informational And Computational Material

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                [Not
                  Included In Reports To Be Filed Under Section 3.18]

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                6.02

              	
                Change
                  Of Servicer Or Trustee

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                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, Certificate
                  Administrator Or Trustee.

              	
                X

              	
                X

              	
                X

              	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Reg
                  Ab Disclosure About Any New Servicer Is Also Required.

              	
                X

              	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Reg
                  Ab Disclosure About Any New Trustee Is Also Required.

              	 	 	
                X

(To
                  The Extent Of A New Trustee)

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                6.03

              	
                Change
                  In Credit Enhancement Or Other External Support [In This Transaction
                  There
                  Is No External Enhancement Or Other 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.

              	 	 	
                X

              	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Reg
                  Ab Disclosure About Any New Enhancement Provider Is Also
                  Required.

              	 	 	
                X

              	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                6.04

              	
                Failure
                  To Make A Required Distribution

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	
                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.

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                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.

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                7.01

              	
                Regulation
                  Fd Disclosure

              	
                X

              	
                X

              	
                X

              	
                X

              	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                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.

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	
                9.01

              	
                Financial
                  Statements And Exhibits

              	
                The
                  Responsible Party Applicable To Reportable Event.

              
	 	 	 	 	 	 	 	 	 
	
                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

              	
                The
                  Responsible Party For The Applicable Form 8-K Item As Indicated
                  Above.

              
	 	 	 	 	 	 	 	 	 
	 	
                15

              	
                Exhibits
                  And Financial Statement Schedules

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1112(B) –Significant Obligor Financial
                  Information

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1114(B)(2) – Credit Enhancement Provider Financial
                  Information

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Determining
                  Applicable Disclosure Threshold

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Obtain
                  Required Financial Information Or Effecting Incorporation By
                  Reference

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1115(B) – Derivative Counterparty Financial
                  Information

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Determining
                  Current Maximum Probable Exposure

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Determining
                  Current Significance Percentage

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Notify
                  Derivative Counterparty Of Significance Percentage And Request
                  Required
                  Financial Information

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Obtain
                  Required Financial Information Or Effecting Incorporation By
                  Reference

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                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:

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Sponsor
                  (Seller)

              	 	 	 	 	 	
                X

              
	 	 	 	 	 	 	 	 	 
	 	 	
                Depositor

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Trustee

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Issuing
                  Entity

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Master
                  Servicer, Affiliated Servicer, Other Servicer Servicing 20% Or
                  More Of
                  Pool Assets At Time Of Report, Other Material Servicers

              	
                X

              	
                X

              	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Originator
                  Of 20% Or More Of Pool Assets As Of The Cut-Off Date

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Custodian

              	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1119 – Affiliations And Relationships Between The Following Entities,
                  Or
                  Their Respective Affiliates, That Are Material To
                  Certificateholders:

              	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Sponsor
                  (Seller)

              	 	 	 	 	 	
                X

              
	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Trustee

              	 	 	
                X

              	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Master
                  Servicer, Affiliated Servicer, Other Servicer Servicing 20% Or
                  More Of
                  Pool Assets At Time Of Report, Other Material Servicers

              	
                X

              	
                X

              	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Originator

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Custodian

              	 	 	 	
                X

              	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Credit
                  Enhancer/Support Provider

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Significant
                  Obligor

              	 	 	 	 	
                X

              	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1122 – Assessment Of Compliance With Servicing
                  Criteria

              	
                X

              	
                X

              	
                X

              	
                X

              	 	 
	 	 	 	 	 	 	 	 	 
	 	 	
                Item
                  1123 – Servicer Compliance Statement

              	
                X

              	
                X

              	 	 	 	 

      

    

     

     

    EXHIBIT
      P

    

    ADDITIONAL
      DISCLOSURE NOTIFICATION

     

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

    Fax:
      (212) 272-2000

    E-mail:
      regabnotifications@bear.com

     

    Wells
      Fargo Bank, N.A. as Trustee

    9062
      Old
      Annapolis Road

    Columbia,
      Maryland 21045

    Fax:
      (410) 715-2380

    E-mail:  cts.sec.notifications@wellsfargo.com

     

    Attn:  Corporate
      Trust Services – BSABS I 2007-AC5-SEC REPORT PROCESSING

     

    RE:  **Additional
      Form [  ] Disclosure**Required

     

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 4.18 of the Pooling and Servicing Agreement, dated
      as of
      June 1, 2007, among Bear Stearns Asset Backed Securities I LLC, as Depositor,
      EMC Mortgage Corporation, as Master Servicer, Seller and Company and Wells
      Fargo
      Bank, National Association, as Trustee.  The Undersigned hereby
      notifies you that certain events have come to our attention that [will][may]
      need to be disclosed on Form [   ].

     

    Description
      of Additional Form [   ] Disclosure:

    

     

    List
      of
      Any Attachments hereto to be included in the Additional Form [  ]
      Disclosure:

    

     

    Any
      inquiries related to this notification should be directed to
      [   ], phone number:  [   ]; email
      address:  [   ].

     

    
      	 	[NAME
              OF PARTY]	 
	 	as
              [role]	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

    

     

     

    EXHIBIT
      Q-1

     

    BANK
      OF AMERICA SERVICING AGREEMENT

    

    
      

      

    

     

    SECOND
      AMENDED AND RESTATED

    FLOW
      MORTGAGE LOAN SALE AND SERVICING AGREEMENT

     

     

    between

     

    

     

    BANK
      OF
      AMERICA, NATIONAL ASSOCIATION,

    as
      Seller
      and as Servicer,

    

     

    and

     

    

     

    EMC
      MORTGAGE CORPORATION

    as
      Purchaser

     

     

    February
      1, 2006

     

     

    Residential
      Mortgage Loans

     

    

    
      

      

    

     

    
      
        
          	
                  SECTION
                    1.

                	
                  Definitions.

                
	
                  SECTION
                    2.

                	
                  Purchase
                    and Conveyance.

                
	
                  SECTION
                    3.

                	
                  Mortgage
                    Loan Schedule.

                
	
                  SECTION
                    4.

                	
                  Purchase
                    Price.

                
	
                  SECTION
                    5.

                	
                  Examination
                    of Mortgage Files.

                
	
                  SECTION
                    6.

                	
                  Delivery
                    of Mortgage Loan Documents.

                
	 	
                  Subsection
                    6.01

                	
                  Possession
                    of Mortgage Files.

                
	 	
                  Subsection
                    6.02

                	
                  Books
                    and Records.

                
	 	
                  Subsection
                    6.03

                	
                  Delivery
                    of Mortgage Loan Documents.

                
	
                  SECTION
                    7.

                	
                  Representations,
                    Warranties and Covenants; Remedies for Breach.

                
	 	
                  Subsection
                    7.01

                	
                  Representations
                    and Warranties Regarding Individual Mortgage Loans.

                
	 	
                  Subsection
                    7.02

                	
                  Seller
                    and Servicer Representations.

                
	 	
                  Subsection
                    7.03

                	
                  Remedies
                    for Breach of Representations and Warranties.

                
	 	
                  Subsection
                    7.04

                	
                  Repurchase
                    of Certain Prepaid or Converted Mortgage Loans.

                
	
                  SECTION
                    8.

                	
                  Closing
                    Conditions.

                
	
                  SECTION
                    9.

                	
                  [Reserved.]

                
	
                  SECTION
                    10.

                	
                  Costs.

                
	
                  SECTION
                    11.

                	
                  Administration
                    and Servicing of Mortgage Loans.

                
	 	
                  Subsection
                    11.01

                	
                  Servicer
                    to Act as Servicer; Subservicing.

                
	 	
                  Subsection
                    11.02

                	
                  Liquidation
                    of Mortgage Loans.

                
	 	
                  Subsection
                    11.03

                	
                  Collection
                    of Mortgage Loan Payments.

                
	 	
                  Subsection
                    11.04

                	
                  Establishment
                    of Custodial Account; Deposits in Custodial Account.

                
	 	
                  Subsection
                    11.05

                	
                  Withdrawals
                    From the Custodial Account.

                
	 	
                  Subsection
                    11.06

                	
                  Establishment
                    of Escrow Account; Deposits in Escrow Account.

                
	 	
                  Subsection
                    11.07

                	
                  Withdrawals
                    From Escrow Account.

                
	 	
                  Subsection
                    11.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Collections
                    Thereunder.

                
	 	
                  Subsection
                    11.09

                	
                  Transfer
                    of Accounts.

                
	 	
                  Subsection
                    11.10

                	
                  Maintenance
                    of Hazard Insurance.

                
	 	
                  Subsection
                    11.11

                	
                  Maintenance
                    of Primary Mortgage Insurance Policy; Claims.

                
	 	
                  Subsection
                    11.12

                	
                  Fidelity
                    Bond; Errors and Omissions Insurance.

                
	 	
                  Subsection
                    11.13

                	
                  Title,
                    Management and Disposition of REO Property.

                
	 	
                  Subsection
                    11.14

                	
                  Servicing
                    Compensation.

                
	 	
                  Subsection
                    11.15

                	
                  Distributions.

                
	 	
                  Subsection
                    11.16

                	
                  Statements
                    to the Purchaser.

                
	 	
                  Subsection
                    11.17

                	
                  Advances
                    by the Servicer.

                
	 	
                  Subsection
                    11.18

                	
                  Assumption
                    Agreements.

                
	 	
                  Subsection
                    11.19

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files.

                
	 	
                  Subsection
                    11.20

                	
                  Annual
                    Statement as to Compliance.

                
	 	
                  Subsection
                    11.21

                	
                  Annual
                    Independent Public Accountants’ Servicing Report.

                
	 	
                  Subsection
                    11.22

                	
                  Servicer
                    Shall Provide Access and Information as Reasonably
                    Required.

                
	 	
                  Subsection
                    11.23

                	
                  Inspections.

                
	 	
                  Subsection
                    11.24

                	
                  Restoration
                    of Mortgaged Property.

                
	
                  SECTION
                    12.

                	
                   The
                    Servicer.

                
	 	
                  Subsection
                    12.01

                	
                  Indemnification;
                    Third Party Claims.

                
	 	
                  Subsection
                    12.02

                	
                  Merger
                    or Consolidation of the Servicer.

                
	 	
                  Subsection
                    12.03

                	
                  Limitation
                    on Liability of the Servicer and Others.

                
	 	
                  Subsection
                    12.04

                	
                  Seller
                    and Servicer Not to Resign.

                
	
                  SECTION
                    13.

                	
                  Default.

                
	 	
                  Subsection
                    13.01

                	
                  Events
                    of Default.

                
	 	
                  Subsection
                    13.02

                	
                  Waiver
                    of Default.

                
	
                  SECTION
                    14.

                	
                  Termination.

                
	 	
                  Subsection
                    14.01

                	
                  Termination.

                
	 	
                  Subsection
                    14.02

                	
                  Successors
                    to the Servicer.

                
	
                  SECTION
                    15.

                	
                  Notices.

                
	
                  SECTION
                    16.

                	
                  Severability
                    Clause.

                
	
                  SECTION
                    17.

                	
                  No
                    Partnership.

                
	
                  SECTION
                    18.

                	
                  Counterparts.

                
	
                  SECTION
                    19.

                	
                  Governing
                    Law.

                
	
                  SECTION
                    20.

                	
                  Intention
                    of the Parties.

                
	
                  SECTION
                    21.

                	
                  Waivers.

                
	
                  SECTION
                    22.

                	
                  Exhibits.

                
	
                  SECTION
                    23.

                	
                  General
                    Interpretive Principles.

                
	
                  SECTION
                    24.

                	
                  Reproduction
                    of Documents.

                
	
                  SECTION
                    25.

                	
                  Amendment.

                
	
                  SECTION
                    26.

                	
                  Confidentiality.

                
	
                  SECTION
                    27.

                	
                  Entire
                    Agreement.

                
	
                  SECTION
                    28.

                	
                  Further
                    Agreements; Securitization.

                
	
                  SECTION
                    29.

                	
                  Successors
                    and Assigns.

                
	
                  SECTION
                    30.

                	
                  Non-Solicitation.

                
	
                  SECTION
                    31.

                	
                  Protection
                    of Consumer
                    Information.

                

        

      

    

    

    EXHIBITS

     

    
      	EXHIBIT
              1	 MORTGAGE
              LOAN DOCUMENTS

      	 	 

      	EXHIBIT
              2	 CONTENTS
              OF EACH MORTGAGE FILE

      	 	 

      	
              EXHIBIT
                3

            	
              UNDERWRITING
                GUIDELINES

            

    

     

    
      	
              EXHIBIT
                4

            	
              FORM
                OF LOST NOTE AFFIDAVIT

            

    

     

    
      	
              EXHIBIT
                5

            	
              FORM
                OF MONTHLY REMITTANCE REPORT

            

    

     

    
      	
              EXHIBIT
                6

            	
              FORM
                OF TERM SHEET

            

    

     

    
      	
              EXHIBIT
                7

            	
              FORM
                OF CERTIFICATION TO BE PROVIDED BY THE
                SERVICER

            

    

     

    SECOND
      AMENDED AND RESTATED

    FLOW
      MORTGAGE LOAN SALE AND SERVICING AGREEMENT

     

    THIS
      SECOND AMENDED AND RESTATED FLOW MORTGAGE LOAN SALE AND SERVICING AGREEMENT
      (the
“Agreement”), dated February 1, 2006, is hereby executed by and
      between EMC MORTGAGE CORPORATION, a Delaware corporation, as purchaser (the
      “Purchaser”), and BANK OF AMERICA, NATIONAL ASSOCIATION, a national
      banking association, as seller (the “Seller”) and as servicer (the
“Servicer”).

     

    WITNESSETH:

     

    WHEREAS,
      the Seller, the Servicer and the Purchaser are parties to an Amended and
      Restated Flow Mortgage Loan Sale and Servicing Agreement, dated as of April
      1,
      2005 (the “Existing Flow Agreement”), by and among the Seller, the
      Servicer and the Purchaser; and

     

     

    WHEREAS,
      the Seller has agreed to sell from time to time to the Purchaser, and the
      Purchaser has agreed to purchase from time to time from the Seller, certain
      conventional, residential, first-lien mortgage loans (the “Mortgage
      Loans”) as described herein on a servicing-retained basis, and which shall
      be delivered as whole loans as provided herein; and

     

     

    WHEREAS,
      the Mortgage Loans will be sold by the Seller and purchased by the Purchaser
      as
      pools or groups of whole loans, servicing retained (each, a “Mortgage Loan
      Package”) on the various Closing Dates as provided herein; and

     

     

    WHEREAS,
      each of the Mortgage Loans will be secured by a mortgage, deed of trust or
      other
      security instrument creating a first lien on a residential dwelling located
      in
      the jurisdiction indicated on the related Mortgage Loan Schedule which will
      be
      annexed to a Term Sheet (as defined herein) on the related Closing Date;
      and

     

     

    WHEREAS,
      the Purchaser, the Seller and the Servicer wish to prescribe the manner of
      the
      conveyance, servicing and control of the Mortgage Loans;

     

     

    NOW,
      THEREFORE, in consideration of the premises and mutual agreements set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the Purchaser, the Seller and
      the
      Servicer agree that the Existing Flow Agreement is hereby amended and restated
      in its entirety as set forth in the heading and recitals hereto and as
      follows:

     

    
      	
              SECTION
                1.  

            	
              Definitions.

            

    

     

    For
      purposes of this Agreement, the following capitalized terms shall have the
      respective meanings set forth below.

     

    Adjustable
      Rate Mortgage Loan:  A Mortgage Loan that contains a provision
      pursuant to which the Mortgage Interest Rate is adjusted
      periodically.

     

    Adjustment
      Date:  As to each Adjustable Rate Mortgage Loan, the date on which
      the Mortgage Interest Rate is adjusted in accordance with the terms of the
      related Mortgage Note and Mortgage.

     

     

    Agreement:  This
      Amended and Restated Flow Mortgage Loan Sale and Servicing Agreement including
      all exhibits, schedules, amendments and supplements hereto.

     

     

    ALTA:  The
      American Land Title Association or any successor thereto.

     

    Appraised
      Value:  With respect to any Mortgaged Property, the lesser of (i)
      the value thereof as determined by a Qualified Appraiser at the time of
      origination of the Mortgage Loan, and (ii) the purchase price paid for the
      related Mortgaged Property by the Mortgagor with the proceeds of the Mortgage
      Loan; provided, however, that in the case of a Refinanced Mortgage
      Loan, such value of the Mortgaged Property is based solely upon the value
      determined by an appraisal made for the originator of such Refinanced Mortgage
      Loan at the time of origination of such Refinanced Mortgage Loan by a Qualified
      Appraiser.

     

    Assignment
      of Mortgage:  An individual assignment of the Mortgage, notice of
      transfer or equivalent instrument in recordable form, sufficient under the
      laws
      of the jurisdiction in which the related Mortgaged Property is located to give
      record notice of the sale of the Mortgage to the Purchaser.

     

    BPP
      Addendum:  With respect to any BPP Mortgage Loan, a Borrowers
      Protection Plan® addendum to the related Mortgage Note pursuant to which the
      Servicer agrees to cancel (i) certain payments of principal and interest on
      the
      related Mortgage Loan for up to twelve (12) months upon the disability or
      involuntary unemployment of the Mortgagor or (ii) the outstanding principal
      balance of such Mortgage Loan upon the accidental death of the Mortgagor,
      subject to the terms thereof.  When used herein, a Mortgage Loan to
      which such BPP Addendum relates is a BPP Mortgage Loan, to the extent not so
      stated.

     

    BPP
      Fees:  With respect to any BPP Mortgage Loan, any fees payable by
      a Mortgagor for the right to cancel any portion of principal or interest of
      a
      BPP Mortgage Loan pursuant to the terms of the related BPP
      Addendum.

     

    BPP
      Mortgage Loan:  Any Mortgage Loan which includes a BPP Addendum
      under which the Mortgagor accepted the Seller’s Borrowers Protection Plan® and
      is identified on the Mortgage Loan Schedule as a BPP Mortgage Loan, provided
      that such BPP Addendum has not been terminated in accordance with its
      terms.

     

    BPP
      Mortgage Loan Payment:  With respect to any BPP Mortgage Loan, the
      Monthly Covered Amount or Total Covered Amount, if any, payable by the Servicer
      pursuant to Subsection 11.25.

     

    Business
      Day:  Any day other than a Saturday or Sunday, or a day on which
      banking and savings and loan institutions in the States of New York, California
      or Virginia are authorized or obligated by law or executive order to be
      closed.

     

    Closing
      Date:  The date or dates, set forth in the related Term Sheet, on
      which the Purchaser from time to time shall purchase and the Seller from time
      to
      time shall sell the Mortgage Loans identified on the related Mortgage Loan
      Schedule attached thereto.

     

    CLTA:  The
      California Land Title Association or any other successor thereto.

     

    Code:  The
      Internal Revenue Code of 1986, as amended, or any successor statute
      thereto.

     

    Condemnation
      Proceeds:  All awards, compensation and settlements in respect of
      a taking (whether permanent or temporary) of all or part of a Mortgaged Property
      by exercise of the power of condemnation or the right of eminent domain, to
      the
      extent not required to be released to a Mortgagor in accordance with the terms
      of the related Mortgage Loan Documents.

     

    Consumer
      Information:  Information including, but not limited to, all
      personal information about the Mortgagors that is supplied to the Seller by
      or
      on behalf of the Mortgagors.

     

    Convertible
      Mortgage Loan:  An Adjustable Rate Mortgage Loan that by its terms
      and subject to certain conditions allows the Mortgagor to convert the adjustable
      Mortgage Interest Rate thereon to a fixed Mortgage Interest Rate.

     

    Covered
      Loan:  A Mortgage Loan categorized as “Covered” pursuant to the
      Standard & Poor’s Glossary for File Format for LEVELS® Version 5.6, Appendix
      E, as revised from time to time and in effect on each related Closing
      Date.

     

    Custodial
      Account:  As defined in Subsection 11.04.

     

    Customary
      Servicing Procedures:  Procedures (including collection
      procedures) that the Servicer customarily employs and exercises in servicing
      and
      administering mortgage loans for its own account and which are in accordance
      with accepted mortgage servicing practices of prudent lending institutions
      and
      the Fannie Mae Guides.

     

    Cut-off
      Date:  With respect to each Mortgage Loan, the first day of the
      month of the related Closing Date as set forth in the related Term
      Sheet.

     

    Cut-off
      Date Principal Balance:  The aggregate Stated Principal Balance of
      the Mortgage Loans, set forth in the related Term Sheet, as of the related
      Cut-off Date which is determined after the application to the reduction of
      principal of payments of principal due on or before the related Cut-off Date,
      whether or not collected (except with respect to Option ARM Mortgage Loans,
      in
      which case, to the extent collected, and of Principal Prepayments received
      before the related Cut-off Date.

     

    Deleted
      Mortgage Loan:  A Mortgage Loan replaced or to be replaced with a
      Substitute Mortgage Loan in accordance with this Agreement.

     

    Determination
      Date:  With respect to each Remittance Date, the 15th day (or, if
      such 15th day is not a Business Day, the following Business Day) of the month
      in
      which such Remittance Date occurs.

     

    Due
      Date:  With respect to each Remittance Date, the first day of the
      month in which such Remittance Date occurs, which is the day on which the
      Monthly Payment is due on a Mortgage Loan, exclusive of any days of
      grace.

     

    Due
      Period:  With respect to each Remittance Date, the period
      beginning on the second day of the month preceding the month of the Remittance
      Date, and ending on the first day of the month of the Remittance
      Date.

     

    Eligible
      Investments:  Any one or
      more of the
      following obligations or securities:

     

    (i)  direct
      obligations of, and obligations fully guaranteed by the United States of America
      or any agency or instrumentality of the United States of America the obligations
      of which are backed by the full faith and credit of the United States of
      America;

     

    (ii)  (a) demand
      or time deposits, federal funds or bankers' acceptances issued by any depository
      institu­tion or trust company incorporated under the laws of the United
      States of America or any state thereof and subject to supervision and
      examination by federal and/or state banking authorities, provided that the
      commercial paper and/or the short-term deposit rating and/or the long-term
      unsecured debt obligations or deposits of such depository institution or trust
      company at the time of such investment or contractual commitment providing
      for
      such investment are rated in one of the two highest rating categories by each
      Rating Agency and (b) any other demand or time deposit or certificate of
      deposit that is fully insured by the FDIC;

     

    (iii)  repurchase
      obligations with a term not to exceed thirty (30) days and with respect to
      (a) any security described in clause (i)  above and entered into with
      a depository institution or trust company (acting as principal) described in
      clause (ii)(a) above;

     

    (iv)  securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States of America or any state thereof that are
      rated in one of the two highest rating categories by each Rating Agency at
      the
      time of such in­vestment or contractual commitment providing for such
      investment; provided, however, that securities issued by any particular
      corporation will not be Eligible Investments to the extent that investments
      therein will cause the then outstanding principal amount of secur­ities
      issued by such corporation and held as Eligible Investments to exceed 10% of
      the
      aggregate outstand­ing principal balances of all of the Mortgage Loans and
      Eligible Investments;

     

    (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 one year after the date of issuance there­of) which is rated in
      one of the two highest rating categories by each Rating Agency at the time
      of
      such investment;

     

    (vi)  any
      other
      demand, money market or time deposit, obligation, security or investment as
      may
      be acceptable to each Rating Agency as evidenced in writing by each Rating
      Agency; and

     

    (vii)  any
      money
      market funds the collateral of which consists of obligations fully guaranteed
      by
      the United States of America or any agency or instru­ment­al­ity of
      the United States of America the obligations of which are backed by the full
      faith and credit of the United States of America (which may include repurchase
      obligations secured by collateral described in clause (i)) and other
      securities and which money market funds are rated in one of the two highest
      rating categories by each Rating Agency;

     

    provided,
      however, that no instrument or security shall be an Eligible Investment if
      such instrument or security evidences a right to receive only interest payments
      with respect to the obli­ga­tions underlying such instrument or if such
      security provides for payment of both principal and interest with a yield to
      matur­ity in excess of 120% of the yield to maturity at par or if such
      investment or security is purchased at a price greater than par.

     

    Escrow
      Account:  As defined in Subsection
      11.06.

     

    Escrow
      Payments:  The amounts constituting
      ground rents, taxes, assessments, Primary Mortgage Insurance Policy premiums,
      fire and hazard insurance premiums, flood insurance premiums, condominium
      charges and other payments as may be required to be escrowed by the Mortgagor
      with the Mortgagee pursuant to the terms of any Mortgage Note or
      Mortgage.

     

    Event
      of Default:  Any one of the conditions
      or circumstances enumerated in Subsection 13.01.

     

    Fannie
      Mae:  The entity formerly known as the Federal National Mortgage
      Association or any successor thereto.

     

    Fannie
      Mae Guides:  The Fannie Mae Sellers’ Guide and the Fannie Mae
      Servicers’ Guide and all amendments or additions thereto.

     

    FDIC:  The
      Federal Deposit Insurance Corporation or any successor thereto.

     

    Fidelity
      Bond:  The fidelity bond required to be obtained by the Servicer
      pursuant to Subsection 11.12.

     

    FIRREA:  The
      Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended
      and in effect from time to time.

     

    First
      Remittance Date:  With respect to each Mortgage Loan Package, the
      18th day (or
      if
      such 18th day
      is not a Business Day, the Business Day immediately following such 18th day)
      of
      the month following the related Closing Date.

     

    Freddie
      Mac:  The entity formerly known as the Federal Home Loan Mortgage
      Corporation or any successor thereto.

     

    Freddie
      Mac Guide:  The Freddie Mac Single Family Seller/Servicer Guide
      and all amendments or additions thereto.

     

    GAAP:  Generally
      accepted accounting principles consistently applied.

     

    Gross
      Margin:  With respect to each Adjustable Rate Mortgage Loan, the
      fixed percentage amount set forth in each related Mortgage Note and Mortgage
      which is added to the Index in order to determine the related Mortgage Interest
      Rate.

     

    High
      Cost Loan:  A Mortgage Loan classified as (a) a “high cost” loan under
      the Home Ownership and Equity Protection Act of 1994, as amended, (b) a “high
      cost home,” “threshold,” “covered” (excluding New Jersey “covered home loans” as
      that term is defined in clause (i) of the definition of that term under the
      New
      Jersey Home Ownership Security Act of 2002 (as amended) that were not originated
      between November 26, 2003 and July 7, 2004), “high risk home,” “predatory” or
      similar loan under any other applicable state, federal or local law or (c)
      a
      Mortgage Loan categorized as “High Cost” pursuant to the Standard & Poor’s
      Glossary for File Format for LEVELS® Version 5.6, Appendix E, as revised from
      time to time and in effect on each related Closing Date.

     

    HUD:  The
      United States Department of Housing and Urban Development or any successor
      thereto.

     

    Index:  With
      respect to any Adjustable Rate Mortgage Loan, the index identified on the
      Mortgage Loan Schedule and set forth in the related Mortgage Note for the
      purpose of calculating interest thereon.

     

    Initial
      Rate Cap:  As to each Adjustable Rate Mortgage Loan, the maximum
      increase or decrease in the Mortgage Interest Rate on the first Adjustment
      Date
      as provided in the related Mortgage Note.

     

    Insurance
      Proceeds:  With respect to each Mortgage Loan, proceeds of
      insurance policies insuring the Mortgage Loan or the related Mortgaged
      Property.

     

    Lifetime
      Rate Cap:  As to each Adjustable Rate Mortgage Loan, the maximum
      Mortgage Interest Rate which shall be as permitted in accordance with the
      provisions of the related Mortgage Note.

     

    Liquidation
      Proceeds:  The proceeds received in connection with the
      liquidation of a defaulted Mortgage Loan through trustee’s sale, foreclosure
      sale or otherwise, other than amounts received following the acquisition of
      REO
      Property, Insurance Proceeds and Condemnation Proceeds.

     

    Loan-to-Value
      Ratio:  With respect to any Mortgage Loan as of any date of
      determination, the ratio, expressed as a percentage, on such date of the
      outstanding principal balance of the Mortgage Loan, to the Appraised Value
      of
      the related Mortgaged Property.

     

    LTV:  Loan-to-Value
      Ratio.

     

    Monthly
      Covered
      Amount:  With respect
      to any
      BPP Mortgage Loan, the amount of any principal and interest due by a Mortgagor
      and cancelled for any month pursuant to the terms of the related BPP Addendum
      upon the disability or involuntary unemployment of such Mortgagor.

     

    Monthly
      Payment:  With respect to any Mortgage Loan (other than an Option
      ARM Mortgage Loan), the scheduled payment of principal and interest payable
      by a
      Mortgagor under the related Mortgage Note on each Due Date, which payment may
      change on any Adjustment Date as provided in the related Mortgage Note and
      Mortgage for any Adjustable Rate Mortgage Loan.  With respect to any
      Option ARM Mortgage Loan, the payment of interest and/or principal elected
      to be
      paid by a Mortgagor pursuant to the payment options under the related Mortgage
      Note on each Due Date which payment may change on any Due Date as provided
      in
      the related Mortgage Note.

     

    Mortgage:  The
      mortgage, deed of trust or other instrument creating a first lien on the
      Mortgaged Property securing the Mortgage Note.

     

    Mortgage
      File:  With respect to any Mortgage Loan, the items listed in
Exhibit 2 hereto and any additional documents required to be added
      to the Mortgage File pursuant to this Agreement.

     

    Mortgage
      Interest 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, including, but
      not
      limited to, the limitations on such interest rate imposed by the Initial Rate
      Cap, the Periodic Rate Cap and the Lifetime Rate Cap, if any.

     

    Mortgage
      Loan:  Each mortgage loan sold, assigned and transferred pursuant
      to this Agreement and identified on the Mortgage Loan Schedule annexed to the
      related Term Sheet, including, without limitation, the Mortgage File, the
      Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation
      Proceeds, Insurance Proceeds, REO Disposition Proceeds, and all other rights,
      benefits, proceeds and obligations arising from or in connection with such
      mortgage loan.

     

    Mortgage
      Loan Documents:  With respect to any Mortgage Loan, the documents
      listed in Exhibit 1 hereto.

     

    Mortgage
      Loan Package:  The pool or group of whole loans purchased on a
      Closing Date, as described in the Mortgage Loan Schedule annexed to the related
      Term Sheet.

     

    Mortgage
      Loan Remittance Rate:  With respect to any Mortgage Loan, the
      annual rate of interest payable to the Purchaser, which shall be equal to the
      related Mortgage Interest Rate minus the related Servicing Fee
      Rate.

     

    Mortgage
      Loan Schedule:  With respect to each Mortgage Loan Package, the
      schedule of Mortgage Loans annexed to the related Term Sheet (and delivered
      in
      electronic format to the Purchaser), such schedule as setting forth the
      following information with respect to each Mortgage Loan: (1) the
      Servicer’s Mortgage Loan identifying number; (2) a code indicating whether
      the Mortgaged Property is owner-occupied, a second home or an investment
      property; (3) the property type for each Mortgaged Property; (4) the
      original months to maturity and the remaining months to maturity from the
      Cut-off Date; (5) the Loan-to-Value Ratio at origination; (6) the
      Mortgage Interest Rate as of the Cut-off Date; (7) the date on which the
      first Monthly Payment was due on the Mortgage Loan, and, if such date is not
      the
      Due Date currently in effect, such Due Date; (8) the stated maturity date;
      (9) the amount of the Monthly Payment as of the Cut-off Date; (10) the
      paid-through date; (11) the original principal amount of the Mortgage Loan;
      (12) the Stated Principal Balance of the Mortgage Loan as of the close of
      business on the Cut-off Date; (13) the Mortgage Loan Remittance Rate as of
      the Cut-off Date; (14) a code indicating the purpose of the Mortgage Loan;
      (15) a code indicating the documentation style; (16) the Appraised
      Value; (17) the identity of the Seller; (18) the street address of the
      Mortgaged Property, including the city, state and zip code; (19) the number
      of times during the twelve (12) month period preceding the Closing Date
      that any Monthly Payment has been received more than thirty (30) days after
      its Due Date; (20) a code indicating whether or not the Mortgage Loan is
      subject to a Primary Mortgage Insurance Policy; (21) the date on which the
      Mortgage Loan was originated; (22) a code indicating whether the Mortgage
      contains a prepayment penalty provision together with the type and term of
      such
      penalty; (23) with respect to each Adjustable Rate Mortgage Loan, the Gross
      Margin; (24) with respect to each Adjustable Rate Mortgage Loan, the Lifetime
      Rate Cap; (25) with respect to each Adjustable Rate Mortgage Loan, the Periodic
      Rate Cap; (26) with respect to each Adjustable Rate Mortgage Loan, the Initial
      Rate Cap; (27) with respect to each Adjustable Rate Mortgage Loan, the
      Adjustment Date; (28) with respect to each Adjustable Rate Mortgage Loan, a
      code indicating the type of Index; (29) a code indicating whether the
      Mortgage
      Loan has a mandatory arbitration clause; (30) a code indicating
      whether the Mortgage Loan is a BPP Mortgage Loan and (31) a code indicating
      whether the Mortgage Loan is an Option ARM Mortgage Loan.  With
      respect to the Mortgage Loans on the Mortgage Loan Schedule in the aggregate,
      the Mortgage Loan Schedule shall set forth the following information, as of
      the
      Cut-off Date: (i) the number of Mortgage Loans; (ii) the Cut-off Date
      Principal Balance; (iii) the weighted average Mortgage Interest Rate of the
      Mortgage Loans; (iv) the weighted average months to maturity of the Mortgage
      Loans; (v) with respect to each Adjustable Rate Mortgage Loan, the weighted
      average Lifetime Rate Cap; and (vi) with respect to each Adjustable Rate
      Mortgage Loan, the weighted average Gross Margin.

     

    Mortgage
      Note:  The original executed note or other evidence of the
      Mortgage Loan indebtedness of a Mortgagor, including any riders or addenda
      thereto.

     

    Mortgaged
      Property:  The Mortgagor’s real property securing repayment of a
      related Mortgage Note, consisting of a fee simple interest in a single parcel
      of
      real property improved by a Residential Dwelling.

     

    Mortgagee:  The
      mortgagee or beneficiary named in the Mortgage and the successors and assigns
      of
      such mortgagee or beneficiary.

     

    Mortgagor:  The
      obligor on a Mortgage Note, who is an owner of the Mortgaged Property and the
      grantor or mortgagor named in the Mortgage and such grantor’s or mortgagor’s
      successors in title to the Mortgaged Property.

     

    NAIC:  The
National
      Association of Insurance Commissioners
      or any successor organization.

     

    Officer’s
      Certificate:  A certificate signed by the Chairman of the Board,
      the Vice Chairman of the Board, a President or a Vice President of the Person
      on
      behalf of whom such certificate is being delivered.

     

    Opinion
      of Counsel:  A written opinion of counsel, who may be an employee
      of the Seller or the Servicer, reasonably acceptable to the
      Purchaser.

     

    Option
      ARM Mortgage Loan:  An Adjustable Rate Mortgage Loan with an
      original term to maturity of not more than thirty (30) years and with respect
      to
      which the related borrower may choose a flexible payment option each month
      pursuant to the terms of the related Mortgage Note.

     

    OTS:  The
      Office of Thrift Supervision or any successor.

     

    P&I
      Advance:  As defined in Subsection 11.17.

     

    Periodic
      Rate Cap:  As to each Adjustable Rate Mortgage Loan, the maximum
      increase or decrease in the Mortgage Interest Rate, on any Adjustment Date
      as
      provided in the related Mortgage Note.

     

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

     

    Primary
      Mortgage Insurance Policy:  A policy of primary mortgage guaranty
      insurance issued by an insurer acceptable to Fannie Mae or Freddie
      Mac.

     

    Principal
      Prepayment:  Any payment or other recovery of principal on a
      Mortgage Loan which is received in advance of its scheduled Due Date that is
      not
      accompanied by an amount of interest representing scheduled interest due on
      any
      date or dates in any month or months subsequent to the month of
      prepayment.

     

    Purchase
      Price:  The price paid on the related Closing Date by the
      Purchaser to the Seller pursuant to this Agreement in exchange for the Mortgage
      Loans included in the related Mortgage Loan Package, as calculated pursuant
      to
      Section 4 and the related Term Sheet.

     

    Purchase
      Price Percentage:  For each Mortgage Loan included in a Mortgage
      Loan Package, the percentage of par set forth in the related Term Sheet that
      is
      used to calculate the Purchase Price of the Mortgage Loans included in such
      Mortgage Loan Package.

     

    Purchaser:  The
      Person listed as such in the initial paragraph of this Agreement, together
      with
      its successors and assigns as permitted under the terms of this
      Agreement.

     

    Qualified
      Appraiser:  An appraiser of a Mortgaged Property duly appointed by
      the originator of the related Mortgage Loan, who had no interest, direct or
      indirect, in such Mortgaged Property or in any loan made on the security
      thereof, whose compensation is not affected by the approval or disapproval
      of
      the related Mortgage Loan and who met the qualifications of Fannie Mae or
      Freddie Mac and satisfied the requirements of Title XI of
      FIRREA.

     

    Rating
      Agency:  Moody’s Investors Service, Inc., Standard & Poor’s
      Ratings Service, a Division of The McGraw-Hill Companies, Inc., Fitch, Inc.
      or
      any other nationally recognized statistical credit rating agency.

     

    Record
      Date:  The close of business
      of
      the last Business Day of the month preceding the month of the related Remittance
      Date.

     

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

     

    Remittance
      Date:  The 18th day (or if such 18th day is not a Business Day,
      the first Business Day immediately following such 18th day) of
      any month,
      beginning with the First Remittance Date.

     

    REO
      Disposition:  The final sale by the Servicer or the
      Purchaser of an REO Property.

     

    REO
Disposition
      Proceeds:  All amounts received with respect to an REO Disposition
      pursuant to Subsection 11.13.

     

    REO
      Property:  A Mortgaged Property acquired by the Servicer through
      foreclosure or deed in lieu of foreclosure, as described in
      Subsection 11.13.

     

    Repurchase
      Price:  With respect to any Mortgage Loan, an amount equal to
      (A) the Stated Principal Balance of such Mortgage Loan as of the date of
      repurchase plus (B) interest on such Stated Principal Balance at the
      Mortgage Loan Remittance Rate from and including the last Due Date through
      which
      interest has been paid on behalf of the Mortgagor or advanced by the Servicer
      to
      the day prior to such date of repurchase, less amounts received in respect
      of
      such repurchased Mortgage Loan for distribution in connection with such Mortgage
      Loan; provided, however, that if at the time of repurchase the Servicer is
      not
      the Seller or an affiliate of the Seller, the amount described in
      clause (B) shall be computed at the sum of (i) the Mortgage Loan
      Remittance Rate and (ii) the Servicing Fee Rate.

     

    Residential
      Dwelling:  Any one of the following: (i) a detached
      one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a
      one-family dwelling unit in a condominium project or (iv) a one-family
      dwelling in a planned unit development, none of which is a cooperative, mobile
      or manufactured home.

     

    Sarbanes
      Certifying Party:  A Person who provides a certification required
      under the Sarbanes-Oxley Act of 2002 in connection with a Securitization or
      other securitization transaction.

     

    Securities:  The
      securities issued in connection with a Securitization evidencing beneficial
      ownership interests in a trust the assets of which include the Mortgage
      Loans.

     

    Securitization:  The
      transfer of the Mortgage Loans to a trust formed as part of a publicly issued
      and/or privately placed, rated securitization, including the issuance of the
      related Securities.

     

    Seller:  Bank
      of America, National Association, a national banking association, or its
      successor in interest or any successor to the Seller under this Agreement
      appointed as herein provided.

     

    Servicer:  Bank
      of America, National Association, a national banking association, or its
      successor in interest or any successor to the Servicer under this Agreement
      appointed as herein provided.

     

    Servicing
      Advances:  All customary, reasonable and necessary out-of-pocket
      costs and expenses incurred in the performance by the Servicer of its servicing
      obligations, including, but not limited to, the cost of (a) the
      preservation, restoration and protection of the Mortgaged Property, (b) any
      enforcement or judicial proceedings, including foreclosures, (c) the
      management and liquidation of the Mortgaged Property if the Mortgaged Property
      is acquired in satisfaction of the Mortgage, and (d) payments made by the
      Servicer with respect to a Mortgaged Property pursuant to
      Subsection 11.08.

     

    Servicing
      Fee:  With respect to each Mortgage Loan, the amount of the annual
      fee the Purchaser shall pay to the Servicer, which shall, for each month, be
      equal to one-twelfth of the product of the applicable Servicing Fee Rate and
      the
      Stated Principal Balance of such Mortgage Loan.  Such fee shall be
      payable monthly, computed on the basis of the same principal amount and period
      respecting which any related interest payment on a Mortgage Loan is
      computed.  The obligation of the Purchaser to pay the Servicing Fee is
      limited to, and payable solely from, the interest portion (including recoveries
      with respect to interest from Liquidation Proceeds and other proceeds, to the
      extent permitted by Subsection 11.05) of related Monthly Payments collected
      by the Servicer, or as otherwise provided under
      Subsection 11.05.

     

    Servicing
      Fee Rate:  With respect to each Mortgage Loan, the per annum rate
      set forth on the related Mortgage Loan Schedule or if not specified thereon,
      in
      the related Term Sheet.

     

    Servicing
      Officer:  Any officer of the Servicer involved in, or responsible
      for, the administration and servicing of the Mortgage Loans whose name appears
      on a list of servicing officers furnished to the Purchaser by the Servicer,
      as
      such list may be amended from time to time.

     

    Stated
      Principal Balance:  As to each Mortgage Loan as to any date of
      determination, (i) the principal balance of the Mortgage Loan at the
      related Cut-off Date after giving effect to the principal portion of any Monthly
      Payments due on or before such date, whether or not received (except with
      respect to Option ARM Mortgage Loans, in which case, to the extent received),
      as
      well as any Principal Prepayments received before such date, minus (ii) all
      amounts previously distributed to the Purchaser with respect to the Mortgage
      Loan representing payments or recoveries of principal, or advances in lieu
      thereof.

     

    Substitute
      Mortgage Loan:  A mortgage loan substituted by the Seller for a
      Deleted Mortgage Loan which must, on the date of such substitution, be approved
      by the Purchaser and (i) have a Stated Principal Balance, after deduction
      of the principal portion of the Monthly Payment due in the month of
      substitution, not in excess of, and not materially greater or less than, the
      Stated Principal Balance of the Deleted Mortgage Loan; (ii) have a Mortgage
      Interest Rate equal to that of the Deleted Mortgage Loan; (iii) have a
      Loan-to-Value Ratio not higher than that of the Deleted Mortgage Loan;
      (iv) have a remaining term to maturity not greater than (and not more than
      one year less than) that of the Deleted Mortgage Loan; (v) comply with each
      representation and warranty set forth in Subsection 7.01; (vi) be
      current in the payment of principal and interest; (vii) be secured by a
      Mortgaged Property of the same type and occupancy status as secured the Deleted
      Mortgage Loan; and (viii) have payment terms that do not vary in any
      material respect from those of the Deleted Mortgage Loan.

     

    Term
      Sheet:  With respect to each Mortgage Loan and Mortgage Loan
      Package, the Term Sheet, substantially in the form of Exhibit 6 attached
      hereto, confirming the sale by Seller and the purchase by the Purchaser of
      the
      Mortgage Loan Package on the related Closing Date.

     

    Total
      Covered Amount:  With respect to any BPP Mortgage Loan, the
      outstanding principal balance of the Mortgage Loan cancelled pursuant to the
      terms of the related BPP Addendum upon the accidental death of the related
      Mortgagor.

     

    Underwriting
      Guidelines:  The underwriting guidelines of the Seller attached
      hereto as Exhibit 3, as may be updated and incorporated into Exhibit
      3 from time to time by providing such updates to the
      Purchaser.  To be applicable to a given Mortgage Loan and Mortgage
      Loan Package purchased and sold hereunder, such updates shall be provided to
      the
      Purchaser in advance of the related Closing Date.

    

    
      	
              SECTION
                2.  

            	
              Purchase
                and Conveyance.

            

    

     

    The
      Seller, in exchange for the payment of the applicable Purchase Price by the
      Purchaser on the related Closing Date, hereby agrees to sell, transfer, assign,
      set over and convey to the Purchaser, without recourse, but subject to the
      terms
      of this Agreement, all of its rights, title and interest in and to the Mortgage
      Loans in a Mortgage Loan Package having an aggregate Stated Principal Balance
      on
      the related Cut-off Date in an amount as set forth in the related Term Sheet,
      or
      in such other amount as agreed by the Purchaser and the Seller as evidenced
      by
      the actual aggregate principal balance of the Mortgage Loan Package accepted
      by
      the Purchaser on the related Closing Date, together with the related Mortgage
      Files and all rights and obligations arising under the documents contained
      therein, but excluding any BPP Fees.

     

    With
      respect to each Mortgage Loan purchased, the Purchaser shall own and be entitled
      to receive:  (a) all principal portion of all Monthly Payments
      due (or received in the case of the Option ARM Mortgage Loans) after the
      applicable Cut-off Date and (b) all other payments and/or recoveries of
      principal collected on or after the applicable Cut-off Date (provided,
      however, that all scheduled payments of principal due on or before the
      applicable Cut-off Date and collected by the Servicer after the applicable
      Cut-off Date shall, except in the case of the Option ARM Mortgage Loans, belong
      to the Seller), (c) all payments of interest on the Mortgage Loans net of the
      Servicing Fee (minus that portion of any such interest payment that is allocable
      to the period prior to the applicable Cut-off Date) and (d) all BPP Mortgage
      Loan Payments payable by the Servicer pursuant to Subsection 11.25 with respect
      to scheduled principal and interest due after the applicable Cut-off
      Date.

    

    
      	
              SECTION
                3.  

            	
              Mortgage
                Loan Schedule.

            

    

     

    The
      Seller shall deliver the Mortgage
      Loan Schedule (which will be annexed to the related Term Sheet) to the Purchaser
      at least two (2) Business Days prior to the related Closing Date.

     

    
      	
              SECTION
                4.  

            	
              Purchase
                Price.

            

    

     

    The
      Purchase Price for each Mortgage Loan Package shall be the Purchase Price
      Percentage multiplied by an amount equal to the Cut-off Date Principal Balance
      of the Mortgage Loans in such Mortgage Loan Package, or as otherwise calculated
      pursuant to the related Term Sheet, plus accrued interest on the aggregate
      Stated Principal Balance of the Mortgage Loan Package at the weighted average
      Mortgage Loan Remittance Rate from the related Cut-off Date through the day
      immediately prior to the related Closing Date, inclusive.  The initial
      principal amount of the Mortgage Loans shall be the aggregate principal balance
      of the Mortgage Loans, so computed as of the related Cut-off Date, after
      application of scheduled payments of principal due on or before the related
      Cut-off Date, whether or not collected (except with respect to Option ARM
      Mortgage Loans, in which case, to the extent received).  Such payment
      shall be made to the account designated by the Seller by wire transfer of
      immediately available funds by 4:00 p.m. Eastern Standard Time on the related
      Closing Date.

     

    
      	
              SECTION
                5.  

            	
              Examination
                of Mortgage Files.

            

    

     

    In
      addition to any rights granted to the
      Purchaser hereunder to underwrite the Mortgage Loans and review the Mortgage
      Loan Documents prior to the related Closing Date, the Seller
      shall, prior to
      the related Closing Date,
      make the Mortgage Files available to the Purchaser for examination at the
      Seller’s offices.  Such examination may be made by the Purchaser or
      its designee, at its expense, at any reasonable time before the related
Closing Date. Such underwriting
      by
      the Purchaser or its designee shall not impair or diminish the rights of the
      Purchaser or any of its successors under this Agreement with respect to a breach
      of the representations and warranties contained in this
      Agreement.  The fact that the Purchaser or its designee has conducted
      or has failed to conduct any partial or complete examination of the Mortgage
      Files shall not affect the Purchaser’s or any of its successors’ rights to
      demand repurchase or other relief or remedy provided for in this
      Agreement.

     

    
      	
              SECTION
                6.  

            	
              Delivery
                of Mortgage Loan Documents.

            

    

     

    Subsection
      6.01  Possession
      of Mortgage Files.

     

    The
      contents of each Mortgage File required to be retained by the Servicer to
      service the Mortgage Loans pursuant to this Agreement and thus not delivered
      to
      the Purchaser or its designee are and shall be held in trust by the Servicer
      for
      the benefit of the Purchaser as the owner thereof.  The Servicer’s
      possession of any portion of each such Mortgage File is at the will of the
      Purchaser for the sole purpose of facilitating servicing of the Mortgage Loans
      pursuant to this Agreement, and such retention and possession by the Servicer
      shall be in a custodial capacity only.  The ownership of each Mortgage
      Note, Mortgage and the contents of each Mortgage File is vested in the Purchaser
      and the ownership of all records and documents with respect to the related
      Mortgage Loan prepared by or which come into the possession of the Servicer
      shall immediately vest in the Purchaser and shall be retained and maintained,
      in
      trust, by the Servicer at the will of the Purchaser in such custodial capacity
      only.  The Mortgage File retained by the Servicer with respect to each
      Mortgage Loan pursuant to this Agreement shall be appropriately identified
      in
      the Servicer’s computer system to reflect clearly the ownership of such related
      Mortgage Loan by the Purchaser.  The Servicer shall release from its
      custody the contents of any Mortgage File retained by it only in accordance
      with
      this Agreement, except when such release is required in connection with a
      repurchase of any such Mortgage Loan pursuant to Subsection 7.03 of this
      Agreement or if required under applicable law or court order.  The
      Servicer shall deliver to the Purchaser copies of any documents in a Mortgage
      File reasonably requested by the Purchaser within thirty (30) days after the
      date of such request, at the expense of the Purchaser.

    

    Subsection
      6.02  Books
      and Records.

     

    All
      rights arising out of the Mortgage Loans including, but not limited to, all
      funds received by the Servicer after the Cut-off Date on or in connection with
      a
      Mortgage Loan as provided in Section 2 shall be vested in the Purchaser,
      subject to this Agreement; provided, however, that all such funds
      received on or in connection with a Mortgage Loan as provided in Section 2
      shall be received and held by the Servicer in trust for the benefit of the
      Purchaser as the owner of the Mortgage Loans pursuant to the terms of this
      Agreement.

     

    As
      more
      fully set forth in Section 20, it is the express intention of the parties
      that the transactions contemplated by this Agreement be, and be construed as,
      a
      sale of the Mortgage Loans by the Seller and not a pledge of the Mortgage Loans
      by the Seller to the Purchaser to secure a debt or other obligation of the
      Seller.  Consequently, the sale of each Mortgage Loan shall be
      reflected as a purchase on the Purchaser’s business records, tax returns and
      financial statements, and as a sale of assets on the Seller’s business records,
      tax returns and financial statements.

    

    Subsection
      6.03  Delivery
      of Mortgage Loan Documents.

     

    With
      respect to each Mortgage Loan, the Seller shall deliver and release to the
      Purchaser, or its designee, under a bailee letter, (a) at least two (2)
      Business Days prior to the related Closing Date (or such later date as the
      Purchaser may reasonably request), the original Mortgage Note endorsed in blank
      and the original Assignment of Mortgage assigned in blank and (b) the other
      Mortgage Loan Documents within a reasonable time following the related Closing
      Date.  To the extent that any such Mortgage Loan Documents have been
      delivered for recording and have not yet been returned to the Seller by the
      applicable recording office, the Seller shall, promptly following receipt by
      it
      of such Mortgage Loan Documents from the applicable recording office, deliver
      such documents to the Purchaser or its designee; provided, however,
      that the original recorded document or a clerk-certified copy thereof shall
      be
      delivered to the Purchaser no later than one year following the related Closing
      Date, subject to the following paragraph.

     

    In
      the
      event that such original or copy of any document submitted for recordation
      to
      the appropriate public recording office is not so delivered to the Purchaser
      or
      its designee within one year following the related Closing Date, and in the
      event that the Seller does not cure such failure within sixty (60) days
      after receipt of written notification of such failure from the Purchaser, the
      related Mortgage Loan shall, upon the request of the Purchaser, be repurchased
      by the Seller at a price and in the manner specified in
      Subsection 7.03.  The foregoing repurchase obligation shall not
      apply in the event the Seller cannot cause the Servicer to deliver such original
      or clerk-certified copy of any document submitted for recordation to the
      appropriate public recording office within the specified period due to a delay
      caused by the recording office in the applicable jurisdiction; provided
that the Seller shall cause the Servicer instead to deliver a recording
      receipt of such recording office or, if such recording receipt is not available,
      an Officer’s Certificate of a servicing officer of the Servicer, confirming that
      such document has been accepted for recording and that the Servicer shall
      immediately deliver such document upon receipt; and, provided further,
      that if the Seller cannot cause the Servicer to deliver such original or
      clerk-certified copy of any document submitted for recordation to the
      appropriate public recording office within the specified time for any reason
      within twelve (12) months after receipt of written notification of such
      failure from the Purchaser, the Seller shall repurchase the related Mortgage
      Loan at the price and in the manner specified in
      Subsection 7.03.

     

    To
      the extent received by it, the
      Servicer shall promptly forward to the Purchaser, or its designee, original
      documents evidencing an assumption, modification, consolidation or extension
      of
      any Mortgage Loan entered into in accordance with this
      Agreement.

    

    
      	
              SECTION
                7.  

            	
               Representations,
                Warranties and Covenants; Remedies for
                Breach.

            

    

     

    Subsection
      7.01  Representations
      and Warranties Regarding Individual Mortgage Loans.

     

    The
      Seller and, solely if specified below, the Servicer, hereby represent and
      warrant to the Purchaser that, as to each Mortgage Loan, as of the related
      Closing Date or such other date specified herein:

     

    (a)  The
      information set forth in the Mortgage Loan Schedule annexed to the related
      Term
      Sheet and the information contained in the related electronic data file
      delivered by the Seller to the Purchaser is true, correct and complete in all
      material respects.

     

    (b)  There
      are
      no defaults by the Seller, the Servicer or any prior originator in complying
      with the terms of the Mortgage, and all taxes, ground rents, governmental
      assessments, insurance premiums, leasehold payments, water, sewer and municipal
      charges which previously became due and owing have been paid, or escrow funds
      have been established in an amount sufficient to pay for every such escrowed
      item which remains unpaid and which has been assessed but is not yet due and
      payable.

     

    (c)  The
      terms
      of the Mortgage Note and the Mortgage have not been impaired, waived, altered
      or
      modified in any respect, except by written instruments which have been recorded
      in the applicable public recording office required by law or if necessary to
      maintain the lien priority of the Mortgage, and which have been delivered to
      the
      Purchaser; the substance of any such waiver, alteration or modification has
      been
      approved by the insurer under the Primary Mortgage Insurance Policy, if any,
      and
      by the title insurer, to the extent required by the related policy, and is
      reflected on the related Mortgage Loan Schedule.  No other instrument
      of waiver, alteration or modification has been executed, and no Mortgagor has
      been released, in whole or in part, except in connection with an assumption
      agreement approved by the insurer under the Primary Mortgage Insurance Policy,
      if any, and by the title insurer, to the extent required by the policy, and
      which assumption agreement is a part of the Mortgage File and is reflected
      on
      the related Mortgage Loan Schedule.

     

    (d)  The
      Mortgage Note and the Mortgage are not subject to any right of rescission,
      set-off, counterclaim or defense, including, without limitation, the defense
      of
      usury, nor will the operation of any of the terms of the Mortgage Note and
      the
      Mortgage, or the exercise of any right thereunder, render either the Mortgage
      Note or the Mortgage unenforceable, in whole or in part, or subject to any
      right
      of rescission, set-off, counterclaim or defense, including, without limitation,
      the defense of usury, and no such right of rescission, set-off, counterclaim
      or
      defense has been asserted with respect thereto; and the Mortgagor was not a
      debtor in any state or federal bankruptcy or insolvency proceeding at the time
      the Mortgage Loan was originated.

     

    (e)  All
      buildings or other customarily insured improvements upon the Mortgaged Property
      are insured by an insurer generally acceptable to Fannie Mae and to prudent
      mortgage lending institutions against loss by fire, hazards of extended coverage
      and such other hazards as are provided for in the Fannie Mae Guides as well
      as
      all additional requirements set forth herein, pursuant to an insurance policy
      conforming to the requirements of Customary Servicing Procedures and providing
      coverage in an amount equal to the lesser of (i) the full insurable value
      of the Mortgaged Property or (ii) the outstanding principal balance owing
      on the Mortgage Loan.  All such insurance policies are in full force
      and effect and contain a standard mortgagee clause naming the originator of
      the
      Mortgage Loan, its successors and assigns as mortgagee and all premiums thereon
      have been paid.  If the Mortgaged Property is in an area identified on
      a flood hazard map or flood insurance rate map issued by the Federal Emergency
      Management Agency as having special flood hazards (and such flood insurance
      has
      been made available), a flood insurance policy meeting the requirements of
      the
      current guidelines of the Federal Insurance Administration is in effect which
      policy conforms to the requirements of Fannie Mae or Freddie Mac. The Mortgage
      obligates the Mortgagor thereunder to maintain all such insurance at the
      Mortgagor’s cost and expense, and on the Mortgagor’s failure to do so,
      authorizes the holder of the Mortgage to maintain such insurance at the
      Mortgagor’s cost and expense and to seek reimbursement therefor from the
      Mortgagor.

     

    (f)  Any
      and
      all requirements of any federal, state or local law including, without
      limitation, usury, truth in lending, real estate settlement procedures, consumer
      credit protection, equal credit opportunity, fair housing or disclosure laws
      applicable to the origination and servicing of the Mortgage Loans have been
      complied with.  None of the Mortgage Loans are (i) Covered Loans or
      (ii) High Cost Loans.  The Servicer maintains, and shall maintain,
      evidence of such compliance as required by applicable law or regulation and
      shall make such evidence available for inspection at the Servicer’s office
      during normal business hours upon reasonable advance notice.

     

    (g)  The
      Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole
      or in part (other than as to Principal Prepayments in full which may have been
      received on or after the related Cut-off Date and prior to the related Closing
      Date), and the Mortgaged Property has not been released from the lien of the
      Mortgage, in whole or in part, nor has any instrument been executed that would
      effect any such satisfaction, cancellation, subordination, rescission or
      release.  Neither the Seller nor the Servicer has waived the
      performance by the Mortgagor of any action, if the Mortgagor’s failure to
      perform such action would cause the Mortgage Loan to be in default, and neither
      the Seller nor the Servicer has waived any default.

     

    (h)  The
      Mortgage is a valid, existing, perfected and enforceable first lien on the
      Mortgaged Property, including all improvements on the Mortgaged Property, free
      and clear of all adverse claims, liens and encumbrances having priority over
      the
      lien of the Mortgage, subject only to (i) the lien of current real property
      taxes and assessments not yet due and payable, (ii) covenants, conditions
      and restrictions, rights of way, easements and other matters of the public
      record as of the date of recording being acceptable to mortgage lending
      institutions generally and either (A) specifically referred to in the
      lender’s title insurance policy, if any, delivered to the originator of the
      Mortgage Loan or (B) which do not adversely affect the Appraised Value of
      the Mortgaged Property and (iii) other matters to which like properties are
      commonly subject which do not individually or in the aggregate materially
      interfere with the benefits of the security intended to be provided by the
      Mortgage or the use, enjoyment, value or marketability of the related Mortgaged
      Property. Any security agreement, chattel mortgage or equivalent document
      related to and delivered in connection with the Mortgage Loan establishes and
      creates a valid, existing and enforceable first lien and first priority security
      interest on the property described therein and the Seller has the full right
      to
      sell and assign the same to the Purchaser.

     

    (i)  The
      Mortgage Note and the related Mortgage are original and genuine and each is
      the
      legal, valid and binding obligation of the maker thereof, enforceable in all
      respects in accordance with its terms except as enforceability may be limited
      by
      (i) bankruptcy, insolvency, liquidation, receivership, moratorium,
      reorganization or other similar laws affecting the enforcement of the rights
      of
      creditors and (ii) general principles of equity, whether enforcement is
      sought in a proceeding in equity or at law and the Seller has taken all action
      necessary to transfer such rights of enforceability to the
      Purchaser.

     

    (j)  All
      parties to the Mortgage Note and the Mortgage had the legal capacity to enter
      into the Mortgage Loan and to execute and deliver the Mortgage Note and the
      Mortgage, and the Mortgage Note and the Mortgage have been duly and properly
      executed by such parties.  Either the Mortgagor is a natural person or
      the related co-borrower or guarantor is a natural person.

     

    (k)  The
      proceeds of the Mortgage Loan have been fully disbursed to or for the account
      of
      the Mortgagor and there is no obligation for the Mortgagee to advance additional
      funds thereunder and any and all requirements as to completion of any on-site
      or
      off-site improvement and as to disbursements of any escrow funds therefor have
      been complied with.  All costs, fees and expenses incurred in making
      or closing the Mortgage Loan and the recording of the Mortgage have been paid,
      and the Mortgagor is not entitled to any refund of any amounts paid or due
      to
      the Mortgagee pursuant to the Mortgage Note or Mortgage.

     

    (l)  The
      Seller and all other parties which have had any interest in the Mortgage Loan,
      whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period
      in which they held and disposed of such interest, were) in compliance with
      any
      and all applicable “doing business” and licensing requirements of the laws of
      the state wherein the Mortgaged Property is located.

     

    (m)  (i)
      With
      respect to each Mortgage Loan, the Mortgage Loan is covered by an ALTA or CLTA
      lender’s title insurance policy, acceptable to Fannie Mae or Freddie Mac, issued
      by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to
      do
      business in the jurisdiction where the Mortgaged Property is located, insuring
      (subject to the exceptions contained in (h)(i), (ii) and (iii) above) the
      Seller, its successors and assigns as to the first priority lien of the Mortgage
      in the original principal amount of the Mortgage Loan and, with respect to
      any
      Adjustable Rate Mortgage Loan, against any loss by reason of the invalidity
      or
      unenforceability of the lien resulting from the provisions of the Mortgage
      providing for adjustment in the Mortgage Interest Rate or Monthly Payment,
      (ii)
      with respect to certain Refinanced Mortgage Loans, a title search has been
      doing
      showing no lien (other than the exceptions contained in (h)(i), (ii) or (iii)
      above) on the related Mortgaged Property senior to the lien of the Mortgage
      or
      (iii) in the case of any Mortgage Loan secured by a Mortgaged Property located
      in a jurisdiction where title insurance policies are generally not available,
      an
      opinion of counsel of the type customarily rendered in such jurisdiction in
      lieu
      of title insurance is instead received.  For each Mortgage Loan
      covered by a title insurance policy, (i) the Seller and its successors and
      assigns are the sole insureds of such lender’s title insurance policy, and such
      lender’s title insurance policy is in full force and effect and will be in full
      force and effect upon the consummation of the transactions contemplated by
      this
      Agreement and will inure to the benefit of the Purchaser and its assigns without
      any further act and (ii) no claims have been made under such lender’s title
      insurance policy, and the Seller has not done, by act or omission, anything
      which would impair the coverage of such lender’s title insurance
      policy.

     

    (n)  Other
      than Mortgage Loans delinquent fewer than thirty (30) days as of the related
      Cut-off Date, there is no default, breach, violation or event of acceleration
      existing under the Mortgage or the Mortgage Note and no event which, with the
      passage of time or with notice and the expiration of any grace or cure period,
      would constitute a default, breach, violation or event permitting acceleration,
      and neither the Seller nor the Servicer has waived any default, breach,
      violation or event permitting acceleration.

     

    (o)  There
      are
      no mechanics’ or similar liens or claims filed for work, labor or material (and
      no rights are outstanding that under law could give rise to such lien) affecting
      the related Mortgaged Property which are or may be liens prior to, or equal
      or
      coordinate with, the lien of the related Mortgage.

     

    (p)  All
      improvements which were considered in determining the Appraised Value of the
      related Mortgaged Property lay wholly within the boundaries and building
      restriction lines of the Mortgaged Property, and no improvements on adjoining
      properties encroach upon the Mortgaged Property.

     

    (q)  The
      Mortgage Loan was originated by a commercial bank or similar banking institution
      which is supervised and examined by a federal or state authority, or by a
      mortgagee approved by the Secretary of HUD.

     

    (r)  Payments
      on the Mortgage Loan commenced no more than sixty (60) days after the proceeds
      of the Mortgage Loan were disbursed.  The Mortgage Loans identified on
      the related Mortgage Loan Schedule have an original term to maturity of not
      more
      than thirty (30) years, with interest payable in arrears on the first day of
      the
      month.  As to each Adjustable Rate Mortgage Loan, on each applicable
      Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum
      of
      the Index plus the applicable Gross Margin, rounded up or down as provided
      in
      the Mortgage Note; provided, however, that the Mortgage Interest Rate
      will not increase or decrease by more than the Initial Rate Cap on the first
      Adjustment Date or the Periodic Rate Cap on any subsequent Adjustment Date,
      and
      will in no event exceed the Lifetime Rate Cap.  Each Mortgage Note
      evidencing a Mortgage Loan other than an Adjustable Rate Mortgage Loan requires
      a Monthly Payment which is sufficient to amortize the original principal balance
      fully over the original term thereof and to pay interest at the related Mortgage
      Interest Rate.  Except with respect to Option ARM Mortgage Loans, each
      Mortgage Note evidencing an Adjustable Rate Mortgage Loan requires a Monthly
      Payment which is sufficient (i) during the period prior to the first adjustment
      to the Mortgage Interest Rate, to amortize the original principal balance fully
      over the original term thereof and to pay interest at the related Mortgage
      Interest Rate, and (ii) during the period following each Adjustment Date, to
      amortize the outstanding principal balance fully as of the first day of such
      period over the then remaining term of such Mortgage Note and to pay interest
      at
      the related Mortgage Interest Rate.  Except with respect to Option ARM
      Mortgage Loans, no Mortgage Note evidencing an Adjustable Rate Mortgage Loan
      permits negative amortization.  Interest on the Mortgage Note is
      calculated on the basis of a 360-day year consisting of twelve 30-day
      months.

     

    (s)  There
      is
      no proceeding pending or, to the Seller’s knowledge, threatened for the total or
      partial condemnation of the Mortgaged Property and such property is in good
      repair and is not subject to material damage by waste, fire, earthquake or
      earth
      movement, windstorm, flood, tornado or other casualty, that affects materially
      and adversely the value of the Mortgaged Property as security for the Mortgage
      Loan or the use for which the premises were intended.

     

    (t)  The
      Mortgage and related Mortgage Note contain customary and enforceable provisions
      such as to render the rights and remedies of the holder thereof adequate for
      the
      realization against the Mortgaged Property of the benefits of the security
      provided thereby, including (i) in the case of a Mortgage designated as a
      deed of trust, by trustee’s sale, and (ii) otherwise by judicial
      foreclosure.  To the best of the Seller’s knowledge, following the
      date of origination of the Mortgage Loan, the Mortgaged Property has not been
      subject to any bankruptcy proceeding or foreclosure proceeding and the Mortgagor
      has not filed for protection under applicable bankruptcy laws.  There
      is no homestead or other exemption or right available to the Mortgagor or any
      other person which would interfere with the right to sell the Mortgaged Property
      at a trustee’s sale or the right to foreclose the Mortgage.

     

    (u)  The
      Mortgage Note and Mortgage are on forms acceptable to Fannie Mae or Freddie
      Mac.

     

    (v)  The
      Mortgage Note is not and has not been secured by any collateral except the
      lien
      of the corresponding Mortgage on the Mortgaged Property and the security
      interest of any applicable security agreement or chattel mortgage referred
      to in
      (h) above.

     

    (w)  The
      Mortgage File contains an appraisal of the related Mortgaged Property, in a
      form
      acceptable to Fannie Mae or Freddie Mac and such appraisal complies with the
      requirements of FIRREA, and, to the extent required in the Underwriting
      Guidelines with respect to mortgage loans of the same type as the Mortgage
      Loan,
      was made and signed, prior to the approval of the Mortgage Loan application,
      by
      a Qualified Appraiser.

     

    (x)  In
      the
      event the Mortgage constitutes a deed of trust, a trustee, duly qualified under
      applicable law to serve as such, has been properly designated and currently
      so
      serves and is named in the Mortgage, and no fees or expenses are or will become
      payable by the Purchaser to the trustee under the deed of trust, except in
      connection with a trustee’s sale after default by the Mortgagor.

     

    (y)  The
      Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan
      does not have a shared appreciation, balloon payment or other contingent
      interest feature, nor does it contain any “buydown” provision which is currently
      in effect.

     

    (z)  The
      Mortgage contains an enforceable provision for the acceleration of the payment
      of the unpaid principal balance of the Mortgage Loan in the event that the
      Mortgaged Property is sold or transferred without the prior written consent
      of
      the mortgagee thereunder.

     

    (aa)  The
      Mortgagor has received all disclosure materials required by applicable law
      with
      respect to the making of mortgage loans of the same type as the Mortgage Loan
      and rescission materials required by applicable law if the Mortgage Loan is
      a
      Refinanced Mortgage Loan and has acknowledged receipt of such materials to
      the
      extent required by applicable law and such documents will remain in the Mortgage
      File.

     

    (bb)  No
      Mortgage Loan has an LTV at origination in excess of 95%.  Each
      Mortgage Loan with an LTV at origination in excess of 80% will be subject to
      a
      Primary Mortgage Insurance Policy, issued by an insurer acceptable to Fannie
      Mae
      or Freddie Mac at the time of origination, which insures that portion of the
      Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged
      Property as required by Fannie Mae.  All provisions of such Primary
      Mortgage Insurance Policy have been and are being complied with, such policy
      is
      in full force and effect, and all premiums due thereunder have been
      paid.  Any Mortgage subject to any such Primary Mortgage Insurance
      Policy obligates the Mortgagor thereunder to maintain such insurance and to
      pay
      all premiums and charges in connection therewith at least until the LTV of
      such
      Mortgage Loan is reduced to less than 80%.  The Mortgage Interest Rate
      for the Mortgage Loan does not include any such insurance premium.  No
      Mortgage Loan requires payment of such premiums, in whole or in part, by the
      Purchaser.

     

    (cc)  The
      Mortgaged Property is lawfully occupied under applicable law, all inspections,
      licenses and certificates required to be made or issued with respect to all
      occupied portions of the Mortgaged Property and, with respect to the use and
      occupancy of the same, including but not limited to certificates of occupancy,
      have been made or obtained from the appropriate authorities and no improvement
      located on or part of the Mortgaged Property is in violation of any zoning
      law
      or regulation.

     

    (dd)  The
      Assignment of Mortgage is in recordable form and is acceptable for recording
      under the laws of the jurisdiction in which the Mortgaged Property is
      located.

     

    (ee)  All
      payments required to be made prior to the related Cut-off Date for such Mortgage
      Loan under the terms of the Mortgage Note have been made, the Mortgage Loan
      has
      not been dishonored, there are no material defaults under the terms of the
      Mortgage Loan and no Mortgage Loan has been more than thirty (30) days
      delinquent more than once in the twelve month period immediately prior to the
      related Cut-off Date.

     

    (ff)  None
      of
      the Seller, the Servicer or any prior originator or servicer has advanced funds,
      or induced, solicited or knowingly received any advance from any party other
      than the Mortgagor, directly or indirectly, for the payment of any amount due
      under the Mortgage Loan.

     

    (gg)  With
      respect to each Mortgage Loan, the Seller is in possession of a complete
      Mortgage File except for the documents which have been delivered to the
      Purchaser or which have been submitted for recording and not yet
      returned.

     

    (hh)  Immediately
      prior to the payment of the related Purchase Price, the Seller was the sole
      owner and holder of the Mortgage Loans and the indebtedness evidenced by the
      Mortgage Note.  The Mortgage Loans, including the Mortgage Note and
      the Mortgage, were not assigned or pledged by the Seller and the Seller had
      good
      and marketable title thereto, and the Seller had full right to transfer and
      sell
      the Mortgage Loans to the Purchaser free and clear of any encumbrance,
      participation interest, lien, equity, pledge, claim or security interest and
      had
      full right and authority subject to no interest or participation in, or
      agreement with any other party to sell or otherwise transfer the Mortgage
      Loans.  Following the sale of the Mortgage Loans, the Purchaser will
      own  such Mortgage Loan free and clear of any encumbrance, equity,
      participation interest, lien, pledge, charge, claim or security
      interest.  The Seller intends to relinquish all rights to monitor,
      possess and control the Mortgage Loan except in connection with the servicing
      of
      the Mortgage Loan by the Servicer as set forth in this
      Agreement.  After the related Closing Date, neither the Seller nor the
      Servicer will have any right to modify or alter the terms of the sale of the
      Mortgage Loans and neither the Seller nor the Servicer will have any obligation
      or right to repurchase the Mortgage Loans, except as provided in this Agreement
      or as otherwise agreed to by the Seller, the Servicer and the
      Purchaser.

     

    (ii)  Any
      future advances made prior to the related Cut-off Date have been consolidated
      with the outstanding principal amount secured by the Mortgage, and the secured
      principal amount, as consolidated, bears a single interest rate and single
      repayment term.  The lien of the Mortgage securing the consolidated
      principal amount is expressly insured as having first lien priority by a title
      insurance policy, an endorsement to the policy insuring the mortgagee’s
      consolidated interest or by other title evidence acceptable to Fannie Mae and
      Freddie Mac.  The consolidated principal amount does not exceed the
      original principal amount of the Mortgage Loan.

     

    (jj)  The
      Mortgage Loan was underwritten in accordance with the Underwriting Guidelines
      in
      effect at the time of origination with exceptions thereto exercised in a
      reasonable manner.

     

    (kk)  The
      Mortgaged Property is located in the state identified in the related Mortgage
      Loan Schedule and consists of a parcel of real property with a detached single
      family residence erected thereon, or a two- to four-family dwelling, or an
      individual condominium unit, or an individual unit in a planned unit
      development; provided,however, that any condominium project or
      planned unit development generally conforms with the Underwriting Guidelines
      regarding such dwellings, and no residence or dwelling is a mobile home,
      manufactured dwelling or cooperative.

     

    (ll)  If
      the
      Mortgaged Property is a condominium unit or a planned unit development (other
      than a de minimis planned unit development) such condominium or planned
      unit development project meets Fannie Mae or Freddie Mac eligibility
      requirements for sale to Fannie Mae or Freddie Mac, as the case may be, or
      is
      located in a condominium or planned unit development project which has received
      Fannie Mae or Freddie Mac project approval or as to which Fannie Mae’s and
      Freddie Mac’s eligibility requirements have been waived.

     

    (mm)  The
      Seller used no adverse selection procedures in selecting the Mortgage Loan
      from
      among the outstanding first-lien, residential mortgage loans owned by it which
      were available for inclusion in the Mortgage Loans.

     

    (nn)  Each
      Mortgage Loan is a “qualified mortgage” within Section 860G(a)(3) of the
      Code.

     

    (oo)  With
      respect to each Mortgage where a lost note affidavit has been delivered in
      place
      of the related Mortgage Note, the related Mortgage Note is no longer in
      existence.  Each such lost note affidavit is substantially in the form
      attached hereto as Exhibit 4.

     

    (pp)  No
      fraud,
      error, omission, misrepresentation, negligence or similar occurrence with
      respect to the Mortgage Loan has taken place on the part of the Seller, the
      Servicer or, to the best of the Seller’s knowledge, any other originator or
      servicer or the Mortgagor or on the part of any other party involved in the
      origination of the Mortgage Loan.

     

    (qq)  The
      origination practices used by the Seller and the collection and servicing
      practices used by the Servicer with respect to each Mortgage Loan have been
      in
      all respects legal, proper, prudent and customary in the mortgage origination
      and servicing industry and the collection and servicing practices used by the
      Servicer have been acceptable to Fannie Mae and Freddie Mac.

     

    (rr)  As
      of the
      date of origination of the Mortgage Loan, the Mortgagor was not in bankruptcy
      and was not insolvent; as of the Closing Date, the Seller has not received
      any
      notice that the Mortgagor was in bankruptcy or was insolvent and neither the
      Seller nor the Servicer has any knowledge of any circumstances or condition
      with
      respect to the Mortgage, the Mortgaged Property, the Mortgagor or the
      Mortgagor’s credit standing that could reasonably be expected to cause investors
      to regard the Mortgage Loan as an unacceptable investment, cause the Mortgage
      Loan to become delinquent or materially adversely affect the value or the
      marketability of the Mortgage Loan.

     

    (ss)  The
      Mortgagor has not notified the Seller or the Servicer, and neither the Seller
      nor the Servicer has knowledge of any relief requested by the Mortgagor under
      the Servicemembers Civil Relief Act.

     

    (tt)  No
      Mortgage Loan was made in connection with (i) the construction or
      rehabilitation of a Mortgaged Property or (ii) facilitating the trade-in or
      exchange of a Mortgaged Property.

     

    (uu)  There
      is
      no pending action or proceeding directly involving any Mortgaged Property of
      which the Seller or the Servicer is aware in which compliance with any
      environmental law, rule or regulation is an issue and, to the Seller’s
      knowledge, nothing further remains to be done to satisfy in full all
      requirements of each such law, rule or regulation constituting a prerequisite
      to
      use and enjoyment of said property.

     

    (vv)  No
      action, inaction, or event has occurred and no state of affairs exists or has
      existed that has resulted or will result in the exclusion from, denial of,
      or
      defense to coverage under any applicable special hazard insurance policy,
      Primary Mortgage Insurance Policy or bankruptcy bond, irrespective of the cause
      of such failure of coverage.  In connection with the placement of any
      such insurance, no commission, fee, or other compensation has been or will
      be
      received by the Seller or the Servicer or any designee of the Seller or the
      Servicer or any corporation in which the Seller, the Servicer or any officer,
      director, or employee of the Seller or the Servicer had a financial interest
      at
      the time of placement of such insurance.

     

    (ww)  With
      respect to any ground lease to which a Mortgaged Property may be
      subject:  (A) the Mortgagor is the owner of a valid and
      subsisting leasehold interest under such ground lease; (B) such ground
      lease is in full force and effect, unmodified and not supplemented by any
      writing or otherwise; (C) all rent, additional rent and other charges
      reserved therein have been fully paid to the extent payable as of the related
      Closing Date; (D) the Mortgagor enjoys the quiet and peaceful possession of
      the leasehold estate; (E) the Mortgagor is not in default under any of the
      terms of such ground lease, and there are no circumstances which, with the
      passage of time or the giving of notice, or both, would result in a default
      under such ground lease; (F) the lessor under such ground lease is not in
      default under any of the terms or provisions of such ground lease on the part
      of
      the lessor to be observed or performed; (G) the lessor under such ground
      lease has satisfied any repair or construction obligations due as of the related
      Closing Date pursuant to the terms of such ground lease; (H) the execution,
      delivery and performance of the Mortgage do not require the consent (other
      than
      those consents which have been obtained and are in full force and effect) under,
      and will not contravene any provision of or cause a default under, such ground
      lease; and (I) the term of such lease does not terminate earlier than the
      maturity date of the Mortgage Note.

     

    (xx)  With
      respect to escrow deposits and payments that the Servicer is entitled to
      collect, all such payments are in the possession of, or under the control of
      the
      Servicer, and there exist no deficiencies in connection therewith for which
      customary arrangements for repayment thereof have not been made.  All
      escrow payments have been collected in full compliance with state and federal
      law and the provisions of the related Mortgage Note and Mortgage.  As
      to any Mortgage Loan that is the subject of an escrow, escrow of funds is not
      prohibited by applicable law and has been established in an amount sufficient
      to
      pay for every escrowed item that remains unpaid and has been assessed but is
      not
      yet due and payable.  No escrow deposits or other charges or payments
      due under the Mortgage Note have been capitalized under any Mortgage or the
      related Mortgage Note.

     

    (yy)  There
      is
      no Mortgage Loan that was originated on or after October 1, 2002 and before
      March 7, 2003, which is secured by property located in the State of
      Georgia.

     

    (zz)  No
      proceeds from any Mortgage Loan were used to finance single premium credit
      insurance policies.

     

    (aaa)  No
      borrower was required to purchase any credit life, disability, accident or
      health insurance product as a condition of obtaining the extension of
      credit.  No borrower obtained a prepaid single-premium credit life,
      disability, accident or health insurance policy in connection with the
      origination of the Mortgage Loan; No proceeds from any Mortgage Loan were used
      to purchase single premium credit insurance policies as part of the origination
      of, or as a condition to closing, such Mortgage Loan.

     

    (bbb)  Any
      Mortgage Loan with a Mortgaged Property in the State of Illinois complies with
      the Illinois Interest Act.

     

    (ccc)  With
      respect to any Mortgage Loan originated on or after August 1, 2004 and
      underlying the security, neither the related Mortgage nor the related Mortgage
      Note requires the borrower to submit to arbitration to resolve any dispute
      arising out of or relating in any way to the mortgage loan
      transaction.

     

    (ddd)  The
      Servicer will transmit full-file credit reporting data for each Mortgage Loan
      pursuant to the Fannie Mae Selling Guide and that for each Mortgage Loan,
      Servicer agrees it shall report one of the following statuses each month as
      follows:  new origination, current, delinquent (30-, 60-, 90-days,
      etc.), foreclosed, or charged-off.

     

    (eee)  Each
      Mortgage Loan is in compliance with the anti-predatory lending eligibility
      for
      purchase requirements of Fannie Mae’s Selling Guide.

     

    Subsection
      7.02  Seller
      and Servicer Representations.

     

    The
      Seller and the Servicer hereby represent and warrant to the Purchaser that,
      as
      to itself as of the related Closing Date:

    

    (a)  It
      is a
      national banking association, duly organized, validly existing, and in good
      standing under the laws of the United States and has all licenses necessary
      to
      carry on its business as now being conducted and is licensed, qualified and
      in
      good standing in the states where the Mortgaged Property is located if the
      laws
      of such state require licensing or qualification in order to conduct business
      of
      the type conducted by it.  It is an approved seller/servicer in good
      standing of conventional residential mortgage loans for Fannie Mae or Freddie
      Mac and is a HUD-approved mortgagee under Section 203 of the National
      Housing Act.  It has corporate power and authority to execute and
      deliver this Agreement and to perform in accordance herewith; the execution,
      delivery and performance of this Agreement (including all instruments of
      transfer to be delivered pursuant to this Agreement) by it and the consummation
      of the transactions contemplated hereby have been duly and validly
      authorized.  This Agreement, assuming due authorization, execution and
      delivery by the Purchaser, evidences the legal, valid, binding and enforceable
      obligation of it, subject to applicable law except as enforceability may be
      limited by (i) bankruptcy, insolvency, liquidation, receivership,
      moratorium, reorganization or other similar laws affecting the enforcement
      of
      the rights of creditors and (ii) general principles of equity, whether
      enforcement is sought in a proceeding in equity or at law.  All
      requisite corporate action has been taken by it to make this Agreement valid
      and
      binding upon it in accordance with the terms of this Agreement.

     

    (b)  No
      consent, approval, authorization or order is required for the transactions
      contemplated by this Agreement from any court, governmental agency or body,
      or
      federal or state regulatory authority having jurisdiction over it or, if
      required, such consent, approval, authorization or order has been or will,
      prior
      to the related Closing Date, be obtained.

     

    (c)  The
      consummation of the transactions contemplated by this Agreement are in its
      ordinary course of business and will not result in the breach of any term or
      provision of its charter or by-laws or result in the breach of any term or
      provision of, or conflict with or constitute a default under or result in the
      acceleration of any obligation under, any agreement, indenture or loan or credit
      agreement or other instrument to which it or its property is subject, or result
      in the violation of any law, rule, regulation, order, judgment or decree to
      which it or its property is subject.

     

    (d)  Its
      transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
      pursuant to this Agreement are not subject to the bulk transfer or any similar
      statutory provisions in effect in any applicable jurisdiction.

     

    (e)  There
      is
      no action, suit, proceeding or investigation pending or, to its best knowledge,
      threatened against it which, either individually or in the aggregate, would
      result in any material adverse change in its business, operations, financial
      condition, properties or assets, or in any material impairment of its right
      or
      ability to carry on its business substantially as now conducted or which would
      draw into question the validity of this Agreement or the Mortgage Loans or
      of
      any action taken or to be taken in connection with its obligations contemplated
      herein, or which would materially impair its ability to perform under the terms
      of this Agreement.

     

    (f)  It
      does
      not believe, nor does it have any reason or cause to believe, that it cannot
      perform each and every covenant contained in this Agreement.

     

    (g)  It
      acknowledges and agrees that the Servicing Fee shall be treated by the Servicer,
      for accounting and tax purposes, as compensation for the servicing and
      administration of the Mortgage Loans pursuant to this Agreement.

     

    (h)  It
      has
      determined that the disposition of the Mortgage Loans pursuant to this Agreement
      will be afforded sale treatment for accounting and tax purposes.

     

    (i)  It
      is
      solvent and the sale of the Mortgage Loans will not cause it to become
      insolvent.  The sale of the Mortgage Loans is not undertaken with the
      intent to hinder, delay or defraud any of its creditors.

     

    (j)  It
      has
      not dealt with any broker, investment banker, agent or other person that may
      be
      entitled to any commission or compensation in connection with the sale of the
      Mortgage Loans.

     

    Subsection
      7.03  Remedies
      for Breach of Representations and Warranties.

     

    It
      is
      understood and agreed that the representations and warranties set forth in
      Subsections 7.01 and 7.02 shall survive the sale of the Mortgage Loans to
      the Purchaser and shall inure to the benefit of the Purchaser, notwithstanding
      any restrictive or qualified endorsement on any Mortgage Note or Assignment
      of
      Mortgage or the examination or lack of examination of any Mortgage
      File.  Upon discovery by the Seller, the Servicer or the Purchaser of
      a breach of any of the foregoing representations and warranties which materially
      and adversely affects the value of the Mortgage Loans or the interest of the
      Purchaser therein (or which materially and adversely affects the interest of
      the
      Purchaser in or the value of the related Mortgage Loan in the case of a
      representation and warranty relating to a particular Mortgage Loan), the party
      discovering such breach shall give prompt written notice to the
      others.

     

    Within
      sixty (60) days after the earlier of either discovery by or notice to
      either the Seller or the Servicer of any breach of a representation or warranty
      which materially and adversely affects the value of a Mortgage Loan or the
      Mortgage Loans or the interest of the Purchaser therein, the Seller or the
      Servicer, as the case may be, shall use its best efforts promptly to cure such
      breach in all material respects and, if such breach cannot be cured within
      ninety (90) days after the discovery or notice of the breach, the Seller shall,
      at the Purchaser’s option, repurchase such Mortgage Loan or Mortgage Loans at
      the Repurchase Price.  However, the Seller may, at its option, with
      the Purchaser’s prior approval, such approval not to be withheld unreasonably,
      and assuming that the Seller has a Substitute Mortgage Loan, rather than
      repurchase the Mortgage Loan as provided above, remove such Mortgage Loan and
      substitute in its place a Substitute Mortgage Loan or Substitute Mortgage Loans;
      provided, however, that any such substitution shall be effected within
      two (2) years after the related Closing Date.  If the Seller has
      no Substitute Mortgage Loan, it shall repurchase the deficient Mortgage
      Loan.  Any repurchase of a Mortgage Loan pursuant to the foregoing
      provisions of this Subsection 7.03 shall occur on a date designated by the
      Purchaser and shall be accomplished by the Seller remitting by wire transfer
      to
      the Purchaser the amount of the related Repurchase Price.

     

    At
      the
      time of repurchase of any deficient Mortgage Loan (or removal of any Deleted
      Mortgage Loan), the Purchaser and the Seller shall arrange for the assignment
      of
      the repurchased Mortgage Loan (or Deleted Mortgage Loan) to the Seller or its
      designee and the delivery to the Seller of any documents held by the Purchaser
      relating to the repurchased Mortgage Loan in the manner required by this
      Agreement with respect to the purchase and sale of such Mortgage Loan on the
      related Closing Date.  In the event a deficient Mortgage Loan is
      repurchased, the Seller shall, simultaneously with its remittance to the
      Purchaser of such related Repurchase Price, give written notice to the Purchaser
      that such repurchase has taken place.  Upon such repurchase, the
      related Mortgage Loan Schedule shall simultaneously be amended to reflect the
      withdrawal of the repurchased Mortgage Loan from this Agreement.

     

    As
      to any
      Deleted Mortgage Loan for which the Seller substitutes one or more Substitute
      Mortgage Loans, the Seller shall effect such substitution by delivering to
      the
      Purchaser for each Substitute Mortgage Loan the Mortgage Note, the Mortgage,
      the
      Assignment of Mortgage and such other documents and agreements as are required
      by Subsection 6.03.  The Seller shall remit to the Servicer for
      distribution the Monthly Payment due on each Substitute Mortgage Loan in the
      month following the date of such substitution.  Monthly Payments due
      with respect to Substitute Mortgage Loans in the month of substitution will
      be
      retained by the Seller.  For the month of substitution, distributions
      to the Purchaser will include the Monthly Payment due on such Deleted Mortgage
      Loan in the month of substitution, and the Seller shall thereafter be entitled
      to retain all amounts subsequently received by it in respect of such Deleted
      Mortgage Loan.  The Seller shall give written notice to the Purchaser
      that such substitution has taken place and shall amend the related Mortgage
      Loan
      Schedule to reflect the removal of such Deleted Mortgage Loan from the terms
      of
      this Agreement and the substitution of the Substitute Mortgage
      Loan.  Upon such substitution, each Substitute Mortgage Loan shall be
      subject to the terms of this Agreement in all respects, and the Seller shall
      be
      deemed to have made with respect to such Substitute Mortgage Loan, as of the
      date of substitution, the covenants, representations and warranties set forth
      in
      Subsections 7.01 and 7.02.

     

    For
      any
      month in which the Seller substitutes one or more Substitute Mortgage Loans
      for
      one or more Deleted Mortgage Loans, the Seller will determine the amount (if
      any) by which the aggregate principal balance of all such Substitute Mortgage
      Loans as of the date of substitution is less than the aggregate Stated Principal
      Balance of all such Deleted Mortgage Loans (after application of scheduled
      principal payments due in the month of substitution).  The amount of
      such shortfall, plus an amount equal to the aggregate of any Servicing Advances
      made with respect to such Deleted Mortgage Loans, shall be remitted to the
      Servicer by the Seller for distribution by the Servicer in the month of
      substitution.

     

    In
      addition to such cure, repurchase and substitution obligations, the Seller
      or
      the Servicer shall indemnify the Purchaser and hold it harmless against any
      out-of-pocket losses, penalties, fines, forfeitures, reasonable and necessary
      legal fees and related costs, judgments, settlements and other costs and
      expenses resulting from any claim, demand, defense or assertion by any third
      party that is based on or grounded upon, or resulting from, a breach of the
      Seller or the Servicer, as applicable, representations and warranties contained
      in this Agreement; provided, however, indemnification shall not be
      available for any economic losses of the Purchaser due to reinvestment losses,
      loss of investment income or any other special, indirect or consequential losses
      or damages.

     

    No
      action
      may be brought against the Seller
      or the Servicer, as applicable, relating to or arising out of the breach
      of any representations and warranties made in Subsections 7.01 or 7.02 with
      respect to any Mortgage Loan unless and until (i) discovery of such breach
      by the Purchaser or notice thereof by the Seller or the Servicer to Purchaser,
      (ii) failure by the Seller or
      the Servicer, as applicable, to cure such breach, repurchase such
      Mortgage Loan as specified above, substitute a Substitute Mortgage Loan for
      such
      Mortgage Loan as specified above and/or indemnify the Purchaser and
      (iii) demand upon the Seller or the Servicer, as applicable,
      by the Purchaser for compliance with the terms of this
      Agreement.

     

    It
      is
      understood and agreed that the obligations of the Seller or the Servicer, as applicable,
      set forth in this Subsection 7.03 to cure, repurchase or substitute
      for a defective Mortgage Loan and/or to indemnify the Purchaser constitute
      the
      sole remedies of the Purchaser respecting a breach of the representations and
      warranties set forth in Subsections 7.01 and 7.02.

     

    Subsection
      7.04  Repurchase
      of Certain Prepaid or Converted Mortgage Loans.

     

    If
      the
      principal balance due on a Mortgage Loan is paid in full prior to the related
      Closing Date, the Seller shall remit to the Purchaser an amount equal to the
      product of (i) the excess of the Purchase Price Percentage over 100%, times
      (ii) the amount of such Principal Prepayment in full.  If any
      Mortgagor converts the adjustable Mortgage Interest Rate on any related
      Convertible Mortgage Loan to a fixed Mortgage Interest Rate, the Seller shall
      repurchase that Convertible Mortgage Loan prior to the next scheduled Due Date
      for such Mortgage Loan pursuant to Subsection 7.03.

    

    
      	
              SECTION
                8.  

            	
              Closing
                Conditions.

            

    

     

    The
      closing for the purchase and sale of each Mortgage Loan Package shall take
      place
      on the related Closing Date.  The closing shall be either by
      telephone, confirmed by letter or wire as the parties hereto shall agree, or
      conducted in person, at such place as the parties hereto shall
      agree.

     

    The
      closing for each Mortgage Loan Package shall be subject to the satisfaction
      of
      each of the following conditions:

     

    (a)  the
      Seller shall have delivered to the Purchaser the related Mortgage Loan Schedule
      and an electronic data file containing information on a loan-level
      basis;

     

    (b)  all
      of
      the representations and warranties of the Seller under this Agreement shall
      be
      true and correct as of the related Closing Date (or, with respect to Subsection
      7.01, such other date specified therein) in all material respects and no default
      shall have occurred hereunder which, with notice or the passage of time or
      both,
      would constitute an Event of Default hereunder;

     

    (c)  the
      Purchaser shall have received from the custodian an initial certification with
      respect to its receipt of the Mortgage Loan Documents for the related Mortgage
      Loans;

     

    (d)  the
      Purchaser shall have received originals of the related Term Sheet executed
      by
      the Seller and a funding memorandum setting forth the Purchase Price(s), and
      the
      accrued interest thereon, for the Mortgage Loan Package; and

     

    (e)  all
      other
      terms and conditions of this Agreement and the related Term Sheet to be
      satisfied by the Seller shall have been complied with in all material
      respects.

     

     

    Upon
      satisfaction of the foregoing conditions, the Purchaser shall pay to the Seller
      on such Closing Date the Purchase Price for the related Mortgage Loan Package,
      plus accrued interest pursuant to Section 4 of this Agreement.

    

    
      	
              SECTION
                9.  

            	
              [Reserved.]

            

    

     

    
      	
              SECTION
                10.    

            	
              Costs.

            

    

     

    The
      Seller and the Servicer shall pay any commissions due their salesmen and the
      legal fees and expenses of their attorneys.  The Purchaser shall pay
      the cost of delivering the Mortgage Files to the Purchaser or its designee,
      the
      cost of recording the Assignments of Mortgage, any custodial fees incurred
      in
      connection with the release of any Mortgage Loan Documents as may be required
      by
      the servicing activities hereunder and all other costs and expenses incurred
      in
      connection with the sale of the Mortgage Loans by the Seller to the Purchaser,
      including without limitation the Purchaser’s attorneys’ fees.

     

    
      	
              SECTION
                11.    

            	
              Administration
                and Servicing of Mortgage
                Loans.

            

    

     

    Subsection
      11.01  Servicer
      to Act as Servicer; Subservicing.

     

    The
      Servicer, as an independent contractor, shall service and administer the
      Mortgage Loans in accordance with this Agreement and Customary Servicing
      Procedures and the terms of the Mortgage Notes and Mortgages, and shall have
      full power and authority, acting alone or through subservicers or agents, to
      do
      or cause to be done any and all things in connection with such servicing and
      administration which the Servicer may deem necessary or desirable and consistent
      with the terms of this Agreement.  The Servicer may perform its
      servicing responsibilities through agents or independent contractors, but shall
      not thereby be released from any of its responsibilities
      hereunder.  Notwithstanding anything to the contrary, the Servicer may
      delegate any of its duties under this Agreement to one or more of its affiliates
      without regard to any of the requirements of this
      section;  provided, however, that the Servicer shall not be
      released from any of its responsibilities hereunder by virtue of such
      delegation.  The Mortgage Loans may be subserviced by one or more
      unaffiliated subservicers on behalf of the Servicer provided each subservicer
      is
      a Fannie Mae approved seller/servicer or a Freddie Mac approved seller/servicer
      in good standing, and no event has occurred, including but not limited to a
      change in insurance coverage, that would make it unable to comply with the
      eligibility for seller/servicers imposed by Fannie Mae or Freddie Mac, or which
      would require notification to Fannie Mae or Freddie Mac.  The Servicer
      shall pay all fees and expenses of the subservicer from its own funds (provided
      that any such expenditures that would constitute Servicing Advances if made
      by
      the Servicer hereunder shall be reimbursable to the Servicer as Servicing
      Advances), and the subservicer’s fee shall not exceed the Servicing
      Fee.

     

    At
      the
      cost and expense of the Servicer, without any right of reimbursement from the
      Custodial Account, the Servicer shall be entitled to terminate the rights and
      responsibilities of a subservicer and arrange for any servicing responsibilities
      to be performed by a successor subservicer meeting the requirements in the
      preceding paragraph; provided, however, that nothing contained
      herein shall be deemed to prevent or prohibit the Servicer, at the Servicer’s
      option, from electing to service the related Mortgage Loans
      itself.  If the Servicer’s responsibilities and duties under this
      Agreement are terminated and if requested to do so by the Purchaser, the
      Servicer shall at its own cost and expense terminate the rights and
      responsibilities of the subservicer as soon as is reasonably
      possible.  The Servicer shall pay all fees, expenses or penalties
      necessary in order to terminate the rights and responsibilities of the
      subservicer from the Servicer’s own funds without reimbursement from the
      Purchaser.

     

    The
      Servicer shall be entitled to enter into an agreement with the subservicer
      for
      indemnification of the Servicer by the subservicer and nothing contained in
      this
      Agreement shall be deemed to limit or modify such indemnification.

     

    Any
      subservicing agreement and any other transactions or services relating to the
      Mortgage Loans involving the subservicer shall be deemed to be between the
      subservicer and Servicer alone, and the Purchaser shall have no obligations,
      duties or liabilities with respect to the subservicer including no obligation,
      duty or liability of the Purchaser to pay the subservicer’s fees and
      expenses.  For purposes of distributions and advances by the Servicer
      pursuant to this Agreement, the Servicer shall be deemed to have received a
      payment on a Mortgage Loan when the subservicer has received such
      payment.

     

    Consistent
      with the terms of this
      Agreement, the Servicer may 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; provided, however,
      that (unless the Mortgagor is in
      default with respect to the Mortgage Loan, or such default is, in the judgment
      of the Servicer, imminent, and the Servicer has the consent of the Purchaser)
      the Servicer shall not enter into any payment plan or agreement to modify
      payments with a Mortgagor lasting more than six (6) months or permit any
      modification with respect to any Mortgage Loan that would change the
      Mortgage Interest Rate, the Lifetime Rate Cap (if applicable), the Initial
      Rate
      Cap (if applicable), the Periodic Rate Cap (if applicable) or the Gross Margin
      (if applicable), defer or forgive
      the payment of any principal or interest, change the outstanding principal
      amount (except for actual payments of principal), make any future advances
      or
      extend the final maturity date, as the case may be, with respect to such
      Mortgage Loan.  Without limiting the generality of the foregoing, the
      Servicer in its own name or acting through subservicers or agents is hereby
      authorized and empowered by the Purchaser when the Servicer believes it
      appropriate and reasonable in its best judgment, to execute and deliver, on
      behalf of itself and the Purchaser, all instruments of satisfaction or
      cancellation, or of partial or full release, 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 Purchaser pursuant to the provisions
      of Subsection 11.13.

     

    The
      Servicer shall notify the Purchaser of its intention to institute any
      foreclosure proceeding no fewer than ten (10) days prior to initiating such
      proceeding.  The Servicer shall notify the Purchaser of its intention
      to accept a deed-in-lieu of foreclosure or a partial release of any of the
      Mortgaged Property subject to the lien of the Mortgage no fewer than
      ten (10) days prior to accepting such deed-in-lieu or partial release and
      shall only accept such deed-in-lieu or grant such partial release if the
      Purchaser has not objected before the end of the tenth day after delivery of
      such notice.  In connection with any foreclosure sale, the Servicer
      shall consult with the Purchaser with regard to a bid price for the related
      Mortgaged Property and shall set such bid price in accordance with the
      Purchaser’s instructions.  The Servicer shall make all
      required
      Servicing Advances and shall service and administer the Mortgage Loans in
      accordance with all applicable laws, rules and regulations and shall provide
      to
      the Mortgagors any reports required to be provided to them
      thereby.  The Purchaser shall furnish to the Servicer any powers of
      attorney and other documents reasonably necessary or appropriate to enable
      the
      Servicer to carry out its servicing and administrative duties under this
      Agreement.

     

    Notwithstanding
      anything to the contrary
      contained herein, in connection with a foreclosure or acceptance of a
      deed-in-lieu of foreclosure, if the Servicer has reasonable cause to believe
      that a Mortgaged Property is contaminated by hazardous or toxic substances
      or
      waste, or if the Purchaser otherwise requests an environmental inspection or
      review of such Mortgaged Property, such an inspection or review is to be
      conducted by a qualified inspector at the Purchaser’s expense.  Upon
      completion of the inspection, the Servicer shall promptly provide the Purchaser
      with a written report of the environmental inspection.  After
      reviewing the inspection, the Purchaser shall determine how the Servicer shall
      proceed with respect to the Mortgaged Property.

    

    Subsection
      11.02  Liquidation
      of Mortgage Loans.

     

    In
      the
      event that any payment due under any Mortgage Loan is not paid when the same
      becomes due and payable, or in the event the Mortgagor fails to perform any
      other covenant or obligation under the Mortgage Loan and such failure continues
      beyond any applicable grace period, the Servicer shall take such action as
      it
      shall deem to be in the best interest of the Purchaser.  In the event
      that any payment due under any Mortgage Loan remains delinquent for a period
      of
      ninety (90) days or more, the Servicer shall commence foreclosure
      proceedings in accordance with Customary Servicing Procedures and the guidelines
      set forth by Fannie Mae or Freddie Mac.  In such connection, the
      Servicer shall from its own funds make all necessary and proper Servicing
      Advances.  If the portion of any Liquidation Proceeds allocable as a
      recovery of interest on any Mortgage Loan is less than the full amount of
      accrued and unpaid interest on such Mortgage Loan as of the date such proceeds
      are received, then the applicable Servicing Fees with respect to such Mortgage
      Loan shall be paid first and any amounts remaining thereafter shall be
      distributed to the Purchaser.

     

    Subsection
      11.03  Collection
      of Mortgage Loan Payments.

     

    Continuously
      from the date hereof until the principal and interest on all Mortgage Loans
      are
      paid in full, the Servicer will proceed diligently, in accordance with this
      Agreement, to collect all payments due under each of the Mortgage Loans when
      the
      same shall become due and payable.  Further, the Servicer will in
      accordance with Customary Servicing Procedures ascertain and estimate taxes,
      assessments, fire and hazard insurance premiums, premiums for Primary Mortgage
      Insurance Policies, and all other charges that, as provided in any Mortgage,
      will become due and payable to the end that the installments payable by the
      Mortgagors will be sufficient to pay such charges as and when they become due
      and payable.

    

    Subsection
      11.04  Establishment
      of Custodial Account; Deposits in Custodial Account.

     

    The
      Servicer shall segregate and hold all funds collected and received pursuant
      to
      each Mortgage Loan separate and apart from any of its own funds and general
      assets and shall establish and maintain one or more Custodial Accounts
      (collectively, the “Custodial Account”), titled “Bank of America,
      National Association, in trust for EMC Mortgage Corporation as Purchaser of
      Mortgage Loans and various Mortgagors.”  Such Custodial Account shall
      be established with a commercial bank, a savings bank or a savings and loan
      association (which may be a depository affiliate of the Servicer) which meets
      the guidelines set forth by Fannie Mae or Freddie Mac as an eligible depository
      institution for custodial accounts.  The Custodial Account shall
      initially be established and maintained at Bank of America, National
      Association, or any successor thereto, and shall not be transferred to any
      other
      depository institution without the Purchaser’s approval, which shall not
      unreasonably be withheld.  In any case, the Custodial Account shall be
      insured by the FDIC in a manner which shall provide maximum available insurance
      thereunder and which may be drawn on by the Servicer.

     

    The
      Servicer shall deposit in the Custodial Account on a daily basis, and retain
      therein the following payments and collections received or made by it subsequent
      to the related Cut-off Date (other than in respect of principal and interest
      on
      the Mortgage Loans due on or before the related Cut-off Date):

     

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

     

    (b)  all
      payments on account of interest on the Mortgage Loans adjusted to the related
      Mortgage Loan Remittance Rate, such interest to be paid in arrears as calculated
      on a month-end investor accounting cut-off;

     

    (c)  all
      Liquidation Proceeds;

     

    (d)  all
      proceeds received by the Servicer under any title insurance policy, hazard
      insurance policy, Primary Mortgage Insurance Policy or other insurance policy
      other than proceeds to be held in the Escrow Account and applied to the
      restoration or repair of the Mortgaged Property or released to the Mortgagor
      in
      accordance with Customary Servicing Procedures;

     

    (e)  all
      awards or settlements in respect of condemnation proceedings or eminent domain
      affecting any Mortgaged Property which are not released to the Mortgagor in
      accordance with Customary Servicing Procedures;

     

    (f)  any
      amount required to be deposited in the Custodial Account pursuant to
      Subsections 11.15, 11.17 and 11.19;

     

    (g)  any
      amount required to be deposited by the Servicer in connection with any REO
      Property pursuant to Subsection 11.13;

     

    (h)  all
      amounts required to be deposited by the Servicer in connection with shortfalls
      in principal amount of Substitute Mortgage Loans pursuant to
      Subsection 7.03;

     

    (i)  with
      respect to each Principal Prepayment in full, an amount (to be paid by the
      Servicer out of its own funds) which, when added to all amounts allocable to
      interest received in connection with the Principal Prepayment in full, equals
      one month’s interest on the amount of principal so prepaid for the month of
      prepayment at the applicable Mortgage Loan Remittance Rate; provided,
      however, that the Servicer’s aggregate obligations under this paragraph for
      any month shall be limited to the total amount of Servicing Fees actually
      received with respect to the Mortgage Loans by the Servicer during such
      month;

     

    (j)  amounts
      required to be deposited by the Servicer in connection with the deductible
      clause of any hazard insurance policy; and

     

    (k)  any
      BPP
      Mortgage Loan Payments payable by the Servicer pursuant to Subsection
      11.25.

     

    The
      foregoing requirements for deposit in the Custodial Account 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,
      BPP
      Fees and other ancillary fees need not be deposited by the Servicer in the
      Custodial Account.

     

    The
      Servicer may invest the funds in the Custodial Account in Eligible Investments
      designated in the name of the Servicer for the benefit of the Purchaser, which
      shall mature not later than the Business Day next preceding the Remittance
      Date
      next following the date of such investment (except that (A) any investment
      in the institution with which the Custodial Account is maintained may mature
      on
      such Remittance Date and (B) any other investment may mature on such
      Remittance Date if the Servicer shall advance funds on such Remittance Date,
      pending receipt thereof to the extent necessary to make distributions to the
      Purchaser) and shall not be sold or disposed of prior to
      maturity.  Notwithstanding anything to the contrary herein and above,
      all income and gain realized from any such investment shall be for the benefit
      of the Servicer and shall be subject to withdrawal by the
      Servicer.  The amount of any losses incurred in respect of any such
      investments shall be deposited in the Custodial Account by the Servicer out
      of
      its own funds immediately as realized.

    

    Subsection
      11.05  Withdrawals
      From the Custodial Account.

     

    The
      Servicer shall, from time to time, withdraw funds from the Custodial Account
      for
      the following purposes:

    

    (a)  to
      make
      payments to the Purchaser in the amounts and in the manner provided for in
      Subsection 11.15;

     

    (b)  to
      reimburse itself for P&I Advances, the Servicer’s right to reimburse itself
      pursuant to this subclause (b) with respect to any Mortgage Loan being
      limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance
      Proceeds and such other amounts as may be collected by the Servicer from the
      Mortgagor or otherwise relating to the Mortgage Loan, it being understood that,
      in the case of any such reimbursement, the Servicer’s right thereto shall be
      prior to the rights of the Purchaser with respect to such Mortgage Loan, except
      that, where the Seller is required to repurchase a Mortgage Loan, pursuant
      to
      Subsection 7.03, the Servicer’s right to such reimbursement shall be
      subsequent to the payment to the Purchaser of the Repurchase Price pursuant
      to
      Subsection 7.03, and all other amounts required to be paid to the Purchaser
      with respect to such Mortgage Loan;

     

    (c)  to
      reimburse itself for any unpaid Servicing Fees and for unreimbursed Servicing
      Advances, the Servicer’s right to reimburse itself pursuant to this
      subclause (c) with respect to any Mortgage Loan being limited to related
      Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other
      amounts as may be collected by the Servicer from the Mortgagor or otherwise
      relating to the Mortgage Loan, it being understood that, in the case of any
      such
      reimbursement, the Servicer’s right thereto shall be prior to the rights of the
      Purchaser unless the Seller is required to repurchase a Mortgage Loan pursuant
      to Subsection 7.03, in which case the Servicer’s right to such
      reimbursement shall be subsequent to the payment to the Purchaser of the related
      Repurchase Price pursuant to Subsection 7.03 and all other amounts required
      to be paid to the Purchaser with respect to such Mortgage Loan;

     

    (d)  to
      reimburse itself for unreimbursed Servicing Advances and for unreimbursed
      P&I Advances, to the extent that such amounts are nonrecoverable (as
      certified by the Servicer to the Purchaser in an Officer’s Certificate) by the
      Servicer pursuant to subclause (b) or (c) above, provided that the Mortgage
      Loan for which such advances were made is not required to be repurchased by
      a
      Seller pursuant to Subsection 7.03;

     

    (e)  to
      reimburse itself for expenses incurred by and reimbursable to it pursuant to
      Subsection 12.01;

     

    (f)  to
      withdraw amounts to make P&I Advances in accordance with
      Subsection 11.17;

     

    (g)  to
      pay to
      itself any interest earned or any investment earnings on funds deposited in
      the
      Custodial Account, net of any losses on such investments;

     

    (h)  to
      withdraw any amounts inadvertently deposited in the Custodial Account;
      and

     

    (i)  to
      clear
      and terminate the Custodial Account upon the termination of this
      Agreement.

     

    Upon
      request, the Servicer shall provide the Purchaser with copies of reasonably
      acceptable invoices or other documentation relating to Servicing Advances that
      have been reimbursed from the Custodial Account.

    

    Subsection
      11.06  Establishment
      of Escrow Account; Deposits in Escrow Account.

     

    The
      Servicer shall segregate and hold all funds collected and received pursuant
      to
      each Mortgage Loan which constitute Escrow Payments separate and apart from
      any
      of its own funds and general assets and shall establish and maintain one or
      more
      Escrow Accounts (collectively, the “Escrow Account”), titled “Bank of
      America, National Association, in trust for EMC Mortgage Corporation as
      Purchaser of Mortgage Loans and various Mortgagors.”  The Escrow
      Account shall be established with a commercial bank, a savings bank or a savings
      and loan association (which may be a depository affiliate of Servicer), which
      meets the guidelines set forth by Fannie Mae or Freddie Mac as an eligible
      institution for escrow accounts.  The Escrow Account shall initially
      be established and maintained at Bank of America, National Association, or
      any
      successor thereto, and shall not be transferred to any other depository
      institution without the Purchaser’s approval, which shall not unreasonably be
      withheld.  In any case, the Escrow Account shall be insured by the
      FDIC in a manner which shall provide maximum available insurance thereunder
      and
      which may be drawn on by the Servicer.

     

    The
      Servicer shall deposit in the Escrow Account on a daily basis, and retain
      therein: (a) all Escrow Payments collected on account of the Mortgage
      Loans, for the purpose of effecting timely payment of any such items as required
      under the terms of this Agreement and (b) all amounts representing proceeds
      of any hazard insurance policy which are to be applied to the restoration or
      repair of any Mortgaged Property.  The Servicer shall make withdrawals
      therefrom only in accordance with Subsection 11.07 hereof.  As
      part of its servicing duties, the Servicer shall pay to the Mortgagors interest
      on funds in the Escrow Account, to the extent required by law.

    

    Subsection
      11.07  Withdrawals
      From Escrow Account.

     

    Withdrawals
      from the Escrow Account shall be made by the Servicer only (a) to effect
      timely payments of ground rents, taxes, assessments, premiums for Primary
      Mortgage Insurance Policies, fire and hazard insurance premiums or other items
      constituting Escrow Payments for the related Mortgage, (b) to reimburse the
      Servicer for any Servicing Advance made by Servicer pursuant to
      Subsection 11.08 hereof with respect to a related Mortgage Loan,
      (c) to refund to any Mortgagor any funds found to be in excess of the
      amounts required under the terms of the related Mortgage Loan, (d) for
      transfer to the Custodial Account upon default of a Mortgagor or in accordance
      with the terms of the related Mortgage Loan and if permitted by applicable
      law,
      (e) for application to restore or repair of the Mortgaged Property,
      (f) to pay to the Mortgagor, to the extent required by law, any interest
      paid on the funds deposited in the Escrow Account, (g) to pay to itself any
      interest earned on funds deposited in the Escrow Account (and not required
      to be
      paid to the Mortgagor), (h) to the extent permitted under the terms of the
      related Mortgage Note and applicable law, to pay late fees with respect to
      any
      Monthly Payment which is received after the applicable grace period, (i) to
      withdraw suspense payments that are deposited into the Escrow Account,
      (j) to withdraw any amounts inadvertently deposited in the Escrow Account
      or (k) to clear and terminate the Escrow Account upon the termination of
      this Agreement.

    

    Subsection
      11.08  Payment
      of Taxes, Insurance and Other Charges; Collections Thereunder.

     

    With
      respect to each Mortgage Loan, the Servicer shall maintain accurate records
      reflecting the status of ground rents, taxes, assessments and other charges
      which are or may become a lien upon the Mortgaged Property and the status of
      premiums for Primary Mortgage Insurance Policies and fire and hazard insurance
      coverage and shall obtain, from time to time, all bills for the payment of
      such
      charges (including renewal premiums) and shall effect payment thereof prior
      to
      the applicable penalty or termination date and at a time appropriate for
      securing maximum discounts allowable, employing for such purpose deposits of
      the
      Mortgagor in the Escrow Account which shall have been estimated and accumulated
      by the Servicer in amounts sufficient for such purposes, as allowed under the
      terms of the Mortgage.  To the extent that a Mortgage does not provide
      for Escrow Payments, the Servicer shall determine that any such payments are
      made by the Mortgagor.  The Servicer assumes full responsibility for
      the timely payment of all such bills and shall effect timely payments of all
      such bills irrespective of each Mortgagor’s faithful performance in the payment
      of same or the making of the Escrow Payments and shall make Servicing Advances
      to effect such payments, subject to its ability to recover such Servicing
      Advances pursuant to Subsections 11.05(c), 11.05(d) and
      11.07(b).  No costs incurred by the Servicer or subservicers in
      effecting the payment of taxes and assessments on the Mortgaged Properties
      shall, for the purpose of calculating remittances to the Purchaser, be added
      to
      the amount owing under the related Mortgage Loans, notwithstanding that the
      terms of such Mortgage Loans so permit.

    

    Subsection
      11.09  Transfer
      of Accounts.

     

    The
      Servicer may transfer the Custodial Account or the Escrow Account to a different
      depository institution.  Such transfer shall be made only upon
      obtaining the prior written consent of the Purchaser, such consent not to be
      unreasonably withheld.

    

    Subsection
      11.10  Maintenance
      of Hazard Insurance.

     

    The
      Servicer shall cause to be maintained for each Mortgage Loan fire and hazard
      insurance with extended coverage customary in the area where the Mortgaged
      Property is located by an insurer acceptable to Fannie Mae or Freddie Mac in
      an
      amount which is at least equal to the lesser of (a) the full insurable
      value of the Mortgaged Property or (b) the greater of (i) the
      outstanding principal balance owing on the Mortgage Loan and (ii) an amount
      such that the proceeds of such insurance shall be sufficient to avoid the
      application to the Mortgagor or loss payee of any coinsurance clause under
      the
      policy.  If the Mortgaged Property is in an area identified in the
      Federal Register by the Federal Emergency Management Agency as a special flood
      hazard area (and such flood insurance has been made available) the Servicer
      will
      cause to be maintained a flood insurance policy meeting the requirements of
      the
      National Flood Insurance Program, in an amount representing coverage not less
      than the lesser of (A) the minimum amount required under the terms of the
      coverage to compensate for any damage or loss to the Mortgaged Property on
      a
      replacement-cost basis (or the outstanding principal balance of the Mortgage
      Loan if replacement-cost basis is not available) or (B) the maximum amount
      of insurance available under the National Flood Insurance
      Program.  The Servicer shall also maintain on REO Property fire and
      hazard insurance with extended coverage in an amount which is at least equal
      to
      the maximum insurable value of the improvements which are a part of such
      property, liability insurance and, to the extent required and available under
      the National Flood Insurance Program, flood insurance in an amount required
      above.  Any amounts collected by the Servicer under any such policies
      (other than amounts to be deposited in the Escrow Account and applied to the
      restoration or repair of the property subject to the related Mortgage or
      property acquired in liquidation of the Mortgage Loan, or to be released to
      the
      Mortgagor in accordance with Customary Servicing Procedures) shall be deposited
      in the Custodial Account, subject to withdrawal pursuant to
      Subsection 11.05.  It is understood and agreed that no earthquake
      or other additional insurance need be required by the Servicer of any Mortgagor
      or maintained on REO Property other than pursuant to such applicable laws and
      regulations as shall at any time be in force and as shall require such
      additional insurance.  All policies required hereunder shall be
      endorsed with standard mortgagee clauses with loss payable to Servicer, and
      shall provide for at least thirty (30) days prior written notice of any
      cancellation, reduction in amount or material change in coverage to the
      Servicer.  The Servicer shall not interfere with the Mortgagor’s
      freedom of choice in selecting either its insurance carrier or agent;
provided, however, that the Servicer shall not accept any such
      insurance policies from insurance companies unless such companies are acceptable
      to Fannie Mae or Freddie Mac and are licensed to do business in the state
      wherein the property subject to the policy is located.

     

    The
      hazard insurance policies for each Mortgage Loan secured by a unit in a
      condominium development or planned unit development shall be maintained with
      respect to such Mortgage Loan and the related development in a manner which
      is
      consistent with Fannie Mae or Freddie Mac requirements.

    

    Subsection
      11.11  Maintenance
      of Primary Mortgage Insurance Policy; Claims.

     

    With
      respect to each Mortgage Loan with a LTV in excess of 80%, the Servicer shall,
      without any cost to the Purchaser, maintain or cause the Mortgagor to maintain
      in full force and effect a Primary Mortgage Insurance Policy insuring that
      portion of the Mortgage Loan in excess of a percentage in conformance with
      Fannie Mae requirements.  The Servicer shall pay or shall cause the
      Mortgagor to pay the premium thereon on a timely basis, at least until the
      LTV
      of such Mortgage Loan is reduced to 80%.  In the event that such
      Primary Mortgage Insurance Policy shall be terminated, the Servicer shall obtain
      from another insurer a comparable replacement policy, with a total coverage
      equal to the remaining coverage of such terminated Primary Mortgage Insurance
      Policy.  If the insurer shall cease to be a qualified insurer, the
      Servicer shall obtain from another qualified insurer a replacement Primary
      Mortgage Insurance Policy.  The Servicer shall not take any action
      which would result in noncoverage under any applicable Primary Mortgage
      Insurance Policy of any loss which, but for the actions of the Servicer would
      have been covered thereunder.  In connection with any assumption or
      substitution agreement entered into or to be entered into pursuant to
      Subsection 11.18, the Servicer shall promptly notify the insurer under the
      related Primary Mortgage Insurance Policy, if any, of such assumption or
      substitution of liability in accordance with the terms of such Primary Mortgage
      Insurance Policy and shall take all actions which may be required by such
      insurer as a condition to the continuation of coverage under such Primary
      Mortgage Insurance Policy. If such Primary Mortgage Insurance Policy is
      terminated as a result of such assumption or substitution of liability, the
      Servicer shall obtain a replacement Primary Mortgage Insurance Policy as
      provided above.

     

    In
      connection with its activities as servicer, the Servicer agrees to prepare
      and
      present or to assist the Purchaser in preparing and presenting, on behalf of
      itself and the Purchaser, claims to the insurer under any Primary Mortgage
      Insurance Policy in a timely fashion in accordance with the terms of such
      Primary Mortgage Insurance Policy and, in this regard, to take such action
      as
      shall be necessary to permit recovery under any Primary Mortgage Insurance
      Policy respecting a defaulted Mortgage Loan.  Pursuant to
      Subsection 11.06, any amounts collected by the Servicer under any Primary
      Mortgage Insurance Policy shall be deposited in the Escrow Account, subject
      to
      withdrawal pursuant to Subsection 11.07.

    

    Subsection
      11.12  Fidelity
      Bond; Errors and Omissions Insurance.

     

    The
      Servicer shall maintain, at its own expense, a blanket Fidelity Bond and an
      errors and omissions insurance policy, with broad coverage on all officers,
      employees or other persons acting in any capacity requiring such persons to
      handle funds, money, documents or papers relating to the Mortgage
      Loans.  These policies must insure the Servicer against losses
      resulting from fraud, theft, errors, omissions, negligence, dishonest or
      fraudulent acts committed by the Servicer’s personnel, any employees of outside
      firms that provide data processing services for the Servicer, and temporary
      contract employees or student interns.  The Fidelity Bond shall also
      protect and insure the Servicer against losses in connection with the release
      or
      satisfaction of a Mortgage Loan without having obtained payment in full of
      the
      indebtedness secured thereby.  No provision of this
      Subsection 11.12 requiring such Fidelity Bond and errors and omissions
      insurance shall diminish or relieve the Servicer from its duties and obligations
      as set forth in this Agreement.  The minimum coverage under any such
      Fidelity Bond and insurance policy shall be at least equal to the corresponding
      amounts required by Fannie Mae in the Fannie Mae Servicing Guide or by Freddie
      Mac in the Freddie Mac Guide, as amended or restated from time to time, or
      in an
      amount as may be permitted to the Servicer by express waiver of Fannie Mae
      or
      Freddie Mac.  Upon request of the Purchaser, the Servicer shall cause
      to be delivered to the Purchaser a certified true copy of such Fidelity Bond
      or
      a certificate evidencing the same with a statement that the Servicer shall
      endeavor to provide written notice to the Purchaser thirty (30) days prior
      to
      modification or any material change.

    

    Subsection
      11.13  Title,
      Management and Disposition of REO Property.

     

    (a)  In
      the
      event that title to the Mortgaged Property is acquired in foreclosure or by
      deed
      in lieu of foreclosure, the deed or certificate of sale shall be taken in the
      name of the Purchaser or its nominee.

     

    (b)  The
      Purchaser, by giving notice to the Servicer, may elect to manage and dispose
      of
      all REO Property acquired pursuant to this Agreement by itself.  If
      the Purchaser so elects, the Purchaser shall assume control of REO Property
      at
      the time of its acquisition and the Servicer shall forward the related Mortgage
      File to the Purchaser as soon as is practicable.  Promptly upon
      assumption of control of any REO Property, the Purchaser shall reimburse any
      related Servicing Advances or other expenses incurred by the Servicer with
      respect to that REO Property.

     

    (c)  If
      the
      Purchaser has not informed the Servicer that it will manage REO Property, the
      provisions of this Subsection 11.13(c) shall apply.  The Servicer
      shall cause to be deposited on a daily basis in the Custodial Account all
      revenues received with respect to the conservation of the related REO Property.
      The Servicer shall make distributions as required on each Remittance Date to
      the
      Purchaser of the net cash flow from the REO Property (which shall equal the
      revenues from such REO Property net of the expenses described above and of
      any
      reserves reasonably required from time to time to be maintained to satisfy
      anticipated liabilities for such expenses).

     

    The
      disposition of REO Property shall be carried out by the
      Servicer.  Upon the request of the Purchaser, and at the Purchaser’s
      expense, the Servicer shall cause an appraisal of the REO Property to be
      performed for the Purchaser.

     

    The
      Servicer shall either itself or through an agent selected by the Servicer,
      manage, conserve, protect and operate the REO Property in the same manner that
      it manages, conserves, protects and operates other foreclosed property for
      its
      own account, and in the same manner that similar property in the same locality
      as the REO Property is managed.  The Servicer shall bill the Purchaser
      for such costs upon the sale of the REO Property and shall not withdraw funds
      to
      cover such costs from the Custodial Account.

    

    Subsection
      11.14  Servicing
      Compensation.

     

    As
      compensation for its services hereunder, the Servicer shall be entitled to
      retain the Servicing Fee from interest payments actually collected on the
      Mortgage Loans.  Additional servicing compensation in the form of
      assumption fees, late payment charges, prepayment penalties, BPP Fees and other
      ancillary income shall be retained by the Servicer to the extent not required
      to
      be deposited in the Custodial Account.  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 for herein.

    

    Subsection
      11.15  Distributions.

     

    On
      each
      Remittance Date the Servicer shall remit by wire transfer of immediately
      available funds to the account designated in writing by the Purchaser of record
      on the preceding Record Date (a) all amounts credited to the Custodial
      Account at the close of business on the related Determination Date, net of
      charges against or withdrawals from the Custodial Account pursuant to
      Subsection 11.05(b) through (h), plus (b) all amounts, if any, which
      the Servicer is obligated to distribute pursuant to Subsection 11.17, minus
      (c) any amounts attributable to Principal Prepayments received after the
      end of the calendar month preceding the month in which the Remittance Date
      occurs, minus (d) except in the case of Option ARM Mortgage Loans, any
      amounts attributable to Monthly Payments collected but due on a Due Date or
      Due
      Dates subsequent to the related Due Date.

     

    With
      respect to any remittance received by the Purchaser after the Business Day
      on
      which such payment was due, the Servicer shall pay to the Purchaser interest
      on
      any such late payment at an annual rate equal to the rate of interest as is
      publicly announced from time to time at its principal office by Bank of America,
      National Association, or its successor, as its prime lending rate, adjusted
      as
      of the date of each change, plus two percent (2%), but in no event greater
      than the maximum amount permitted by applicable law.  Such interest
      shall be paid by the Servicer to the Purchaser on the date such late payment
      is
      made and shall cover the period commencing with the Business Day on which such
      payment was due and ending with the Business Day immediately preceding the
      Business Day on which such payment is made, both inclusive.  The
      payment by the Servicer of any such interest shall not be deemed an extension
      of
      time for payment or a waiver of any Event of Default by the
      Servicer.

    

    Subsection
      11.16  Statements
      to the Purchaser.

     

     

    Not
      later
      than the tenth (10th) day of
      the month
      of each related Remittance Date, the Servicer shall forward to the Purchaser
      a
      statement, substantially in the form of Exhibit 5 and certified by a
      Servicing Officer, setting forth on a loan-by-loan
      basis:  (a) the amount of the distribution made on such
      Remittance Date which is allocable to principal and allocable to interest;
      (b) the amount of servicing compensation received by the Servicer during
      the prior calendar month; and (c) the aggregate Stated Principal Balance of
      the Mortgage Loans as of the last day of the preceding month.  Such
      statement shall also include information regarding delinquencies on Mortgage
      Loans, indicating the number and aggregate principal amount of Mortgage Loans
      which are either one (1), two (2) or three (3) or more months
      delinquent and the book value of any REO Property.  The Servicer shall
      submit to the Purchaser monthly a liquidation report with respect to each
      Mortgaged Property sold in a foreclosure sale as of the related Record Date
      and
      not previously reported.  Such liquidation report shall be
      incorporated into the remittance report delivered to Purchaser in the form
      of
Exhibit 5 hereto. The Servicer shall also provide such information
      as set forth above to the Purchaser in electronic form in the Servicer’s
      standard format, a copy of which has been provided by the Servicer.

     

    The
      Servicer shall prepare and file any and all tax returns, information statements
      or other filings required to be delivered to any governmental taxing authority,
      the Mortgagor or to the Purchaser pursuant to any applicable law with respect
      to
      the Mortgage Loans and the transactions contemplated hereby.  In
      addition, the Servicer shall provide the Purchaser with such information
      concerning the Mortgage Loans as is necessary for such Purchaser to prepare
      federal income tax returns as the Purchaser may reasonably request from time
      to
      time.

    

    Subsection
      11.17  Advances
      by the Servicer.

     

    On
      the
      Business Day immediately preceding each related Remittance Date, the Servicer
      shall either (a) deposit in the Custodial Account from its own funds an
      amount equal to (i) except in the case of Option ARM Mortgage Loans, the
      aggregate amount of all Monthly Payments (with interest adjusted to the Mortgage
      Loan Remittance Rate) which were due on the Mortgage Loans during the applicable
      Due Period and (ii) in the case of such Option ARM Mortgage Loans, an amount
      equal to the aggregate amount of all scheduled payments of interest payable
      by
      the Mortgagor under the related Mortgage Note during the applicable Due Period
      in each case, which were delinquent at the close of business on the immediately
      preceding Determination Date  (each such advance, a “P&I
      Advance”), (b) cause to be made an appropriate entry in the records of
      the Custodial Account that amounts held for future distribution have been,
      as
      permitted by this Subsection 11.17, used by the Servicer in discharge of
      any such P&I Advance or (c) make P&I Advances in the form of any
      combination of (a) or (b) aggregating the total amount of advances to be
      made.  Any amounts held for future distribution and so used shall be
      replaced by the Servicer by deposit in the Custodial Account on or before any
      future Remittance Date if funds in the Custodial Account on such Remittance
      Date
      shall be less than payments to the Purchaser required to be made on such
      Remittance Date.  The Servicer’s obligation to make P&I Advances
      as to any Mortgage Loan will continue through the last Monthly Payment due
      prior
      to the payment in full of a Mortgage Loan, or through the last related
      Remittance Date prior to the Remittance Date for the distribution of all other
      payments or recoveries (including proceeds under any title, hazard or other
      insurance policy, or condemnation awards) with respect to a Mortgage Loan;
      provided, however, that such obligation shall cease if the Servicer, in
      its good faith judgment, determines that such P&I Advances would not be
      recoverable pursuant to Subsection 11.05(d).  The determination
      by the Servicer that a P&I Advance, if made, would be nonrecoverable, shall
      be evidenced by an Officer’s Certificate of the Servicer, delivered to the
      Purchaser, which details the reasons for such determination.

    

    Subsection
      11.18  Assumption
      Agreements.

     

    The
      Servicer will use its best efforts to enforce any “due-on-sale” provision
      contained in any Mortgage or Mortgage Note; provided that, subject to
      the Purchaser’s prior approval, the Servicer shall permit such assumption if so
      required in accordance with the terms of the Mortgage or the Mortgage
      Note.  When the Mortgaged Property has been conveyed by the Mortgagor,
      the Servicer will, to the extent it has knowledge of such conveyance, exercise
      its rights to accelerate the maturity of such Mortgage Loan under the
“due-on-sale” clause applicable thereto; provided, however, the
      Servicer will not exercise such rights if prohibited by law from doing so or
      if
      the exercise of such rights would impair or threaten to impair any recovery
      under the related Primary Mortgage Insurance Policy, if any.  In
      connection with any such assumption, the outstanding principal amount, the
      Monthly Payment, the Mortgage Interest Rate, the Lifetime Rate Cap (if
      applicable), the Gross Margin (if applicable), the Initial Rate
      Cap  (if applicable) or the Periodic Rate Cap (if applicable) of the
      related Mortgage Note shall not be changed, and the term of the Mortgage Loan
      will not be increased or decreased.  If an assumption is allowed
      pursuant to this Subsection 11.18, the Servicer with the prior consent of
      the issuer of the Primary Mortgage Insurance Policy, if any, is authorized
      to
      enter into a substitution of liability agreement with the purchaser of the
      Mortgaged Property pursuant to which the original Mortgagor is released from
      liability and the purchaser of the Mortgaged Property is substituted as
      Mortgagor and becomes liable under the Mortgage Note.

    

    Subsection
      11.19  Satisfaction
      of Mortgages and 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 will be escrowed in a manner customary for
      such purposes, the Servicer will obtain the portion of the Mortgage File that
      is
      in the possession of the Purchaser or its designee, prepare and process any
      required satisfaction or release of the Mortgage and notify the Purchaser in
      accordance with the provisions of this Agreement.  The Purchaser
      agrees to deliver to the Servicer (or cause to be delivered to the Servicer)
      the
      original Mortgage Note for any Mortgage Loan not later than five (5)
      Business Days following its receipt of a notice from the Servicer that such
      a
      payment in full has been received or that a notification has been received
      that
      such a payment in full shall be made. Such Mortgage Note shall be held by the
      Servicer, in trust, for the purpose of canceling such Mortgage Note and
      delivering the canceled Mortgage Note to the Mortgagor in a timely manner as
      and
      to the extent provided under any applicable federal or state law.

     

    In
      the
      event the Servicer grants a satisfaction or release of a Mortgage without having
      obtained payment in full of the indebtedness secured by the Mortgage or should
      the Servicer otherwise prejudice any right the Purchaser may have under the
      mortgage instruments, the Servicer shall remit to the Purchaser the Stated
      Principal Balance of the related Mortgage Loan by deposit thereof in the
      Custodial Account.  The Fidelity Bond shall insure the Servicer
      against any loss it may sustain with respect to any Mortgage Loan not satisfied
      in accordance with the procedures set forth herein.

    

    Subsection
      11.20  Annual
      Statement as to Compliance.

     

    (a)  The
      Servicer shall deliver to the Purchaser, to any master servicer which is master
      servicing any of the Mortgage Loans pursuant to a Securitization or other
      securitization transaction (each, a “Master Servicer”) and to the
      Sarbanes Certifying Party not later than the earlier of (a) March 15 of each
      calendar year (other than the calendar year during which the related Closing
      Date occurs) or (b) with respect to any calendar year during which the annual
      report of the entity which is the depositor (or other party responsible for
      filing Form 10-K with the Commission (as defined below)) of the Mortgage Loans
      pursuant to a Securitization or other securitization transaction (the
“Depositor”) on Form 10-K is required to be filed in accordance with the
      Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the
      rules and regulations of the Securities Exchange Commission (the
“Commission”), fifteen (15) calendar days before the date on which the
      Depositor’s annual report on Form 10-K is required to be filed in accordance
      with the Exchange Act and the rules and regulations of the Commission (or,
      in
      each case, if such day is not a Business Day, the immediately preceding Business
      Day), an Officer’s Certificate stating, as to each signatory thereof, that (i) a
      review of the activities of the Servicer during the preceding year and of
      performance under this Agreement has been made under such officer’s supervision
      and (ii) to the best of such officer’s knowledge, based on such review, the
      Servicer has fulfilled all of its obligations under this Agreement throughout
      such year, or, if there has been a default in the fulfillment of any such
      obligation, specifying each such default known to such officer and the nature
      and status thereof.

     

    (b)  With
      respect to any Mortgage Loans that are subject to a Securitization or other
      securitization transaction, not later than the earlier of (a) March 15 of each
      calendar year (other than the calendar year during which the Closing Date
      occurs) or (b) with respect to any calendar year during which the Depositor’s
      annual report on Form 10-K is required to be filed in accordance with the
      Exchange Act and the rules and regulations of the Commission, fifteen (15)
      calendar days before the date on which the Depositor’s annual report on Form
      10-K is required to be filed in accordance with the Exchange Act and the rules
      and regulations of the Commission (or, in each case, if such day is not a
      Business Day, the immediately preceding Business Day), an officer of the
      Servicer shall execute and deliver an Officer’s Certificate in the form attached
      hereto as Exhibit 7 to the Sarbanes Certifying Party for the benefit of
      the Sarbanes Certifying Party and its officers, directors and
      affiliates.

     

    (c)  The
      Servicer shall indemnify and hold harmless the Master Servicer and the Sarbanes
      Certifying Party (any such person, an “Indemnified Party”) from and
      against any losses, damages, penalties, fines, forfeitures, reasonable legal
      fees and related costs, judgments and other costs and expenses arising out
      of or
      based upon a breach by the Servicer of its obligations under this Subsection
      11.20 or Subsection 11.21, or the negligence, bad faith or willful misconduct
      of
      the Servicer in connection therewith. If the indemnification provided for herein
      is unavailable or insufficient to hold harmless any Indemnified Party, then
      the
      Servicer agrees that it shall contribute to the amount paid or payable by the
      Indemnified Party as a result of the losses, claims, damages or liabilities
      of
      the Indemnified Party in such proportion as is appropriate to reflect the
      relative fault of the Indemnified Party on the one hand and the Servicer on
      the
      other in connection with a breach of the Servicer’s obligations under this
      Subsection 11.20 or Subsection 11.21, or the Servicer’s negligence, bad faith or
      willful misconduct in connection therewith.

     

    It
      is
      acknowledged and agreed that each Master Servicer and the Sarbanes Certifying
      Party shall be an express third party beneficiary of the provisions of this
      Subsection 11.20 and shall be entitled independently to enforce the provisions
      of this Subsection 11.20 with respect to any obligations owed to such entity
      as
      if it were a direct party to this Agreement.

    

    Subsection
      11.21  Annual
      Independent Public Accountants’ Servicing Report.

     

    Not
      later than the earlier of (a)
      March 15 of each calendar year (other than the calendar year during which the
      related Closing Date occurs) or (b) with respect to any calendar year during
      which the Depositor’s annual report on Form 10-K is required to be filed in
      accordance with the Exchange Act and the rules and regulations of the
      Commission, fifteen (15) calendar days before the date on which the Depositor’s
      annual report on Form 10-K is required to be filed in accordance with the
      Exchange Act and the rules and regulations of the Commission (or, in each case,
      if such day is not a Business Day, the immediately preceding Business Day), the Servicer at its expense
      shall
      cause a firm of independent public accountants which is a member of the American
      Institute of Certified Public Accountants to furnish a statement to any Master
      Servicer and the Sarbanes Certifying Party to the effect that such firm
has examined certain documents and records relating to the servicing
      of
      residential mortgage loans and that, on the basis of such examination conducted
      substantially in compliance with the Uniform Single Attestation Program for
      Mortgage Bankers, such firm confirms that such servicing has been conducted
      in
      compliance with Customary Servicing Procedures except for such significant
      exceptions or errors in records that, in the opinion of such firm, the Uniform
      Single Attestation Program for Mortgage Bankers requires it to
      report.

    

    
      	
              Subsection
                11.22  

            	
              Servicer
                Shall Provide Access and Information as Reasonably Required.

            

    

     

    The
      Servicer shall provide to the Purchaser, and for any Purchaser insured by FDIC
      or NAIC, the supervisory agents and examiners of FDIC and OTS or NAIC, access
      to
      any documentation regarding the Mortgage Loans which may be required by
      applicable regulations.  Such access shall be afforded without charge,
      but only upon reasonable request, during normal business hours and at the
      offices of the Servicer.

     

    In
      addition, the Servicer shall furnish upon request by the Purchaser, during
      the
      term of this Agreement, such periodic, special or other reports or information,
      whether or not provided for herein, as shall be necessary, reasonable and
      appropriate with respect to the purposes of this Agreement and applicable
      regulations.  All such reports or information shall be provided by and
      in accordance with all reasonable instructions and directions the Purchaser
      may
      require.  The Servicer agrees to execute and deliver all such
      instruments and take all such action as the Purchaser, from time to time, may
      reasonably request in order to effectuate the purposes and to carry out the
      terms of this Agreement.

    

    Subsection
      11.23  Inspections.

     

    The
      Servicer shall inspect the Mortgaged Property as often deemed necessary by
      the
      Servicer to assure itself that the value of the Mortgaged Property is being
      preserved.  In addition, if any Mortgage Loan is more than sixty (60)
      days delinquent, the Servicer immediately shall inspect the Mortgaged Property
      and shall conduct subsequent inspections in accordance with Customary Servicing
      Procedures or as may be required by the primary mortgage guaranty
      insurer.  The Servicer shall keep written report of each such
      inspection and shall provide a copy of such inspection to the Purchaser upon
      the
      request of the Purchaser.

    

    Subsection
      11.24  Restoration
      of Mortgaged Property.

     

    The
      Servicer need not obtain the approval of the Purchaser prior to releasing any
      Insurance Proceeds or
      Condemnation Proceeds to the Mortgagor to be applied to the restoration or
      repair of the Mortgaged Property if such release is in accordance with Customary
      Servicing Procedures.  At a minimum, the Servicer shall comply with
      the following conditions in connection with any such release of Insurance
      Proceeds or Condemnation Proceeds:

    

    (a)  the
      Servicer shall receive satisfactory independent verification of completion
      of
      repairs and issuance of any required approvals with respect
      thereto;

     

    (b)  the
      Servicer shall take all steps necessary to preserve the priority of the lien
      of
      the Mortgage, including, but not limited to requiring waivers with respect
      to
      mechanics’ and materialmen’s liens;

     

    (c)  the
      Servicer shall verify that the Mortgage Loan is not in default; and

     

    (d)  pending
      repairs or restoration, the Servicer shall place the Insurance Proceeds or
      Condemnation Proceeds in the Escrow Account.

     

    If
      the
      Purchaser is named as an additional loss payee, the Servicer is hereby empowered
      to endorse any loss draft issued in respect of such a
      claim
      in the name of the Purchaser.

     

    Subsection
      11.25  BPP
      Mortgage Loans.

     

    With
      respect to any BPP Mortgage Loan, the Servicer hereby agrees to deposit in
      the
      Custodial Account and remit to the Purchaser any BPP Mortgage Loan Payment
      due
      pursuant to a BPP Addendum.  Any Monthly Covered Amount payable by the
      Servicer pursuant to this Subsection 11.25 shall be remitted to the Purchaser
      on
      or prior to the Remittance Date relating to the Determination Date immediately
      following the Due Date as to which such Monthly Covered Amount
      relates.  Any Total Covered Amount payable by the Servicer pursuant to
      this Subsection 11.25 shall be remitted to the Purchaser on or prior to the
      Remittance Date relating to the Determination Date in the month following the
      month in which the cancellation to which such Total Covered Amount relates
      occurs.  For the avoidance of any doubt, no duty of the Servicer to
      remit or advance funds hereunder (including, without limitation, Servicing
      Advances) shall include remittances or advances of or with respect to BPP
      Fees.  Notwithstanding any provision in this Agreement to the
      contrary, in the event servicing is transferred from the Servicer, the BPP
      Addendum shall be of no further force and effect and the Servicer shall not
      have
      obligations to make BPP Mortgage Loan Payments or otherwise with respect to
      the
      BPP Addendum; provided however, that the Servicer would be required to
      make any payments required under the BPP Addendum with respect to protected
      events that occur on or prior to the effective date of termination as set forth
      in the BPP Addendum.

     

    
      	
              SECTION
                12.      

            	
                The
                Servicer.

            

    

     

    Subsection
      12.01  Indemnification;
      Third Party Claims.

     

    (a)  The
      Servicer agrees to indemnify and hold harmless the Purchaser against any and
      all
      claims, losses, penalties, fines, forfeitures, legal fees and related costs,
      judgments, and any other costs, fees and expenses that the Purchaser may sustain
      in any way related to the failure of the Servicer to service the Mortgage Loans
      in compliance with the terms of this Agreement.

     

    (b)  The
      Servicer shall immediately notify the Purchaser if a claim is made by a third
      party with respect to this Agreement or the Mortgage Loans, and the Servicer
      shall assume (with the written consent of the Purchaser) the defense of any
      such
      claim and pay all expenses in connection therewith, including counsel
      fees.  If the Servicer has assumed the defense of the Purchaser, the
      Servicer shall provide the Purchaser with a written report of all expenses
      and
      advances incurred by the Servicer pursuant to this Subsection 12.01 and the
      Purchaser shall promptly reimburse the Servicer for all amounts advanced by
      it
      pursuant to the preceding sentence except when the claim in any way relates
      to
      the failure of the Servicer to service the Mortgage Loans in accordance with
      the
      terms of this Agreement.

     

    Subsection
      12.02  Merger
      or Consolidation of the Servicer.

     

    The
      Servicer will keep in full effect its existence, rights and franchises as a
      national banking association, and will obtain and preserve its qualification
      to
      do business in each jurisdiction in which such qualification is or shall be
      necessary to protect the validity and enforceability of this Agreement or any
      of
      the Mortgage Loans and to perform its duties under this Agreement.

     

    Any
      Person into which the Servicer may be merged or consolidated, or any entity
      resulting from any merger, conversion or consolidation to which the Servicer
      shall be a party, or any Person succeeding to substantially all of the business
      of the Servicer (whether or not related to loan servicing), 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.

    

    Subsection
      12.03  Limitation
      on Liability of the Servicer and Others.

     

    The
      duties and obligations of the Servicer shall be determined solely by the express
      provisions of this Agreement, the Servicer shall not be liable except for the
      performance of such duties and obligations as are specifically set forth in
      this
      Agreement and no implied covenants or obligations shall be read into this
      Agreement against the Servicer.  Neither the Servicer nor any of the
      directors, officers, employees or agents of the Servicer shall be under any
      liability to the Purchaser for any action taken or for refraining from the
      taking of any action in accordance with Customary Servicing Procedures and
      otherwise in good faith pursuant to this Agreement or for errors in judgment;
      provided, however, that this provision shall not protect the Servicer
      against any liability resulting from any breach of any representation or
      warranty made herein, or from any liability specifically imposed on the Servicer
      herein; and, provided further, that this provision shall not protect
      the Servicer against any liability that would otherwise be imposed by reason
      of
      the willful misfeasance, bad faith or gross negligence in the performance of
      duties or by reason of reckless disregard of the obligations or duties
      hereunder.  The Servicer and any director, officer, employee or agent
      of the Servicer may rely on any document of any kind which it in good faith
      reasonably believes to be genuine and to have been adopted or signed by the
      proper authorities respecting any matters arising hereunder.  Subject
      to the terms of Subsection 12.01, the Servicer shall have no obligation to
      appear with respect to, prosecute or defend any legal action which is not
      incidental to the Servicer’s duty to service the Mortgage Loans in accordance
      with this Agreement.

    

    Subsection
      12.04  Seller
      and Servicer Not to Resign.

     

    Neither
      the Seller nor the Servicer shall assign this Agreement or resign from the
      obligations and duties hereby imposed on it except by mutual consent of the
      Servicer or the Seller, as the case may be, and the Purchaser or upon the
      determination that the Servicer’s duties hereunder are no longer permissible
      under applicable law and such incapacity cannot be cured by the
      Servicer.  Any such determination permitting the unilateral
      resignation of the Servicer shall be evidenced by an Opinion of Counsel to
      such
      effect delivered to the Purchaser, which Opinion of Counsel shall be in form
      and
      substance acceptable to the Purchaser.  No such resignation or
      assignment shall become effective until a successor has assumed the Servicer’s
      responsibilities and obligations hereunder in accordance with
      Subsection 14.02.

    

    
      	
              SECTION
                13.  

            	
               Default.

            

    

     

    Subsection
      13.01  Events
      of Default.

     

    In
      case
      one or more of the following Events of Default by the Servicer shall occur
      and
      be continuing:

    

    (a)  any
      failure by the Servicer to remit to the Purchaser any payment required to be
      made under the terms of this Agreement which continues unremedied for a period
      of two (2) Business Days 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 Purchaser;

     

    (b)  failure
      by the Servicer to duly observe or perform, in any material respect, any other
      covenants, obligations or agreements of the Servicer as set forth in this
      Agreement which failure continues unremedied for a period of thirty (30)
      days after the date on which written notice of such failure, requiring the
      same
      to be remedied, shall have been given to the Servicer by the
      Purchaser;

     

    (c)  a
      decree
      or order of a court or agency or supervisory authority having jurisdiction
      for
      the appointment of a conservator or receiver or liquidator in any insolvency,
      bankruptcy, 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 or unstayed for a period of sixty (60)
      days;

     

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

     

    (e)  the
      Servicer shall admit in writing its inability to pay its debts 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;

     

    (f)  the
      Servicer shall cease to be qualified to do business under the laws of any state
      in which a Mortgaged Property is located, but only to the extent such
      qualification is necessary to ensure the enforceability of each Mortgage Loan
      and to perform the Servicer’s obligations under this Agreement; or

     

    (g)  the
      Servicer shall fail to meet the servicer eligibility qualifications of Fannie
      Mae or the Servicer shall fail to meet the servicer eligibility qualifications
      of Freddie Mac;

     

    then,
      and in each and every such case,
      so long as an Event of Default shall not have been remedied, the Purchaser,
      by
      notice in writing to the Servicer, may, in addition to whatever rights the
      Purchaser may have at law or equity to damages, including injunctive relief
      and
      specific performance, commence termination of all the rights and obligations
      of
      the Servicer under this Agreement and in and to the Mortgage Loans and the
      proceeds thereof.  Upon receipt by the Servicer of such written notice
      from the Purchaser stating that they intend to terminate the Servicer as a
      result of such Event of Default, all authority and power of the Servicer under
      this Agreement, whether with respect to the Mortgage Loans or otherwise, shall
      pass to and be vested in the successor appointed pursuant to
      Subsection 14.02.  Upon written request from the Purchaser, the
      Servicer shall prepare, execute and deliver to a successor any and all documents
      and other instruments, place in such successor’s possession all Mortgage Files
      and do or cause to be done all other acts or things necessary or appropriate
      to
      effect the purposes of such notice of termination, including, but not limited
      to, the transfer and endorsement or assignment of the Mortgage Loans and related
      documents to the successor at the Servicer’s sole expense.  The
      Servicer agrees to cooperate with the Purchaser and such successor in effecting
      the termination of the Servicer’s responsibilities and rights hereunder,
      including, without limitation, the transfer to such successor for administration
      by it of all amounts which shall at the time be credited by the Servicer to
      the
      Custodial Account or Escrow Account or thereafter received with respect to
      the
      Mortgage Loans.

     

    Subsection
      13.02  Waiver
      of Default.

     

    The
      Purchaser may waive any default by the Servicer in the performance of its
      obligations hereunder and its consequences.  Upon any waiver of a past
      default, such default shall cease to exist, and any Event of Default arising
      therefrom shall be deemed to have been remedied for every purpose of this
      Agreement.  No such waiver shall extend to any subsequent or other
      default or impair any right consequent thereto except to the extent expressly
      so
      waived.

    

    
      	
              SECTION
                14.    

            	
               Termination.

            

    

     

    Subsection
      14.01  Termination.

     

    The
      respective obligations and responsibilities of the Servicer, as servicer, shall
      terminate upon (a) the distribution to the Purchaser of the final payment
      or liquidation with respect to the last Mortgage Loan (or advances of same
      by
      the Servicer) or (b) the disposition of all property acquired upon
      foreclosure or deed in lieu of foreclosure with respect to the last Mortgage
      Loan and the remittance of all funds due hereunder.  Upon written
      request from the Purchaser in connection with any such termination, the Servicer
      shall prepare, execute and deliver, any and all documents and other instruments,
      place in the Purchaser’s possession all Mortgage Files, and 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, at the
      Purchaser’s sole expense.  The Servicer agrees to cooperate with the
      Purchaser and such successor in effecting the termination of the Servicer’s
      responsibilities and rights hereunder as servicer, including, without
      limitation, the transfer to such successor for administration by it of all
      cash
      amounts which shall at the time be credited by the Servicer to the Custodial
      Account or Escrow Account or thereafter received with respect to the Mortgage
      Loans.

    

    Subsection
      14.02  Successors
      to the Servicer.

     

    Prior
      to
      the termination of the Servicer’s responsibilities and duties under this
      Agreement pursuant to Subsections 12.04, 13.01 or 14.01, the Purchaser
      shall, (a) succeed to and assume all of the Servicer’s responsibilities,
      rights, duties and obligations under this Agreement or (b) appoint a
      successor which shall succeed to all rights and assume all of the
      responsibilities, duties and liabilities of the Servicer under this Agreement
      upon such termination.  In connection with such appointment and
      assumption, the Purchaser may make such arrangements for the compensation of
      such successor out of payments on Mortgage Loans as it and such successor shall
      agree.  In the event that the Servicer’s duties, responsibilities and
      liabilities under this Agreement shall be terminated pursuant to the
      aforementioned Subsections, the Servicer shall discharge such duties and
      responsibilities during the period from the date it acquires knowledge of such
      termination until the effective date thereof with the same degree of diligence
      and prudence which it is obligated to exercise under this Agreement, and shall
      take no action whatsoever that might impair or prejudice the rights or financial
      condition of its successor.  The resignation or removal of the
      Servicer pursuant to the aforementioned Subsections shall not become effective
      until a successor shall be appointed pursuant to this Subsection and shall
      in no
      event relieve the Seller of the representations and warranties made pursuant
      to
      Subsections 7.01 and 7.02 and the remedies available to the Purchaser under
      Subsection 7.03, it being understood and agreed that the provisions of such
      Subsections 7.01 and 7.02 shall be applicable to the Seller notwithstanding
      any such resignation or termination of the Servicer, or the termination of
      this
      Agreement.

     

    Any
      successor appointed as provided herein shall execute, acknowledge and deliver
      to
      the Servicer and to the Purchaser an instrument accepting such appointment,
      whereupon such successor shall become fully vested with all the rights, powers,
      duties, responsibilities, obligations and liabilities of the Servicer, with
      like
      effect as if originally named as a party to this Agreement.  Any
      termination or resignation of the Servicer or this Agreement pursuant to
      Subsections 12.04, 13.01 or 14.01 shall not affect any claims that the
      Purchaser may have against the Servicer arising prior to any such termination
      or
      resignation.

     

    The
      Servicer shall promptly deliver to the successor the funds in the Custodial
      Account and Escrow Account and all Mortgage Files and related documents and
      statements held by it hereunder and the Servicer shall account for all funds
      and
      shall execute and deliver such instruments and do such other things as may
      reasonably be required to more fully and definitively vest in the successor
      all
      such rights, powers, duties, responsibilities, obligations and liabilities
      of
      the Servicer.

     

    Upon
      a
      successor’s acceptance of appointment as such, the Servicer shall notify by mail
      the Purchaser of such appointment.

    

    
      	
              SECTION
                15.    

            	
               Notices.

            

    

     

    All
      demands, notices and communications
      hereunder shall be in writing and shall be deemed to have been duly given if
      mailed, by registered or certified mail, return receipt requested, or, if by
      other means, when received by the other party at the address as
      follows:

     

    (a)  if
      to the
      Purchaser:

     

    EMC
      Mortgage Corporation

    Mac
      Arthur Ridge II

    909
      Hidden Ridge Drive, Suite 200

    Irving,
      Texas 75038

    Attention:  Ms.
      Raylene Ruyle

     

    (b)  if
      to the
      Seller:

     

    Bank
      of America, National
      Association

    201
      North Tryon
      Street

    Charlotte,
      North Carolina
      28255

    Attention:  Secondary
      Marketing Manager

     

    (c)  if
      to the
      Servicer:

     

    Bank
      of America, National
      Association

    475
      Crosspoint
      Parkway

    Getzville,
      New York
      14068-9000

    Attention:
      Servicing
      Manager

     

    or
      such other address as may hereafter
      be furnished to the other party by like notice. Any such demand, notice or
      communication hereunder shall be deemed to have been received on the date
      delivered to or received at the premises of the addressee (as evidenced, in
      the
      case of registered or certified mail, by the date noted on the return
      receipt).

     

    
      	
              SECTION
                16.    

            	
               Severability
                Clause.

            

    

     

    Any
      part,
      provision, representation or warranty of this Agreement which is prohibited
      or
      which is held to be void or unenforceable shall be ineffective to the extent
      of
      such prohibition or unenforceability without invalidating the remaining
      provisions hereof.  Any part, provision, representation or warranty of
      this Agreement which is prohibited or unenforceable or is held to be void or
      unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
      to the extent of such prohibition or unenforceability without invalidating
      the
      remaining provisions hereof, and any such prohibition or unenforceability in
      any
      jurisdiction as to any Mortgage Loan shall not invalidate or render
      unenforceable such provision in any other jurisdiction.  To the extent
      permitted by applicable law, the parties hereto waive any provision of law
      which
      prohibits or renders void or unenforceable any provision hereof.  If
      the invalidity of any part, provision, representation or warranty of this
      Agreement shall deprive any party of the economic benefit intended to be
      conferred by this Agreement, the parties shall negotiate, in good-faith, to
      develop a structure the economic effect of which is nearly as possible the
      same
      as the economic effect of this Agreement without regard to such
      invalidity.

    

    
      	
              SECTION
                17.    

            	
               No
                Partnership.

            

    

     

    Nothing
      herein contained shall be deemed or construed to create a co-partnership or
      joint venture between the parties hereto and the services of the Servicer shall
      be rendered as an independent contractor and not as agent for the
      Purchaser.

    

    
      	
              SECTION
                18.    

            	
               Counterparts.

            

    

     

    This
      Agreement may be executed
      simultaneously in any number of counterparts.  Each counterpart shall
      be deemed to be an original, and all such counterparts shall constitute one
      and
      the same instrument.

    

    
      	
              SECTION
                19.    

            	
               Governing
                Law.

            

    

     

    EXCEPT
      TO THE EXTENT PREEMPTED BY
      FEDERAL LAW, THE 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 THE LAWS OF THE STATE OF NEW
      YORK, WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS OF NEW YORK OR ANY
      OTHER JURISDICTION.

     

    
      	
              SECTION
                20.     

            	
               Intention
                of the Parties.

            

    

     

    It
      is the
      intention of the parties that the Purchaser is purchasing, and the Seller is
      selling, the Mortgage Loans and not a debt instrument of the Seller or another
      security.  Accordingly, the parties hereto each intend to treat the
      transaction for federal income tax purposes as a sale by the Seller, and a
      purchase by the Purchaser, of the Mortgage Loans.  The Purchaser shall
      have the right to review the Mortgage Loans and the related Mortgage Files
      to
      determine the characteristics of the Mortgage Loans which shall affect the
      federal income tax consequences of owning the Mortgage Loans and the Seller
      shall cooperate with all reasonable requests made by the Purchaser in the course
      of such review.

     

    It
      is not
      the intention of the parties that such conveyances be deemed a pledge
      thereof.  However, in the event that, notwithstanding the intent of
      the parties, such assets are held to be the property of the Seller or if for
      any
      other reason this Agreement is held or deemed to create a security interest
      in
      either such assets, then (a) this Agreement shall be deemed to be a
      security agreement within the meaning of the Uniform Commercial Code of the
      State of New York and (b) the conveyances provided for in this Agreement
      shall be deemed to be an assignment and a grant by the Seller to the Purchaser
      of a security interest in all of the assets transferred, whether now owned
      or
      hereafter acquired.

    

    
      	
              SECTION
                21.     

            	
               Waivers.

            

    

     

    No
      term
      or provision of this Agreement may be waived or modified unless such waiver
      or
      modification is in writing and signed by the party against whom such waiver
      or
      modification is sought to be enforced.

     

    
      	
              SECTION
                22.    

            	
               Exhibits.

            

    

     

    The
      exhibits to this Agreement are hereby incorporated and made a part hereof and
      are an integral part of this Agreement.

     

    
      	
              SECTION
                23.     

            	
               General
                Interpretive Principles.

            

    

     

    For
      purposes of this Agreement, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    (a)  the
      terms
      defined in this Agreement have the meanings assigned to them in this Agreement
      and include the plural as well as the singular, and the use of any gender herein
      shall be deemed to include the other gender;

     

    (b)  accounting
      terms not otherwise defined herein have the meanings assigned to them in
      accordance with generally accepted accounting principles;

     

    (c)  references
      herein to “Articles,” “Sections,” “Subsections,” “Paragraphs” and other
      subdivisions without reference to a document are to designated Articles,
      Sections, Subsections, Paragraphs and other subdivisions of this
      Agreement;

     

    (d)  reference
      to a Subsection without further reference to a Section is a reference to such
      Subsection as contained in the same Section in which the reference appears,
      and
      this rule shall also apply to Paragraphs and other subdivisions;

     

    (e)  the
      words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
      Agreement as a whole and not to any particular provision; and

     

    (f)  the
      term
“include” or “including” shall mean without limitation by reason of
      enumeration.

     

    
      	
              SECTION
                24.    

            	
               Reproduction
                of Documents.

            

    

     

    This
      Agreement and all documents
      relating thereto, including, without limitation (a) consents, waivers and
      modifications which may hereafter be executed, (b) documents received by
      any party at the closing and (c) financial statements, certificates and
      other information previously or hereafter furnished, may be reproduced by any
      photographic, photostatic, microfilm, micro-card, miniature photographic or
      other similar process. The parties hereto agree that any such reproduction
      shall
      be admissible in evidence as the original itself in any judicial or
      administrative proceeding, whether or not the original is in existence and
      whether or not such reproduction was made by a party hereto in the regular
      course of business, and that any enlargement, facsimile or further reproduction
      of such reproduction shall likewise be admissible in
      evidence.

     

    
      	
              SECTION
                25.    

            	
               Amendment.

            

    

     

    This
      Agreement may be amended from time
      to time by the Purchaser, the Seller and the Servicer by written agreement
      signed by the parties hereto.

     

    
      	
              SECTION
                26.    

            	
               Confidentiality.

            

    

     

    Each
      of the Purchaser, the Seller and
      the Servicer shall employ proper procedures and standards designed to maintain
      the confidential nature of the terms of this Agreement, except to the extent
      (a) the disclosure of which is reasonably believed by such party to be
      required in connection with regulatory requirements or other legal requirements
      relating to its affairs; (b) disclosed to any one or more of such party’s
      employees, officers, directors, agents, attorneys or accountants who would
      have
      access to the contents of this Agreement and such data and information in the
      normal course of the performance of such person’s duties for such party, to the
      extent such party has procedures in effect to inform such person of the
      confidential nature thereof; (c) that is disclosed in a prospectus,
      prospectus supplement or private placement memorandum relating to a
      Securitization of the Mortgage Loans by the Purchaser (or an affiliate assignee
      thereof) or to any person in connection with the resale or proposed resale
      of
      all or a portion of the Mortgage Loans by such party in accordance with the
      terms of this Agreement; and (d) that is reasonably believed by such party
      to be necessary for the enforcement of such party’s rights under this
      Agreement.

     

    
      	
              SECTION
                27.    

            	
               Entire
                Agreement.

            

    

     

    This
      Agreement constitutes the entire
      agreement and understanding relating to the subject matter hereof between the
      parties hereto and any prior oral or written agreements between them shall
      be
      deemed to have merged herewith.

     

    
      	
              SECTION
                28.    

            	
               Further
                Agreements; Securitization.

            

    

     

    The
      Seller, the Servicer and the
      Purchaser each agree to execute and deliver to the other such reasonable and
      appropriate additional documents, instruments or agreements as may be necessary
      or appropriate to effectuate the purposes of this Agreement.

     

    The
      Seller and the Servicer each agree
      to enter into additional documents, instruments or agreements as may be
      necessary to effect one or more Securitizations of the Mortgage
      Loans.  The parties also agree that the provisions of this Agreement
      may be altered in a manner reasonably acceptable to the Servicer if necessary
      to
      effect a Securitization (including, but not limited to, any changes required
      (i) to satisfy Rating Agency requirements or (ii) to qualify for
      treatment as one or more real estate mortgage investment
      conduits).  All reasonable out of pocket costs actually incurred by
      the Seller and the Servicer, including reasonable attorney’s fees and
      accountant’s fees (such attorney’s and accountant’s fees not to exceed $20,000),
      in connection with performing its obligations under this Section 28 with respect
      to a Securitization shall be reimbursed by the Purchaser upon demand
      therefor.

     

    
      	
              SECTION
                29.    

            	
               Successors
                and Assigns.

            

    

     

    This
      Agreement shall bind and inure to the benefit of and be enforceable by the
      initial Purchaser, the Seller and the Servicer, and the respective successors
      and assigns of the Purchaser, the Seller and the Servicer.  The
      initial Purchaser and any subsequent purchasers may assign this Agreement to
      any
      Person to whom any Mortgage Loan is transferred pursuant to a sale or financing
      upon prior written notice to the Servicer in accordance with the following
      paragraph; provided, however, that the Servicer shall not be required
      to service the Mortgage Loans for more than three (3) Persons for assignees
      of EMC Mortgage Corporation or its respective affiliates at any time and shall
      not recognize any assignment of this Agreement to the extent that following
      such
      assignment more than such number of Persons would be purchasers
      hereunder.  As used herein, the trust formed in connection with a
      Securitization shall be deemed to constitute a single “Person.”  Upon
      any such assignment and written notice thereof to the Servicer, the Person
      to
      whom such assignment is made shall succeed to all rights and obligations of
      the
      Purchaser under this Agreement to the extent of the related Mortgage Loan or
      Mortgage Loans and this Agreement, to the extent of the related Mortgage Loan
      or
      Mortgage Loans, shall be deemed to be a separate and distinct agreement between
      the Servicer and such purchaser, and a separate and distinct agreement between
      the Servicer and each other purchaser to the extent of the other related
      Mortgage Loan or Mortgage Loans.

     

    At
      least
      five (5) Business Days prior to the end of the month preceding the date
      upon which the first remittance is to be made to an assignee of the Purchaser,
      the Purchaser shall provide to the Servicer written notice of any assignment
      setting forth:  (a) the Servicer’s applicable Mortgage Loan
      identifying number for each of the Mortgage Loans affected by such assignment;
      (b) the aggregate scheduled transfer balance of such Mortgage Loans; and
      (c) the full name, address and wiring instructions of the assignee and the
      name and telephone number of an individual representative for such assignee,
      to
      whom the Servicer should:  (i) send remittances; (ii) send
      any notices required by or provided for in this Agreement; and
      (iii) deliver any legal documents relating to the Mortgage Loans
      (including, but not limited to, contents of any Mortgage File obtained after
      the
      effective date of any assignment).

     

    If
      the
      Purchaser has not provided the notice of assignment required by this
      Section 29, the Servicer shall not be required to treat any other Person as
      a “Purchaser” hereunder and may continue to treat the Purchaser which purports
      to assign the Agreement as the “Purchaser” for all purposes of this
      Agreement.

     

    
      	
              SECTION
                30. 
                  

            	
               Non-Solicitation.

            

    

     

    From
      and
      after the Closing Date, the Seller, the Servicer and any of their respective
      affiliates hereby agrees that it will not take any action or permit or cause
      any
      action to be taken by any of its agents or affiliates, or by any independent
      contractors on its behalf, to personally, by telephone or mail, solicit a
      Mortgagor under any Mortgage Loan for the purpose of refinancing a Mortgage
      Loan, in whole or in part, without the prior written consent of the
      Purchaser.  It is understood and agreed that all rights and benefits
      relating to the solicitation of any Mortgagors and the attendant rights, title
      and interest in and to the list of such Mortgagors and data relating to their
      Mortgages (including insurance renewal dates) shall be transferred to the
      Purchaser pursuant hereto on the Closing Date and none of the Seller, the
      Servicer or any of their respective affiliates shall take any action to
      undermine these rights and benefits.

    

    Notwithstanding
      the foregoing, it is understood and agreed that the Seller, the Servicer or
      any
      of their respective affiliates:

    

    (a)  may
      advertise its availability for handling refinancings of mortgages in its
      portfolio, including the promotion of terms it has available for such
      refinancings, through the sending of letters or promotional material, so long
      as
      it does not specifically target Mortgagors and so long as such promotional
      material either is sent to the mortgagors for all of the mortgages in the
      A-quality servicing portfolio of the Seller, the Servicer and any of their
      affiliates (those it owns as well as those serviced for others) or sent to
      all
      of the mortgagors who have specific types of mortgages (such as FHA, VA,
      conventional fixed-rate or conventional adjustable-rate, or sent to those
      mortgagors whose mortgages fall within specific interest rate
      ranges;

     

    (b)  may
      provide pay-off information and otherwise cooperate with individual mortgagors
      who contact it about prepaying their mortgages by advising them of refinancing
      terms and streamlined origination arrangements that are available;
      and

     

    (c)  may
      offer
      to refinance a Mortgage Loan made within thirty (30) days following receipt
      by it  of a pay-off request from the related Mortgagor.

     

    Promotions
      undertaken by the Seller or the Servicer or by any affiliate of the Seller
      or
      the Servicer which are directed to the general public at large (including,
      without limitation, mass mailing based on commercially acquired mailing lists,
      newspaper, radio and television advertisements), shall not constitute
      solicitation under this Section 30.

    

    
      	
              SECTION
                31.    

            	
              Protection
                of Consumer Information.

            

    

     

    The
      Purchaser agrees that the Purchaser (i) shall comply with any applicable laws
      and regulations regarding the privacy and security of Consumer Information,
      (ii)
      shall not use Consumer Information in any manner inconsistent with any
      applicable laws and regulations regarding the privacy and security of Consumer
      Information, (iii) shall not disclose Consumer Information to third parties
      except at the specific written direction of the Seller or the Servicer, (iv)
      shall maintain adequate physical, technical and administrative safeguards to
      protect Consumer Information from unauthorized access and (v) shall immediately
      notify the Seller of any actual or suspected breach of the confidentiality
      of
      Consumer Information.

     

    The
      Purchaser agrees that the Purchaser shall indemnify, defend and hold the Seller
      and the Servicer harmless from and against any loss, claim or liability the
      Seller or the Servicer may suffer by reason of the Purchaser’s failure to
      perform the obligations set forth in this Section 31.

     

    [SIGNATURES
      ON FOLLOWING PAGE]

     

     

    IN
      WITNESS WHEREOF, the Purchaser, the
      Seller and the Servicer have caused their names to be signed hereto by their
      respective officers thereunto duly authorized on the date first above
      written.

    

    
      	 	
              EMC
                MORTGAGE
                CORPORATION,

               

              as
                Purchaser

            	 
	 	 	 	 
	
            	
              By:
                

            	
            	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

    

      	 	
              
                BANK
                  OF AMERICA, NATIONAL
                  ASSOCIATION,

                 

                as
                  Seller and as
                  Servicer

              

            	 
	 	 	 	 
	
            	
              By:
                

            	
            	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 

    

     

     

    [Signature
      page to Second Amended and Restated Flow Mortgage Loan Sale and Servicing
      Agreement, dated as of February 1, 2006]

     

     

    EXHIBIT
      1

     

    MORTGAGE
      LOAN
      DOCUMENTS

     

    

     

    With
      respect to each Mortgage Loan, the
      Mortgage Loan Documents shall consist of the following:

     

    (a)  the
      original Mortgage Note bearing all intervening endorsements, endorsed in blank
      and signed in the name of the Seller by an officer thereof, together with any
      applicable original BPP Addendum, or, if the original Mortgage Note has been
      lost or destroyed, a lost note affidavit substantially in the form of Exhibit
      4 hereto;

     

    (b)  the
      original Assignment of Mortgage with assignee’s name left blank;

     

    (c)  the
      original of any guarantee executed in connection with the Mortgage
      Note;

     

    (d)  the
      original Mortgage with evidence of recording thereon, or if any such mortgage
      has not been returned from the applicable recording office or has been lost,
      or
      if such public recording office retains the original recorded mortgage, a
      photocopy of such mortgage certified by the Seller to be a true and complete
      copy of the original recorded mortgage;

     

    (e)  the
      originals of all assumption, modification, consolidation or extension
      agreements, if any, with evidence of recording thereon;

     

    (f)  the
      originals of all intervening assignments of mortgage with evidence of recording
      thereon, or if any such intervening assignment of mortgage has not been returned
      from the applicable recording office or has been lost or if such public
      recording office retains the original recorded assignments of mortgage, a
      photocopy of such intervening assignment of mortgage, certified by the Seller
      to
      be a true and complete copy of the original recorded intervening assignment
      of
      mortgage;

     

    (g)  (i)
      the
      original mortgagee title insurance policy including an Environmental Protection
      Agency Endorsement and, with respect to any Adjustable Rate Mortgage Loan,
      an
      adjustable-rate endorsement, (ii) with respect to certain Refinanced Mortgage
      Loans, a title search report or other evidence of title [or (iii) in the case
      of
      any jurisdiction where title insurance polices are generally not available,
      an
      opinion of counsel of the type customarily rendered in such jurisdictions in
      lieu of title insurance];

     

    (h)  the
      original of any security agreement, chattel mortgage or equivalent document
      executed in connection with the Mortgage; and

     

    (i)  a
      copy of
      any applicable power of attorney.

     

    EXHIBIT
      2

     

    CONTENTS
      OF EACH MORTGAGE FILE

     

    With
      respect to each Mortgage Loan, the Mortgage File shall include each of the
      following items, unless otherwise disclosed to the Purchaser on the data tape,
      which shall be available for inspection by the Purchaser and which shall be
      retained by the Servicer or delivered to the Purchaser:

     

    (a)  Copies
      of
      the Mortgage Loan Documents.

     

    (b)  Residential
      loan application.

     

    (c)  Mortgage
      Loan closing statement.

     

    (d)  Verification
      of employment and income, if required.

     

    (e)  Verification
      of acceptable evidence of source and amount of down payment.

     

    (f)  Credit
      report on Mortgagor, in a form acceptable to either Fannie Mae or Freddie
      Mac.

     

    (g)  Residential
      appraisal report.

     

    (h)  Photograph
      of the Mortgaged Property.

     

    (i)  Survey
      of
      the Mortgaged Property, unless a survey is not required by the title
      insurer.

     

    (j)  Copy
      of
      each instrument necessary to complete identification of any exception set forth
      in the exception schedule in the title policy, i.e., map or plat, restrictions,
      easements, home owner association declarations, etc.

     

    (k)  Copies
      of
      all required disclosure statements.

     

    (l)  If
      applicable, termite report, structural engineer’s report, water potability and
      septic certification.

     

    (m)  Sales
      Contract, if applicable.

     

    (n)  The
      Primary Mortgage Insurance policy or certificate of insurance or electronic
      notation of the existence of such policy, where required pursuant to the
      Agreement.

     

    (o)  Evidence
      of electronic notation of the hazard insurance policy, and, if required by
      law,
      evidence of the flood insurance policy.

     

     

    EXHIBIT
      3

     

    UNDERWRITING
      GUIDELINES

     

    [ON
      FILE WITH THE
      PURCHASER]

     

     

    EXHIBIT
      4

     

    FORM
      OF LOST NOTE
      AFFIDAVIT

    
 

    ________________________________________,
      being first duly sworn upon oath deposes and states:

    

    That
      he/she is authorized by Bank of America, National Association (“B of A”) to
      execute this Lost Note Affidavit on behalf of B of A.  Notwithstanding
      anything contained herein, he/she shall have no personal liability pursuant
      to
      this Lost Note Affidavit.

    

    That
      the
      note dated ______________, executed by _______________ in the original principal
      sum of $____________, payable to the order of __________________ and secured
      by
      a mortgage (or deed of trust or other instrument creating a lien securing the
      Note (as defined below)) of even date on premises commonly known as
      ________________________________ ____________________________, a copy of which
      is attached hereto as Exhibit A (the “Note”) was lost and /or destroyed
      and the affiant herein has no knowledge of the location or whereabouts of said
      Note and said Note has not been paid, satisfied, transferred, assigned, pledged,
      or hypothecated in any way.

    

    NOW
      THEREFORE, for and in consideration of _______________and its
      successors and/or assigns, accepting a certified copy of the Note identified
      on
      Exhibit “A” in lieu of the original Note, B of A does hereby agree to defend,
      indemnify and hold harmless __________ _______________ its respective
      transferees, and their respective assigns (the “Indemnified”) from and against
      any and all loss or damage, together with all reasonable costs, charges and
      expenses (whether or not a lawsuit is filed) (collectively, the “Loss”) incurred
      as a result of the inability to enforce the Note in accordance with its terms
      due to the lack of an original Note or incurred by reason of any claim, demand,
      suit, cause of action or proceeding by a third party arising out of the
      Indemnified’s inability to enforce the Note according to its terms or the
      inability to receive any related insurance proceeds due to the lack of an
      original Note by a third party.  B of A shall pay any such Loss upon
      demand provided that B of A is notified of any such Loss in writing, after
      __________ or transferee becomes aware of same, at the following address: Bank
      of America, 201 North Tryon Street, 5th Floor, Charlotte, North Carolina 28255;
      Attention: Secondary Marketing Manager; with copy to _______________________;
      Attention: ________________.  B of A does hereby further agree that
      should the original Note ever be found by it, it will promptly notify
      _________________ or its respective transferees, or their respective assigns,
      as
      applicable, and upon receipt by B of A of the original Note, will endorse to
      _______________ or its designee or transferee, as applicable, without recourse,
      such original Note and promptly forward said Note to_______________ or its
      designee or transferee, as applicable.  Upon receipt to the original
      Note by __________________ this indemnification agreement shall become null
      and
      void as to any loss accruing subsequent to _____________ ___________’s receipt
      of such original Note, however, B of A shall remain liable as to any loss
      accruing on or prior to __________________’s receipt of such original
      Note.

    

    Executed
      this _______day of _________________, 200__.

     

    
      	 	
              BANK
                OF AMERICA, NATIONALASSOCIATION

            	 
	 	 	 	 
	
            	
              By:
                

            	
            	 
	 	
            	
            	 
	 	Witness: 	 	 
	 	 	 	 

    

     

    Subscribed
      and sworn to before me this _______ day of_________________, 200__.

    

    

    ___________________________________

    Notary
      Public

     

     

    EXHIBIT
      5

     

    FORM
      OF MONTHLY REMITTANCE
      REPORT

     

     

    EXHIBIT
      6

    

    FORM
      OF
      TERM SHEET

    

    

    CLOSING
      DATE:                                                              

    

    This
      Term Sheet (this “Term Sheet”),
      dated as of _______ (the “Closing Date”), confirms the sale by Bank of America,
      National Association (the “Seller”) to EMC Mortgage Corporation (the
“Purchaser”), and the purchase by the Purchaser from the Seller, of the first
      lien residential mortgage loans on a servicing retained basis described on
      the
      Mortgage Loan Schedule attached as Schedule I hereto (the “Mortgage Loans”),
      pursuant to the terms of the Second Amended and Restated Flow Mortgage Loan
      Sale
      and Servicing Agreement (the “Flow Sale and Servicing Agreement”), dated as of
      February 1, 2006, by and between the Purchaser and the
      Seller.  Capitalized terms that are used herein but are not defined
      herein shall have the respective meanings set forth in the Flow Sale and
      Servicing Agreement.

    

    For
      good and valuable consideration,
      the receipt and sufficiency of which is hereby acknowledged, the Seller does
      hereby bargain, sell, convey, assign and transfer to Purchaser without recourse,
      except as provided in the Flow Sale and Servicing Agreement, and on a servicing
      retained basis, all right, title and interest of the Seller in and to each
      of
      the Mortgage Loans, together with all documents maintained as part of the
      related Mortgage Files, all Mortgaged Properties which secure any Mortgage
      Loan
      but are acquired by foreclosure, deed in lieu of foreclosure after the Cut-off
      Date or otherwise, all payments of principal and interest received on the
      Mortgage Loans after the Cut-off Date, all other unscheduled collections
      collected in respect of the Mortgage Loans after the Cut-off Date, and all
      proceeds of the foregoing, subject, however, to the rights of the Seller under
      the Flow Sale and Servicing Agreement.

    

    The
      Seller has delivered to the
      Purchaser or its designee prior to the date hereof the documents with respect
      to
      each Mortgage Loan required to be delivered under the Flow Sale and Servicing
      Agreement.

    

    For
      purposes of the Mortgage Loans sold
      pursuant to this Term Sheet, certain terms shall be as set forth
      below:

    

    
      	
              Cut-off
                Date Principal Balance:

            	
              $_______________________

            
	
              Closing
                Date:

            	
                _______________________

            
	
              Cut-off
                Date:

            	
                _______________________

            
	
              Purchase
                Price Percentage:

            	
                ________%

            
	
              Servicing
                Fee Rate:

            	
                ________%

            

    

     

    [Signatures
      On Following Page]

     

    IN
      WITNESS WHEREOF, the parties hereto,
      by the hands of their duly authorized officers, execute this Term Sheet as
      of
      the Closing Date referred to above.

     

    
      	
              EMC
                MORTGAGE CORPORATION

               

              as
                Purchaser

            	 	
              BANK
                OF AMERICA, NATIONAL ASSOCIATION

              as
                Seller

            	 
	 	 	 	 
	By:	
            	 	By:	
            	 
	 	 	 	 	 	 
	Name:	
               

            	 	Name:	
            	 
	 	 	 	 	 	 
	Its:	
            	 	Its:	
            	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	 	 	 	 	 
	Name:	 	 	 	 	 
	 	 	 	 	 	 
	Its:	 	 	 	 	 

    

    

    EXHIBIT
      7

    

    FORM
      OF
      CERTIFICATION TO BE PROVIDED BY THE SERVICER

    

    I,
      [identify the certifying individual], certify to _______________, and its
      officers, directors, agents and affiliates, and with the knowledge and intent
      that they will rely upon this certification, that:

     

    1.            Based
      on my knowledge, the information in the Annual Statement of Compliance, the
      Annual Independent Public Accountant’s Servicing Report and all servicing
      reports, officer’s certificates and other information relating to the servicing
      of the Mortgage Loans submitted by the Servicer to the Master Servicer taken
      as
      a whole (and as amended or corrected in writing to the Master Servicer), does
      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 as of the date of this
      certification;

     

    2.            The
      servicing information required to be provided to the Master Servicer by the
      Servicer under the Servicing Agreement has been provided to the Master
      Servicer;

     

    3.            I
      am responsible for reviewing the activities performed by the Servicer under
      the
      Servicing Agreement and based upon the review required by the Servicing
      Agreement, and except as disclosed in the Annual Statement of Compliance or
      the
      Annual independent Public Accountant’s Servicing Report, the Servicer has, for
      the period covered by the Form 10-K fulfilled its obligation under the Servicing
      Agreement; and

     

    4.            The
      Servicer has disclosed to the Servicer’s Certified Public Accountants all
      significant deficiencies relating to the Servicer’s compliance with the minimum
      servicing standards in accordance with a review conducted in compliance with
      the
      Uniform Single Attestation Program for Mortgage Bankers of similar standard
      as
      set forth in the Servicing Agreement.

     

    Capitalized
      terms used but not defined herein have the meanings ascribed to them in the
      Second Amended and Restated Flow Mortgage Loan Sale and Servicing Agreement,
      dated as of February 1, 2006 (the “Servicing Agreement”), between Bank of
      America, National Association and EMC Mortgage Corporation.

     

    
      	 	
              
                BANK
                  OF AMERICA, NATIONAL ASSOCIATION

              

            	 
	 	 	 	 
	
            	
              By:
                

            	
            	 
	 	Name:	 	 
	 	Title:	 	 
	 	Date:	 	 

    

     

    
       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
         

        REGULATION
          AB COMPLIANCE ADDENDUM

        TO
          SECOND AMENDED AND RESTATED

        FLOW
          MORTGAGE LOAN SALE AND SERVICING AGREEMENT

        (Servicing-retained)

         

        This
          Regulation AB Compliance Addendum (this “Reg AB Addendum”), dated as of
          February 1, 2006, by and between EMC Mortgage Corporation (the
“Purchaser”) and Bank of America, National Association (the
“Company”), to that certain Second Amended and Restated Flow Mortgage
          Loan Sale and Servicing Agreement, dated as of February 1, 2006, by and
          between
          the Company and the Purchaser (as amended, modified or supplemented, the
          “Agreement”).

         

        WITNESSETH

         

        WHEREAS,
          the Company and the Purchaser have agreed to adopt an addendum to the Agreement
          to reflect the intention of the parties to comply with Regulation
          AB.

         

        NOW,
          THEREFORE, in consideration of the mutual promises and mutual obligations
          set
          forth herein, the Company and the Purchaser hereby agree as
          follows:

         

        ARTICLE
          I

        DEFINED
          TERMS

         

        Capitalized
          terms used but not defined herein shall have the meanings assigned to such
          terms
          in the Agreement. The following terms shall have the meanings set forth
          below,
          unless the context clearly indicates otherwise:

         

        Commission:
          The United States Securities and Exchange Commission.

         

        Company
          Information: As defined in Section 2.07(a).

         

        Depositor:
          With respect to any Securitization Transaction, the Person identified in
          writing
          to the Company by the Purchaser as depositor for such Securitization
          Transaction.

         

        Exchange
          Act: The Securities Exchange Act of 1934, as amended.

         

        Master
          Servicer: With respect to any Securitization Transaction, the “master
          servicer,” if any, identified in the related transaction documents.

         

        Qualified
          Correspondent: Any Person from which the Company purchased Mortgage Loans,
          provided that the following conditions are satisfied: (i) such Mortgage
          Loans
          were originated pursuant to an agreement between the Company and such Person
          that contemplated that such Person would underwrite mortgage loans from
          time to
          time, for sale to the Company, in accordance with underwriting guidelines
          designated by the Company (“Designated Guidelines”) or guidelines that do not
          vary materially from such Designated Guidelines; (ii) such Mortgage Loans
          were
          in fact underwritten as described in clause (i) above and were acquired
          by the
          Company within 180 days after origination; (iii) either (x) the Designated
          Guidelines were, at the time such Mortgage Loans were originated, used
          by the
          Company in origination of mortgage loans of the same type as the Mortgage
          Loans
          for the Company’s own account or (y) the Designated Guidelines were, at the time
          such Mortgage Loans were underwritten, designated by the Company on a consistent
          basis for use by lenders in originating mortgage loans to be purchased
          by the
          Company; and (iv) the Company employed, at the time such Mortgage Loans
          were
          acquired by the Company, pre-purchase or post-purchase quality assurance
          procedures (which may involve, among other things, review of a sample of
          mortgage loans purchased during a particular time period or through particular
          channels) designed to ensure that Persons from which it purchased mortgage
          loans
          properly applied the underwriting criteria designated by the
          Company.

         

        Regulation
          AB: Subpart 229.1100 — Asset Backed Securities (Regulation AB), 17 C.F.R.
§229.1100-229.1123, as such may be amended from time to time, and subject
          to
          such clarification and interpretation as have been provided by the Commission
          in
          the adopting release (Asset-Backed Securities, Securities Act Release No.
          33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
          Commission, or as may be provided by the Commission or its staff from time
          to
          time.

         

        Securities
          Act: The Securities Act of 1933, as amended. 

         

        Securitization
          Transaction: Any transaction involving either (1) a sale or other transfer
          of some or all of the Mortgage Loans directly or indirectly by the Purchaser
          to
          an issuing entity in connection with an issuance of publicly offered or
          privately placed, rated or unrated mortgage- backed securities or (2) an
          issuance of publicly offered or privately placed, rated or unrated securities,
          the payments on which are determined primarily by reference to one or more
          portfolios of residential mortgage loans consisting, in whole or in part,
          of
          some or all of the Mortgage Loans.

         

        Servicer:
          As defined in Section 2.03(c).

         

        Servicing
          Criteria: As of any date of determination, the “servicing criteria” set
          forth in Item 1122(d) of Regulation AB, or any amendments thereto, a summary
          of
          the requirements of which as of the date hereof is attached hereto as Exhibit
          F
          for convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit F and the text of Item 1122(d) of Regulation
          AB,
          the text of Item 1122(d) of Regulation AB shall control (or those Servicing
          Criteria otherwise mutually agreed to by the Purchaser, the Company and
          any
          Person that will be responsible for signing any Sarbanes Certification
          with
          respect to a Securitization Transaction in response to evolving interpretations
          of Regulation AB and incorporated into a revised Exhibit F).

         

        Sponsor:
          With respect to any Securitization Transaction, the Person identified in
          writing
          to the Company by the Purchaser as sponsor for such Securitization
          Transaction.

         

        Static
          Pool Information: Static pool information as described in Item
          1l05(a)(1)-(3) and 1105(c) of Regulation AB.

         

        Subcontractor:
          Any vendor, subcontractor or other Person that is not responsible for the
          overall servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a
          Subservicer.

         

        Subservicer:
          Any Person that services Mortgage Loans on behalf of the Company or any
          Subservicer and is responsible for the performance (whether directly or
          through
          Subservicers or Subcontractors) of a substantial portion of the material
          servicing functions identified in Item 1122(d) of Regulation AB that are
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement.

         

        Third-Party
          Originator: Each Person, other than a Qualified Correspondent, that
          originated Mortgage Loans acquired by the Company.

         

        Whole
          Loan Transfer: Any sale or transfer by the Purchaser of some or all of the
          Mortgage Loans, other than a Securitization Transaction.

         

         

        ARTICLE
          II

        COMPLIANCE
          WITH REGULATION AB

         

        Section
          2.01.  Intent
          of the Parties; Reasonableness.

         

        The
          Purchaser and the Company acknowledge and agree that the purpose of Article
          II
          of this Reg AB Addendum is to facilitate compliance by the Purchaser and
          any
          Depositor with the provisions of Regulation AB and related rules and regulations
          of the Commission and that the provisions of this Reg AB Addendum shall
          be
          applicable to all Mortgage Loans included in a Securitization Transaction
          closing on or after January 1, 2006, regardless whether the Mortgage Loans
          were
          purchased by the Purchaser from the Company prior to the date hereof. Neither
          the Purchaser nor any Depositor shall exercise its right to request delivery
          of
          information or other performance under these provisions other than in good
          faith, or for purposes other than compliance with the Securities Act, the
          Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Company acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          reasonable requests made by the Purchaser or any Depositor in good faith
          for
          delivery of information under these provisions on the basis of evolving
          interpretations of Regulation AB. In connection with any Securitization
          Transaction, the Company shall cooperate with the Purchaser to deliver
          to the
          Purchaser (including any of its assignees or designees) and any Depositor,
          any
          and all statements, reports, certifications, records and any other information
          necessary in the good faith determination of the Purchaser or any Depositor
          to
          permit the Purchaser or such Depositor to comply with the provisions of
          Regulation AB, together with such disclosures relating to the Company,
          any
          Subservicer, any Third-Party Originator and the Mortgage Loans, or the
          servicing
          of the Mortgage Loans, reasonably believed by the Purchaser or any Depositor
          to
          be necessary in order to effect such compliance.

         

        The
          Purchaser and the Company also acknowledge and agree that Section
          2.02(a)(i)-(v), Section 2.03(c), (e) and (f), Section 2.04, Section 2.05
          and
          Section 2.06 of this Reg AB Addendum shall only be applicable with respect
          to
          any Mortgage Loan if the Company (or Subservicer, if any) services such
          Mortgage
          Loan for a period following the closing date of a related Securitization
          Transaction. The Purchaser and the Company also acknowledge and agree that
          this
          Reg AB Addendum is intended to supplement the terms of the Agreement and,
          to the
          extent inconsistent, the rights and obligations under the Agreement shall
          continue to apply with respect to any Reconstitution (as defined in the
          Agreement) that is not covered by the definition of “Securitization Transfer” in
          this Reg AB Addendum; provided, however, that the requirement to provide
          an
          accountants’ report pursuant to Section 11.21 of the Agreement shall be deemed
          satisfied with respect to any Reconstitution that occurs prior to, on or
          following the date hereof by providing an accountants’ attestation that
          satisfies the requirements of Section 2.05(a)(ii) of this Reg AB
          Addendum.

         

        For
          purposes of this Reg AB Addendum, the term “Purchaser” shall refer to EMC
          Mortgage Corporation and its successors in interest and assigns. In addition,
          any notice or request that must be “in writing” or “written” may be made by
          electronic mail.

         

        Section
          2.02.  Additional
          Representations and Warranties of the Company.

         

        (a)  The
          Company shall be deemed to represent to the Purchaser, to any Master Servicer
          and to any Depositor, as of the date on which information is first provided
          to
          the Purchaser, any Master Servicer or any Depositor under Section 2.03
          that,
          except as disclosed in writing to the Purchaser or such Depositor prior
          to such
          date: (i) the Company is not aware and has not received notice that any
          default,
          early amortization or other performance triggering event has occurred as
          to any
          other securitization due to any act or failure to act of the Company; (ii)
          the
          Company has not been terminated as servicer in a residential mortgage loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; (iii) no material noncompliance
          with the
          applicable Servicing Criteria with respect to other securitizations of
          residential mortgage loans involving the Company as servicer has been disclosed
          or reported by the Company; (iv) no material changes to the Company’s policies
          or procedures with respect to the servicing function it will perform under
          this
          Agreement and any Reconstitution Agreement for mortgage loans of a type
          similar
          to the Mortgage Loans have occurred during the three-year period immediately
          preceding the related Securitization Transaction; (v) there are no aspects
          of
          the Company’s financial condition that are reasonably expected to have a
          material adverse effect on the performance by the Company of its servicing
          obligations under this Agreement or any Reconstitution Agreement; (vi)
          there are
          no material legal or governmental proceedings pending (or known to be
          contemplated) against the Company, any Subservicer or any Third-Party
          Originator; and (vii) there are no affiliations, relationships or transactions
          relating to the Company, any Subservicer or any Third-Party Originator
          with
          respect to any Securitization Transaction and any party thereto identified
          in
          writing to the Company by the related Depositor of a type described in
          Item 1119
          of Regulation AB.

         

        (b)  If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor
          on
          any date following the date on which information is first provided to the
          Purchaser, any Master Servicer or any Depositor under Section 2.03, the
          Company
          shall use its reasonable best efforts to within five (5) Business Days,
          but in
          no event later than seven (7) Business Days, following such request, confirm
          in
          writing the accuracy of the representations and warranties set forth in
          paragraph (a) of this Section or, if any such representation and warranty
          is not
          accurate as of the date of such request, provide reasonably adequate disclosure
          of the pertinent facts, in writing, to the requesting party.

         

        Section
          2.03.  Information
          to Be Provided by the Company.

         

        In
          connection with any Securitization Transaction, the Company shall (i) within
          five (5) Business Days (but in no event later than seven (7) Business Days)
          following written request by the Purchaser, any Master Servicer or any
          Depositor, provide to the Purchaser and such Depositor (or, as applicable,
          cause
          each Third-Party Originator and each Subservicer to provide), in writing
          and in
          form and substance reasonably satisfactory to the Purchaser, such Master
          Servicer and such Depositor, the information and materials specified in
          paragraphs (a), (b), (c) and (f) of this Section, and (ii) as promptly
          as
          practicable following notice to or discovery by the Company, provide to
          the
          Purchaser, any Master Servicer and any Depositor (in writing and in form
          and
          substance reasonably satisfactory to the Purchaser, such Master Servicer
          and
          such Depositor) the information specified in paragraph (d) of this
          Section.

         

        (a)  If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor,
          the
          Company shall provide such information regarding (i) the Company, as originator
          of the Mortgage Loans (including as an acquirer of Mortgage Loans from
          a
          Qualified Correspondent), or (ii) each Third-Party Originator, and (iii)
          as
          applicable, each Subservicer, as is reasonably requested for the purpose
          of
          compliance with Items 1103(a)(1), 1105, 1110, 1117 and 1119 of Regulation
          AB.
          Such information shall include, at a minimum (so long as required by Regulation
          AB):

         

        (A)  the
          originator’s form of organization;

         

        (B)  a
          description of the originator’s origination program and how long the originator
          has been engaged in originating residential mortgage loans, which description
          shall include a discussion of the originator’s experience in originating
          mortgage loans of a similar type as the Mortgage Loans; information regarding
          the size and composition of the originator’s origination portfolio; and
          information that may be material, in the good faith judgment of the Purchaser
          or
          any Depositor, to an analysis of the performance of the Mortgage Loans,
          including the originators’ credit-granting or underwriting criteria for mortgage
          loans of similar type(s) as the Mortgage Loans and such other information
          as the
          Purchaser, any Master Servicer or any Depositor may reasonably request
          for the
          purpose of compliance with Item 1110(b)(2) of Regulation AB;

         

        (C)  a
          description of any legal or governmental proceedings pending (or known
          to be
          contemplated) against the Company, each Third-Party Originator and each
          Subservicer that would be material to securityholders; and

         

        (D)  a
          description of any affiliation or relationship between the Company, each
          Third-Party Originator, each Subservicer and any of the following parties
          to a
          Securitization Transaction, as such parties are identified to the Company
          by the
          Purchaser or any Depositor in writing in advance of such Securitization
          Transaction:

         

        (1)  the
          sponsor;

        (2)  the
          depositor;

        (3)  the
          issuing entity;

        (4)  any
          servicer;

        (5)  any
          trustee;

        (6)  any
          originator;

        (7)  any
          significant obligor;

        (8)  any
          enhancement or support provider; and

        (9)  any
          other
          material transaction party.

         

        (b)  If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor,
          the
          Company shall provide (or, as applicable, cause each Third-Party Originator
          to
          provide) Static Pool Information solely with respect to mortgage loans
          (of a
          similar type as the Mortgage Loans, as reasonably identified by the Purchaser
          as
          provided below) (i) originated by the Company that were included in
          securitizations that closed during the five (5) years preceding the closing
          date
          of the related Securitization Transaction and for which Banc of America
          Mortgage
          Securities, Inc. was the depositor and/or (ii) each Third Party Originator.
          Such
          Static Pool Information shall be prepared by the Company (or Third-Party
          Originator) on the basis of its reasonable, good faith interpretation of
          the
          requirements of Item 1105(a)(3) of Regulation AB. To the extent that there
          is
          reasonably available to the Company (or Third-Party Originator) Static
          Pool
          Information with respect to more than one mortgage loan type, the Purchaser
          or
          any Depositor shall be entitled to specify whether some or all of such
          information shall be provided pursuant to this paragraph. The content of
          such
          Static Pool Information may be in the form customarily provided by the
          Company,
          and need not be customized for the Purchaser or any Depositor. Such Static
          Pool
          Information shall be presented in increments no less frequently than quarterly
          over the life of the related mortgage loans. The most recent periodic increment
          must be as of a date no later than 135 days prior to the date of the prospectus
          or other offering document in which the Static Pool Information is to be
          included or incorporated by reference. The Static Pool Information shall
          be
          provided in an electronic format that provides a permanent record of the
          information provided, such as a portable document format (pdf) file, or
          other
          such electronic format reasonably required by the Purchaser or the Depositor,
          as
          applicable.

         

        Promptly
          following notice or discovery of a material error in Static Pool Information
          provided pursuant to the immediately preceding paragraph (including an
          omission
          to include therein information required to be provided pursuant to such
          paragraph) during the applicable offering period for the securities, the
          Company
          shall provide corrected Static Pool Information to the Purchaser or any
          Depositor, as applicable, in the same format in which Static Pool Information
          was previously provided to such party by the Company.

         

        If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor,
          the
          Company shall provide (or, as applicable, cause each Third-Party Originator
          to
          provide), at the expense of the requesting party (to the extent of any
          additional incremental expense associated with delivery pursuant to this
          Reg AB
          Addendum), such statements and agreed-upon procedures letters of certified
          public accountants reasonably acceptable to the Purchaser, any Master Servicer
          or Depositor, as applicable, pertaining to Static Pool Information relating
          to
          prior securitized pools for securitizations closed on or after January
          1, 2006,
          or , in the case of Static Pool Information with respect to a Third Party
          Originator’s originations or purchases, to calendar months commencing January 1,
          2006, as the Purchaser or such Depositor shall reasonably request. Such
          statements and letters shall be addressed to and be for the benefit of
          such
          parties as the Purchaser, any Master Servicer or such Depositor shall designate,
          which may include, by way of example, any Sponsor, any Depositor and any
          broker
          dealer acting as underwriter, placement agent or initial purchaser with
          respect
          to a Securitization Transaction. Any such statement or letter may take
          the form
          of a standard, generally applicable document accompanied by a reliance
          letter
          authorizing reliance by the addressees designated by the Purchaser or such
          Depositor.

         

        (c)  If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor
          with
          respect to any Securitization Transaction for which 20% or more of the
          pool
          assets (measured by cut-off date principal balance) are serviced by the
          Company
          and any Subservicer or as otherwise required by Item 1108 of Regulation
          AB, the
          Company shall provide such information regarding the Company, as servicer
          of the
          Mortgage Loans, and each Subservicer (each of the Company and each Subservicer,
          for purposes of this paragraph, a “Servicer”), as is reasonably requested
          for the purpose of compliance with Item 1108 of Regulation AB. Such information
          shall include, at a minimum (so long as required by Regulation AB):

         

        (A)  the
          Servicer’s form of organization;

         

        (B)  a
          description of how long the Servicer has been servicing residential mortgage
          loans; a general discussion of the Servicer’s experience servicing assets of any
          type as well as a more detailed discussion of the Servicer’s experience in, and
          procedures for, the servicing function it will perform under the Agreement
          and
          any Reconstitution Agreements; information regarding the size, composition
          and
          growth of the Servicer’s portfolio of residential mortgage loans of a type
          similar to the Mortgage Loans and information on factors related to the
          Servicer
          that may be material, in the good faith judgment of the Purchaser, any
          Master
          Servicer or any Depositor, to any analysis of the servicing of the Mortgage
          Loans or the related asset-backed securities, as applicable, including,
          without
          limitation:

         

        (1)  whether
          the Servicer is aware of or has received notice that any prior securitizations
          of mortgage loans of a type similar to the Mortgage Loans involving the
          Servicer
          have defaulted or experienced an early amortization or other performance
          triggering event because of servicing by the Servicer during the three-year
          period immediately preceding the related Securitization
          Transaction;

         

        (2)  the
          extent of outsourcing the Servicer utilizes;

         

        (3)  whether
          there has been previous disclosure of material noncompliance with the applicable
          servicing criteria with respect to other securitizations of residential
          mortgage
          loans involving the Servicer as a servicer during the three-year period
          immediately preceding the related Securitization Transaction;

         

        (4)  whether
          the Servicer has been terminated as servicer in a residential mortgage
          loan
          securitization, either due to a servicing default or to application of
          a
          servicing performance test or trigger; and

         

        (5)  such
          other information as the Purchaser, any Master Servicer or any Depositor
          may
          reasonably request for the purpose of compliance with Item 1108(b)(2) of
          Regulation AB;

         

        (C)  a
          description of any material changes during the three-year period immediately
          preceding the related Securitization Transaction to the Servicer’s policies or
          procedures with respect to the servicing function it will perform under
          the
          Agreement and any Reconstitution Agreements for mortgage loans of a type
          similar
          to the Mortgage Loans;

         

        (D)  information
          regarding the Servicer’s financial condition, to the extent that there is a
          material risk that an adverse financial event or circumstance involving
          the
          Servicer could have a material adverse effect on the performance by the
          Company
          of its servicing obligations under the Agreement or any Reconstitution
          Agreement;

         

        (E)  information
          regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
          overall servicing portfolio of residential mortgage loans for the three-year
          period immediately preceding the related Securitization Transaction, which
          may
          be limited to a statement by an authorized officer of the Servicer to the
          effect
          that the Servicer has made all advances required to be made on residential
          mortgage loans serviced by it during such period, or, if such statement
          would
          not be accurate, information regarding the percentage and type of advances
          not
          made as required, and the reasons for such failure to advance;

         

        (F)  a
          description of the Servicer’s processes and procedures designed to address any
          special or unique factors involved in servicing loans of a similar type
          as the
          Mortgage Loans;

         

        (G)  a
          description of the Servicer’s processes for handling delinquencies, losses,
          bankruptcies and recoveries, such as through liquidation of mortgaged
          properties, sale of defaulted mortgage loans or workouts; and

         

        (H)  information
          as to how the Servicer defines or determines delinquencies and charge-offs,
          including the effect of any grace period, re-aging, restructuring, partial
          payments considered current or other practices with respect to delinquency
          and
          loss experience.

         

        (d)  If
          so
          requested in writing by the Purchaser, any Master Servicer or any Depositor
          for
          the purpose of satisfying its reporting obligation under the Exchange Act
          with
          respect to any class of asset-backed securities, the Company shall (or
          shall
          cause each Subservicer and Third- Party Originator to) (i) notify the Purchaser,
          any Master Servicer and any Depositor in writing of (A) any litigation
          or
          governmental proceedings pending against the Company, any Subservicer or
          any
          Third-Party Originator that would be material to securityholders, (B) any
          affiliations or relationships of a type that are described under Item 119
          of
          Regulation AB and are material to securityholders that develop following
          the
          closing date of a Securitization Transaction between the Company, any
          Subservicer or any Third-Party Originator and any of the parties specified
          in
          clause (D) of paragraph (a) of this Section (and any other parties identified
          in
          writing by the requesting party) with respect to such Securitization
          Transaction, but only to the extent that such affiliations or relationships
          do
          not include the Purchaser, Depositor or any of their respective affiliates
          as a
          party (to the extent the Purchaser has been notified by the Company of
          the name
          of any applicable Subservicer or Third-Party Originator), (C) any Event
          of
          Default under the terms of this Agreement or any Reconstitution Agreement,
          (D)
          any merger, consolidation or sale of substantially all of the assets of
          the
          Company, and (E) the Company’s entry into an agreement with a Subservicer to
          perform or assist in the performance of any of the Company’s obligations under
          this Agreement or any Reconstitution Agreement and (ii) provide to the
          Purchaser
          and any Depositor a description of such proceedings, affiliations or
          relationships, and (ii) provide to the Purchaser and any Depositor a description
          of such proceedings, affiliations or relationships.

         

        All
          notification pursuant to this Section 2.03(d), other than those pursuant
          to
          Section 2.03(d)(i)(A), should be sent to:

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        With
          a
          copy to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

         

        Notifications
          pursuant to Section 2.03(d)(i)(A) should be sent to:

         

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

         

        With
          copies to:

         

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New
          York,
          NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

         

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        (e)  As
          a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under the Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Company or such Subservicer may be merged or consolidated,
          or
          (ii) which may be appointed as a successor to the Company or any Subservicer,
          the Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, at least 15 calendar days prior to the effective date of such
          succession or appointment, (x) written notice to the Purchaser, any Master
          Servicer and any Depositor of such succession or appointment and (y) in
          writing
          and in form and substance reasonably satisfactory to the Purchaser, any
          Master
          Servicer and such Depositor, all information reasonably requested in writing
          by
          the Purchaser, any Master Servicer or any Depositor in order to comply
          with its
          reporting obligation under Item 6.02 of Form 8-K with respect to any class
          of
          asset-backed securities.

         

        (f)  In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

         

        (i)  any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

         

        (ii)  material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

         

        (iii)  information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any material pool asset changes (such as, additions, substitutions or
          repurchases), and any material changes in origination, underwriting or
          other
          criteria for acquisition or selection of pool assets (Item 112l(a)(14)
          of
          Regulation AB).

         

        (g)  Upon
          request, the Company shall provide to the Purchaser, any Master Servicer
          and any
          Depositor, evidence of the authorization of the person signing any certification
          or statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

         

        Section
          2.04.  Servicer
          Compliance Statement.

         

        The
          Company shall use its reasonable best efforts to deliver to the Purchaser,
          any
          Master Servicer and any Depositor, on or before March 1 (but in any event
          no
          later than March 15) of each calendar year, commencing in 2007, a statement
          of
          compliance addressed to the Purchaser and such Depositor and signed by
          an
          authorized officer of the Company, to the effect that (1) a review of the
          Company’s activities during the immediately preceding calendar year (or
          applicable portion thereof) and of its performance under the Agreement
          and any
          applicable Reconstitution Agreement during such period has been made under
          such
          officer’s supervision, and (ii) to the best of such officers’ knowledge, based
          on such review, the Company has fulfilled all of its obligations under
          the
          Agreement and any applicable Reconstitution Agreement in all material respects
          throughout such calendar year (or applicable portion thereof) or, if there
          has
          been a failure to fulfill any such obligation in any material respect,
          specifically identifying each such failure known to such officer and the
          nature
          and the status thereof.

         

        Section
          2.05.  Report
          on Assessment of Compliance and Attestation.

         

        (a)  The
          Company shall use its reasonable best efforts, on or before March 1 of each
          calendar year, commencing in 2007 (but in any event no later than March
          15),
          to:

         

        (i)  deliver
          to the Purchaser, any Master Servicer and any Depositor a report regarding
          the
          Company’s assessment of compliance with the Servicing Criteria during the
          immediately preceding calendar year, as required under Rules 13a-18 and
          15d-18
          of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
          addressed to the Purchaser and such Depositor and signed by an authorized
          officer of the Company, and shall address each of the Servicing Criteria
          specified on a certification substantially in the form of Exhibit B hereto
          delivered to the Purchaser concurrently with the execution of this Reg
          AB
          Addendum;

         

        (ii)  deliver
          to the Purchaser, any Master Servicer and any Depositor a report of a registered
          public accounting firm that attests to, and reports on, the assessment
          of
          compliance made by the Company and delivered pursuant to the preceding
          paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
          and
          2-02(g) of Regulation S-X under the Securities Act and the Exchange
          Act;

         

        (iii)  cause
          each Subservicer, and each Subcontractor determined by the Company pursuant
          to
          Section 2.06(b) to be “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB, to deliver to the Purchaser and
          any
          Depositor an assessment of compliance and accountants’ attestation as and when
          provided in paragraphs (a) and (b) of this Section; and

         

        (iv)  deliver
          to the Purchaser, any Depositor, any Master Servicer and any other Person
          that
          will be responsible for signing the certification (a “Sarbanes
          Certification”) required by Rules 13a- 14(d) and 15d- 14(d) under the
          Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)
          on
          behalf of an asset-backed issuer with respect to a Securitization Transaction
          a
          certification in the form attached hereto as Exhibit A.

         

        The
          Company acknowledges that the parties identified in clause (a)(iv) above
          may
          rely on the certification provided by the Company pursuant to such clause
          in
          signing a Sarbanes Certification and filing such with the
          Commission.

         

        (b)  Each
          assessment of compliance provided by a Subservicer pursuant to Section
          2.05(a)(iii) shall address each of the Servicing Criteria specified on
          a
          certification substantially in the form of Exhibit B hereto delivered to
          the
          Purchaser concurrently with the execution of this Reg AB Addendum or, in
          the
          case of a Subservicer subsequently appointed as such, on or prior to the
          date of
          such appointment. An assessment of compliance provided by a Subcontractor
          pursuant to Section 205(a)(iii) need not address any elements of the Servicing
          Criteria other than those specified by the Company pursuant to Section
          2.06.

         

        Section
          2.06.  Use
          of
          Subservicers and Subcontractors.

         

        The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under the Agreement
          or
          any Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (a) of this Section. The Company shall not hire or otherwise
          utilize
          the services of any Subcontractor, and shall not authorize any Subservicer
          to
          hire or otherwise utilize the services of any Subcontractor, to fulfill
          any of
          the obligations of the Company as servicer under the Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (b) of this Section.

         

        (a)  It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subservicer.
          The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 2.02, 2.03(c) and (e), 2.04, 2.05 and
          2.07 of
          this Reg AB Addendum to the same extent as if such Subservicer were the
          Company,
          and to provide the information required with respect to such Subservicer
          under
          Section 2.03( d) of this Reg AB Addendum. The Company shall be responsible
          for
          obtaining from each Subservicer and delivering to the Purchaser, any Master
          Servicer and any Depositor any servicer compliance statement required to
          be
          delivered by such Subservicer under Section 2.04, any assessment of compliance
          and attestation required to be delivered by such Subservicer under Section
          2.05
          and any certification required to be delivered to the Person that will
          be
          responsible for signing the Sarbanes Certification under Section 2.05 as
          and
          when required to be delivered.

         

        (b)  It
          shall
          not be necessary for the Company to seek the consent of the Purchaser,
          any
          Master Servicer or any Depositor to the utilization of any Subcontractor.
          The
          Company shall promptly upon written request provide to the Purchaser, any
          Master
          Servicer and any Depositor (or any designee of the Depositor, such as a
          master
          servicer or administrator) a written description (in form and substance
          reasonably satisfactory to the Purchaser, any Master Servicer and such
          Depositor) of the role and function of each Subcontractor utilized by the
          Company or any Subservicer, specifying (i) the identity of each such
          Subcontractor that is “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB as determined by the Company and
          (ii)
          which elements of the Servicing Criteria will be addressed in assessments
          of
          compliance provided by each Subcontractor identified pursuant to clause
          (i) of
          this paragraph.

         

        As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser, any Master
          Servicer and any Depositor to comply with the provisions of Sections 2.05
          and
          2.07 of this Reg AB Addendum to the same extent as if such Subcontractor
          were
          the Company. The Company shall be responsible for obtaining from each
          Subcontractor and delivering to the Purchaser, any Master Servicer and
          any
          Depositor any assessment of compliance and attestation required to be delivered
          by such Subcontractor under Section 2.05, in each case as and when required
          to
          be delivered.

         

        Section
          2.07.  Indemnification;
          Remedies.

         

        (a)  The
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Securitization Transaction:
          each
          Sponsor; each Person (including, but not limited to, any Master Servicer,
          if
          applicable) responsible for the preparation, execution or filing of any
          report
          required to be filed with the Commission with respect to such Securitization
          Transaction, or for execution of a certification pursuant to Rule 13a-14(d)
          or
          Rule 15d-14(d) under the Exchange Act with respect to such Securitization
          Transaction; each broker dealer acting as underwriter, placement agent
          or
          initial purchaser, each Person who controls any of such parties or the
          Depositor
          (within the meaning of Section 15 of the Securities Act and Section 20
          of the
          Exchange Act); and the respective present and former directors, officers,
          employees, agents and affiliates of each of the foregoing and of the Depositor
          (each, an “Indemnified Party”), and shall hold each of them harmless from
          and against any claims, losses, damages, penalties, fines, forfeitures,
          legal
          fees and expenses and related costs, judgments, and any other costs, fees
          and
          expenses that any of them may sustain arising out of or based upon:

         

        (i)  (A)
          any
          untrue statement of a material fact contained or alleged to be contained
          in any
          information, report, certification, data, accountants’ letter or other material
          in written or electronic form provided under this Article II by or on behalf
          of
          the Company, or provided under this Article II by or on behalf of any
          Subservicer, Subcontractor or Third-Party Originator (collectively, the
          “Company Information”), or (B) the omission or alleged omission to state
          in the Company Information a material fact required to be stated in the
          Company
          Information or necessary in order to make the statements therein, in the
          light
          of the circumstances under which they were made, not misleading; provided,
          by
          way of clarification, that clause (B) of this paragraph shall be construed
          solely by reference to the Company Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Company Information or any portion thereof is presented
          together
          with or separately from such other information;

         

        (ii)  any
          breach by the Company of its obligations under this Section 2.07, including
          particularly any failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party Originator to deliver any information, report, certification,
          accountants’ letter or other material when and as required under this Article
          II, including any failure by the Company to identify pursuant to Section
          2.06(b)
          any Subcontractor “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB;

         

        (iii)  any
          breach by the Company of a representation or warranty set forth in Section
          2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made
          as of a
          date prior to the closing date of the related Securitization Transaction,
          to the
          extent that such breach is not cured by such closing date, or any breach
          by the
          Company of a representation or warranty in a writing furnished pursuant
          to
          Section 2.02(b) to the extent made as of a date subsequent to such closing
          date;
          or

         

        (iv)  the
          negligence, bad faith or willful misconduct of the Company in connection
          with
          its performance under this Section 2.07.

         

        If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, the Company agrees that it shall contribute
          to
          the amount paid or payable by such Indemnified Party as a result of any
          claims,
          losses, damages or liabilities incurred by such Indemnified Party in such
          proportion as is appropriate to reflect the relative fault of such Indemnified
          Party on the one hand and the Company on the other.

         

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

         

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

         

        In
          the
          case of any failure of performance described in clause (a)(ii) of this
          Section,
          the Company shall promptly reimburse the Purchaser, any Depositor, as
          applicable, and each Person responsible for the preparation, execution
          or filing
          of any report required to be filed with the Commission with respect to
          such
          Securitization Transaction, or for execution of a certification pursuant
          to Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Securitization Transaction, for all costs reasonably incurred by each such
          party
          in order to obtain the information, report, certification, accountants’ letter
          or other material not delivered as required by the Company, any Subservicer,
          any
          Subcontractor or any Third-Party Originator.

         

        (b)                 
            (i)           Any
          failure by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article II, or
          any
          breach by the Company of a representation or warranty set forth in Section
          2.02(a) or in a writing furnished pursuant to Section 2.02(b) and made
          as of a
          date prior to the closing date of the related Securitization Transaction,
          to the
          extent that such breach is not cured by such closing date, or any breach
          by the
          Company of a representation or warranty in a writing furnished pursuant
          to
          Section 2.02(b) to the extent made as of a date subsequent to such closing
          date,
          shall, except as provided in clause (ii) of this paragraph, immediately
          and
          automatically, without notice or grace period, constitute an Event of Default
          with respect to the Company under the Agreement and any applicable
          Reconstitution Agreement, and shall entitle the Purchaser or Depositor,
          as
          applicable, in its sole discretion to terminate the rights and obligations
          of
          the Company as servicer under the Agreement and/or any applicable Reconstitution
          Agreement without payment (notwithstanding anything in this Agreement or
          any
          applicable Reconstitution Agreement to the contrary) of any compensation
          to the
          Company; provided that to the extent that any provision of the Agreement
          and/or
          any applicable Reconstitution Agreement expressly provides for the survival
          of
          certain rights or obligations following termination of the Company as servicer,
          such provision shall be given effect.

         

        (ii)  Any
          failure by the Company, any Subservicer or any Subcontractor to deliver
          any
          information, report, certification or accountants’ letter when and as required
          under Section 2.04 or 2.05, including any failure by the Company to identify
          pursuant to Section 2.06(b) any Subcontractor “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, which continues
          unremedied for ten calendar days after the date on which such information,
          report, certification or accountants’ letter was required to be delivered shall
          constitute an Event of Default with respect to the Company under the Agreement
          and any applicable Reconstitution Agreement, and shall entitle the Purchaser
          or
          Depositor, as applicable, in its sole discretion to terminate the rights
          and
          obligations of the Company as servicer under the Agreement and/or any applicable
          Reconstitution Agreement without payment (notwithstanding anything in this
          Agreement to the contrary) of any compensation to the Company; provided
          that to
          the extent that any provision of the Agreement and/or any applicable
          Reconstitution Agreement expressly provides for the survival of certain
          rights
          or obligations following termination of the Company as servicer, such provision
          shall be given effect.

         

        (iii)  The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          the
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        [signatures
          follow]

         

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the Purchaser and the Company have caused their names
          to be
          signed hereto by their respective officers thereunto duly authorized as
          of the
          day and year first above written.

         

        
          	 	
                  EMC
                    MORTGAGE CORPORATION,

                  as
                    Purchaser

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/
                  Jenna
                  Kemp	 
	 	Name: 
	Jenna
                  Kemp	 
	 	Title:	Senior
                  Vice President	 
	 	 	 	 

        

         

        
          	 	
                  
                    BANK
                      OF AMERICA, NATIONAL ASSOCIATION,

                    as
                      Company

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name: 
	Jenna
                  Kemp	 
	 	Title:	Senior
                  Vice President	 
	 	 	 	 

        

        
        

        

         

        [REGULATION
          AB COMPLIANCE ADDENDUM]

         

         

         

         

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        IN
          WITNESS WHEREOF, the Purchaser and the Company have caused their names
          to be
          signed hereto by their respective officers thereunto duly authorized as
          of the
          day and year first above written.

         

        
          	 	
                  EMC
                    MORTGAGE CORPORATION,

                  as
                    Purchaser

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	Name: 
	 	 
	 	Title:	 	 
	 	 	 	 

        

         

        
          	 	
                  
                    BANK
                      OF AMERICA, NATIONAL ASSOCIATION,

                    as
                      Company

                  

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	/s/
                  Judy
                  Lowman	 
	 	Name: 
	Judy
                  Lowman	 
	 	Title:	Vice
                  President	 
	 	 	 	 

        

                                                                                   

         

         

         

         

        [REGULATION
          AB COMPLIANCE ADDENDUM]

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          A

         

        FORM
          OF
          COMPANY CERTIFICATION

         

        Re:
          The [
          ] agreement dated as of [1, 200[] (the “Agreement”), among [IDENTIFY
          PARTIES]

         

        I,
          __________________________, the ______________________ of [NAME OF COMPANY]
          (the
“Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Securities Administrator] [Trustee], and their officers, with
          the
          knowledge and intent that they will rely upon this certification,
          that:

         

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18
          and
          15 d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”)
          and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered
          public accounting firm’s attestation report provided in accordance with Rules
          13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation
          AB
          (the “Attestation Report”), and all servicing reports, officer’s certificates
          and other information relating to the servicing of the Mortgage Loans by
          the
          Company during 200[ ] that were delivered by the Company to the [Depositor]
          [Master Servicer] [Securities Administrator] [Trustee] pursuant to the
          Agreement
          (collectively, the “Company Servicing Information”);

         

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

         

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

         

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

         

        [The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master Servicer]. Any
          material
          instances of noncompliance described in such reports have been disclosed
          to the
          [Depositor] [Master Servicer]. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          B

         

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

         

        The
          assessment of compliance to be delivered by [the Company) [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”;

         

         

          
            	
                    Servicing
                      Criteria

                  	
                    Applicable
                      Servicing Criteria

                  
	
                    Reference

                  	
                    Criteria

                  	 
	 	
                    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.

                  	 
	
                    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.

                  	
                    √

                  
	
                    1122(d)(1)(iii)

                  	
                    Any
                      requirements in the transaction agreements to maintain a back-up
                      servicer
                      for the mortgage loans 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.

                  	
                    √

                  
	 	
                    Cash
                      Collection and Administration

                  	 
	
                    1122(d)(2)(i)

                  	
                    Payments
                      on mortgage loans 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.

                  	
                    √

                  
	
                    1122(d)(2)(ii)

                  	
                    Disbursements
                      made via wire transfer on behalf of an obligor or to an investor
                      are made
                      only by authorized personnel.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    1122(d)(2)(iv)

                  	
                    The
                      related accounts for the transaction, such as cash reserve
                      accounts or
                      accounts established as a form of overcollateralization, are
                      separately
                      maintained (e.g., with respect to commingling of cash) as set
                      forth in the
                      transaction agreements.

                  	
                     

                    √

                  
	
                    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.

                  	
                    √

                  
	
                    1122(d)(2)(vi)

                  	
                    Unissued
                      checks are safeguarded so as to prevent unauthorized
                      access.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	 	
                    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 mortgage loans serviced by the
                      Servicer.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	 	
                    Pool
                      Asset Administration

                  	 
	
                    1122(d)(4)(i)

                  	
                    Collateral
                      or security on mortgage loans is maintained as required by
                      the transaction
                      agreements or related mortgage loan documents.

                  	
                    √

                  
	
                    1122(d)(4)(ii)

                  	
                    Mortgage
                      loan and related documents are safeguarded as required by the
                      transaction
                      agreements

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    1122(d)(4)(iv)

                  	
                    Payments
                      on mortgage loans, including any payoffs, made in accordance
                      with the
                      related mortgage loan 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 mortgage loan documents.

                  	
                    √

                  
	
                    1122(d)(4)(v)

                  	
                    The
                      Servicer’s records regarding the mortgage loans agree with the Servicer’s
                      records with respect to an obligor’s unpaid principal
                      balance.

                  	
                    √

                  
	
                    1122(d)(4)(vi)

                  	
                    Changes
                      with respect to the terms or status of an obligor’s mortgage loans (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.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    1122(d)(4)(viii)

                  	
                    Records
                      documenting collection efforts are maintained during the period
                      a mortgage
                      loan 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 mortgage loans including,
                      for example,
                      phone calls, letters and payment rescheduling plans in cases
                      where
                      delinquency is deemed temporary (e.g., illness or
                      unemployment).

                  	
                    √

                  
	
                    1122(d)(4)(ix)

                  	
                    Adjustments
                      to interest rates or rates of return for mortgage loans with
                      variable
                      rates are computed based on the related mortgage loan
                      documents.

                  	
                    √

                  
	
                    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 mortgage loan
                      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 mortgage
                      loan
                      documents and state laws; and (C) such funds are returned to
                      the obligor
                      within 30 calendar days of full repayment of the related mortgage
                      loans,
                      or such other number of days specified in the transaction
                      agreements.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  
	
                    1122(d)(4)(xiv)

                  	
                    Delinquencies,
                      charge-offs and uncollectible accounts are recognized and recorded
                      in
                      accordance with the transaction agreements.

                  	
                    √

                  
	
                    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.

                  	
                    √

                  

          

        

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

    

    EXHIBIT
      Q-2

     

    BRANCH
      BANKING SERVICING AGREEMENT

    
       

      

      

      EMC
        MORTGAGE CORPORATION

      Purchaser,

      

      BRANCH
        BANKING AND TRUST COMPANY

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of March 1, 2007

      

      
 

      (Fixed
        and Adjustable Rate Mortgage Loans)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      
        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01

                	
                   Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01

                	
                   Agreement
                    to Purchase

                
	
                  Section
                    2.02

                	
                   Purchase
                    Price

                
	
                  Section
                    2.03

                	
                   Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04

                	
                   Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05

                	
                   Books
                    and Records

                
	
                  Section
                    2.06

                	
                   Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07

                	
                   Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08

                	
                   Quality
                    Control Procedures

                
	
                  Section
                    2.09

                	
                   Near-term
                    Principal Prepayments; Near Term Payment Defaults.

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01

                	
                   Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                   Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                   Repurchase.

                
	
                  Section
                    3.04

                	
                   Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01

                	
                   Company
                    to Act as Servicer

                
	
                  Section
                    4.02

                	
                   Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03

                	
                   Realization
                    Upon Defaulted Mortgage

                
	
                  Section
                    4.04

                	
                   Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05

                	
                   Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06

                	
                   Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07

                	
                   Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08

                	
                   Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09

                	
                   Transfer
                    of Accounts

                
	
                  Section
                    4.10

                	
                   Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11

                	
                   Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12

                	
                   Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13

                	
                   Title,
                    Management and Disposition of REO  Property

                
	
                  Section
                    4.14

                	
                   Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01

                	
                   Distributions

                
	
                  Section
                    5.02

                	
                   Statements
                    to the Purchaser

                
	
                  Section
                    5.03

                	
                   Monthly
                    Advances by the Company

                
	
                  Section
                    5.04

                	
                   Liquidation
                    Reports

                
	
                  Section
                    5.05

                	
                   Prepayment
                    Interest Shortfalls

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01

                	
                   Assumption
                    Agreements

                
	
                  Section
                    6.02

                	
                   Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03

                	
                   Servicing
                    Compensation

                
	
                  Section
                    6.04

                	
                   Annual
                    Statement as to Compliance; Annual Certification

                
	
                  Section
                    6.05

                	
                   Reserved

                
	
                  Section
                    6.06

                	
                   Purchaser’s
                    Right to Examine Company Records

                
	
                  Section
                    6.07

                	
                   Assessment
                    of Compliance with Servicing Criteria

                
	
                  Section
                    6.08

                	
                   Intent
                    of the Parties; Reasonableness

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01

                	
                   Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01

                	
                   Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02

                	
                   Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03

                	
                   Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04

                	
                   Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05

                	
                   No
                    Transfer of Servicing

                
	 	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01

                	
                   Events
                    of Default

                
	
                  Section
                    9.02

                	
                   Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01

                	
                   Termination

                
	
                  Section
                    10.02

                	
                   Survival

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01

                	
                     Successor
                    to the Company

                
	
                  Section
                    11.02

                	
                     Amendment

                
	
                  Section
                    11.03

                	
                     Recordation
                    of Agreement

                
	
                  Section
                    11.04

                	
                     Governing
                    Law

                
	
                  Section
                    11.05

                	
                     Notices

                
	
                  Section
                    11.06

                	
                     Severability
                    of Provisions

                
	
                  Section
                    11.07

                	
                     Exhibits

                
	
                  Section
                    11.08

                	
                     General
                    Interpretive Principles

                
	
                  Section
                    11.09

                	
                     Reproduction
                    of Documents

                
	
                  Section
                    11.10

                	
                     Confidentiality
                    of Information

                
	
                  Section
                    11.11

                	
                     Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12

                	
                     Assignment
                    by Purchaser

                
	
                  Section
                    11.13

                	
                     No
                    Partnership

                
	
                  Section
                    11.14

                	
                     Signature
                    Pages/Counterparties; Successors and Assigns

                
	
                  Section
                    11.15

                	
                     Entire
                    Agreement

                
	
                  Section
                    11.16

                	
                     No
                    Solicitation

                
	
                  Section
                    11.17

                	
                     Closing

                
	
                  Section
                    11.18

                	
                     Cooperation
                    of Company with a Reconstitution

                
	
                  Section
                    11.19

                	
                     Monthly
                    Reporting with Respect to a Reconstitution

                
	
                  Section
                    11.20

                	
                     Reserved

                
	
                  Section
                    11.21

                	
                     Use
                    of Subservicers and Subcontractors

                
	
                  Section
                    11.22

                	
                     Third
                    Party Beneficiary

                
	 	 
	
                  EXHIBITS

                   

                	 
	
                     A

                	
                  Contents
                    of Mortgage File

                
	
                     B

                	
                  Custodial
                    Account Letter Agreement

                
	
                     C

                	
                  Escrow
                    Account Letter Agreement

                
	
                     D

                	
                  Form
                    of Purchase, Assignment, Assumption and Recognition
                    Agreement

                
	
                     E

                	
                  Reporting
                    Date For Monthly Report

                
	
                     F

                	
                  Reporting
                    Data For Defaulted Loans

                
	
                     G

                	
                  Request
                    for Release of Documents and Receipt

                
	
                     H

                	
                  Company’s
                    Underwriting Guidelines

                
	
                      I

                	
                  Term
                    Sheet

                
	
                      J

                	
                  Reconstituted
                    Mortgage Loan Reporting

                
	
                      K

                	
                  Company’s
                    Obligation in Connection with a Reconstitution

                
	
                      L

                	
                  Form
                    of Company Certification

                
	
                      M

                	
                  Summary
                    of Regulation AB Servicing Criteria

                
	
                      N

                	
                  Summary
                    of Applicable Regulation AB Requirements

                
	
                      O

                	
                  Servicing
                    Criteria to be Addressed in Assessment of Compliance

                
	
                      P

                	
                  Reporting
                    Data for Realized Losses and Gains

                

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      

      This
        is a Purchase, Warranties and
        Servicing Agreement, dated as of March 1, 2007 and is executed between EMC
        MORTGAGE CORPORATION, as Purchaser, with offices located at 2780 Lake Vista
        Drive, Lewisville, TX 75067 (the "Purchaser"), and Branch Banking and Trust
        Company, with offices located at 2713 Forest Hills Road, Wilson, North
        Carolina  27894-2305 (the "Company").

      

      WITNESSETH
        :

      

      WHEREAS,
        the Purchaser has heretofore
        agreed to purchase from the Company and the Company has heretofore agreed
        to
        sell to the Purchaser, from time to time, certain Mortgage Loans on a servicing
        retained basis;

      

      WHEREAS,
        each of the Mortgage Loans is
        secured by a mortgage, deed of trust or other security instrument creating
        a
        first lien on a residential dwelling located in the jurisdiction indicated
        on
        the Mortgage Loan Schedule, which is annexed to the related Term Sheet;
        and

      

      WHEREAS,
        the Purchaser and the Company
        wish to prescribe the representations and warranties of the Company with
        respect
        to itself and the Mortgage Loans and the management, servicing and control
        of
        the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the
        mutual agreements hereinafter set forth, and for other good and valuable
        consideration, the receipt and adequacy of which is hereby acknowledged,
        the
        Purchaser and the Company agree as follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01          Defined
        Terms.

      

      Whenever
        used in this Agreement, the
        following words and phrases, unless the context otherwise requires, shall
        have
        the following meaning specified in this Article:

      

      Accepted
        Servicing
        Practices:  With respect to any Mortgage Loan, those mortgage
        servicing practices (including collection procedures) of prudent mortgage
        banking institutions which service mortgage loans of the same type as such
        Mortgage Loan in the jurisdiction where the related Mortgaged Property is
        located, and which are in accordance with Fannie Mae servicing practices
        and
        procedures for MBS pool mortgages, as defined in the Fannie Mae Guides including
        future updates.

      

      Adjustment
        Date:  As
        to each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:  This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value: With respect to any Mortgaged Property, the value thereof as
        determined by an appraisal made for the originator of the Mortgage Loan at
        the
        time of origination of the Mortgage Loan by an appraiser who met the
        requirements of the Company and Fannie Mae.

      

      Assignment:  An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

      

      Business
        Day:  Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or State of North Carolina, or (iii) a day on which banks in the
        State
        of New York or State of North Carolina are authorized or obligated by law
        or
        executive order to be closed.

      

      Closing
        Date: With respect to any Mortgage Loan, the date stated on the related Term
        Sheet.

      

      Code:  The
        Internal
        Revenue Code of 1986, or any successor statute thereto.

      

      Commission
        or SEC:  The Securities and Exchange Commission.

      

      Company:
        Branch Banking and Trust Company, its successors in interest and assigns,
        as
        permitted by this Agreement.

      

      Company's
        Officer's Certificate:
        A certificate signed by the Chairman of the Board, President, any Senior
        Executive Vice President, Executive Vice President, Senior Vice President,
        Vice
        President or Treasurer of Company stating the date by which Company expects
        to
        receive any missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:  All awards or settlements in respect of a Mortgaged
        Property, whether permanent or temporary, partial or entire, by exercise
        of the
        power of eminent domain or condemnation, to the extent not required to be
        released to a Mortgagor in accordance with the terms of the related Mortgage
        Loan Documents.

      

      Confirmation:  The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans to be purchased by Purchaser pursuant to the terms of
        this
        Agreement on Closing Date.

      

      Consumer
        Information:  Information
        including, but not limited to, all personal information about Mortgagors
        that is
        supplied to the Purchaser by or on behalf of the Company.

      

      Co-op
        Lease:  With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:  A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised
        Value:  With respect to any Mortgaged Property, the value thereof
        as determined by an appraisal made for the Company (by an appraiser who met
        the
        requirements of the Company and Fannie Mae) at the request of a Mortgagor
        for
        the purpose of canceling a Primary Mortgage Insurance Policy in accordance
        with
        federal, state and local laws and regulations or otherwise made at the request
        of the Company or Mortgagor.

      

      Current
        LTV:  The
        ratio of the Stated Principal Balance of a Mortgage Loan to the Current
        Appraised Value of the Mortgaged Property.

      

      Custodial
        Account:  Each separate demand account or accounts created and
        maintained pursuant to Section 4.04 which shall be entitled
        "[_____________________], in trust for the [Purchaser], Owner of Adjustable
        Rate
        Mortgage Loans" and shall be established in an Eligible Account, in the name
        of
        the Person that is the "Purchaser" with respect to the related Mortgage
        Loans.

      

      Custodian:
        With respect to any Mortgage Loan, the entity stated on the related Term
        Sheet,
        and its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date: With respect to
        any Mortgage Loan, the date stated on the related Term Sheet.

      

      Delinquency
        Recognition Policies: The Mortgage Bankers Association standard and
        methodology that defines the means of reporting delinquency status, and the
        processing standard included in the Fannie Mae Guide for addressing residential
        mortgage loans of the same type as the Mortgage Loans at various stages
        throughout default. 

      

      Depositor:
        The depositor, as such term is defined in Regulation AB, with respect to
        any
        Securitization Transaction.

      

      Determination
        Date:  The 15th day (or if such 15th day is not a Business Day,
        the Business Day immediately preceding such 15th day) of the month of the
        related Remittance Date.

      

      DIF:
        The Deposit Insurance Fund, or any successor thereto.

      

      Due
        Date: The day of the month
        on which the Monthly Payment is due on a Mortgage Loan, exclusive of any
        days of
        grace, which is the first day of the month.

      

      Due
        Period:  With respect to any Remittance Date, the period
        commencing on the second day of the month preceding the month of such Remittance
        Date and ending on the first day of the month of the Remittance
        Date.

      

      Eligible
        Account: An account
        established and maintained: (i) within FDIC insured accounts created, maintained
        and monitored by the Company so that all funds deposited therein are fully
        insured, or (ii) as a trust account with the corporate trust department of
        a
        depository institution or trust company organized under the laws of the United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution.  In the event that a
        Custodial Account is established pursuant to clause (iii), (iv) or (v) of
        the
        preceding sentence, the Company shall provide the Purchaser with written
        notice
        on the Business Day following the date on which the applicable institution
        fails
        to meet the applicable ratings requirements.

      

      Eligible
        Institution: Branch
        Banking and Trust Company, or an institution having (i) the highest short-term
        debt rating, and one of the two highest long-term debt ratings of each Rating
        Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
        debt rating of at least one of the two highest unsecured long-term debt ratings
        of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage
        Loan:  A Refinanced Mortgage Loan the proceeds of which were in
        excess of  the outstanding principal balance of the existing mortgage
        loan as defined in the Fannie Mae Guide(s).

      

      Escrow
        Account:  Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "__________________, in trust for the [Purchaser],
        Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
        be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:  With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:  Any
        one of the conditions or circumstances enumerated in Section 9.01.

      

      Exchange
        Act:  The Securities Exchange Act of 1934, as
        amended.

      

      Fannie
        Mae:  The Federal National Mortgage Association, or any successor
        thereto.

      

      Fannie
        Mae
        Guide(s):  The Fannie Mae Selling Guide and the Fannie Mae
        Servicing Guide and all amendments or additions thereto.

      

      FDIC:  The
        Federal
        Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:  The
        Federal
        Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:  The FHLMC Single Family Seller/Servicer Guide and all
        amendments or additions thereto.

      

      Fidelity
        Bond:  A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:  The
        Financial
        Institutions Reform, Recovery, and Enforcement Act of 1989.

      

      First
        Remittance
        Date:  With respect to any Mortgage Loan, the Remittance Date
        occurring in the month following the month in which the related Closing Date
        occurs.

      

      GAAP:  Generally
        accepted accounting principles, consistently applied.

      

      HUD:  The
        United
        States Department of Housing and Urban Development or any successor
        thereto.

      

      Index:   With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate
        Cap:   As to each adjustable rate Mortgage Loan, where
        applicable, the maximum increase or decrease in the Mortgage Interest Rate
        on
        the first Adjustment Date.

      

      Insurance
        Proceeds:  With respect to each Mortgage Loan, proceeds of
        insurance policies insuring the Mortgage Loan or the related Mortgaged
        Property.

      

      [Lender
        Paid Mortgage Insurance
        Rate:  The Lender Paid Mortgage Insurance Rate shall be a rate per
        annum equal to the percentage shown on the Mortgage Loan Schedule.]

      

      [Lender
        Primary Mortgage Insurance
        Policy:   Any Primary Mortgage Insurance Policy for which
        premiums are paid by the Company.

      

      Lifetime
        Rate Cap:  As
        to each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate
        over
        the term of such Mortgage Loan.

      

      Liquidation
        Proceeds:  Cash received in connection with the liquidation of a
        defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage
        Loan, trustee's sale, foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or
        LTV:  With respect to any Mortgage Loan, the ratio of the original
        outstanding principal amount of the Mortgage Loan, to (i) the Appraised Value
        of
        the Mortgaged Property as of the Origination Date with respect to a Refinanced
        Mortgage Loan, and (ii) the lesser of the Appraised Value of the Mortgaged
        Property as of the Origination Date or the purchase price of the Mortgaged
        Property with respect to all other Mortgage Loans.

      

      Margin:  With
        respect
        to each adjustable rate Mortgage Loan, the fixed percentage amount set forth
        in
        each related Mortgage Note which is added to the Index in order to determine
        the
        related Mortgage Interest Rate, as set forth in the Mortgage Loan
        Schedule.

      

      Master
        Servicer: With respect to any Securitization Transaction, the “master
        servicer,” if any, identified in the related transaction
        documents.  Without the prior consent of the Company, the Company
        shall not be the Master Servicer in any Securitization Transaction and shall
        serve only as a subservicer of the Mortgage Loans involved in such
        Transaction.

      

      Monthly
        Advance:  The aggregate of the advances made by the Company on any
        Remittance Date pursuant to Section 5.03.

      

      Monthly
        Payment:  The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:  The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:  The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance
        Policy:  A mortgage impairment or blanket hazard insurance policy
        as described in Section 4.11.

      

      Mortgage
        Interest
        Rate:  The annual rate at which interest accrues on any Mortgage
        Loan, which may be adjusted from time to time for an adjustable rate Mortgage
        Loan, in accordance with the provisions of the related Mortgage
        Note.

      

      Mortgage
        Loan:  An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan
        Documents:  The documents listed in Exhibit A.

      

      Mortgage
        Loan Remittance
        Rate:  With respect to each Mortgage Loan, the annual rate of
        interest remitted to the Purchaser, which shall be equal to the Mortgage
        Interest Rate minus the Servicing Fee Rate [minus the Lender Paid Mortgage
        Insurance Rate].

      

      Mortgage
        Loan
        Schedule:  The schedule of Mortgage Loans annexed to the related
        Term Sheet, such schedule setting forth the following information with respect
        to each Mortgage Loan in the related Mortgage Loan Package:

      

      (1)           the
        Company's Mortgage Loan identifying number;

      

      (2)           the
        Mortgagor's first and last name;

      

      (3)           the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4)           a
        code indicating whether the Mortgaged Property is owner-occupied, a second
        home
        or an investor property;

      

      (5)           the
        type of residential property constituting the Mortgaged Property;

       

      
        (6)           the
          original months to maturity of the Mortgage Loan;

      

       

      (7)  
the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8)           the
        Sales Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9)           the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10)           the
        Origination Date of the Mortgage Loan;

      

      (11)           the
        stated maturity date;

      

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

      

      (13)           the
        amount of the Monthly Payment as of the related  Cut-off
        Date;

      

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

      

      (15)           the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)           a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance);

      

      (17)           a
        code indicating the documentation style (i.e. full, alternative,
        etc.);

      

      (18)           the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19)           the
        date on which the first payment is or was due;

       

      
        (20)           a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and the name of the related insurance
          carrier;

      

       

      (21)           a
        code indicating whether or not the Mortgage Loan is currently convertible
        and
        the conversion spread;

      

      (22)           the
        last Due Date on which a Monthly Payment was actually applied to the unpaid
        principal balance of the Mortgage Loan.

      

      (23)           product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.);

      

      
        	
                  
                  (24)     

              	
                credit
                  score and/or mortgage score, if
                  applicable;

              

      

      

      (25)         a
        code indicating whether or not the Mortgage Loan is the subject of a Lender
        Primary Mortgage Insurance Policy and the name of the related insurance carrier
        and the Lender Paid Mortgage Insurance Rate;

      

      (26)
          a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof;

      

      (27)  the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable;

      

      (28)  whether
        such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defined in the New Jersey Home Ownership Security
        Act of 2002; and

       

      
        (29)  whether
          the Mortgage Loan has a mandatory arbitration clause.

      

       

      With
        respect to the Mortgage Loans in
        the aggregate, the Mortgage Loan Schedule attached to the related Term Sheet
        shall set forth the following information, as of the related Cut-off
        Date:

      

      (1)           the
        number of Mortgage Loans;

      

      (2)           the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3)           the
        weighted average Mortgage Interest Rate of the Mortgage Loans;

      

      (4)           the
        weighted average maturity of the Mortgage Loans; and

      

      (5)           the
        weighted average months to next Adjustment Date;

      

      Mortgage
        Note:  The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property: The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage.

      

      Mortgagor:  The
        obligor on a Mortgage Note.

      

      Nonrecoverable
        Advance:  Any portion of a Monthly Advance or Servicing Advance
        previously made or proposed to be made by the Company pursuant to this
        Agreement, that, in the good faith judgment of the Company, will not or,
        in the
        case of a proposed advance, would not, be ultimately recoverable by it from
        the
        related Mortgagor or the related Liquidation Proceeds, Insurance Proceeds,
        Condemnation Proceeds or otherwise with respect to the related Mortgage
        Loan.

      

      Officers'
        Certificate:  A certificate signed by the Chairman of the Board,
        President, any Senior Executive Vice President, Executive Vice President,
        Senior
        Vice President, Vice President or Treasurer of Company stating the date by
        which
        Company expects to receive any missing documents sent for recording from
        the
        applicable recording office.

      

      Opinion
        of Counsel:  A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:  The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents.

      

      Periodic
        Rate Cap:  As
        to each adjustable rate Mortgage Loan, the maximum increase or decrease in
        the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:  Any one or more of the following obligations or
        securities:

       

      
        	 	
                (i) 
                  direct obligations of, and obligations fully guaranteed by the
                  United
                  States of America or any agency or instrumentality of the United
                  States of
                  America the obligations of which are backed by the full faith and
                  credit
                  of the United States of America;

              

        	 	 

        	
                 

              	
                (ii)  (a)
                  demand or time deposits, federal funds or bankers' acceptances
                  issued by
                  any depository institu­tion or trust company incorporated under the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	
                 

              	
                (iii)  repurchase
                  obligations with a term not to exceed thirty (30) days and with
                  respect to
                  (a) any security described in clause (i) above and entered into
                  with a
                  depository institution or trust company (acting as principal) described
                  in
                  clause (ii)(a) above;

              

      

      

      
        	
                 

              	
                (iv)  securities
                  bearing interest or sold at a discount issued by any corporation
                  incorporated under the laws of the United States of America or
                  any state
                  thereof that are rated in one of the two highest rating categories
                  by each
                  Rating Agency at the time of such in­vestment or contractual
                  commitment providing for such investment; provided, however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur­ities issued by such corporation
                  and held as Permitted Investments to exceed 10% of the aggregate
                  outstand­ing principal balances of all of the Mortgage Loans and
                  Permitted Investments;

              

      

      

      
        	
                 

              	
                (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 one year after the date of issuance there­of) which are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	
                 

              	
                (vi)  any
                  other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	
                 

              	
                (vii)  any
                  money market funds the collateral of which consists of obligations
                  fully
                  guaranteed by the United States of America or any agency or
                  instru­ment­al­ity of the United States of America the
                  obligations of which are backed by the full faith and credit of
                  the United
                  States of America (which may include repurchase obligations secured
                  by
                  collateral described in clause (i)) and other securities and which
                  money
                  market funds are rated in one of the two highest rating categories
                  by each
                  Rating Agency.

              

      

      

      provided,
        however, that no instrument or security shall be a Permitted Investment
        if such instrument or security evidences a right to receive only interest
        payments with respect to the ob­li­ga­tions underlying such
        instrument or if such security provides for payment of both principal and
        interest with a yield to matur­ity in excess of 120% of the yield to
        maturity at par or if such investment or security is purchased at a price
        greater than par.

      

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

      

      Prepayment
        Charge: 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.

      

      Prepayment
        Interest
        Shortfall:  With respect to any Remittance Date, for each Mortgage
        Loan that was the subject of a Principal Prepayment during the related
        Prepayment Period, an amount equal to the excess of one month’s interest at the
        applicable Mortgage Loan Remittance Rate on the amount of such Principal
        Prepayment over the amount of interest (adjusted to the Mortgage Loan Remittance
        Rate) actually paid by the related Mortgagor with respect to such Prepayment
        Period.

      

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

      

      Primary
        Mortgage Insurance
        Policy:  Each primary policy of mortgage insurance represented to
        be in effect pursuant to Section 3.02(hh), or any replacement policy therefor
        obtained by the Company pursuant to Section 4.08.

      

      Prime
        Rate:  The prime
        rate announced to be in effect from time to time as published as the average
        rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment: Any payment or other recovery of principal on a Mortgage Loan
        full or partial which is received in advance of its scheduled Due Date,
        including any Prepayment Charge and which is not accompanied by an amount
        of
        interest representing scheduled interest due on any date or dates in any
        month
        or months subsequent to the month of prepayment.

      

      Purchase
        Price:  As
        defined in Section 2.02.

      

      Purchaser:
        EMC Mortgage
        Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:  An appraiser, duly appointed by the Company, who had
        no interest, direct or indirect in the related Mortgaged Property or in any
        loan
        made on the security thereof, and whose compensation is not affected by the
        approval or disapproval of the Mortgage Loan, and such appraiser and the
        appraisal made by such appraiser both satisfy the requirements of Title XI
        of
        FIRREA and the regulations promulgated thereunder and the requirements of
        Fannie
        Mae, all as in effect on the date the Mortgage Loan was originated.

      

      Qualified
        Correspondent: Any Person from which the Company purchased Mortgage Loans,
        provided that the following conditions are satisfied: (i) such Mortgage Loans
        were originated pursuant to an agreement between the Company and such Person
        that contemplated that such Person would underwrite mortgage loans from time
        to
        time, for sale to the Company, in accordance with underwriting guidelines
        designated by the Company (“Designated Guidelines”) or guidelines that do not
        vary materially from such Designated Guidelines; (ii) such Mortgage Loans
        were
        in fact underwritten as described in clause (i) above and were acquired by
        the
        Company within 180 days after origination; (iii) either (x) the Designated
        Guidelines were, at the time such Mortgage Loans were originated, used by
        the
        Company in origination of mortgage loans of the same type as the Mortgage
        Loans
        for the Company’s own account or (y) the Designated Guidelines were, at the time
        such Mortgage Loans were underwritten, designated by the Company on a consistent
        basis for use by lenders in originating mortgage loans to be purchased by
        the
        Company; and (iv) the Company employed, at the time such Mortgage Loans were
        acquired by the Company, pre-purchase or post-purchase quality assurance
        procedures (which may involve, among other things, review of a sample of
        mortgage loans purchased during a particular time period or through particular
        channels) designed to ensure that Persons from which it purchased mortgage
        loans
        properly applied the underwriting criteria designated by the
        Company.

      

      Qualified
        Insurer:  An insurance company duly qualified as such under the
        laws of the states in which the related Mortgaged Property is located, duly
        authorized and licensed in such states to transact the applicable insurance
        business and to write the insurance provided, approved as an insurer by Fannie
        Mae or FHLMC.

      

      Rating
        Agency: Standard &
Poor's, Fitch, Inc. or, in the event that some or all of the ownership
        of the
        Mortgage Loans is evidenced by mortgage-backed securities, the nationally
        recognized rating agencies issuing ratings with respect to such securities,
        if
        any.

      

      Refinanced
        Mortgage
        Loan:  A Mortgage Loan which was made to a Mortgagor who owned the
        Mortgaged Property prior to the origination of such Mortgage Loan and the
        proceeds of which were used in whole or part to satisfy an existing
        mortgage.

      

      Regulation
        AB:  Subpart 229.1100 – Asset Backed Securities (Regulation AB),
        17 C.F.R. §§229.1100-229.1123, as amended from time to time, and subject to such
        clarification and interpretation as have been provided by the Commission
        in the
        adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
        70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
        or
        as may be provided by the Commission or its staff from time to
        time.

      

      REMIC:  A
        "real estate
        mortgage investment conduit," as such term is defined in Section 860D of
        the
        Code.

      

      REMIC
        Provisions:  The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:  The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:  The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:  A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:  With respect to any Mortgage Loan, a price equal to (i)
        the product of the greater of 100% or the percentage of par as stated in
        the
        Confirmation multiplied by the Stated Principal Balance of such Mortgage
        Loan on the
        repurchase date, plus (ii) interest on such outstanding principal balance
        at the Mortgage Loan Remittance Rate from the last date through which interest
        has been paid and distributed to the Purchaser to the end of the month of
        repurchase.

      

      Sales
        Price:  With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Securities
        Act:  The Securities Act of 1933, as amended.

      

      Securitization
        Transaction: Any transaction involving either (1) a sale or other transfer
        of some or all of the Mortgage Loans directly or indirectly to an issuing
        entity
        in connection with an issuance of publicly offered or privately placed, rated
        or
        unrated mortgage-backed securities or (2) an issuance of publicly offered
        or
        privately placed, rated or unrated securities, the payments on which are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Servicing
        Advances:  All customary, reasonable and necessary "out of pocket"
        costs and expenses (including reasonable attorneys' fees and disbursements)
        incurred in the performance by the Company of its servicing obligations,
        including, but not limited to, the cost of (a) the preservation, restoration
        and
        protection of the Mortgaged Property, (b) any enforcement, administrative
        or
        judicial proceedings, or any legal work or advice specifically related to
        servicing the Mortgage Loans, including but not limited to, foreclosures,
        bankruptcies, condemnations, drug seizures, elections, foreclosures by
        subordinate or superior lienholders, and other legal actions incidental to
        the
        servicing of the Mortgage Loans (provided that such expenses are reasonable
        and
        that the Company specifies the Mortgage Loan(s) to which such expenses relate
        and, upon Purchaser’s request, provides documentation supporting such expense
        (which documentation would be acceptable to Fannie Mae), and provided further
        that any such enforcement, administrative or judicial proceeding does not
        arise
        out of a breach of any representation, warranty or covenant of the Company
        hereunder), (c) the management and liquidation of the Mortgaged Property
        if the
        Mortgaged Property is acquired in full or partial satisfaction of the Mortgage,
        (d) taxes, assessments, water rates, sewer rates and other charges which
        are or
        may become a lien upon the Mortgaged Property, and Primary Mortgage Insurance
        Policy premiums and fire and hazard insurance coverage, (e) any expenses
        reasonably sustained by the Company with respect to the liquidation of the
        Mortgaged Property in accordance with the terms of this Agreement and (f)
        compliance with the obligations under Section 4.08.

      

      Servicing
        Criteria:  As of any date of determination, the “servicing
        criteria” set forth in Item 1122(d) of Regulation AB, or any amendments thereto,
        a summary of the requirements of which as of the date hereof is attached
        hereto
        as Exhibit M for convenience of reference only.  In the event
        of a conflict or inconsistency between the terms of Exhibit M and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Company and any Person that will be responsible for signing
        any
        Sarbanes Certification with respect to a Securitization Transaction in response
        to evolving interpretations of Regulation AB and incorporated into a revised
        Exhibit M).

      

      Servicing
        Fee:  With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan.  Such fee shall be payable
        monthly, computed on the basis of the same principal amount and period
        respecting which any related interest payment on a Mortgage Loan is
        computed.  The obligation of the Purchaser to pay the Servicing Fee is
        limited to, and the Servicing Fee is payable solely from, the interest portion
        of such Monthly Payment collected by the Company, or as otherwise provided
        under
        Section 4.05 and in accordance with the Fannie Mae Guide(s).  Any fee
        payable to the Company for administrative services related to any REO Property
        as described in Section 4.13 shall be payable from Liquidation Proceeds of
        the
        related REO Property.

      

      Servicing
        Fee
        Rate:  As set forth in the Term Sheet.

      

      Servicing
        File:  With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:  Any officer of the Company involved in, or responsible
        for, the administration and servicing of the Mortgage Loans whose name appears
        on a list of servicing officers furnished by the Company to the Purchaser
        upon
        request, as such list may from time to time be amended.

      

      Stated
        Principal
        Balance:  As to each Mortgage Loan as of any date of
        determination, (i) the principal balance of such Mortgage Loan at the Cut-off
        Date after giving effect to payments of principal due on or before such date,
        whether or not received, minus (ii) all amounts previously distributed to
        the
        Purchaser with respect to the Mortgage Loan representing payments or recoveries
        of principal or advances in lieu thereof.

      

      Static
        Pool Information: Static pool information as described in Item
        1105(a)(1)-(3) and 1105(c) of Regulation AB.

      

      Subcontractor:
        Any vendor, subcontractor or other Person that is not responsible for the
        overall servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a Subservicer.
        

      

      Subservicer:
        Any Person that services Mortgage Loans on behalf of the Company or any
        Subservicer and is responsible for the performance (whether directly or through
        Subservicers or Subcontractors) of a substantial portion of the material
        servicing functions required to be performed by the Company under this Agreement
        or any Reconstitution Agreement that are identified in Item 1122(d) of
        Regulation AB.  Any subservicer shall meet the qualifications set
        forth in Section 4.01.

      

      Subservicing
        Agreement:  An agreement between the Company and a Subservicer, if
        any, for the servicing of the Mortgage Loans.

      

      Term
        Sheet: A supplemental
        agreement in the form attached hereto as Exhibit I which shall be executed
        and
        delivered by the Company and the Purchaser to provide for the sale and servicing
        pursuant to the terms of this Agreement of the Mortgage Loans listed on Schedule
        I attached thereto, which supplemental agreement shall contain certain specific
        information relating to such sale of such Mortgage Loans and may contain
        additional covenants relating to such sale of such Mortgage Loans.

      

      Third-Party
        Originator: Each Person, other than a Qualified Correspondent, that
        originated Mortgage Loans acquired by the Company.

      

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01                                Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company.  The Company shall deliver the related Mortgage Loan Schedule
        attached to the related Term Sheet for the Mortgage Loans to be purchased
        on the
        related Closing Date to the Purchaser at least two (2) Business Days prior
        to
        the related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02                                Purchase
        Price.

      

      The
        Purchase Price for each Mortgage
        Loan shall be the percentage of par as stated in the Confirmation (subject
        to
        adjustment as provided therein), multiplied by the Stated Principal Balance,
        as
        of the related Cut-off Date, of the Mortgage Loan listed on the related Mortgage
        Loan Schedule attached to the related Term Sheet, after application of scheduled
        payments of principal due on or before the related Cut-off Date whether or
        not
        collected.

      

      In
        addition to the Purchase Price as
        described above, the Purchaser shall pay to the Company, at closing, accrued
        interest on the Stated Principal Balance of each Mortgage Loan as of the
        related
        Cut-off Date at the Mortgage Loan Remittance Rate of each Mortgage Loan from
        the
        related Cut-off Date through the day prior to the related Closing Date,
        inclusive.

      

      The
        Purchase Price plus accrued
        interest as set forth in the preceding paragraph shall be paid on the related
        Closing Date by wire transfer of immediately available funds.

      

       Purchaser
        shall be entitled to
        (1) all scheduled principal due after the related Cut-off Date, (2) all other
        recoveries of principal collected on or after the related Cut-off Date
        (provided, however, that all scheduled payments of principal due on or before
        the related Cut-off Date and collected by the Company or any successor servicer
        after the related Cut-off Date shall belong to the Company), and (3) all
        payments of interest on the Mortgage Loans net of applicable Servicing Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date).  The outstanding principal balance of
        each Mortgage Loan as of the related Cut-off Date is determined after
        application of payments of principal due on or before the related Cut-off
        Date
        whether or not collected, together with any unscheduled principal prepayments
        collected prior to the related Cut-off Date; provided, however, that payments
        of
        scheduled principal and interest prepaid for a Due Date beyond the related
        Cut-off Date shall not be applied to the principal balance as of the related
        Cut-off Date.  Such prepaid amounts shall be the property of the
        Purchaser.  The Company shall deposit any such prepaid amounts into
        the Custodial Account, which account is established for the benefit of the
        Purchaser for subsequent remittance by the Company to the
        Purchaser.

      

      Section
        2.03                                Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and
        delivery of each Term Sheet, the Company does hereby agree to directly service
        the Mortgage Loans listed on the related Mortgage Loan Schedule attached
        to the
        related Term Sheet subject to the terms of this Agreement and the related
        Term
        Sheet.  The rights of the Purchaser to receive payments with respect
        to the related Mortgage Loans shall be as set forth in this
        Agreement.

      

      Section
        2.04                                Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the related Closing Date, the
        Company sold, transferred, assigned, set over and conveyed to the Purchaser,
        without recourse, on a servicing retained basis, and the Company hereby
        acknowledges that the Purchaser has, but subject to the terms of this Agreement
        and the related Term Sheet, all the right, title and interest of the Company
        in
        and to the Mortgage Loans.  Company will deliver the Mortgage Files to
        the Custodian designated by Purchaser, on or before the related Closing Date,
        at
        the expense of the Company.  The Company shall maintain a Servicing
        File consisting of a copy of the contents of each Mortgage File and the
        originals of the documents in each Mortgage File not delivered to the Purchaser.
        The Servicing File shall contain all documents necessary to service the Mortgage
        Loans.  The possession of each Servicing File by the Company is at the
        will of the Purchaser, for the sole purpose of servicing the related Mortgage
        Loan, and such retention and possession by the Company is in a custodial
        capacity only.  From the related Closing Date, the ownership of each
        Mortgage Loan, including the Mortgage Note, the Mortgage, the contents of
        the
        related Mortgage File and all rights, benefits, proceeds and obligations
        arising
        therefrom or in connection therewith, has been vested in the
        Purchaser.  All rights arising out of the Mortgage Loans including,
        but not limited to, all funds received on or in connection with the Mortgage
        Loans and all records or documents with respect to the Mortgage Loans prepared
        by or which come into the possession of the Company shall be received and
        held
        by the Company in trust for the benefit of the Purchaser as the owner of
        the
        Mortgage Loans.  Any portion of the Mortgage Files retained by the
        Company shall be appropriately identified in the Company's computer system
        to
        clearly reflect the ownership of the Mortgage Loans by the
        Purchaser.  The Company shall release its custody of the contents of
        the Mortgage Files only in accordance with written instructions of the
        Purchaser, except when such release is required as incidental to the Company's
        servicing of the Mortgage Loans or is in connection with a repurchase of
        any
        Mortgage Loan or Loans with respect thereto pursuant to this Agreement and
        the
        related Term Sheet, such written instructions shall not be
        required.

      

      Section
        2.05                                Books
        and Records.

      

      The
        sale of each Mortgage Loan shall be
        reflected on the Company's balance sheet and other financial statements as
        a
        sale of assets by the Company.  The Company shall be responsible for
        maintaining, and shall maintain, a complete set of books and records for
        the
        Mortgage Loans that shall be appropriately identified in the Company's computer
        system to clearly reflect the ownership of the Mortgage Loan by the
        Purchaser.  In particular, the Company shall maintain in its
        possession, available for inspection by the Purchaser, or its designee and
        shall
        deliver to the Purchaser upon demand, evidence of compliance with all federal,
        state and local laws, rules and regulations, and requirements of Fannie Mae
        or
        FHLMC, as applicable, including but not limited to documentation as to the
        method used in determining the applicability of the provisions of the Flood
        Disaster Protection Act of 1973, as amended, to the Mortgaged Property,
        documentation evidencing insurance coverage of any condominium project as
        required by Fannie Mae or FHLMC, and periodic inspection reports as required
        by
        Section 4.13.  To the extent that original documents are not required
        for purposes of realization of Liquidation Proceeds or Insurance Proceeds,
        documents maintained by the Company may be in the form of microfilm or
        microfiche.

      

      The
        Company shall maintain with respect
        to each Mortgage Loan and shall make available for inspection by any Purchaser
        or its designee the related Servicing File during the time the Purchaser
        retains
        ownership of a Mortgage Loan and thereafter in accordance with applicable
        laws
        and regulations.

      

      In
        addition to the foregoing, Company
        shall provide to any supervisory agents or examiners that regulate Purchaser,
        including but not limited to, the OTS, the FDIC and other similar entities,
        access, during normal business hours, upon reasonable advance notice to Company
        and without cost to Company or such supervisory agents or examiners, to any
        documentation regarding the Mortgage Loans that may be required by any
        applicable regulator.

      

      Section
        2.06.                                Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing
        office books and records in which, subject to such reasonable regulations
        as it
        may prescribe, the Company shall note transfers of Mortgage Loans.  No
        transfer of a Mortgage Loan may be made unless such transfer is in compliance
        with the terms hereof.  For the purposes of this Agreement, the
        Company shall be under no obligation to deal with any person with respect
        to
        this Agreement or any Mortgage Loan unless a notice of the transfer of such
        Mortgage Loan has been delivered to the Company in accordance with this Section
        2.06 and the books and records of the Company show such person as the owner
        of
        the Mortgage Loan.  The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee shall agree in writing to be bound by the terms
        of
        this Agreement and an original counterpart of the instrument of transfer
        in an
        Assignment and Assumption of this Agreement substantially in the form of
        Exhibit
        D hereto is executed by the transferee and is delivered to the Company (each
        such transferee being a Purchaser hereunder).  The Purchaser also
        shall advise the Company of the transfer.  Upon receipt of notice of
        the transfer, the Company shall mark its books and records to reflect the
        ownership of the Mortgage Loans of such transferee, and the previous Purchaser
        shall be released from its obligations hereunder with respect to the Mortgage
        Loans sold or transferred.

      

      Section
        2.07                                Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release
        to the Purchaser or its designee the Mortgage Loan Documents in accordance
        with
        the terms of this Agreement and the related Term Sheet.  The documents
        enumerated as items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (16)
        in
        Exhibit A hereto shall be delivered by the Company to the Purchaser or its
        designee no later than three (3) Business Days prior to the related Closing
        Date
        pursuant to a bailee letter agreement.  All other documents in Exhibit
        A hereto, together with all other documents executed in connection with the
        Mortgage Loan that Company may have in its possession, shall be retained
        by the
        Company in trust for the Purchaser.  If the Company cannot deliver the
        original recorded Mortgage Loan Documents or the original policy of title
        insurance, including riders and endorsements thereto, on the related Closing
        Date, the Company shall, promptly upon receipt thereof and in any case not
        later
        than 120 days from the related Closing Date, deliver such original documents,
        including original recorded documents, to the Purchaser or its designee (unless
        the Company is delayed in making such delivery by reason of the fact that
        such
        documents shall not have been returned by the appropriate recording
        office).  If delivery is not completed within 120 days solely due to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate.  In the event that
        documents have not been received by the date specified in the Company's
        Officer's Certificate, a subsequent Company's Officer's Certificate shall
        be
        delivered by such date specified in the prior Company's Officer's Certificate,
        stating a revised date for receipt of documentation.  The procedure
        shall be repeated until the documents have been received and
        delivered.  If delivery is not completed within 180 days solely due to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, the Company shall
        continue to use its best efforts to effect delivery as soon as possible
        thereafter, provided that if such documents are not delivered by the 270th
        day
        from the date of the related Closing Date, the Company shall repurchase the
        related Mortgage Loans at the Repurchase Price in accordance with Section
        3.03
        hereof.

      

      The
        Company shall pay all initial
        recording fees, if any, for the assignments of mortgage and any other fees
        in
        connection with the transfer of all original documents to the Purchaser or
        its
        designee.  Company shall prepare, in recordable form, all assignments
        of mortgage necessary to assign the Mortgage Loans to Purchaser, or its
        designee.  Company shall be responsible for recording the assignments
        of mortgage.

      

      Company
        shall provide an original or
        duplicate original of the title insurance policy to Purchaser or its designee
        within ninety (90) days of the receipt of the recorded documents (required
        for
        issuance of such policy) from the applicable recording office.

      

      Any
        review by the Purchaser, or its
        designee, of the Mortgage Files shall in no way alter or reduce the Company's
        obligations hereunder.

      

      If
        the Purchaser or its designee
        discovers any defect with respect to a Mortgage File, the Purchaser shall,
        or
        shall cause its designee to, give written specification of such defect to
        the
        Company which may be given in the exception report or the certification
        delivered pursuant to this Section 2.07, or otherwise in writing and the
        Company
        shall cure or repurchase such Mortgage Loan in accordance with Section
        3.03.

      

      The
        Company shall forward to the
        Purchaser, or its designee, original documents evidencing an assumption,
        modification, consolidation or extension of any Mortgage Loan entered into
        in
        accordance with Section 4.01 or 6.01 within one week of their execution;
        provided, however, that the Company shall provide the Purchaser, or its
        designee, with a certified true copy of any such document submitted for
        recordation within one week of its execution, and shall provide the original
        of
        any document submitted for recordation or a copy of such document certified
        by
        the appropriate public recording office to be a true and complete copy of
        the
        original within sixty (60) days of its submission for recordation.

      

      From
        time to time the Company may have
        a need for Mortgage Loan Documents to be released from Purchaser, or its
        designee.  Purchaser shall, or shall cause its designee, upon the
        written request of the Company, within ten (10) Business Days, deliver to
        the
        Company, any requested documentation previously delivered to Purchaser as
        part
        of the Mortgage File, provided that such documentation is promptly returned
        to
        Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of
        Purchaser.  Company shall indemnify Purchaser, and its designee, from
        and against any and all losses, claims, damages, penalties, fines, forfeitures,
        costs and expenses (including court costs and reasonable attorney's fees)
        resulting from or related to the loss, damage, or misplacement of any
        documentation delivered to Company pursuant to this paragraph.

      

      Section
        2.08                                Quality
        Control Procedures.

      

      The
        Company must have an internal
        quality control program that verifies, on a regular basis, the existence
        and
        accuracy of the legal documents, credit documents, property appraisals, and
        underwriting decisions.  The program must be capable of evaluating and
        monitoring the overall quality of its loan production and servicing
        activities.  The program is to ensure that the Mortgage Loans are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

       

      
        Section
          2.09                                Near-term
          Principal Prepayments; Near Term Payment Defaults

         

      

                 In
        the event any Principal Prepayment is made by a Mortgagor on or prior to
        three
        months after the related Closing Date, the Company shall remit to the Purchaser
        an amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment.  Such
        remittance shall be made by the Company to Purchaser no later than the third
        Business Day following receipt of such Principal Prepayment by the
        Company.

      

                 In
        the event either of the first three (3) scheduled Monthly Payments which
        are due
        under any Mortgage Loan after the related Cut-off Date are not made during
        the
        month in which such Monthly Payments are due, then not later than five (5)
        Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
        option), the Company, shall repurchase such Mortgage Loan from the Purchaser
        pursuant to the repurchase provisions contained in this Subsection
        3.03.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01                                Representations
        and Warranties of the Company.

      

      The
        Company represents, warrants and
        covenants to the Purchaser that, as of the related Closing Date or as of
        such
        date specifically provided herein:

      

      (a)           The
        Company is an insured, state-chartered, non-member bank, duly organized,
        validly
        existing and in good standing under the laws of the State of North Carolina
        and
        has all licenses necessary to carry out its business as now being conducted,
        and
        is licensed and qualified to transact business in and is in good standing
        under
        the laws of each state in which any Mortgaged Property is located or is
        otherwise exempt under applicable law from such licensing or qualification
        or is
        otherwise not required under applicable law to effect such licensing or
        qualification and no demand for such licensing or qualification has been
        made
        upon such Company by any such state, and in any event such Company is in
        compliance with the laws of any such state to the extent necessary to ensure
        the
        enforceability of each Mortgage Loan and the servicing of the Mortgage Loans
        in
        accordance with the terms of this Agreement;

      

      (b)    The
        Company has the
        full power and authority and legal right to hold, transfer and convey each
        Mortgage Loan, to sell each Mortgage Loan and to execute, deliver and perform,
        and to enter into and consummate all transactions contemplated by this Agreement
        and the related Term Sheet and to conduct its business as presently conducted,
        has duly authorized the execution, delivery and performance of this Agreement
        and the related Term Sheet and any agreements contemplated hereby, has duly
        executed and delivered this Agreement and the related Term Sheet, and any
        agreements contemplated hereby, and this Agreement and the related Term Sheet
        and each Assignment to the Purchaser and any agreements contemplated hereby,
        constitutes a legal, valid and binding obligation of the Company, enforceable
        against it in accordance with its terms, and all requisite corporate action
        has
        been taken by the Company to make this Agreement and the related Term Sheet
        and
        all agreements contemplated hereby valid and binding upon the Company in
        accordance with their terms, except as enforceability thereof may be limited
        by
        bankruptcy, insolvency, reorganization, or other similar laws, now hereinafter
        in effect relating to creditor’s rights generally, and by general principles of
        equity regardless of whether enforceability is covered in a proceeding in
        equity
        or at law;

      

      (c)    Neither
        the execution
        and delivery of this Agreement and the related Term Sheet, nor the origination
        or purchase of the Mortgage Loans by the Company, the sale of the Mortgage
        Loans
        to the Purchaser, the consummation of the transactions contemplated hereby,
        or
        the fulfillment of or compliance with the terms and conditions of this Agreement
        and the related Term Sheet will conflict with any of the terms, conditions
        or
        provisions of the Company's charter or by-laws or materially conflict with
        or
        result in a material breach of any of the terms, conditions or provisions
        of any
        legal restriction or any agreement or instrument to which the Company is
        now a
        party or by which it is bound, or constitute a default or result in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Company
        or its
        properties are subject, or impair the ability of the Purchaser to realize
        on the
        Mortgage Loans.

      

      (d)    There
        is no
        litigation, suit, proceeding or investigation pending or, to the best of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)    No
        consent, approval,
        authorization or order of any court or governmental agency or body is required
        for the execution, delivery and performance by the Company of or compliance
        by
        the Company with this Agreement or the related Term Sheet, or the sale of
        the
        Mortgage Loans and delivery of the Mortgage Files to the Purchaser or the
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet, except for consents, approvals, authorizations and orders which
        have
        been obtained;

      

      (f)    The
        consummation of
        the transactions contemplated by this Agreement or the related Term Sheet
        is in
        the ordinary course of business of the Company and Company, and the transfer,
        assignment and conveyance of the Mortgage Notes and the Mortgages by the
        Company
        pursuant to this Agreement or the related Term Sheet are not subject to bulk
        transfer or any similar statutory provisions in effect in any applicable
        jurisdiction;

      

      (g)    The
        origination and
        servicing practices used by the Company and any prior originator or servicer
        with respect to each Mortgage Note and Mortgage have been legal and in
        accordance with applicable laws and regulations and the Mortgage Loan Documents,
        and in all material respects proper and prudent in the mortgage origination
        and
        servicing business.  Each Mortgage Loan has been serviced in all
        material respects with Accepted Servicing Practices.  With respect to
        escrow deposits and payments that the Company, on behalf of an investor,
        is
        entitled to collect, all such payments are in the possession of, or under
        the
        control of, the Company, and there exist no deficiencies in connection therewith
        for which customary arrangements for repayment thereof have not been
        made.  All escrow payments have been collected in full compliance with
        state and federal law and the provisions of the related Mortgage Note and
        Mortgage.  As to any Mortgage Loan that is the subject of an escrow,
        escrow of funds is not prohibited by applicable law and has been established
        in
        an amount sufficient to pay for every escrowed item that remains unpaid and
        has
        been assessed but is not yet due and payable.  No escrow deposits or
        other charges or payments due under the Mortgage Note have been capitalized
        under any Mortgage or the related Mortgage Note;

      

      (h)  
The
        Company used no selection
        procedures that identified the Mortgage Loans as being less desirable or
        valuable than other comparable mortgage loans in the Company's portfolio
        at the
        related Cut-off Date;

      

      (i)           The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes;

      

      (j)           Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans.  The Company is duly
        qualified, licensed, registered and otherwise authorized under all applicable
        federal, state and local laws, and regulations, if applicable, meets the
        minimum
        capital requirements set forth by the FDIC, and is in good standing to sell
        mortgage loans to and service mortgage loans for Fannie Mae and FHLMC and
        no
        event has occurred which would make Company unable to comply with eligibility
        requirements or which would require notification to either Fannie Mae or
        FHLMC;

      

      (k)           The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent.  The sale of the
        Mortgage Loans is not undertaken with the intent to hinder, delay or defraud
        any
        of the Company's creditors;

      

      (l)           No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)           The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions.

      

      (n)    Company
        has
        delivered to the Purchaser financial statements of its parent, for its last
        two
        complete fiscal years. All such financial information fairly presents the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto.  There
        has been no change in the servicing policies and procedures, business,
        operations, financial condition, properties or assets of the Company since
        the
        date of the Company’s financial information that would have a material adverse
        effect on its ability to perform its obligations under this
        Agreement;

       

      (o)   The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans;

      

      (p)    As
        of the
        date of each Securitization Transaction, and except as has been otherwise
        disclosed to the Purchaser, any Master Servicer and any Depositor: (1) no
        default or servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company; (2) no material
        noncompliance with applicable servicing criteria as to any other securitization
        has occurred, been disclosed or reported by the Company; (3) the Company
        has not
        been terminated as servicer in a residential mortgage loan securitization,
        either due to a servicing default or to application of a servicing performance
        test or trigger; (4) no material changes to the Company’s servicing policies and
        procedures for similar loans has occurred in the preceding three years; (5)
        there are no aspects of the Company’s financial condition that could have a
        material adverse impact on the performance by the Company of its obligations
        hereunder; (6) there are no legal proceedings pending, or known to be
        contemplated by governmental authorities, against the Company that could
        be
        material to investors in the securities issued in such Securitization
        Transaction; and (7) there are no affiliations, relationships or transactions
        relating to the Company of a type that are described under Item 1119 of
        Regulation AB;

      

      (q)    If
        so
        requested by the Purchaser or any Depositor on any date, the Company shall,
        within five Business Days following such request, confirm in writing the
        accuracy of the representations and warranties set forth in Section 3.01(p)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such request, provide reasonably adequate disclosure of the
        pertinent facts, in writing, to the requesting party;

      

      (r)    Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        each Subservicer and Third-Party Originator to) (i) immediately notify the
        Purchaser, any Master Servicer and any Depositor in writing of (A) any material
        litigation or governmental proceedings pending against the Company, any
        Subservicer or any Third-Party Originator, (B) any affiliations or relationships
        that develop following the closing date of a Securitization Transaction between
        the Company, any Subservicer or any Third-Party Originator and any of the
        parties specified in clause (7) of paragraph (p) of this Section (and any
        other
        parties identified in writing by the requesting party) with respect to such
        Securitization Transaction, (C) any Event of Default under the terms of this
        Agreement or any Reconstitution Agreement, (D) any merger,
        consolidation  or sale of substantially all of the assets of the
        Company, and (E) the Company’s entry into an agreement with a Subservicer to
        perform or assist in the performance of any of the Company’s obligations under
        this Agreement or any Reconstitution Agreement and (ii) provide to the Purchaser
        and any Depositor a description of such proceedings, affiliations or
        relationships.

      

      All
        notification pursuant to this Section 3.01(r) should be sent by e-mail
        transmission to regABnotifications@bear.com, and additionally as
        specified below.

      

      All
        notification pursuant to this Section 3.01(r), other than those pursuant
        to
        Section 3.01(r)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:  Conduit
        Seller Approval Dept.

      Facsimile:  (214)
        626-3751

      Email:  sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      Notifications
        pursuant to Section 3.01(r)(i)(A) should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:  Associate
        General Counsel for Loan Administration

      Facsimile:  (972)
        831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:  Conduit
        Seller Approval Dept.

      Facsimile:  (214)
        626-3751

      Email:  sellerapproval@bear.com

      

      (s)    As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Company or such Subservicer may be merged or consolidated,
        or
        (ii) which may be appointed as a successor to the Company or any Subservicer,
        the Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Purchaser, any Master
        Servicer and any Depositor of such succession or appointment and (y) in writing
        and in form and substance reasonably satisfactory to the Purchaser, any Master
        Servicer and such Depositor, all information reasonably requested by the
        Purchaser, any Master Servicer or any Depositor in order to comply with its
        reporting obligation under Item 6.02 of Form 8-K with respect to any class
        of
        asset-backed securities.

      

      Section
        3.02                                Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to
        percentages of Mortgage Loans refer in each case to the percentage of the
        aggregate Stated Principal Balance of the Mortgage Loans as of the related
        Cut-off Date, based on the outstanding Stated Principal Balances of the Mortgage
        Loans as of the related Cut-off Date, and giving effect to scheduled Monthly
        Payments due on or prior to the related Cut-off Date, whether or not received.
        References to percentages of Mortgaged Properties refer, in each case, to
        the
        percentages of expected aggregate Stated Principal Balances of the related
        Mortgage Loans (determined as described in the preceding sentence). The Company
        hereby represents and warrants to the Purchaser, as to each Mortgage Loan,
        as of
        the related Closing Date as follows:

      

                  (a)    The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b)           The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)    All
        payments due
        prior to the related Cut-off Date for such Mortgage Loan have been made as
        of
        the related Closing Date; the Mortgage Loan has not been dishonored; there
        are
        no material defaults under the terms of the Mortgage Loan; the Company has
        not
        advanced its own funds, or induced, solicited or knowingly received any advance
        of funds from a party other than the owner of the Mortgaged Property subject
        to
        the Mortgage, directly or indirectly, for the payment of any amount required by
        the Mortgage Loan.  As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system.  No payment under any Mortgage Loan is
        delinquent as of the related Closing Date nor has any scheduled
        payment  been  delinquent at any time during the twelve (12)
        months prior to the month of the related Closing Date.  For purposes
        of this paragraph, a Mortgage Loan will be deemed delinquent if any payment
        due
        thereunder was not paid by the Mortgagor in the month such payment was
        due;

      

      (d)    There
        are no defaults
        by Company in complying with the terms of the Mortgage, and all taxes,
        governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)    The
        terms of the
        Mortgage Note and the Mortgage have not been impaired, waived, altered or
        modified in any respect, except by written instruments which have been recorded
        to the extent any such recordation is required by law, or, necessary to protect
        the interest of the Purchaser. No instrument of waiver, alteration or
        modification has been executed except in connection with a modification
        agreement and which modification agreement is part of the Mortgage File and
        the
        terms of which are reflected in the related Mortgage Loan Schedule, and no
        Mortgagor has been released, in whole or in part, from the terms thereof
        except
        in connection with an assumption agreement and which assumption agreement
        is
        part of the Mortgage File and the terms of which are reflected in the related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy [, Lender Primary Mortgage Insurance Policy] and title
        insurance policy, to the extent required by the related policies;

      

      (f)    The
        Mortgage Note and
        the Mortgage are not subject to any right of rescission, set-off, counterclaim
        or defense, including, without limitation, the defense of usury, nor will
        the
        operation of any of the terms of the Mortgage Note or the Mortgage, or the
        exercise of any right thereunder, render the Mortgage Note or Mortgage
        unenforceable, in whole or in part, or subject to any right of rescission,
        set-off, counterclaim or defense, including the defense of usury, and no
        such
        right of rescission, set-off, counterclaim or defense has been asserted with
        respect thereto; and as of the related Closing Date the Mortgagor was not
        a
        debtor in any state or federal bankruptcy or insolvency proceeding;

      

      (g)    All
        buildings or
        other customarily insured improvements upon the Mortgaged Property are insured
        by a Qualified Insurer, against loss by fire, hazards of extended coverage
        and
        such other hazards as are provided for in the Fannie Mae or FHLMC Guide,
        as well
        as all additional requirements set forth in Section 4.10 of this Agreement.
        All
        such standard hazard policies are in full force and effect and contain a
        standard mortgagee clause naming the Company and its successors in interest
        and
        assigns as loss payee and such clause is still in effect and all premiums
        due
        thereon have been paid.  If required by the Flood Disaster Protection
        Act of 1973, as amended, the Mortgage Loan is covered by a flood insurance
        policy meeting the requirements of the current guidelines of the Federal
        Insurance Administration which policy conforms to Fannie Mae or FHLMC
        requirements, as well as all additional requirements set forth in Section
        4.10
        of this Agreement.  Such policy was issued by a Qualified
        Insurer.  The Mortgage obligates the Mortgagor thereunder to maintain
        all such insurance at the Mortgagor's cost and expense, and on the Mortgagor's
        failure to do so, authorizes the holder of the Mortgage to maintain such
        insurance at the Mortgagor's cost and expense and to seek reimbursement therefor
        from the Mortgagor. Neither the Company (nor any prior originator or servicer
        of
        any of the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which has impaired or would impair the coverage of any such policy, the benefits
        of the endorsement provided for herein, or the validity and binding effect
        of
        either;

      

      (h)    Each
        Mortgage Loan
        complies with, and the Company has complied with, applicable local, state
        and
        federal laws, regulations and other requirements including, without limitation,
        usury, equal credit opportunity, real estate settlement procedures, the Federal
        Truth-In-Lending Act, disclosure laws and all predatory and abusive lending
        laws
        and consummation of the transactions contemplated hereby, including without
        limitation, the receipt of interest by the owner of such Mortgage Loan, will
        not
        involve the violation of any such laws, rules or regulations.  None of
        the Mortgage Loans are (a) Mortgage Loans subject to 12 CFR Part 226.31,
        12 CFR
        Part 226.32 or 226.34 of Regulation Z, the regulation implementing TILA,
        which
        implements the Home Ownership and Equity Protection Act of 1994, as amended,
        or
        (b) except as may be provided in subparagraph (c) below, classified and/or
        defined, as a “high cost”, “threshold”, “predatory” “high risk home loan” or
“covered” loan (or a similarly classified loan using different terminology under
        a law imposing additional legal liability for mortgage loans having high
        interest rates, points and or/fees) under any other state, federal or local
        law
        including, but not limited to, the States of Georgia, New York, North Carolina,
        Arkansas, Kentucky or New Mexico, (c) Mortgage Loans subject to the New Jersey
        Home Ownership Security Act of 2002 (the “Act”), unless such Mortgage Loan is a
        (1) “Home Loan” as defined in the Act that is a first lien Mortgage Loan, which
        is not a “High Cost Home Loan” as defined in the Act or (2) “Covered Home Loan”
as defined in the Act that is a first lien purchase money Mortgage Loan,
        which
        is not a High Cost Home Loan under the Act, or (d) secured by Mortgaged Property
        in the Commonwealth of Massachusetts with a loan application date on or after
        November 7, 2004 that refinances a mortgage loan that is less than sixty
        (60)
        months old, unless such Mortgage Loan (1) is on an investment property, (ii)
        meets the requirements set forth in the Code of Massachusetts Regulation
        (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the requirements set forth in the
        209 CMR 53.04(1)(c).  In addition to and notwithstanding anything to
        the contrary herein, no Mortgage Loan for which the Mortgaged Property is
        located in New Jersey is a Home Loan as defined in the Act that was made,
        arranged, or assigned by a person selling either a manufactured home or home
        improvements to the Mortgaged Property or was made by an originator to whom
        the
        Mortgagor was referred by any such seller. Each Mortgage Loan is being (and
        has
        been) serviced in accordance with Accepted Servicing Practices and applicable
        state and federal laws, including, without limitation, the Federal
        Truth-In-Lending Act and other consumer protection laws, real estate settlement
        procedures, usury, equal credit opportunity and disclosure
        laws.  Company shall maintain in its possession, available for the
        Purchaser’s inspection, as appropriate, and shall deliver to the Purchaser or
        its designee upon demand, evidence of compliance with all such
        requirements;

      

      (i)    The
        Mortgage has not
        been satisfied, canceled or subordinated, in whole or in part, or rescinded,
        and
        the Mortgaged Property has not been released from the lien of the Mortgage,
        in
        whole or in part nor has any instrument been executed that would effect any
        such
        release, cancellation, subordination or rescission. The Company has not waived
        the performance by the Mortgagor of any action, if the Mortgagor’s failure to
        perform such action would cause the Mortgage Loan to be in default, nor has
        the
        Company waived any default resulting from any action or inaction by the
        Mortgagor;

      

      (j)           The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors.  The Mortgage and the Mortgage Note do not
        contain any evidence of any security interest or other interest or right
        thereto.  Such lien is free and clear of all adverse claims, liens and
        encumbrances having priority over the first lien of the Mortgage subject
        only to
        (1) the lien of non-delinquent current real property taxes and assessments
        not
        yet due and payable, (2) covenants, conditions and restrictions, rights of
        way,
        easements and other matters of the public record as of the date of recording
        which are acceptable to mortgage lending institutions generally and either
        (A)
        which are referred to in the lender’s title insurance policy delivered to the
        originator or otherwise considered in the appraisal made for the originator
        of
        the Mortgage Loan, or (B) which do not adversely affect the residential use
        or
        Appraised Value of the Mortgaged Property as set forth in such appraisal,
        and
        (3) other matters to which like properties are commonly subject which do
        not
        individually or in the aggregate materially interfere with the benefits of
        the
        security intended to be provided by the Mortgage or the use, enjoyment, value
        or
        marketability of the related Mortgaged Property.  Any security
        agreement, chattel mortgage or equivalent document related to and delivered
        in
        connection with the Mortgage Loan establishes and creates a valid, subsisting,
        enforceable and perfected first lien and first priority security interest
        on the
        property described therein, and the Company has the full right to sell and
        assign the same to the Purchaser;

      

      (k)    The
        Mortgage Note and
        the related Mortgage are original and genuine and each is the legal, valid
        and
        binding obligation of the maker thereof, enforceable in all respects in
        accordance with its terms subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors, and the Company has taken all action necessary to transfer such
        rights of enforceability to the Purchaser.  All parties to the
        Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage
        Loan and to execute and deliver the Mortgage Note and the
        Mortgage.  The Mortgage Loan Documents are on forms acceptable to
        Fannie Mae and FHLMC.  The Mortgage Note and the Mortgage have been
        duly and properly executed by such parties. No fraud, error, omission,
        misrepresentation, negligence or similar occurrence with respect to a Mortgage
        Loan has taken place on the part of Company or the Mortgagor, or on the part
        of
        any other party involved in the origination or servicing of the Mortgage
        Loan.  The proceeds of the Mortgage Loan have been fully disbursed and
        there is no requirement for future advances thereunder, and any and all
        requirements as to completion of any on-site or off-site improvements and
        as to
        disbursements of any escrow funds therefor have been complied
        with.  All costs, fees and expenses incurred in making or closing the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)    The
        Company is the
        sole owner and holder of the Mortgage Loan and the indebtedness evidenced
        by the
        Mortgage Note. Upon the sale of the Mortgage Loan to the Purchaser, the Company
        will retain the Mortgage File or any part thereof with respect thereto not
        delivered to the Purchaser or the Purchaser’s designee in trust only for the
        purpose of servicing and supervising the servicing of the Mortgage
        Loan.  Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest.  The Company intends to relinquish all rights to
        possess, control and monitor the Mortgage Loan, except for the purposes of
        servicing the Mortgage Loan as set forth in this Agreement.  After the
        related Closing Date, the Company will not have any right to modify or alter
        the
        terms of the sale of the Mortgage Loan and the Company will not have any
        obligation or right to repurchase the Mortgage Loan or substitute another
        Mortgage Loan, except as provided in this Agreement, or as otherwise agreed
        to
        by the Company and the Purchaser;

      

      (m)    Each
        Mortgage Loan is
        covered by an ALTA lender's title insurance policy or other generally acceptable
        form of policy or insurance acceptable to Fannie Mae or FHLMC (including
        adjustable rate endorsements), issued by a title insurer acceptable to Fannie
        Mae or FHLMC and qualified to do business in the jurisdiction where the
        Mortgaged Property is located, insuring (subject to the exceptions contained
        in
        (j)(1), (2) and (3) above) the Company, its successors and assigns, as to
        the
        first priority lien of the Mortgage in the original principal amount of the
        Mortgage Loan and against any loss by reason of the invalidity or
        unenforceability of the lien resulting from the provisions of the Mortgage
        providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment.  Where required by state law or regulation, the Mortgagor has
        been given the opportunity to choose the carrier of the required mortgage
        title
        insurance.  The Company, its successors and assigns, is the sole
        insured of such lender's title insurance policy, such title insurance policy
        has
        been duly and validly endorsed to the Purchaser or the assignment to the
        Purchaser of the Company's interest therein does not require the consent
        of or
        notification to the insurer and such lender's title insurance policy is in
        full
        force and effect and will be in full force and effect upon the consummation
        of
        the transactions contemplated by this Agreement.  No claims have been
        made under such lender's title insurance policy, and no prior holder or servicer
        of the related Mortgage, including the Company, nor any Mortgagor, has done,
        by
        act or omission, anything which would impair the coverage of such lender's
        title
        insurance policy;

      

      (n)    There
        is no default,
        breach, violation or event of acceleration existing under the Mortgage or
        the
        related Mortgage Note and no event which, with the passage of time or with
        notice and the expiration of any grace or cure period, would constitute a
        default, breach, violation or event permitting acceleration; and neither
        the
        Company, nor any prior mortgagee has waived any default, breach, violation
        or
        event permitting acceleration;

      

      (o)    There
        are no
        mechanics' or similar liens or claims which have been filed for work, labor
        or
        material (and no rights are outstanding that under law could give rise to
        such
        liens) affecting the related Mortgaged Property which are or may be liens
        prior
        to or equal to the lien of the related Mortgage;

      

      (p)    All
        improvements
        subject to the Mortgage which were considered in determining the appraised
        value
        of the Mortgaged Property lie wholly within the boundaries and building
        restriction lines of the Mortgaged Property (and wholly within the project
        with
        respect to a condominium unit) and no improvements on adjoining properties
        encroach upon the Mortgaged Property except those which are insured against
        by
        the title insurance policy referred to in clause (m) above and all improvements
        on the property comply with all applicable zoning and subdivision laws and
        ordinances;

      

      (q)    Each
        Mortgage Loan
        was originated by or for the Company pursuant to, and conforms with, the
        Company’s underwriting guidelines attached as Exhibit H hereto. The Mortgage
        Loan bears interest at an adjustable rate (if applicable) as set forth in
        the
        related Mortgage Loan Schedule, and Monthly Payments under the Mortgage Note
        are
        due and payable on the first day of each month.  The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)    The
        Mortgaged
        Property is not subject to any material damage.  At origination of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property.  The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)    The
        related Mortgage
        contains customary and enforceable provisions such as to render the rights
        and
        remedies of the holder thereof adequate for the realization against the
        Mortgaged Property of the benefits of the security provided thereby, including,
        (1) in the case of a Mortgage designated as a deed of trust, by trustee's
        sale,
        and (2) otherwise by judicial foreclosure.  There is no homestead or
        other exemption available to the Mortgagor which would interfere with the
        right
        to sell the Mortgaged Property at a trustee's sale or the right to foreclose
        the
        Mortgage;

      

      (t)    If
        the Mortgage
        constitutes a deed of trust, a trustee, authorized and duly qualified if
        required under applicable law to act as such, has been properly designated
        and
        currently so serves and is named in the Mortgage, and no fees or expenses,
        except as may be required by local law, are or will become payable by the
        Purchaser to the trustee under the deed of trust, except in connection with
        a
        trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)    The
        Mortgage File
        contains an appraisal of the related Mortgaged Property signed prior to the
        final approval of the mortgage loan application by a Qualified Appraiser,
        approved by the Company, who had no interest, direct or indirect, in the
        Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated.  The appraisal is
        in a form acceptable to Fannie Mae or FHLMC;

      

      (v)    All
        parties which
        have had any interest in the Mortgage, whether as mortgagee, assignee, pledgee
        or otherwise, are (or, during the period in which they held and disposed
        of such
        interest, were) (A) in compliance with any and all applicable licensing
        requirements of the laws of the state wherein the Mortgaged Property is located,
        and (B) (1) organized under the laws of such state, or (2) qualified to do
        business in such state, or (3) federal savings and loan associations or national
        banks or a Federal Home Loan Bank or savings bank having principal offices
        in
        such state, or (4) not doing business in such state;

      

      (w)    The
        related Mortgage
        Note is not and has not been secured by any collateral except the lien of
        the
        corresponding Mortgage and the security interest of any applicable security
        agreement or chattel mortgage referred to above and such collateral does
        not
        serve as security for any other obligation;

      

      (x)    The
        Mortgagor has
        received and has executed, where applicable, all disclosure materials required
        by applicable law with respect to the making of such mortgage
        loans;

      

      (y)    The
        Mortgage Loan
        does not contain balloon or "graduated payment" features;  No Mortgage
        Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)    The
        Mortgagor is not
        in bankruptcy and, the Mortgagor is not insolvent and the Company has no
        knowledge of any circumstances or conditions with respect to the Mortgage,
        the
        Mortgaged Property, the Mortgagor or the Mortgagor's credit standing that
        could
        reasonably be expected to cause investors to regard the Mortgage Loan as
        an
        unacceptable investment, cause the Mortgage Loan to become delinquent, or
        materially adversely affect the value or marketability of the Mortgage
        Loan;

      

      (aa)    Each
        Mortgage Loan
        bears interest based upon a thirty (30) day month and a three hundred and
        sixty
        (360) day year. The Mortgage Loans have an original term to maturity of not
        more
        than thirty (30) years, with interest payable in arrears on the first day
        of
        each month.  As to each adjustable rate Mortgage Loan, on each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable.  Over
        the term of each adjustable rate Mortgage Loan, the Mortgage Interest Rate
        will
        not exceed such Mortgage Loan's Lifetime Rate Cap.  None of the
        Mortgage Loans are “interest-only” Mortgage Loans or “negative amortization”
Mortgage Loans. With respect to each adjustable rate Mortgage Loan, each
        Mort­gage Note requires a monthly payment which is suffi­cient (a)
        during the period prior to the first adjust­ment to the Mortgage Interest
        Rate, to fully amortize the original principal balance over the original
        term
        thereof and to pay interest at the related Mortgage Interest Rate, and (b)
        during the period following each Adjust­ment Date, to fully amortize the
        outstanding principal balance as of the first day of such period over the
        then
        remaining term of such Mortgage Note and to pay interest at the related Mortgage
        Interest Rate. With respect to each adjustable rate Mortgage Loan, the Mortgage
        Note provides that when the Mortgage Interest Rate changes on an Adjustment
        Date, the then outstanding principal balance will be reamortized over the
        remaining life of the Mortgage Loan. No Mortgage Loan contains terms or
        provi­sions which would result in negative amortization.  None of
        the Mortgage Loans contain a conversion feature which would cause the Mortgage
        Loan interest rate to convert to a fixed interest rate.  None of the
        Mortgage Loans are considered agricultural loans;

      

      (bb)    (INTENTIONALLY
        LEFT
        BLANK)

      

      (cc)    (INTENTIONALLY
        LEFT
        BLANK)

      

      (dd)    (INTENTIONALLY
        LEFT
        BLANK)

      

      (ee)    (INTENTIONALLY
        LEFT
        BLANK)

      

      (ff)    (INTENTIONALLY
        LEFT
        BLANK)

      

      (gg)  
           (INTENTIONALLY LEFT
        BLANK)

      

      (hh)           In
        the event the Mortgage Loan had an LTV at origination greater than 80.00%,
        the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%.  All provisions of such
        Primary Mortgage Insurance Policy have been and are being complied with,
        such
        policy is in full force and effect, and all premiums due thereunder have
        been
        paid.  No Mortgage Loan requires payment of such premiums, in whole or
        in part, by the Purchaser.  No action, inaction, or event has occurred
        and no state of facts exists that has, or will result in the exclusion from,
        denial of, or defense to coverage.  Any Mortgage Loan subject to a
        Primary Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain
        the Primary Mortgage Insurance Policy, subject to state and federal law,
        and to
        pay all premiums and charges in connection therewith. No action has been
        taken
        or failed to be taken, on or prior to the Closing Date which has resulted
        or
        will result in an exclusion from, denial of, or defense to coverage under
        any
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage; The mortgage interest rate for the Mortgage Loan as
        set
        forth on the related Mortgage Loan Schedule is net of any such insurance
        premium.  Unless identified at the time of bid, none of the Mortgage
        Loans are subject to “lender-paid” mortgage insurance;

      

      (ii)           The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj)           None
        of the Mortgage Loans are secured by an interest in a leasehold
        estate.  The Mortgaged Property is located in the state identified in
        the related Mortgage Loan Schedule and consists of a single parcel of real
        property with a detached single family residence erected thereon, or a
        townhouse, or a two-to four-family dwelling, or an individual condominium
        unit
        in a condominium project, or an individual unit in a planned unit development
        or
        a de minimis planned unit development, provided, however, that no residence
        or
        dwelling is a single parcel of real property with a manufactured home not
        affixed to a permanent foundation, or a mobile home.  Any condominium
        unit or planned unit development conforms with the Company’s underwriting
        guidelines.  As of the date of origination, no portion of any
        Mortgaged Property was used for commercial purposes, and since the Origination
        Date, no portion of any Mortgaged Property has been, or currently is, used
        for
        commercial purposes;

      

      (kk)           Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan.  The Mortgage Note is
        payable on the first day of each month in monthly installments of principal
        and
        interest, which installments are subject to change due to the adjustments
        to the
        Mortgage Interest Rate on each Adjustment Date, with interest calculated
        and
        payable in arrears.  Each of the Mortgage Loans will amortize fully by
        the stated maturity date, over an original term of not more than thirty years
        from commencement of amortization;

      

      (ll)           As
        of the Closing Date of the Mortgage Loan, the Mortgage Property was lawfully
        occupied under applicable law, and all inspections, licenses and certificates
        required to be made or issued with respect to all occupied portions of the
        Mortgaged Property and, with respect to the use and occupancy of the same,
        including but not limited to certificates of occupancy and fire underwriting
        certificates, have been made or obtained from the appropriate
        authorities;

      

      (mm)            There
        is no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn)           The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)           No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp)           The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq)           None
        of the Mortgage Loans are Co-op Loans;

      

      (rr)           With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)           With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)    The
        Mortgage Loan was
        originated by a mortgagee approved by the Secretary of Housing and Urban
        Development pursuant to sections 203 and 211 of the National Housing Act,
        a
        savings and loan association, a savings bank, a commercial bank, credit union,
        insurance company or similar institution which is supervised and examined
        by a
        federal or state authority;

      

      (uu)     None
        of the Mortgage
        Loans are simple interest Mortgage Loans and none of the Mortgaged Properties
        are timeshares;

      

      (vv)     All
        of the
        terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien.  With respect to each Mortgage Loan
        which has passed its initial Adjustment Date, Company has performed an audit
        of
        the Mortgage Loan to determine whether all interest rate adjustments have
        been
        made in accordance with the terms of the Mortgage Note and
        Mortgage;

      

      (ww)     Each
        Mortgage Note,
        each Mortgage, each Assignment and any other documents required pursuant
        to this
        Agreement to be delivered to the Purchaser or its designee, or its assignee
        for
        each Mortgage Loan, have been, on or before the related Closing Date, delivered
        to the Purchaser or its designee, or its assignee;

      

      (xx)      There
        is no
        Mortgage Loan that was originated on or after October 1, 2002 and before
        March
        7, 2003, which is secured by property located in the State of
        Georgia;

      

      (yy)      No
        proceeds
        from any Mortgage Loan were used to finance single premium credit insurance
        policies;

      

      (zz)      No
        borrower was
        encouraged or required to select a Mortgage Loan product offered by the Mortgage
        Loan’s originator which is a higher cost product designed for less creditworthy
        borrowers, unless at the time of the Mortgage Loan’s origination, such borrower
        did not qualify taking into account credit history and debt-to-income ratios
        for
        a lower-cost credit product then offered by the Mortgage Loan’s originator or
        any affiliate of the Mortgage Loan’s originator.  If, at the time of
        loan application, the borrower may have qualified for a lower-cost credit
        product then offered by any mortgage lending affiliate of the Mortgage Loan’s
        originator, the Mortgage Loan’s originator referred the borrower’s application
        to such affiliate for underwriting consideration;

      

      (aaa)    The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension.  Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (bbb)    With
        respect
        to any Mortgage Loan that contains a provision permitting imposition of a
        premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the  Servicer shall not impose such prepayment
        premium in any instance when the mortgage debt is accelerated as the result
        of
        the borrower’s default in making the loan payments;

       

      (ccc)    No
        borrower
        was required to purchase any credit life, disability, accident or health
        insurance  product as a condition of obtaining the extension of
        credit.  No borrower obtained a prepaid single-premium credit life,
        disability, accident or health insurance  policy in connection with
        the origination of the Mortgage Loan; No proceeds from any Mortgage Loan
        were
        used to purchase single premium credit insurance policies as part of the
        origination of, or as a condition to closing, such Mortgage Loan;

       

      (ddd)   
The
        Company will transmit full-file credit reporting data for
        each Mortgage Loan pursuant to the Fannie Mae Selling Guide and that for
        each
        Mortgage Loan, the Company agrees it shall  report one of the
        following statuses each month as follows: new origination, current, delinquent
        (30-, 60-, 90-days, etc.), foreclosed, or charged-off,

       

      (eee)    Any
        Mortgage Loan
        with a Mortgaged Property in the State of Illinois complies with the Illinois
        Interest Act;

      

      (fff)    With
        respect to any
        Mortgage Loan originated on or after August 1, 2004 and underlying the security,
        neither the related Mortgage nor the related Mortgage Note requires the borrower
        to submit to arbitration to resolve any dispute arising out of or relating
        in
        any way to the mortgage loan transaction;

      

      (ggg)     No
        Mortgage Loan is
        secured by Mortgaged Property in the Commonwealth of Massachusetts with a
        loan
        application date on or after November 7, 2004 that refinances a mortgage
        loan
        that is less than sixty (60) months old, unless such Mortgage Loan (1) is
        on an
        investment property, (ii) meets the requirements set forth in the Code of
        Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or (iii) meets the
        requirements set forth in the 209 CMR 53.04(1)(c);

      

      (hhh)    The
        Company
        has complied with all applicable anti-money laundering laws and regulations,
        including without limitation the USA Patriot Act of 2001 (collectively, the
        Anti-Money Laundering Laws").  The Company has established an anti-money
        laundering compliance program as required by the Anti-Money Laundering Laws
        and has conducted the requisite due diligence in connection with the
        origination of each Mortgage Loan for the purposes of the Anti-Money Laundering
        Laws.  The Company further represents that it takes reasonable efforts
        to determine whether any Mortgagor appears on any list of blocked or
        prohibited parties designated by the U.S. Department of Treasury;
        and

      

      (iii)     With
        respect
        to each Mortgage Loan, information regarding the borrower credit files related
        to such Mortgage Loan has been furnished to credit reporting agencies in
        compliance with the provisions of the Fair Credit Reporting Act and the
        applicable implementing regulations.

      

      Section
        3.03                                Repurchase.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File.  Upon discovery by either
        the Company or the Purchaser of a breach of any of the foregoing representations
        and warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the
        other.  The Company shall have a period of sixty (60) days from the
        earlier of its discovery or its receipt of notice of any such breach within
        which to correct or cure such breach.  The Company hereby covenants
        and agrees that if any such breach is not corrected or cured within such
        sixty
        day period, the Company shall, at the Purchaser's option and not later than
        ninety (90) days of its discovery or its receipt of notice of such breach,
        repurchase such Mortgage Loan at the Repurchase Price.  In the event
        that any such breach shall involve any representation or warranty set forth
        in
        Section 3.01, and such breach is not cured within sixty (60) days of the
        earlier
        of either discovery by or notice to the Company of such breach, all Mortgage
        Loans shall, at the option of the Purchaser, be repurchased by the Company
        at
        the Repurchase Price.  Any such repurchase shall be accomplished by
        wire transfer of immediately available funds to Purchaser in the amount of
        the
        Repurchase Price. Notwithstanding anything to the contrary contained herein,
        it
        is understood by the parties hereto that a breach of the representations
        made in
        Section 3.02 (h ), (xx), (yy), (zz), (aaa), (bbb), (ccc), (fff), (ggg) or
        (hhh) will be deemed to materially and adversely affect the value of the
        related
        Mortgage Loan or the interest of Purchaser therein.

      

      It
        is understood and agreed that the
        obligation of the Company set forth in this Section 3.03 to cure or repurchase
        for a defective Mortgage Loan, and to indemnify Purchaser pursuant to Section
        8.01, constitute the sole remedies of the Purchaser respecting a breach of
        the
        foregoing representations and warranties.  If the Company fails to
        repurchase a defective Mortgage Loan in accordance with this Section 3.03,
        or
        fails to cure a defective Mortgage Loan to Purchaser's reasonable satisfaction
        in accordance with this Section 3.03, or to indemnify Purchaser pursuant
        to
        Section 8.01, that failure shall be an Event of Default and the Purchaser
        shall
        be entitled to pursue all remedies available in this Agreement as a result
        thereof.  No provision of this paragraph shall affect the rights of
        the Purchaser to terminate this Agreement for cause, as set forth in Sections
        10.01 and 11.01.

      

      Any
        cause of action against the Company
        relating to or arising out of the breach of any representations and warranties
        made in Sections 3.01 and 3.02 shall accrue as to any Mortgage Loan upon
        (i) the
        earlier of discovery of such breach by the Company or notice thereof by the
        Purchaser to the Company, (ii) failure by the Company to cure such breach
        or
        repurchase such Mortgage Loan as specified above, and (iii) demand upon the
        Company by the Purchaser for compliance with this Agreement.

      

      Section
        3.04                                Representations
        and Warranties of the Purchaser.

      

      The
        Purchaser represents, warrants and
        convenants to the Company that, as of the related Closing Date or as of such
        date specifically provided herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c)           None
        of the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Purchaser is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Purchaser or its property is subject;

      

      (d)           There
        is no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e)           No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f)           The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h)           The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i)           The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the
        Company and hold it harmless against any claims, proceedings, losses, damages,
        penalties, fines, forfeitures, reasonable and necessary legal fees and related
        costs, judgments, and other costs and expenses resulting from a breach by
        the
        Purchaser of the representations and warranties contained in this Section
        3.04.  It is understood and agreed that the obligations of the
        Purchaser set forth in this Section 3.04 to indemnify the Company as provided
        herein constitute the sole remedies of the Company respecting a breach of
        the
        foregoing representations and warranties.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01                                Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account.  In addition, the
        Company
        shall furnish information regarding the borrower credit files related to
        such
        Mortgage Loan to credit reporting agencies in compliance with the provisions
        of
        the Fair Credit Reporting Act and the applicable implementing
        regulations.  Except as set forth in this Agreement and the
        related Term Sheet, the Company shall service the Mortgage Loans in strict
        compliance with the servicing provisions of the Fannie Mae Guides (special
        servicing option), which include, but are not limited to, provisions regarding
        the liquidation of Mortgage Loans, the collection of Mortgage Loan payments,
        the
        payment of taxes, insurance and other charges, the maintenance of hazard
        insurance with a Qualified Insurer, the maintenance of mortgage impairment
        insurance, the maintenance of fidelity bond and errors and omissions insurance,
        inspections, the restoration of Mortgaged Property, the maintenance of Primary
        Mortgage Insurance Policies, insurance claims, the title, management and
        disposition of REO Property, permitted withdrawals with respect to REO Property,
        liquidation reports, and reports of foreclosures and abandonments of Mortgaged
        Property, the transfer of Mortgaged Property, the release of Mortgage Files,
        annual statements, and examination of records and facilities.  In the
        event of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and the related Term Sheet and any of the servicing
        provisions of the Fannie Mae Guides, the provisions of this Agreement and
        the
        related Term Sheet shall control and be binding upon the Purchaser and the
        Company.

      

      Consistent
        with the terms of this
        Agreement and the related Term Sheet, the Company may waive, modify or vary
        any
        term of any Mortgage Loan or consent to the postponement of any such term
        or in
        any manner grant indulgence to any Mortgagor if in the Company's reasonable
        and
        prudent determination such waiver, modification, postponement or indulgence
        is
        not materially adverse to the Purchaser, provided, however, that unless the
        Company has obtained the prior written consent of the Purchaser, the Company
        shall not permit any modification with respect to any Mortgage Loan that
        would
        change the Mortgage Interest Rate, defer for more than ninety days or forgive
        any payment of principal or interest, reduce or increase the outstanding
        principal balance (except for actual payments of principal) or change the
        final
        maturity date on such Mortgage Loan.  In the event of any such
        modification which has been agreed to in writing by the Purchaser and which
        permits the deferral of interest or principal payments on any Mortgage Loan,
        the
        Company shall, on the Business Day immediately preceding the Remittance Date
        in
        any month in which any such principal or interest payment has been deferred,
        deposit in the Custodial Account from its own funds, in accordance with Section
        4.04, the difference between (a) such month's principal and one month's interest
        at the Mortgage Loan Remittance Rate on the unpaid principal balance of such
        Mortgage Loan and (b) the amount paid by the Mortgagor.  The Company
        shall be entitled to reimbursement for such advances to the same extent as
        for
        all other advances pursuant to Section 4.05.  Without limiting the
        generality of the foregoing, the Company shall continue, and is hereby
        authorized and empowered, to prepare, execute and deliver, all instruments
        of
        satisfaction or cancellation, or of partial or full release, discharge and
        all
        other comparable instruments, with respect to the Mortgage Loans and with
        respect to the Mortgaged Properties. Notwithstanding anything herein to the
        contrary, the Company may not enter into a forbearance agreement or similar
        arrangement with respect to any Mortgage Loan which runs more than 180 days
        after the first delinquent Due Date.  Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        [insurer and Lender Primary Mortgage Insurance Policy] insurer, if
        required.

      

      Notwithstanding
        anything in this
        Agreement to the contrary, if any Mortgage Loan becomes subject to a
        Securitization Transaction, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC 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.

      

      Prior
        to taking any action with respect
        to the Mortgage Loans subject to a Securitization Transaction, which is not
        contemplated under the terms of this Agreement, the Company will obtain an
        Opinion of Counsel acceptable to the trustee in such Securitization Transaction
        with respect to whether such action could result in the imposition of a tax
        upon
        any REMIC (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”), and the Company shall not take any such actions as to which it
        has been advised that an Adverse REMIC Event could occur.

      

      The
        Company shall not permit the
        creation of any “interests” (within the meaning of Section 860G of the Code) in
        any REMIC.  The Company shall not enter into any arrangement by which
        a REMIC will receive a fee or other compensation for services nor permit
        a 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.

      

      In
        servicing and administering the
        Mortgage Loans, the Company shall employ Accepted Servicing Practices, giving
        due consideration to the Purchaser's reliance on the Company. Unless a different
        time period is stated in this Agreement or the related Term Sheet, Purchaser
        shall be deemed to have given consent in connection with a particular matter
        if
        Purchaser does not affirmatively grant or deny consent within five (5) Business
        Days from the date Purchaser receives a second written request for consent
        for
        such matter from Company as servicer.

      

      The
        Mortgage Loans may be subserviced
        by a Subservicer on behalf of the Company provided that the Subservicer is
        an
        entity that engages in the business of servicing loans, and in either case
        shall
        be authorized to transact business, and licensed to service mortgage loans,
        in
        the state or states where the related Mortgaged Properties it is to service
        are
        situated, if and to the extent required by applicable law to enable the
        Subservicer to perform its obligations hereunder and under the Subservicing
        Agreement, and in either case shall be a FHLMC or Fannie Mae approved mortgage
        servicer in good standing, and no event has occurred, including but not limited
        to a change in insurance coverage, which would make it unable to comply with
        the
        eligibility requirements for lenders imposed by Fannie Mae or for
        seller/servicers imposed by Fannie Mae or FHLMC, or which would require
        notification to Fannie Mae or FHLMC.  In addition, each Subservicer
        will obtain and preserve its qualifications to do business as a foreign
        corporation and its licenses to service mortgage loans, in each jurisdiction
        in
        which such qualifications and/or licenses are or shall be necessary to protect
        the validity and enforceability of this Agreement, or any of the Mortgage
        Loans
        and to perform or cause to be performed its duties under the related
        Subservicing Agreement.  The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company.  The Company shall pay all fees and expenses of the
        Subservicer from its own funds, and the Subservicer's fee shall not exceed
        the
        Servicing Fee.  Company shall notify Purchaser promptly in writing
        upon the appointment of any Subservicer.

      

      At
        the cost and expense of the Company,
        without any right of reimbursement from the Custodial Account, the Company
        shall
        be entitled to terminate the rights and responsibilities of the Subservicer
        and
        arrange for any servicing responsibilities to be performed by a successor
        subservicer meeting the requirements in the preceding paragraph, provided,
        however, that nothing contained herein shall be deemed to prevent or prohibit
        the Company, at the Company's option, from electing to service the related
        Mortgage Loans itself.  In the event that the Company's
        responsibilities and duties under this Agreement are terminated pursuant
        to
        Section 4.13, 8.04, 9.01 or 10.01 and if requested to do so by the Purchaser,
        the Company shall at its own cost and expense terminate the rights and
        responsibilities of the Subservicer effective as of the date of termination
        of
        the Company.  The Company shall pay all fees, expenses or penalties
        necessary in order to terminate the rights and responsibilities of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions
        of this Agreement relating to agreements or arrangements between the Company
        and
        the Subservicer or any reference herein to actions taken through the Subservicer
        or otherwise, the Company shall not be relieved of its obligations to the
        Purchaser and shall be obligated to the same extent and under the same terms
        and
        conditions as if it alone were servicing and administering the Mortgage
        Loans.  The Company shall be entitled to enter into an agreement with
        the Subservicer for indemnification of the Company by the Subservicer and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification.  The Company will indemnify and hold Purchaser
        harmless from any loss, liability or expense arising out of its use of a
        Subservicer to perform any of its servicing duties, responsibilities and
        obligations hereunder.

      

      Any
        Subservicing Agreement and any
        other transactions or services relating to the Mortgage Loans involving the
        Subservicer shall be deemed to be between the Subservicer and Company alone,
        and
        the Purchaser shall have no obligations, duties or liabilities with respect
        to
        the Subservicer including no obligation, duty or liability of Purchaser to
        pay
        the Subservicer's fees and expenses. For purposes of distributions and advances
        by the Company pursuant to this Agreement, the Company shall be deemed to
        have
        received a payment on a Mortgage Loan when the Subservicer has received such
        payment.

      

      Section
        4.02                                Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until
        the date each Mortgage Loan ceases to be subject to this Agreement, the Company
        will proceed diligently to collect all payments due under each Mortgage Loan
        when the same shall become due and payable and shall, to the extent such
        procedures shall be consistent with this Agreement, Accepted Servicing
        Practices, and the terms and provisions of any related Primary Mortgage
        Insurance Policy [and Lender Primary Mortgage Insurance Policy], follow such
        collection procedures as it follows with respect to mortgage loans comparable
        to
        the Mortgage Loans and held for its own account.  Further, the Company
        will take special care in ascertaining and estimating annual escrow payments,
        and all other charges that, as provided in the Mortgage, will become due
        and
        payable, so that the installments payable by the Mortgagors will be sufficient
        to pay such charges as and when they become due and payable.

      

      The
        Company shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Company, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan.  If a Prepayment Charge is waived, but does
        not meet the standards described above, then the Company is required to pay
        the
        amount of such waived Prepayment Charge by remitting such amount to the
        Purchaser by the Remittance Date.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Section
        4.03                                Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies [and
        Lender Primary Mortgage Insurance Policies] and the best interest of Purchaser,
        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 4.01.  In determining
        the
        delinquency status of any Mortgage Loan, the Company will use Delinquency
        Recognition Policies, and shall revise these policies as reasonably requested
        by
        the Purchaser from time to time.  Foreclosure or comparable
        proceedings shall be initiated within ninety (90) days of default for Mortgaged
        Properties for which no satisfactory arrangements can be made for collection
        of
        delinquent payments, subject to state and federal law and
        regulation.  The Company shall use its best efforts to realize upon
        defaulted Mortgage Loans in such manner as will maximize the receipt of
        principal and interest by the Purchaser, taking into account, among other
        things, the timing of foreclosure proceedings.  The foregoing is
        subject to the provisions that, in any case in which a Mortgaged Property
        shall
        have suffered damage, the Company shall not be required to expend its own
        funds
        toward the restoration of such property unless it shall determine in its
        discretion (i) that such restoration will increase the proceeds of liquidation
        of the related Mortgage Loan to the Purchaser after reimbursement to itself
        for
        such expenses, and (ii) that such expenses will be recoverable by the Company
        through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
        Property, as contemplated in Section 4.05.  Company shall obtain prior
        approval of Purchaser as to repair or restoration expenses in excess of ten
        thousand dollars ($10,000).  The Company shall notify the Purchaser in
        writing of the commencement of foreclosure proceedings and not less than
        5 days
        prior to the acceptance or rejection of any offer of
        reinstatement.  The Company shall be responsible for all costs and
        expenses incurred by it in any such proceedings or functions; provided, however,
        that it shall be entitled to reimbursement thereof from the related property,
        as
        contemplated in Section 4.05.  Notwithstanding anything to the
        contrary contained herein, in connection with a foreclosure or acceptance
        of a
        deed in lieu of foreclosure, in the event the Company has reasonable cause
        to
        believe that a Mortgaged Property is contaminated by hazardous or toxic
        substances or wastes, or if the Purchaser otherwise requests an environmental
        inspection or review of such Mortgaged Property, such an inspection or review
        is
        to be conducted by a qualified inspector at the Purchaser's
        expense.  Upon completion of the inspection, the Company shall
        promptly provide the Purchaser with a written report of the environmental
        inspection.  After reviewing the environmental inspection report, the
        Purchaser shall determine how the Company shall proceed with respect to the
        Mortgaged Property.

      

      Notwithstanding
        anything to the
        contrary contained herein, the Purchaser may, at the Purchaser's sole option,
        terminate the Company as servicer of any Mortgage Loan which becomes ninety
        (90)
        days or greater delinquent in payment of a scheduled Monthly Payment, without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed Monthly Advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section
        4.05.  In the event of any such termination, the provisions of Section
        11.01 hereof shall apply to said termination and the transfer of servicing
        responsibilities with respect to such delinquent Mortgage Loan to the Purchaser
        or its designee.

      

      In
        the event that a Mortgage Loan
        becomes part of a REMIC, and becomes REO Property, such property shall be
        disposed of by the Company, with the consent of Purchaser as required pursuant
        to this Agreement, before the close of the third taxable year following the
        taxable year in which the Mortgage Loan became an REO Property, unless the
        Company provides to the trustee under such REMIC an opinion of counsel to
        the
        effect that the holding of such REO Property subsequent to the close of the
        third taxable year following the taxable year in which the Mortgage Loan
        became
        an REO Property, will not result in the imposition of taxes on "prohibited
        transactions" as defined in Section 860F of the Code, or cause the transaction
        to fail to qualify as a REMIC at any time that certificates are
        outstanding.  Company shall manage, conserve, protect and operate each
        such REO Property for the certificateholders solely for the purpose of its
        prompt disposition and sale in a manner which does not cause such property
        to
        fail to qualify as "foreclosure property" within the meaning of Section
        860F(a)(2)(E) of the Code, or any "net income from foreclosure property"
        which
        is subject to taxation under the REMIC provisions of the
        Code.  Pursuant to its efforts to sell such property, the Company
        shall either itself or through an agent selected by Company, protect and
        conserve such property in the same manner and to such an extent as is customary
        in the locality where such property is located.  Additionally, Company
        shall perform the tax withholding and reporting related to Sections 1445
        and
        6050J of the Code.

      

      Section
        4.04                                Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold
        all funds collected and received pursuant to each Mortgage Loan separate
        and
        apart from any of its own funds and general assets and shall establish and
        maintain one or more Custodial Accounts.  The Custodial Account shall
        be an Eligible Account.  Funds shall be deposited in the Custodial
        Account within 24 hours of receipt, and shall at all times be insured by
        the
        FDIC up to the FDIC insurance limits, or must be invested in Permitted
        Investments for the benefit of the Purchaser. Funds deposited in the Custodial
        Account may be drawn on by the Company in accordance with Section
        4.05.  The creation of any Custodial Account shall be evidenced by a
        letter agreement in the form shown in Exhibit B hereto.  The original
        of such letter agreement shall be furnished to the Purchaser on the Closing
        Date, and upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the
        Custodial Account on a daily basis, and retain therein the following payments
        and collections received or made by it subsequent to the Cut-off Date, or
        received by it prior to the Cut-off Date but allocable to a period subsequent
        thereto, other than in respect of principal and interest on the Mortgage
        Loans
        due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)           all
        Liquidation Proceeds;

      

      (iv)           any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)           all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)           all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)           any
        Monthly Advances;

      

      (viii)                      with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)           any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)           any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit
        in the Custodial Account shall be exclusive, it being understood and agreed
        that, without limiting the generality of the foregoing, payments in the nature
        of late payment charges and assumption fees, to the extent permitted by Section
        6.01, need not be deposited by the Company in the Custodial
        Account.  Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

       

      Section
        4.05                                Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time,
        withdraw from the Custodial Account for the following purposes:

      

      (i)           to
        make payments to the Purchaser in the amounts and in the manner provided
        for in
        Section 5.01;

      

      (ii)           to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)           to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property;

      

      (iv)           to
        pay to itself as part of its servicing compensation (a) any interest earned
        on
        funds in the Custodial Account (all such interest to be withdrawn monthly
        not
        later than each Remittance Date), and (b) the Servicing Fee from that portion
        of
        any payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v)           to
        pay to itself with respect to each Mortgage Loan that has been repurchased
        pursuant to Section 3.03 all amounts received thereon and not distributed
        as of
        the date on which the related repurchase price is determined,

      

      (vi)           to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii)           to
        remove funds inadvertently placed in the Custodial Account by the
        Company;

      

      (vi)           to
        clear and terminate the Custodial Account upon the termination of this
        Agreement; and

      

      (vii) 
          to
        reimburse itself for Nonrecoverable Advances to the extent not reimbursed
        pursuant to clause (ii) or clause (iii).

      

      Section
        4.06                                Establishment
        of Escrow Accounts;Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold
        all funds collected and received pursuant to each Mortgage Loan which constitute
        Escrow Payments separate and apart from any of its own funds and general
        assets
        and shall establish and maintain one or more Escrow Accounts.  The
        Escrow Account shall be an Eligible Account.  Funds deposited in each
        Escrow Account shall at all times be insured in a manner to provide maximum
        insurance under the insurance limitations of the FDIC, or must be invested
        in
        Permitted Investments. Funds deposited in
        the
        Escrow Account may be drawn on by the Company in accordance with Section
        4.07.  The creation of any Escrow Account shall be evidenced by a
        letter agreement in the form shown in Exhibit C.  The original of such
        letter agreement shall be furnished to the Purchaser on the Closing Date,
        and
        upon request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow
        Account or Accounts on a daily basis, and retain therein:

      

      (i)           all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii)           all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii)           all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07.  The Company
        shall be entitled to retain any interest paid on funds deposited in the Escrow
        Account by the depository institution other than interest on escrowed funds
        required by law to be paid to the Mortgagor and, to the extent required by
        law,
        the Company shall pay interest on escrowed funds to the Mortgagor
        notwithstanding that the Escrow Account is non-interest bearing or that interest
        paid thereon is insufficient for such purposes. The Purchaser shall
        not be
        responsible for any losses suffered with respect to investment of funds in
        the
        Escrow Account.

       

      Section
        4.07                                Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may
        be made by Company only:

      

      (i)           to
        effect timely payments of ground rents, taxes, assessments, water rates,
        Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii)           to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii)           to
        refund to the Mortgagor any funds as may be determined to be
        overages;

      

      (iv)           for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v)           for
        application to restoration or repair of the Mortgaged Property;

      

      (vi)           to
        pay to the Company, or to the Mortgagor to the extent required by law, any
        interest paid on the funds deposited in the Escrow Account;

      

      (vii)           to
        clear and terminate the Escrow Account on the termination of this
        Agreement.  As part of its servicing duties, the Company shall pay to
        the Mortgagors interest on funds in Escrow Account, to the extent required
        by
        law, and to the extent that interest earned on funds in the Escrow Account
        is
        insufficient, shall pay such interest from its own funds, without any
        reimbursement therefor; and

      

      (viii)           to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08                                Payment
        of Taxes, Insurance and OtherCharges; Maintenance of Primary
        MortgageInsurance Policies; Collections Thereunder.

      

      With
        respect to each Mortgage Loan, the
        Company shall maintain accurate records reflecting the status of ground rents,
        taxes, assessments, water rates and other charges which are or may become
        a lien
        upon the Mortgaged Property and the status of primary mortgage insurance
        premiums and fire and hazard insurance coverage and shall obtain, from time
        to
        time, all bills for the payment of such charges, including renewal premiums
        and
        shall effect payment thereof prior to the applicable penalty or termination
        date
        and at a time appropriate for securing maximum discounts allowable, employing
        for such purpose deposits of the Mortgagor in the Escrow Account which shall
        have been estimated and accumulated by the Company in amounts sufficient
        for
        such purposes, as allowed under the terms of the Mortgage or applicable
        law.  To the extent that the Mortgage does not provide for Escrow
        Payments, the Company shall determine that any such payments are made by
        the
        Mortgagor at the time they first become due.  The Company assumes full
        responsibility for the timely payment of all such bills and shall effect
        timely
        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
        advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force
        and effect Primary Mortgage Insurance Policies [or Lender Primary Mortgage
        Insurance Policies] issued by a Qualified Insurer with respect to each Mortgage
        Loan for which such coverage is herein required.  Such coverage will
        be terminated only with the approval of Purchaser, or as required by applicable
        law or regulation. The Company will not cancel or refuse to renew any Primary
        Mortgage Insurance Policy [or Lender Primary Mortgage Insurance Policy] in
        effect on the Closing Date that is required to be kept in force under this
        Agreement unless a replacement Primary Mortgage Insurance Policy [or Lender
        Primary Mortgage Insurance Policy] for such canceled or nonrenewed policy
        is
        obtained from and maintained with a Qualified Insurer.  The Company
        shall not take any action which would result in non-coverage under any
        applicable Primary Mortgage Insurance Policy [or Lender Primary Mortgage
        Insurance Policy] of any loss which, but for the actions of the Company would
        have been covered thereunder.  In connection with any assumption or
        substitution agreement entered into or to be entered into pursuant to Section
        6.01, the Company shall promptly notify the insurer under the related Primary
        Mortgage Insurance Policy [or Lender Primary Mortgage Insurance Policy],
        if any,
        of such assumption or substitution of liability in accordance with the terms
        of
        such policy and shall take all actions which may be required by such insurer
        as
        a condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy [or Lender Primary Mortgage Insurance Policy].  If such Primary
        Mortgage Insurance Policy [or Lender Primary Mortgage Insurance Policy] is
        terminated as a result of such assumption or substitution of liability, the
        Company shall obtain a replacement Primary Mortgage Insurance Policy [or
        Lender
        Primary Mortgage Insurance Policy] as provided above.

      

      In
        connection with its activities as
        servicer, the Company agrees to prepare and present, on behalf of itself
        and the
        Purchaser, claims to the insurer under any Private Mortgage Insurance Policy
        in
        a timely fashion in accordance with the terms of such Primary Mortgage Insurance
        Policy [or Lender Primary Mortgage Insurance Policy] and, in this regard,
        to
        take such action as shall be necessary to permit recovery under any Primary
        Mortgage Insurance Policy [or Lender Primary Mortgage Insurance Policy]
        respecting a defaulted Mortgage Loan.  Pursuant to Section 4.04, any
        amounts collected by the Company under any Primary Mortgage Insurance Policy
        [or
        Lender Primary Mortgage Insurance Policy] shall be deposited in the Custodial
        Account, subject to withdrawal pursuant to Section 4.05.

      

      Section
        4.09                                Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial
        Account or the Escrow Account to a different Eligible Account from time to
        time.  Such transfer shall be made only upon obtaining the prior
        written consent of the Purchaser, which consent will not be unreasonably
        withheld.

      

      Section
        4.10                                Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be
        maintained for each Mortgage Loan fire and hazard insurance with extended
        coverage as is acceptable to Fannie Mae or FHLMC and customary in the area
        where
        the Mortgaged Property is located in an amount which is equal to the lesser
        of
        (i) the maximum insurable value of the improvements securing such Mortgage
        Loan
        or (ii) the greater of (a) the outstanding principal balance of the Mortgage
        Loan, and (b) an amount such that the proceeds thereof shall be sufficient
        to
        prevent the Mortgagor and/or the mortgagee from becoming a
        co-insurer.  If required by the Flood Disaster Protection Act of 1973,
        as amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended.  If at any time during the term of the Mortgage
        Loan, the Company determines in accordance with applicable law and pursuant
        to
        the Fannie Mae Guides that a Mortgaged Property is located in a special flood
        hazard area and is not covered by flood insurance or is covered in an amount
        less than the amount required by the Flood Disaster Protection Act of 1973,
        as
        amended, the Company shall notify the related Mortgagor that the Mortgagor
        must
        obtain such flood insurance coverage, and if said Mortgagor fails to obtain
        the
        required flood insurance coverage within forty-five (45) days after such
        notification, the Company shall immediately force place the required flood
        insurance on the Mortgagor’s behalf. The Company shall also maintain on each REO
        Property, fire and hazard insurance with extended coverage in an amount which
        is
        at least equal to the maximum insurable value of the improvements which are
        a
        part of such property, and, to the extent required and available under the
        Flood
        Disaster Protection Act of 1973, as amended, flood insurance in an amount
        as
        provided above.  Any amounts collected by the Company under any such
        policies other than amounts to be deposited in the Escrow Account and applied
        to
        the restoration or repair of the Mortgaged Property or REO Property, or released
        to the Mortgagor in accordance with Accepted Servicing Practices, shall be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.  It is understood and agreed that no other additional insurance
        need be required by the Company of the Mortgagor or maintained on property
        acquired in respect of the Mortgage Loan, other than pursuant to this Agreement,
        the Fannie Mae Guides or such applicable state or federal laws and regulations
        as shall at any time be in force and as shall require such additional
        insurance.  All such policies shall be endorsed with standard
        mortgagee clauses with loss payable to the Company and its successors and/or
        assigns and shall provide for at least thirty days prior written notice of
        any
        cancellation, reduction in the amount or material change in coverage to the
        Company.  The Company shall not interfere with the Mortgagor's freedom
        of choice in selecting either his insurance carrier or agent, provided, however,
        that the Company shall not accept any such insurance policies from insurance
        companies unless such companies are Qualified Insurers.

      

      Section
        4.11                                Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the event that the Company shall
        obtain and maintain a blanket policy issued by a Qualified Insurer insuring
        against hazard losses on all of the Mortgage Loans, then, to the extent such
        policy provides coverage in an amount equal to the amount required pursuant
        to
        Section 4.10 and otherwise complies with all other requirements of Section
        4.10,
        it shall conclusively be deemed to have satisfied its obligations as set
        forth
        in Section 4.10, it being understood and agreed that such policy may contain
        a
        deductible clause, in which case the Company shall, in the event that there
        shall not have been maintained on the related Mortgaged Property or REO Property
        a policy complying with Section 4.10, and there shall have been a loss which
        would have been covered by such policy, deposit in the Custodial Account
        the
        amount not otherwise payable under the blanket policy because of such deductible
        clause.  In connection with its activities as servicer of the Mortgage
        Loans, the Company agrees to prepare and present, on behalf of the Purchaser,
        claims under any such blanket policy in a timely fashion in accordance with
        the
        terms of such policy.  Upon request of the Purchaser, the Company
        shall cause to be delivered to the Purchaser a certified true copy of such
        policy and shall use its best efforts to obtain a statement from the insurer
        thereunder that such policy shall in no event be terminated or materially
        modified without thirty (30) days' prior written notice to the
        Purchaser.

      

      Section
        4.12                                Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own
        expense, a blanket fidelity bond and an errors and omissions insurance policy,
        with broad coverage with responsible companies on all officers, employees
        or
        other persons acting in any capacity with regard to the Mortgage Loan to
        handle
        funds, money, documents and papers relating to the Mortgage Loan.  The
        Fidelity Bond shall be in the form of the Mortgage Banker's Blanket Bond
        and
        shall protect and insure the Company against losses, including forgery, theft,
        embezzlement and fraud of such persons.  The errors and omissions
        insurance shall protect and insure the Company against losses arising out
        of
        errors and omissions and negligent acts of such persons. Such errors and
        omissions insurance shall also protect and insure the Company against losses
        in
        connection with the failure to maintain any insurance policies required pursuant
        to this Agreement and the release or satisfaction of a Mortgage Loan without
        having obtained payment in full of the indebtedness secured
        thereby.  No provision of this Section 4.12 requiring the Fidelity
        Bond or errors and omissions insurance shall diminish or relieve the Company
        from its duties and obligations as set forth in this Agreement.  The
        minimum coverage under any such bond and insurance policy shall be at least
        equal to the corresponding amounts required by Fannie Mae in the Fannie Mae
        Guides.  Upon request by the Purchaser, the Company shall deliver to
        the Purchaser a certificate from the surety and the insurer as to the existence
        of the Fidelity Bond and errors and omissions insurance policy and shall
        obtain
        a statement from the surety and the insurer that such Fidelity Bond or insurance
        policy shall in no event be terminated or materially modified without thirty
        (30) days' prior written notice to the Purchaser.  The Company shall
        notify the Purchaser within five (5) business days of receipt of notice that
        such Fidelity Bond or insurance policy will be, or has been, materially modified
        or terminated.  The Purchaser (or any party having the status of
        Purchaser hereunder) and any subsidiary thereof and their successors or assigns
        as their interests may appear must be named as loss payees on the Fidelity
        Bond
        and as additional insured on the errors and omissions policy.  Upon
        request by Purchaser, Company shall provide Purchaser with an insurance
        certificate certifying coverage under this Section 4.12, and will provide
        an
        update to such certificate upon request, or upon renewal or material
        modification of coverage.

      

      Section
        4.13                                Title,
        Management and Disposition of REO Property.

      

      In
        the event that title to the
        Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure,
        the deed or certificate of sale shall be taken in the name of the Purchaser
        or
        its designee, or in the event the Purchaser or its designee is not authorized
        or
        permitted to hold title to real property in the state where the REO Property
        is
        located, or would be adversely affected under the "doing business" or tax
        laws
        of such state by so holding title, the deed or certificate of sale shall
        be
        taken in the name of such Person or Persons as shall be consistent with an
        opinion of counsel obtained by the Company from an attorney duly licensed
        to
        practice law in the state where the REO Property is located.  Any
        Person or Persons holding such title other than the Purchaser shall acknowledge
        in writing that such title is being held as nominee for the benefit of the
        Purchaser.

      

      The
        Company shall notify the Purchaser
        in accordance with the Fannie Mae Guides of each acquisition of REO Property
        upon such acquisition (and, in any event, shall provide notice of the
        consummation of any foreclosure sale within three (3) Business Days of the
        date
        Company receives notice of such consummation), together with a copy of the
        drive
        by appraisal or brokers price opinion of the Mortgaged Property obtained
        in
        connection with such acquisition, and thereafter assume the responsibility
        for
        marketing such REO property in accordance with Accepted Servicing
        Practices.  Thereafter, the Company shall continue to provide certain
        administrative services to the Purchaser relating to such REO Property as
        set
        forth in this Section 4.13.  No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property.

      

      The
        Company shall, either itself or
        through an agent selected by the Company, and in accordance with the Fannie
        Mae
        Guides manage, conserve, protect and operate each REO Property in the same
        manner that it manages, conserves, protects and operates other foreclosed
        property for its own account, and in the same manner that similar property
        in
        the same locality as the REO Property is managed.  The Company shall
        cause each REO Property to be inspected promptly upon the acquisition of
        title
        thereto and shall cause each REO Property to be inspected at least monthly
        thereafter or more frequently as required by the circumstances.  The
        Company shall make or cause to be made a written report of each such
        inspection.  Such reports shall be retained in the Mortgage File and
        copies thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts
        to dispose of the REO Property as soon as possible and shall sell such REO
        Property in any event within one year after title has been taken to such
        REO
        Property, unless the Company determines, and gives an appropriate notice
        to the
        Purchaser to such effect, that a longer period is necessary for the orderly
        liquidation of such REO Property.  If a longer period than one (1)
        year is permitted under the foregoing sentence and is necessary to sell any
        REO
        Property, the Company shall report monthly to the Purchaser as to the progress
        being made in selling such REO Property.  No REO Property shall be
        marketed for less than the Appraised Value, without the prior consent of
        Purchaser. No REO Property shall be sold for less than ninety five percent
        (95%)
        of its Appraised Value, without the prior consent of Purchaser.  All
        requests for reimbursement of Servicing Advances shall be in accordance with
        the
        Fannie Mae Guides.  The disposition of REO Property shall be carried
        out by the Company at such price, and upon such terms and conditions, as
        the
        Company deems to be in the best interests of the Purchaser (subject to the
        above
        conditions) only with the prior written consent of the
        Purchaser.  Company shall provide monthly reports to Purchaser in
        reference to the status of the marketing of the REO Properties.

      

      Notwithstanding
        anything to the
        contrary contained herein, the Purchaser may, at the Purchaser's sole option,
        terminate the Company as servicer of any such REO Property without payment
        of
        any termination fee with respect thereto, provided that the Company shall
        on the
        date said termination takes effect be reimbursed for any unreimbursed advances
        of the Company's funds made pursuant to Section 5.03 and any unreimbursed
        Servicing Advances and Servicing Fees in each case relating to the Mortgage
        Loan
        underlying such REO Property notwithstanding anything to the contrary set
        forth
        in Section 4.05.  In the event of any such termination, the provisions
        of Section 11.01 hereof shall apply to said termination and the transfer
        of
        servicing responsibilities with respect to such REO Property to the Purchaser
        or
        its designee.  Within five Business Days of any such termination, the
        Company shall, if necessary convey such property to the Purchaser and shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy
        claims.  In addition, within five Business Days, the Company shall
        provide the Purchaser with the following information and documents regarding
        the
        subject REO Property: the related trustee’s deed upon sale and copies of any
        related hazard insurance claims, or repair bids.

      

      Section
        4.14                                Notification
        of Maturity Date.

      

       With
        respect to each Mortgage
        Loan, the Company shall execute and deliver to the Mortgagor any and all
        necessary notices required under applicable law and the terms of the related
        Mortgage Note and Mortgage regarding the maturity date if required under
        applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01                                Distributions.

      

      On
        each Remittance Date, the Company
        shall distribute by wire transfer of immediately available funds to the
        Purchaser (i) all amounts credited to the Custodial Account as of the close
        of
        business on the preceding Determination Date, net of charges against or
        withdrawals from the Custodial Account pursuant to Section 4.05, plus (ii)
        all
        Monthly Advances, if any, which the Company is obligated to distribute pursuant
        to Section 5.03, plus, (iii) interest at the Mortgage Loan Remittance Rate
        on
        any Principal Prepayment from the date of such Principal Prepayment through
        the
        end of the month for which disbursement is made provided that the Company’s
        obligation as to payment of such interest shall be limited to the Servicing
        Fee
        earned during the month of the distribution, minus (iv) any amounts attributable
        to Monthly Payments collected but due on a Due Date or Dates subsequent to
        the
        preceding Determination Date, which amounts shall be remitted on the Remittance
        Date next succeeding the Due Period for such amounts.  It is
        understood that, by operation of Section 4.04, the remittance on the first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received
        by the Purchaser after the Remittance Date, the Company shall pay to the
        Purchaser interest on any such late payment at an annual rate equal to the
        Prime
        Rate, adjusted as of the date of each change, plus three (3) percentage points,
        but in no event greater than the maximum amount permitted by applicable
        law.  Such interest shall cover the period commencing with the day
        following the Business Day such payment was due and ending with the Business
        Day
        on which such payment is made to the Purchaser, both inclusive. The payment
        by
        the Company of any such interest shall not be deemed an extension of time
        for
        payment or a waiver of any Event of Default by the Company.  On each
        Remittance Date, the Company shall provide a remittance report detailing
        all
        amounts being remitted pursuant to this Section 5.01.

      

      Section
        5.02          Statements
        to the
        Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.  With respect to each month, the corresponding individual loan
        accounting report shall be received by the Purchaser no later than the fifth
        Business Day of the following month on a disk or tape or other computer-readable
        format in such format as may be mutually agreed upon by both Purchaser and
        Company, and no later than the fifth Business Day of the following month
        in hard
        copy, and shall contain the following:

      

      (i)    with
        respect
        to each Mortgage Loan and each Monthly Payment, the amount of such remittance
        allocable to principal (including a separate breakdown of any Principal
        Prepayment, including the date of such prepayment, and any prepayment penalties
        or premiums, along with a detailed report of interest on principal prepayment
        amounts remitted in accordance with Section 4.04);

      

      (ii)    with
        respect
        to each Mortgage Loan and each Monthly Payment, the amount of such remittance
        allocable to interest;

      

      (iii)    with
        respect
        to each Mortgage Loan, the amount of servicing compensation received by the
        Company during the prior distribution period;

      

      (iv)    the
        Stated
        Principal Balance of each Mortgage Loan and the aggregate Stated Principal
        Balance of all Mortgage Loans as of the beginning of the distribution period
        and
        the ending of the distribution period;

      

      (v)    with
        respect
        to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi)    with
        respect
        to each Mortgage Loan for which liquidation and final distribution has occurred,
        the aggregate amount of any Insurance Proceeds, Condemnation Proceeds,
        Liquidation Proceeds and REO Disposition Proceeds received during the prior
        distribution period;

      

      (vii)    with
        respect
        to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls paid
        by
        the Company in accordance with Section 4.04(viii) during the prior distribution
        period;

      

      (viii)    [RESERVED];

      

      (ix)    the
        number of
        Mortgage Loans as of the beginning of the distribution period and the ending
        of
        the distribution period;

      

      (x)    with
        respect
        to each Mortgage Loan, the Stated Principal Balance of each Mortgage Loan
        that
        is (A) delinquent (exclusive of Mortgage Loans in foreclosure and bankruptcy)
        (1) 30 days delinquent, (2) 60 days delinquent and (3) 90 days or more
        delinquent; (B) in foreclosure and delinquent (1) 30 days
        delinquent,  (2) 60 days delinquent and (3) 90 days or more
        delinquent; and (C) in bankruptcy and delinquent (1) 30 days delinquent,
        (2) 60
        days delinquent and (3) 90 days or more delinquent, in each case as of the
        close
        of business on the last day of the calendar month preceding such Distribution
        Date and separately identifying such information for the (1) first lien Mortgage
        Loans, (2) second lien Mortgage Loans, and (3) adjustable rate Mortgage
        Loans;

      

      (xi)    with
        respect
        to each Mortgage Loan, the amount and severity of any realized loss following
        liquidation of such Mortgage Loan;

      

      (xii)    with
        respect
        to each Mortgage Loan, and in the aggregate for all Mortgage Loans, the amount
        of the month end Monthly Advance balances made by the Company during the
        prior
        distribution period;

          

      (xiii)    with
        respect
        to each Mortgage Loan, a description of any Servicing Advances made by the
        Company with respect to such Mortgage Loan including the amount, terms and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv)    with
        respect
        to each Mortgage Loan, a description of any Nonrecoverable Advances made
        by the
        Company with respect to such Mortgage Loan including the amount, terms and
        general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv)    with
        respect
        to each Mortgage Loan, a description of any Monthly Advances, Servicing Advances
        and Nonrecoverable Advances reimbursed to the Company with respect to such
        Mortgage Loan during the prior distribution period pursuant to Section 4.05,
        and
        the source of funds for such reimbursement, and the aggregate amount of any
        Monthly Advances, Servicing Advances and Nonrecoverable Advances reimbursed
        to
        the Company for all Mortgage Loans during the prior distribution period pursuant
        to Section 4.05;

      

      (xvi)    with
        respect
        to any Mortgage Loan, a description of any material modifications, extensions
        or
        waivers to the terms, fees, penalties or payments of such Mortgage Loan during
        the prior distribution period or that have cumulatively become material over
        time;

      

      (xvii)    a
        description
        of any material breach of a representation or warranty set forth in Section
        3.01
        or Section 3.02 herein or of any other breach of a covenant or condition
        contained herein and the status of any resolution of such breach;

      

      (xviii)    with
        respect
        to each Mortgage Loan, the Stated Principal Balance of any substitute Mortgage
        Loan provided by the Company and the Stated Principal Balance of any Mortgage
        Loan that has been replaced by a substitute Mortgage Loan in accordance with
        Section 3.03 herein;

      

      (xix)    with
        respect
        to each Mortgage Loan, the Stated Principal Balance of any Mortgage Loan
        that
        has been repurchased by the Company in accordance with Section 3.03
        herein.

      

      In
        addition, the Company shall provide to the Purchaser such other information
        known or available to the Company that is necessary in order to provide the
        distribution and pool performance information as required under Regulation
        AB,
        as amended from time to time, as determined by the Purchaser in its reasonable
        discretion.  The Company shall also provide a monthly report, in the
        form of Exhibit E hereto, or such other form as is mutually acceptable to
        the Company, the Purchaser and any Master Servicer, Exhibit F with
        respect to defaulted mortgage loans and Exhibit P, with respect to
        realized losses and gains, with each such
        report.    

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby.  In addition, the Company shall
        provide Purchaser with such information concerning the Mortgage Loans as
        is
        necessary for Purchaser to prepare its federal income tax return as Purchaser
        may reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03                                Monthly
        Advances by the Company.

      

      Not
        later than the close of business on
        the Business Day preceding each Remittance Date, the Company shall deposit
        in
        the Custodial Account an amount equal to all payments not previously advanced
        by
        the Company, whether or not deferred pursuant to Section 4.01, of principal
        (due
        after the Cut-off Date) and interest not allocable to the period prior to
        the
        Cut-off Date, adjusted to the Mortgage Loan Remittance Rate, which were due
        on a
        Mortgage Loan and delinquent at the close of business on the related
        Determination Date.

      

      The
        Company's obligation to make such
        Monthly Advances as to any Mortgage Loan will continue through the last Monthly
        Payment due prior to the payment in full of the Mortgage Loan, or through
        the
        Remittance Date prior to the date on which the Mortgaged Property liquidates
        (including Insurance Proceeds, proceeds from the sale of REO Property or
        Condemnation Proceeds) with respect to the Mortgage Loan unless the Company
        deems such advance to be a Nonrecoverable Advance.  In such event, the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable.

      

      Section
        5.04                                Liquidation
        Reports.

      

      Upon
        the foreclosure sale of any
        Mortgaged Property or the acquisition thereof by the Purchaser pursuant to
        a
        deed-in-lieu of foreclosure, the Company shall submit to the Purchaser a
        liquidation report with respect to such Mortgaged Property in a form mutually
        acceptable to Company and Purchaser.  The Company shall also provide
        reports on the status of REO Property containing such information as Purchaser
        may reasonably require.

      

      Section
        5.05                                Prepayment
        Interest Shortfalls.

      

      Not
        later than the close of business on
        the Business Day preceding each Remittance Date in the month following the
        related Prepayment Period, the Company shall deposit in the Custodial Account
        an
        amount equal to any Prepayment Interest Shortfalls with respect to such
        Prepayment Period, which in the aggregate shall not exceed the Company’s
        aggregate Servicing Fee received with respect to the related Due
        Period.

      

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01                                Assumption
        Agreements.

      

      The
        Company will, to the extent it has
        knowledge of any conveyance or prospective conveyance by any Mortgagor of
        the
        Mortgaged Property (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 any "due-on-sale" clause to the extent permitted
        by
        law; provided, however, that the Company shall not exercise any such rights
        if
        prohibited by law or the terms of the Mortgage Note from doing so or if the
        exercise of such rights would impair or threaten to impair any recovery under
        the related Primary Mortgage Insurance Policy [or Lender Primary Mortgage
        Insurance Policy], if any.  If the Company reasonably believes it is
        unable under applicable law to enforce such "due-on-sale" clause, the Company,
        with the approval of the Purchaser, will enter into an assumption agreement
        with
        the person to whom the Mortgaged 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. Where an assumption is allowed pursuant to this Section 6.01,
        the Company, with the prior consent of the Purchaser and the primary mortgage
        insurer, if any, is authorized to enter into a substitution of liability
        agreement with the person to whom the Mortgaged Property has been conveyed
        or is
        proposed to be conveyed pursuant to which the original mortgagor is released
        from liability and such Person is substituted as mortgagor and becomes liable
        under the related Mortgage Note.  Any such substitution of liability
        agreement shall be in lieu of an assumption agreement.

      

      In
        connection with any such assumption
        or substitution of liability, the Company shall follow the underwriting
        practices and procedures of the Company.  With respect to an
        assumption or substitution of liability, the Mortgage Interest Rate borne
        by the
        related Mortgage Note, the amount of the Monthly Payment and the maturity
        date
        may not be changed (except pursuant to the terms of the Mortgage
        Note).  If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan.  The Company shall notify the Purchaser that any
        such substitution of liability or assumption agreement has been completed
        by
        forwarding to the Purchaser the original of any such substitution of liability
        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.  All fees collected by the Company for entering into an
        assumption or substitution of liability agreement shall belong to the
        Company.

      

      Notwithstanding
        the foregoing
        paragraphs of this Section or any other provision of this Agreement, the
        Company
        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 any assumption which the Company may be restricted by
        law
        from preventing, for any reason whatsoever.  For purposes of this
        Section 6.01, 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
        6.02                                Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the payment in full of any
        Mortgage Loan, or the receipt by the Company of a notification that payment
        in
        full will be escrowed in a manner customary for such purposes, the Company
        will
        immediately notify the Purchaser by a certification, 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 Custodial
        Account pursuant to Section 4.04 have been or will be so deposited, of a
        Servicing Officer and shall request delivery to it of the portion of the
        Mortgage File held by the Purchaser. The Purchaser shall no later than five
        Business Days after receipt of such certification and request, release or
        cause
        to be released to the Company, the related Mortgage Loan Documents and, upon
        its
        receipt of such documents, the Company shall promptly prepare and deliver
        to the
        Purchaser the requisite satisfaction or release.  No later than five
        (5) Business Days following its receipt of such satisfaction or release,
        the
        Purchaser shall deliver, or cause to be delivered, to the Company the release
        or
        satisfaction properly executed by the owner of record of the applicable mortgage
        or its duly appointed attorney in fact.  No expense incurred in
        connection with any instrument of satisfaction or deed of reconveyance shall
        be
        chargeable to the Custodial Account.

      

      In
        the event the Company satisfies or
        releases a Mortgage without having obtained payment in full of the indebtedness
        secured by the Mortgage or should it otherwise prejudice any right the Purchaser
        may have under the mortgage instruments, the Company, upon written demand,
        shall
        remit within two (2) Business Days to the Purchaser the then outstanding
        principal balance of the related Mortgage Loan by deposit thereof in the
        Custodial Account.  The Company shall maintain the Fidelity Bond and
        errors and omissions insurance insuring the Company against any loss it may
        sustain with respect to any Mortgage Loan not satisfied in accordance with
        the
        procedures set forth herein.

      

      From
        time to time and as appropriate
        for the servicing or foreclosure of the Mortgage Loan, including for the
        purpose
        of collection under any Primary Mortgage Insurance Policy [or Lender Primary
        Mortgage Insurance Policy], the Purchaser shall, upon request of the Company
        and
        delivery to the Purchaser of a servicing receipt signed by a Servicing Officer,
        release the portion of the Mortgage File held by the Purchaser to the
        Company.  Such servicing receipt shall obligate the Company to return
        the related Mortgage documents to the Purchaser when the need therefor by
        the
        Company no longer exists, unless the Mortgage Loan has been liquidated and
        the
        Liquidation Proceeds relating to the Mortgage Loan have been deposited in
        the
        Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall
        be
        released by the Purchaser to the Company.

      

      Section
        6.03                                Servicing
        Compensation.

      

      As
        compensation for its services
        hereunder, the Company shall be entitled to withdraw from the Custodial Account
        (to the extent of interest payments collected on the Mortgage Loans) or to
        retain from interest payments collected on the Mortgage Loans, the amounts
        provided for as the Company's Servicing Fee, subject to payment of compensating
        interest on Principal Prepayments as capped by the Servicing Fee pursuant
        to
        Section 5.01 (iii).  Additional servicing compensation in the form of
        assumption fees, as provided in Section 6.01, and late payment charges or
        otherwise shall be retained by the Company.  No Servicing Fee shall be
        payable in connection with partial Monthly Payments.  The Company
        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 for.

      

      Section
        6.04                                Annual
        Statement as to Compliance; Annual Certification.

      

      (a)The
        Company will deliver to the Purchaser and any Master Servicer, not later
        than
        March 1 of each calendar year beginning in 2008, an Officer’s Certificate
        acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
        each signatory thereof, that (i) a review of the activities of the Company
        during the preceding calendar year and of performance under this Agreement
        or
        other applicable servicing agreement has been made under such officer’s
        supervision and (ii) to the best of such officer’s knowledge, based on such
        review, the Company has fulfilled all of its obligations under this Agreement
        or
        other applicable servicing agreement, which was previously agreed to by the
        Company to be covered in such annual certification, in all material respects
        throughout such year, or, if there has been a failure to fulfill any such
        obligation in any material respect, specifying each such failure known to
        such
        officer and the nature and status of cure provisions thereof.  Such
        Annual Statement of Compliance shall contain no restrictions or limitations
        on
        its use.  Copies of such statement shall be provided by the Company to
        the Purchaser upon request and by the Purchaser to any Person identified
        as a
        prospective purchaser of the Mortgage Loans.  In the event that the
        Company has delegated any servicing responsibilities with respect to the
        Mortgage Loans to a Subservicer, the Company shall deliver an Annual Statement
        of Compliance of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (b)With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, by March 1 of each calendar year beginning in 2008, an officer
        of
        the Company shall execute and deliver an officer’s certificate (an “Annual
        Certification”) to the Purchaser, any Master Servicer and any related Depositor
        for the benefit of each such entity and such entity’s affiliates and the
        officers, directors and agents of any such entity and such entity’s affiliates,
        in the form attached hereto as Exhibit L.  In the event that
        the Company has delegated any servicing responsibilities with respect to
        the
        Mortgage Loans to a Subservicer, the Company shall deliver an Annual
        Certification of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (c)If
        the
        Company cannot deliver the related Annual Statement of Compliance and Annual
        Certification by March 1st of such
        year, the
        Purchaser, at its sole option, may permit a cure period for the Company to
        deliver such Annual Statement of Compliance and Annual Certification, but
        in no
        event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.04 (including with respect
        to the cure timeframes required in this section) shall be deemed an Event
        of
        Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
        may,
        in addition to whatever rights the Purchaser may have under Sections 3.03
        and
        8.01 and at law or equity or to damages, including injunctive relief and
        specific performance, terminate all the rights and obligations of the Company
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Company for the same, as provided in Section
        9.01.  Such termination shall be considered with cause pursuant to
        Section 10.01 of this Agreement.  This paragraph shall supercede any
        other provision in this Agreement or any other agreement to the
        contrary.

      

      Section
        6.05                                [Reserved]

      

      Section
        6.06                                Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to
        examine and audit upon reasonable notice to the Company, during business
        hours
        or at such other times as might be reasonable under applicable circumstances,
        any and all of the books, records, documentation or other information of
        the
        Company, or held by another for the Company or on its behalf or otherwise,
        which
        relates to the performance or observance by the Company of the terms, covenants
        or conditions of this Agreement.

      

      The
        Company shall provide to the
        Purchaser and any supervisory agents or examiners representing a state or
        federal governmental agency having jurisdiction over the Purchaser, including
        but not limited to OTS, FDIC and other similar entities, access to any
        documentation regarding the Mortgage Loans in the possession of the Company
        which may be required by any applicable regulations.  Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as
        applicable.

      

      Section
        6.07         
 Assessment
        of Compliance with
        Servicing Criteria.

      

      On
        and
        after the date of this Agreement, the Company shall service and administer,
        and
        shall cause each subservicer to servicer or administer, the Mortgage Loans
        in
        accordance with all applicable requirements of the Servicing
        Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, the Company shall deliver to the Purchaser or its designee,
        any
        Master Servicer and any Depositor on or before March 1 of each calendar year
        beginning in 2008, a report (an “Assessment of Compliance”) reasonably
        satisfactory to the Purchaser, any Master Servicer and any Depositor regarding
        the Company’s assessment of compliance with the 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 or as otherwise required by the Master
        Servicer, which as of the date hereof, require a report by an authorized
        officer
        of the Company that contains the following:

      

      (a)    A
        statement
        by such officer of its responsibility for assessing compliance with the
        Servicing Criteria applicable to the Company;

      

      (b)    A
        statement
        by such officer that such officer used the Servicing Criteria to assess
        compliance with the Servicing Criteria applicable to the Company;

      

      (c)    An
        assessment
        by such officer of the Company’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
        Company, that are backed by the same asset type as the Mortgage
        Loans;

      

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

      

      (e)    A
        statement
        as to which of the Servicing Criteria, if any, are not applicable to the
        Company, which statement shall be based on the activities it performs with
        respect to asset-backed securities transactions taken as a whole involving
        the
        Company, 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 O hereto delivered to
        the Company concurrently with the execution of this Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Securitization
        Transaction, on or before March 1 of each calendar year beginning in 2008,
        the
        Company shall furnish to the Purchaser or its designee, any Master Servicer
        and
        any Depositor a report (an “Attestation Report”) by a registered public
        accounting firm that attests to, and reports on, the Assessment of Compliance
        made by the Company, as required by Rules 13a-18 and 15d-18 of the Exchange
        Act
        and Item 1122(b) of Regulation AB or as otherwise required by the Master
        Servicer, which Attestation Report must be made in accordance with standards
        for
        attestation reports issued or adopted by the Public Company Accounting Oversight
        Board.

      

      The
        Company shall cause each Subservicer, and each Subcontractor determined by
        the
        Company pursuant to Section 11.20 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      If
        the
        Company cannot deliver the related Assessment of Compliance or Attestation
        Report by March 1st of such
        year, the
        Purchaser, at its sole option, may permit a cure period for the Company to
        deliver such Assessment of Compliance or Attestation Report, but in no event
        later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.07 (including with respect
        to the cure timeframes required in this section) shall be deemed an Event
        of
        Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Company under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Company for the same, as provided in Section
        9.01.  Such termination shall be considered with cause pursuant to
        Section 10.01 of this Agreement.  This paragraph shall supercede any
        other provision in this Agreement.

      

      Section
        6.08             
        Intent of the Parties; Reasonableness.

      

      The
        Purchaser and the Company acknowledge and agree that a purpose of Sections
        3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
        compliance by the Purchaser and any Depositor with the provisions of Regulation
        AB and related rules and regulations of the Commission. None of the Purchaser,
        any Master Servicer or any Depositor shall exercise its right to request
        delivery of information or other performance under these provisions other
        than
        in good faith, or for purposes other than compliance with the Securities
        Act,
        the Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Company acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Purchaser or any Depositor in good faith for delivery
        of
        information under these provisions on the basis of evolving interpretations
        of
        Regulation AB. In connection with any Securitization Transaction, the Company
        shall cooperate fully with the Purchaser to deliver to the Purchaser (including
        any of its assignees or designees) and any Depositor, any and all statements,
        reports, certifications, records and any other information necessary in the
        good
        faith determination of the Purchaser or any Depositor to permit the Purchaser
        or
        such Depositor to comply with the provisions of Regulation AB, together with
        such disclosures relating to the Company, any Subservicer, any Third-Party
        Originator and the Mortgage Loans, or the servicing of the Mortgage Loans,
        reasonably believed by the Purchaser or any Depositor to be necessary in
        order
        to effect such compliance.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01                                Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the
        Purchaser during the term of this Agreement, such periodic, special or other
        reports, information or documentation, whether or not provided for herein,
        as
        shall be necessary, reasonable or appropriate in respect to the Purchaser,
        or
        otherwise in respect to the Mortgage Loans and the performance of the Company
        under this Agreement, including any reports, information or documentation
        reasonably required to comply with any regulations regarding any supervisory
        agents or examiners of the Purchaser all such reports or information to be
        as
        provided by and in accordance with such applicable instructions and directions
        as the Purchaser may reasonably request in relation to this Agreement or
        the
        performance of the Company under this Agreement.  The Company agrees
        to execute and deliver all such instruments and take all such action as the
        Purchaser, from time to time, may reasonably request in order to effectuate
        the
        purpose and to carry out the terms of this Agreement.

      

      In
        connection with marketing the
        Mortgage Loans, the Purchaser may make available to a prospective purchaser
        the
        audited consolidated financial statements of the Company’s parent bank holding
        company for the most recently completed two (2) fiscal years for which such
        statements are available.  If it has not already done so, the Company
        shall furnish promptly to the Purchaser or a prospective purchaser copies
        of the
        statements specified above.

      

      The
        Company shall make reasonably
        available to the Purchaser or any prospective Purchaser a knowledgeable
        financial or accounting officer for the purpose of answering questions and
        to
        permit any prospective purchaser to inspect the Company’s servicing facilities
        for the purpose of satisfying such prospective purchaser that the Company
        has
        the ability to service the Mortgage Loans as provided in this
        Agreement.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01                                Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the
        Purchaser and hold it harmless against any and all claims, losses, damages,
        penalties, fines, forfeitures, legal fees and related costs, judgments, and
        any
        other costs, fees and expenses that the Purchaser may sustain in any way
        related
        to the failure of the Company to observe and perform its duties, obligations,
        covenants, and agreements to service the Mortgage Loans in strict compliance
        with the terms of this Agreement.  The Company agrees to indemnify the
        Purchaser and hold it harmless against any and all claims, losses, damages,
        penalties, fines, forfeitures, legal fees and related costs, judgments, and
        any
        other costs, fees and expenses that the Purchaser may sustain in any way
        from
        any claim, demand, defense or assertion based on or grounded upon, or resulting
        from any assertion based on, grounded upon or resulting from a breach or
        alleged
        breach of any of the representation or warranty set forth in Sections 3.01
        or
        3.02 of this Agreement.  The Company shall immediately notify the
        Purchaser if a claim is made by a third party against Company with respect
        to
        this Agreement or the Mortgage Loans, assume (with the consent of the Purchaser)
        the defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, whether or not such claim is settled prior to judgment,
        and promptly pay, discharge and satisfy any judgment or decree which may
        be
        entered against it or the Purchaser in respect of such claim.  The
        Company shall follow any written instructions received from the Purchaser
        in
        connection with such claim.  The Purchaser shall promptly reimburse
        the Company for all amounts advanced by it pursuant to the two preceding
        sentences except when the claim relates to the failure of the Company to
        service
        and administer the Mortgages in strict compliance with the terms of this
        Agreement, the breach of representation or warranty set forth in Sections
        3.01
        or 3.02, or the negligence, bad faith or willful misconduct of Company. The
        provisions of this Section 8.01 shall survive termination of this
        Agreement.

      

      Section
        8.02                                Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect
        its existence, rights and franchises as a corporation under the laws of the
        state of its incorporation except as permitted herein, and 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, or any of the Mortgage Loans
        and
        to perform its duties under this Agreement.

      

      Any
        Person into which the Company may
        be merged or consolidated, or any corporation resulting from any merger,
        conversion or consolidation to which the Company shall be a party, or any
        Person
        succeeding to the business of the Company whether or not related to loan
        servicing, shall be the successor of the Company 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 shall be an institution (i)
        having a GAAP net worth of not less than $25,000,000, (ii) the deposits of
        which
        are insured by the FDIC, and which is a HUD-approved mortgagee whose primary
        business is in origination and servicing of first lien mortgage loans, and
        (iii)
        who is a Fannie Mae or FHLMC approved seller/servicer in good
        standing.

      

      Section
        8.03                                Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the
        officers, employees or agents of the Company shall be under any liability
        to the
        Purchaser 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 made
        in good
        faith; provided, however, that this provision shall not protect the Company
        or
        any such person against any breach of warranties or representations made
        herein,
        or failure to perform its obligations in strict compliance with any standard
        of
        care set forth in this Agreement, or any liability which would otherwise
        be
        imposed by reason of negligence, bad faith or willful misconduct, or any
        breach
        of the terms and conditions of this Agreement.  The Company and any
        officer, employee or agent of the Company may rely in good faith on any document
        of any kind prima facie properly executed and submitted by the Purchaser
        respecting any matters arising hereunder.  The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04                                Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this
        Agreement or resign from the obligations and duties hereby imposed on it
        except
        by mutual consent of the Company and the Purchaser or upon the determination
        that its duties hereunder are no longer permissible under applicable law
        and
        such incapacity cannot be cured by the Company.  Any such
        determination permitting the resignation of the Company shall be evidenced
        by an
        Opinion of Counsel to such effect delivered to the Purchaser which Opinion
        of
        Counsel shall be in form and substance acceptable to the
        Purchaser.  No such resignation shall become effective until a
        successor shall have assumed the Company's responsibilities and obligations
        hereunder in the manner provided in Section 11.01.

      

      Section
        8.05                                No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof.  Without in any way limiting the
        generality of this Section, the Company shall not either assign this Agreement
        or the servicing hereunder or delegate its rights or duties hereunder or
        any
        portion thereof, or sell or otherwise dispose of all or substantially all
        of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the
        generality of this Section 8.05, in the event that the Company either shall
        assign this Agreement or the servicing responsibilities hereunder or delegate
        its duties hereunder or any portion thereof without (i) satisfying the
        requirements set forth herein or (ii) the prior written consent of the
        Purchaser, then the Purchaser shall have the right to terminate this Agreement,
        without any payment of any penalty or damages and without any liability
        whatsoever to the Company (other than with respect to accrued but unpaid
        Servicing Fees and Servicing Advances remaining unpaid) or any third
        party.

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01                                Events
        of Default.

      

      In
        case one or more of the following
        Events of Default by the Company shall occur and be continuing, that is to
        say:

      

      (i)  any
        failure by the
        Company to remit to the Purchaser any payment required to be made under the
        terms of this Agreement which continues unremedied for a period of one (1)
        Business Day; or

      

      (ii)  failure
        on the part of
        the Company duly to observe or perform in any material respect any other
        of the
        covenants or agreements on the part of the Company set forth in this Agreement
        which continues unremedied for a period of thirty (30) days after the date
        on
        which written notice of such failure, requiring the same to be remedied,
        shall
        have been given to the Company by the Purchaser; or

      

      (iii)  a
        decree or order of a
        court or agency or supervisory authority having jurisdiction for the appointment
        of a conservator or receiver or liquidator in any insolvency, bankruptcy,
        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 Company and such decree or order shall have remained
        in
        force undischarged or unstayed for a period of sixty days; or

      

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

      

      (v)  the
        Company 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)  Company
        ceases to be
        approved by either Fannie Mae or FHLMC as a mortgage loan seller or servicer
        for
        more than thirty days; or

      

      (vii)  the
        Company attempts
        to assign its right to servicing compensation hereunder or the Company attempts,
        without the consent of the Purchaser, to sell or otherwise dispose of all
        or
        substantially all of its property or assets or to assign this Agreement or
        the
        servicing responsibilities hereunder or to delegate its duties hereunder
        or any
        portion thereof; or

      

      (viii)  the
        Company ceases to
        be (a) licensed to service first lien residential mortgage loans in any
        jurisdiction in which a Mortgaged Property is located and such licensing
        is
        required, and (b) qualified to transact business in any jurisdiction where
        it is
        currently so qualified, but only to the extent such non-qualification materially
        and adversely affects the Company's ability to perform its obligations
        hereunder; or

      

      (ix)   the
        Company fails
        to meet the eligibility criteria set forth in the last sentence of Section
        8.02.

      

      Then,
        and in each and every
        such case, so long as an Event of Default shall not have been remedied, the
        Purchaser, by notice in writing to the Company (except in the case of an
        Event
        of Default under clauses (iii), (iv) or (v) above, in which case, automatically
        and without notice) may, in addition to whatever rights the Purchaser may
        have
        under Sections 3.03 and 8.01 and at law or equity or to damages, including
        injunctive relief and specific performance, terminate all the rights and
        obligations of the Company (and if the Company is servicing any of the Mortgage
        Loans in a Securitization Transaction, appoint a successor servicer reasonably
        acceptable to any Master Servicer for such Securitization Transaction) under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same.  On or after the receipt
        by the Company of such written notice (or, in the case of an Event of Default
        under clauses (iii), (iv) or (v) above, in which case, automatically and
        without
        notice), all authority and power of the Company under this Agreement, whether
        with respect to the Mortgage Loans or otherwise, shall pass to and be vested
        in
        the successor appointed pursuant to Section 11.01.  Upon written
        request from the Purchaser, the Company shall prepare, execute and deliver,
        any
        and all documents and other instruments, place in such successor's possession
        all Mortgage Files, and 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, at the Company's sole expense. The Company
        agrees to cooperate with the Purchaser and such successor in effecting the
        termination of the Company's responsibilities and rights hereunder, including,
        without limitation, the transfer to such successor for administration by
        it of
        all cash amounts which shall at the time be credited by the Company to the
        Custodial Account or Escrow Account or thereafter received with respect to
        the
        Mortgage Loans or any REO Property.

      

      The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination for cause
        of
        the Company as servicer and the transfer of servicing of the Mortgage Loans
        to a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Section
        9.02                                Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written
        notice any default by the Company in the performance of its obligations
        hereunder and its consequences.  Upon any such waiver of a past
        default, such default shall cease to exist, and any Event of Default arising
        therefrom shall be deemed to have been remedied for every purpose of this
        Agreement.  No such waiver shall extend to any subsequent or other
        default or impair any right consequent thereon except to the extent expressly
        so
        waived in writing.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01                                Termination.

      

      The
        respective obligations and
        responsibilities of the Company shall terminate upon:  (i) the later
        of the final payment or other liquidation (or any advance with respect thereto)
        of the last Mortgage Loan and the disposition of all remaining REO Property
        and
        the remittance of all funds due hereunder; or (ii) by mutual consent of the
        Company and the Purchaser in writing; or (iii) termination with cause under
        the
        terms of this Agreement.  Termination of the Agreement pursuant to
        Section 10.01 (iii) shall void Purchaser’s obligation to purchase Mortgage Loans
        for which Purchaser has issued a Confirmation, commitment confirmation or
        a
        substantially similar commitment to purchase Mortgage Loans.

      

      

      Section
        10.02                                Survival.

      

      Termination
        of this Agreement under Section 10.01 shall not affect any of the Company’s
        obligations regarding repurchase, indemnification or otherwise, all of which
        shall survive such termination and remain in full force and effect.

      

      

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01                                Successor
        to the Company.

      

      Prior
        to termination of Company's
        responsibilities and duties under this Agreement pursuant to Sections 4.13,
        8.04, 9.01, 10.01 (ii) or (iii), the Purchaser shall (i) succeed to and assume
        all of the Company's responsibilities, rights, duties and obligations under
        this
        Agreement, or (ii) appoint a successor having the characteristics set forth
        in
        Section 8.02 hereof and which shall succeed to all rights and assume all
        of the
        responsibilities, duties and liabilities of the Company under this Agreement
        prior to the termination of Company's responsibilities, duties and liabilities
        under this Agreement. In connection with such appointment and assumption,
        the
        Purchaser may make such arrangements for the compensation of such successor
        out
        of payments on Mortgage Loans as the Purchaser and such successor shall agree.
        In the event that the Company's duties, responsibilities and liabilities
        under
        this Agreement should be terminated pursuant to the aforementioned Sections,
        the
        Company shall discharge such duties and responsibilities during the period
        from
        the date it acquires knowledge of such termination until the effective date
        thereof with the same degree of diligence and prudence which it is obligated
        to
        exercise under this Agreement, and shall take no action whatsoever that might
        impair or prejudice the rights or financial condition of its
        successor.  The resignation or removal of Company pursuant to the
        aforementioned Sections shall not become effective until a successor shall
        be
        appointed pursuant to this Section and shall in no event relieve the Company
        of
        the representations and warranties made pursuant to Sections 3.01, 3.02 and
        3.03
        and the remedies available to the Purchaser thereunder and under Section
        8.01,
        it being understood and agreed that the provisions of such Sections 3.01,
        3.02,
        3.03 and 8.01 shall be applicable to the Company notwithstanding any such
        resignation or termination of the Company, or the termination of this
        Agreement.

      

      Any
        successor appointed as provided
        herein shall execute, acknowledge and deliver to the Company and to the
        Purchaser an instrument accepting such appointment, whereupon such successor
        shall become fully vested with all the rights, powers, duties, responsibilities,
        obligations and liabilities of the Company, with like effect as if originally
        named as a party to this Agreement.  Any termination or resignation of
        the Company or this Agreement pursuant to Section 4.13, 8.04, 9.01 or 10.01
        shall not affect any claims that the Purchaser may have against the Company
        arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to
        the successor the funds in the Custodial Account and the Escrow Account and
        the
        Mortgage Files and related documents and statements held by it hereunder
        and the
        Company shall account for all funds.  The Company shall execute and
        deliver such instruments and do such other things all as may reasonably be
        required to more fully and definitely vest and confirm in the successor all
        such
        rights, powers, duties, responsibilities, obligations and liabilities of
        the
        Company.  The successor shall make arrangements as it may deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a successor's acceptance of
        appointment as such, the Company shall notify by mail the Purchaser of such
        appointment.

      

      Section
        11.02                                Amendment.

      

      This
        Agreement may be amended from time
        to time by the Company and the Purchaser by written agreement signed by the
        Company and the Purchaser.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Section
        11.03                                Recordation
        of Agreement.

      

      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 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 Company at the Company's expense on direction of the Purchaser
        accompanied by an opinion of counsel to the effect that such recordation
        materially and beneficially affects the interest of the Purchaser or is
        necessary for the administration or servicing of the Mortgage
        Loans.

      

      Section
        11.04                                Governing
        Law.

      

      This
        Agreement and the related Term
        Sheet shall be governed by and construed in accordance with the laws of the
        State of New York except to the extent preempted by Federal law.  The
        obligations, rights and remedies of the parties hereunder shall be determined
        in
        accordance with such laws.

      

      Section
        11.05                                Notices.

      

      Any
        demands, notices or other
        communications permitted or required hereunder shall be in writing and shall
        be
        deemed conclusively to have been given if personally delivered at or mailed
        by
        registered mail, postage prepaid, and return receipt requested or certified
        mail, return receipt requested, or transmitted by telex, telegraph or telecopier
        and confirmed by a similar mailed writing, as follows:

      

      (i)           if
        to the Company:

      

      Branch
        Banking and Trust Company

      2713
        Forest Hills Road

      Wilson,
        North Carolina  27894-2305

      Attn.:  Andrew
        Ball

      Email:
        aball@bbandt.com

      

      (ii)
        if to the Purchaser:

      

      EMC
        Mortgage Corporation

      2780
        Lake Vista Drive

      Lewisville,
        TX 75067

      Attention:  President

      Telecopier
        No.:  (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:  Mary
        Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like
        notice.  Any such demand, notice or communication hereunder shall be
        deemed to have been received on the date delivered to or received at the
        premises of the addressee (as evidenced, in the case of registered or certified
        mail, by the date noted on the return receipt).

      

      Section
        11.06                                Severability
        of Provisions.

      

      Any
        part, provision, representation or
        warranty of this Agreement and the related Term Sheet which is prohibited
        or
        which is held to be void or unenforceable shall be ineffective to the extent
        of
        such prohibition or unenforceability without invalidating the remaining
        provisions hereof.  Any part, provision, representation or warranty of
        this Agreement which is prohibited or unenforceable or is held to be void
        or
        unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
        to the extent of such prohibition or unenforceability without invalidating
        the
        remaining provisions hereof, and any such prohibition or unenforceability
        in any
        jurisdiction as to any Mortgage Loan shall not invalidate or render
        unenforceable such provision in any other jurisdiction.  To the extent
        permitted by applicable law, the parties hereto waive any provision of law
        that
        prohibits or renders void or unenforceable any provision hereof.  If
        the invalidity of any part, provision, representation or warranty of this
        Agreement shall deprive any party of the economic benefit intended to be
        conferred by this Agreement, the parties shall negotiate, in good faith,
        to
        develop a structure the economic effect of which is nearly as possible the
        same
        as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07                                Exhibits.

      

      The
        exhibits to this Agreement are
        hereby incorporated and made a part hereof and are an integral part of this
        Agreement.

      

      Section
        11.08                                General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except
        as otherwise expressly provided or unless the context otherwise
        requires:

      

      (i)           the
        terms defined in this Agreement have the meanings assigned to them in this
        Agreement and include the plural as well as the singular, and the use of
        any
        gender herein shall be deemed to include the other gender;

      

      (ii)           accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

      

      (iii)           references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)           a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)           the
        words "herein", "hereof ", "hereunder" and other words of similar import
        refer
        to this Agreement as a whole and not to any particular provision;

      

      (vi)           the
        term "include" or "including" shall mean without limitation by reason of
        enumeration; and

      

      (viii)        
        headings of the Articles and Sections in this Agreement are for reference
        purposes only and shall not be deemed to have any substantive
        effect.

      

      Section
        11.09                                Reproduction
        of Documents.

      

      This
        Agreement and all documents
        relating thereto, including, without limitation, (i) consents, waivers and
        modifications which may hereafter be executed, (ii) documents received by
        any
        party at the closing, and (iii) financial statements, certificates and other
        information previously or hereafter furnished, may be reproduced by any
        photographic, photostatic, microfilm, micro-card, miniature photographic
        or
        other similar process.  The parties agree that any such reproduction
        shall be admissible in evidence as the original itself in any judicial or
        administrative proceeding, whether or not the original is in existence and
        whether or not such reproduction was made by a party in the regular course
        of
        business, and that any enlargement, facsimile or further reproduction of
        such
        reproduction shall likewise be admissible in evidence.

      

      Section
        11.10                                Confidentiality
        of Information.

      

      Each
        party recognizes that, in
        connection with this Agreement, it may become privy to non-public information
        regarding the financial condition, operations and prospects of the other
        party.  Each party agrees to keep all non-public information regarding
        the other party strictly confidential, and to use all such information solely
        in
        order to effectuate the purpose of the Agreement, provided that each party
        may
        provide confidential information to its employees, agents and affiliates
        who
        have a need to know such information in order to effectuate the transaction,
        provided further that such information is identified as confidential non-public
        information.  In addition, confidential information may be provided to
        a regulatory authority with supervisory power over Purchaser, provided such
        information is identified as confidential non-public information.

      

      Notwithstanding
        other provisions of
        this Section 11.10 or any other express or implied agreement, arrangement,
        or
        understanding to the contrary, the Company and Purchaser (the “Parties”) agree
        that the Parties (and their employees, representatives and other agents)
        may
        disclose to any and all persons, without limitation of any kind from the
        commencement of discussions, the purported or claimed U.S. federal income
        tax
        treatment of the purchase of the Mortgage Loans and related transactions
        covered
        by this letter agreement (“tax treatment”) and any fact that may be relevant to
        understanding the tax treatment (“tax structure”) and all materials of any kind
        (including opinions or other tax analyses) that are provided to the Parties
        relating to such tax treatment and tax structure, except where confidentiality
        is reasonably necessary to comply with securities laws.

      

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley Act, Title V, Subtitle
        A,
        15 U.S.C. § 6801 et seq., (ii) shall not use Consumer Information in any manner
        inconsistent with any applicable laws and regulations regarding the privacy
        and
        security of Consumer Information, (iii) shall not disclose Consumer Information
        to third parties except at the specific written direction of the Purchaser,
        (iv)
        shall maintain adequate physical, technical and administrative safeguards
        to
        protect Consumer Information from unauthorized access as provided by the
        applicable laws and regulations, and (v) shall immediately notify the Purchaser
        of any actual or suspected breach of the confidentiality of Consumer Information
        that would have a material and adverse effect on the Purchaser.

      

      The
        Company agrees that the Company shall indemnify, defend and hold the Purchaser
        harmless from and against any loss, claim or liability the Purchaser may
        suffer
        by reason of the Company's failure to perform the obligations set forth in
        this
        Section 11.10.

       

      Section
        11.11                                Recordation
        of Assignments of Mortgage.

      

      To
        the extent permitted by applicable
        law, each of the Assignments 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 Mortgaged Properties are situated,
        and
        in any other appropriate public recording office or elsewhere, such recordation
        to be effected by and at the Company’s expense in the event recordation is
        either necessary under applicable law or requested by the Purchaser at its
        sole
        option.

      

      Section
        11.12                                Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans.  In no event shall Purchaser sell a partial
        interest in any Mortgage Loan without the written consent of Company, which
        consent shall not be unreasonably denied.  All references to the
        Purchaser in this Agreement shall be deemed to include its assignee or
        designee.  The Company shall have the right, only with the consent of
        the Purchaser or otherwise in accordance with this Agreement, to assign,
        in
        whole or in part, its interest under this Agreement with respect to some
        or all
        of the Mortgage Loans.

      

      Section
        11.13                                No
        Partnership.

      

      Nothing
        herein contained shall be
        deemed or construed to create a co-partnership or joint venture between the
        parties hereto and the services of the Company shall be rendered as an
        independent contractor and not as agent for Purchaser.

      

      Section
        11.14                                Signature
        Pages/Counterparts; Successors and Assigns.

      

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party.  The Purchaser may deliver a copy of
        this Agreement and/or any Term Sheet, fully executed as provided herein,
        to each
        other party hereto by mail and/or courier and/or Electronic Transmission,
        and
        such copy as so delivered shall constitute a fully executed original Agreement
        or Term Sheet, as applicable, superseding any prior form of the Agreement
        or
        Term Sheet, as applicable, that differs therefrom in any
        respect.  This Agreement shall inure to the benefit of and be binding
        upon the Company and the Purchaser and their respective successor and
        assigns.

       

      Section
        11.15                                Entire
        Agreement.

      

      The
        Company acknowledges that no
        representations, agreements or promises were made to the Company by the
        Purchaser or any of its employees other than those representations, agreements
        or promises specifically contained herein and in the Confirmation. The
        Confirmation and this Agreement and the related Term Sheet sets forth the
        entire
        understanding between the parties hereto; provided, however, only this Agreement
        and the related Term Sheet shall be binding upon all successors of both
        parties.  In the event of any inconsistency between the Confirmation
        and this Agreement, this Agreement and the related Term Sheet shall
        control.  In the event of any inconsistency between the Agreement and
        the related Term Sheet, the related Term Sheet shall control.

       

      Section
        11.16.              
        No Solicitation.

      

      From
        and after the Closing Date, the
        Company agrees that it will not take any action or permit or cause any action
        to
        be taken by any of its agents or affiliates, to personally, by telephone
        or
        mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the
        Mortgage Loan, in whole or in part, without the prior written consent of
        the
        Purchaser.  Notwithstanding the foregoing, it is understood and agreed
        that (i) promotions undertaken by the Company or any affiliate of the Company
        which are directed to the general public at large, or segments thereof, provided
        that no segment shall consist primarily of the Mortgage Loans, including,
        without limitation, mass mailing based on commercially acquired mailing lists,
        newspaper, radio and television advertisements and (ii) responses to unsolicited
        requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
        not
        constitute solicitation under this Section 11.16.  This Section 11.16
        shall not be deemed to preclude the Company or any of its affiliates from
        soliciting any Mortgagor for any other financial products or
        services.  The Company shall use its best efforts to prevent the sale
        of the name of any Mortgagor to any Person who is not affiliate of the
        Company.

      

      Section
        11.17.             
        Closing.

      

      The
        closing for the purchase and sale
        of the Mortgage Loans shall take place on the related Closing
        Date.  The closing shall be either:  by telephone, confirmed
        by letter or wire as the parties shall agree, or conducted in person, at
        such
        place as the parties shall agree.

      

      The
        closing for the Mortgage Loans to
        be purchased on the related Closing Date shall be subject to each of the
        following conditions:

      

      (a)           at
        least one (1) Business Day prior to the related Closing Date, the Company
        shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b)           all
        of the representations and warranties of the Company under this Agreement
        shall
        be materially true and correct as of the related Closing Date and no event
        shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c)           the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d)           the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e)           all
        other terms and conditions of this Agreement, the related Term Sheet and
        the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions,
        the Purchaser shall pay to the Company on the related Closing Date the Purchase
        Price, plus accrued interest pursuant to Section 2.02 of this Agreement,
        by wire
        transfer of immediately available funds to the account designated by the
        Company.

      

      Section
        11.18.        Cooperation
        of
        Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a)    one
        or more
        third party purchasers in one or more whole loan transfers (each, a "Whole
        Loan
        Transfer"); or

      

      (b)    one
        or more
        trusts or other entities to be formed as part of one or more Securitization
        Transactions.

      

      The
        Company agrees to execute in connection with a Whole Loan Transfer, a Purchase,
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Securitization Transaction, a pooling and servicing agreement
        in form and substance reasonably acceptable to the parties, (collectively
        the
        agreements referred to herein are designated, the “Reconstitution
        Agreements”).  It is understood that any such Reconstitution
        Agreements will not contain any greater obligations on the part of Company
        than
        are contained in this Agreement.  Notwithstanding anything to the
        contrary in this Section 11.18, the Company agrees that it is required to
        perform the obligations described in Exhibit K hereto.

      

      With
        respect to each Whole Loan Transfer and each Securitization Transaction entered
        into by the Purchaser, the Company agrees (1) to cooperate fully with the
        Purchaser and any prospective purchaser with respect to all reasonable requests
        and due diligence procedures; (2) to execute, deliver and perform all
        Reconstitution Agreements required by the Purchaser; (3) to restate the
        representations and warranties set forth in this Agreement as of the settlement
        or closing date in connection with such Reconstitution (each, a "Reconstitution
        Date").

      

      In
        addition, the Company shall provide to such Purchaser, as the case may be,
        and
        any other participants in such Reconstitution:

      

      (i)    any
        and all
        information and appropriate verification of information which may be reasonably
        available to the Company, whether through letters of its auditors and counsel
        or
        otherwise, as the Purchaser or any such other participant shall request upon
        reasonable demand;

      

      (ii)    such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        as are reasonably agreed upon by the Company and the Purchaser or any such
        other
        participant;

      

      (iii)    using
        best
        efforts, within 7 Business Days after request by the Purchaser, but in no
        event
        later than 10 Business Days after request by the Purchaser, the information
        with
        respect to the Company (as originator) and each Third-Party Originator of
        the
        Mortgage Loans as required under Item 1110(a) and (b) of Regulation AB, a
        summary of the requirements of which has of the date hereof is attached hereto
        as Exhibit N for convenience of reference only, as determined by
        Purchaser in its sole discretion.  If requested by the Purchaser, this
        will include information about the applicable credit-granting or underwriting
        criteria;

      

      (iv)    using
        best
        efforts, within 7 Business Days after request by the Purchaser, but in no
        event
        later than 10 Business Days after request by the Purchaser, the Company shall
        provide (or, as applicable, cause each Third-Party Originator to provide)
        Static
        Pool Information with respect to the mortgage loans (of a similar type as
        the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        and (c) of Regulation AB. To the extent that there is reasonably available
        to
        the Company (or Third-Party Originator) Static Pool Information with respect
        to
        more than one mortgage loan type, the Purchaser or any Depositor shall be
        entitled to specify whether some or all of such information shall be provided
        pursuant to this paragraph. The content of such Static Pool Information may
        be
        in the form customarily provided by the Company, and need not be customized
        for
        the Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (pdf)
        file, or other such electronic format reasonably required by the Purchaser
        or
        the Depositor, as applicable;

      

      (v)    using
        best
        efforts, within 7 Business Days after request by the Purchaser, but in no
        event
        later than 10 Business Days after request by the Purchaser, information with
        respect to the Company (as servicer) as required by Item 1108(b) and (c)
        of
        Regulation AB, a summary of the requirements of which as of the date hereof
        is
        attached hereto as Exhibit N for convenience of reference only, as
        determined by Purchaser in its reasonable discretion.  In the event
        that the Company has delegated any servicing responsibilities with respect
        to
        the Mortgage Loans to a Subservicer, the Company shall provide the information
        required pursuant to this clause with respect to the Subservicer;

      

      (vi)    using
        best
        efforts, within 7 Business Days after request by the Purchaser, but in no
        event
        later than 10 Business Days after request by the Purchaser,

       

      (a)
        information regarding any legal proceedings pending (or known to be
        contemplated) against the Company (as originator and as servicer) and each
        other
        originator of the Mortgage Loans and each Subservicer as required by Item
        1117
        of Regulation AB, a summary of the requirements of which as of the date hereof
        is attached hereto as Exhibit N for convenience of reference only, as determined
        by Purchaser in its reasonable discretion,

       

      (b)
        information regarding affiliations with respect to the Company (as originator
        and as servicer) and each other originator of the Mortgage Loans and each
        Subservicer as required by Item 1119(a) of Regulation AB, a summary of the
        requirements of which as of the date hereof is attached hereto as Exhibit
        N for convenience of reference only, as determined by Purchaser in its
        reasonable discretion, and

       

      (c)
        information regarding relationships and transactions with respect to the
        Company
        (as originator and as servicer) and each other originator of the Mortgage
        Loans
        and each Subservicer as required by Item 1119(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit N for convenience of reference only, as determined by Purchaser
        in its reasonable discretion; 

      

      (vii)    if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Securitization Transaction. Any such
        statement or letter may take the form of a standard, generally applicable
        document accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor;

      

      (viii)     For
        the
        purpose of satisfying the reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, the Company shall (or shall
        cause each Subservicer and Third-Party Originator to), in accordance with
        Section 3.01(r), (i) provide immediate notice to the Purchaser, any Master
        Servicer and any Depositor in writing of (A) any material litigation or
        governmental proceedings involving the Company, any Subservicer or any
        Third-Party Originator, (B) any affiliations or relationships that develop
        following the closing date of a Securitization Transaction between the Company,
        any Subservicer or any Third-Party Originator and any of the parties specified
        in clause (D) of paragraph (a) of this Section (and any other parties identified
        in writing by the requesting party) with respect to such Securitization
        Transaction, (C) any Event of Default under the terms of this Agreement or
        any
        Reconstitution Agreement, (D) any merger, consolidation  or sale of
        substantially all of the assets of the Company, and (E) the Company’s entry into
        an agreement with a Subservicer to perform or assist in the performance of
        any
        of the Company’s obligations under this Agreement or any Reconstitution
        Agreement and (ii) provide to the Purchaser and any Depositor a description
        of
        such proceedings, affiliations or relationships;

      

      (ix)     As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Company or such Subservicer may be merged or consolidated,
        or
        (ii) which may be appointed as a successor to the Company or any Subservicer,
        the Company shall provide to the Purchaser, any Master Servicer, and any
        Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Purchaser and any Depositor
        of such succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Purchaser and such Depositor, all information
        reasonably requested by the Purchaser or any Depositor in order to comply
        with
        its reporting obligation under Item 6.02 of Form 8-K with respect to any
        class
        of asset-backed securities;

      

      (x)     In
        addition
        to such information as the Company, as servicer, is obligated to provide
        pursuant to other provisions of this Agreement, not later than ten days prior
        to
        the deadline for the filing of any distribution report on Form 10-D in respect
        of any Securitization Transaction that includes any of the Mortgage Loans
        serviced by the Company or any Subservicer, the Company or such Subservicer,
        as
        applicable, shall, to the extent the Company or such Subservicer has knowledge,
        provide to the party responsible for filing such report (including, if
        applicable, the Master Servicer) notice of the occurrence of any of the
        following events along with all information, data, and materials related
        thereto
        as may be required to be included in the related distribution report on Form
        10-D (as specified in the provisions of Regulation AB referenced
        below):

      

      (A)    any
        material
        modifications, extensions or waivers of pool asset terms, fees, penalties
        or
        payments during the distribution period or that have cumulatively become
        material over time (Item 1121(a)(11) of Regulation AB);

      

      (B)    material
        breaches of
        pool asset representations or warranties or transaction covenants (Item
        1121(a)(12) of Regulation AB); and

      

      (C)    information
        regarding
        new asset-backed securities issuances backed by the same pool assets, any
        pool
        asset changes (such as, additions, substitutions or repurchases), and any
        material changes in origination, underwriting or other criteria for acquisition
        or selection of pool assets (Item 1121(a)(14) of Regulation AB);
        and

      

      (xi)    The
        Company
        shall provide to the Purchaser, any Master Servicer and any Depositor, evidence
        of the authorization of the person signing any certification or statement,
        copies or other evidence of Fidelity Bond Insurance and Errors and Omission
        Insurance policy, financial information and reports, and such other information
        related to the Company or any Subservicer or the Company or such Subservicer’s
        performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit N and the
        text
        of the applicable Item of Regulation AB as cited above, the text of Regulation
        AB, its adopting release and other public statements of the SEC shall
        control.

      

      The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Securitization Transaction: each
        sponsor and issuing entity; each Person (including, but not limited to, any
        Master Servicer, if applicable) responsible for the preparation, execution
        or
        filing of any report required to be filed with the Commission with respect
        to
        such Securitization Transaction, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction; each broker dealer acting as underwriter, placement
        agent or initial purchaser, each Person who controls any of such parties
        or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees, agents and affiliates of each of the foregoing and of the Depositor
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

      

      (i)(A)
        any untrue statement of a material fact contained in any information, report,
        certification, data, accountants’ letter or other material provided under this
        Section 11.18 by or on behalf of the Company, or provided under this Section
        11.18 by or on behalf of any Subservicer, Subcontractor or Third-Party
        Originator (collectively, the “Company Information”), or (B) the omission or
        alleged omission to state in the Company Information a material fact required
        to
        be stated in the Company Information or necessary in order to make the
        statements therein, in the light of the circumstances under which they were
        made, not misleading; provided, by way of clarification, that clause (B)
        of this
        paragraph shall be construed solely by reference to the Company Information
        and
        not to any other information communicated in connection with a sale or purchase
        of securities, without regard to whether the Company Information or any portion
        thereof is presented together with or separately from such other
        information;

      

      (ii)
        any
        breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Section
        11.18, including any failure by the Company to identify pursuant to Section
        11.20 any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB;  or

       

      (iii)
        any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Securitization Transaction, to the
        extent that such breach is not cured by such closing date, or any breach
        by the
        Company of a representation or warranty in a writing furnished pursuant to
        Section 3.01(q) to the extent made as of a date subsequent to such closing
        date.

        

                   If
        the indemnification provided for herein is unavailable or insufficient to
        hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the
        other.  

        

                   In
        the case of any failure of performance described above, the Company shall
        promptly reimburse the Purchaser, any Depositor, as applicable, and each
        Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      Section
        11.19.                                Monthly
        Reporting with Respect to a Reconstitution.

      

                 As
        long as the Company continues to service Mortgage Loans, the Company agrees
        that
        with respect to any Mortgage Loan sold or transferred pursuant to a
        Reconstitution as described in Section 11.18 of this Agreement (a “Reconstituted
        Mortgage Loan”), the Company, at its expense, shall provide the Purchaser with
        the information set forth in Exhibit J attached hereto for each Reconstituted
        Mortgage Loan in Excel or such electronic delimited file format as may be
        mutually agreed upon by both Purchaser and Company.  Such information
        shall be provided monthly for all Reconstituted Mortgage Loans on the fifth
        (5th) Business
        Day of each month for the immediately preceding monthly period, and shall
        be
        transmitted to fast.data@bear.com.

      

      Section
        11.20.              
        Reserved.

      

      Section
        11.21.              
        Use of Subservicers and Subcontractors.

      

      (a)    The
        Company
        shall not hire or otherwise utilize the services of any Subservicer to fulfill
        any of the obligations of the Company as servicer under this Agreement or
        any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section. The Company shall not hire or otherwise utilize
        the services of any Subcontractor, and shall not permit any Subservicer to
        hire
        or otherwise utilize the services of any Subcontractor, to fulfill any of
        the
        obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (d) of this Section.

      

      (b)    The
        Company
        shall cause any Subservicer used by the Company (or by any Subservicer) for
        the
        benefit of the Purchaser and any Depositor to comply with the provisions
        of this
        Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18 of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        3.01(r) of this Agreement. The Company shall be responsible for obtaining
        from
        each Subservicer and delivering to the Purchaser, any Master Servicer and
        any
        Depositor any Annual Statement of Compliance required to be delivered by
        such
        Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
        Report required to be delivered by such Subservicer under Section 6.07 and
        any
        Annual Certification required under Section 6.04(b) as and when required
        to be
        delivered.

      

      (c)    The
        Company
        shall promptly upon request provide to the Purchaser, any Master Servicer
        and
        any Depositor (or any designee of the Depositor, such as an administrator)
        a
        written description (in form and substance satisfactory to the Purchaser,
        any
        Master Servicer and such Depositor) of the role and function of each
        Subcontractor utilized by the Company or any Subservicer, specifying (i)
        the
        identity of each such Subcontractor, (ii) which (if any) of such Subcontractors
        are “participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, and (iii) which elements of the Servicing Criteria will be
        addressed in assessments of compliance provided by each Subcontractor identified
        pursuant to clause (ii) of this paragraph.

      

      (d)    As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by
        such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      Section
        11.22.           
         Third Party Beneficiary.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the
        Purchaser have caused their names to be signed hereto by their respective
        officers thereunto duly authorized as of the day and year first above
        written.

      

      
      

      
        
          	 	 	 	 	 	 	 	
                  EMC
                    MORTGAGE CORPORATION

                   Purchaser

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

         

        
 

        
          	 	 	 	 	 	 	 	
                  
                    BRANCH
                      BANKING AND TRUST COMPANY

                      Company

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

       

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the
        Mortgage File shall include each of the following items, which shall be
        available for inspection by the Purchaser, and which shall be retained by
        the
        Company in the Servicing File or delivered to the Purchaser or its designee
        pursuant to Sections 2.04 and 2.05 of the Purchase, Warranties and Servicing
        Agreement.

      

      1.      The
        original Mortgage
        Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable
        riders.  In no event may an endorsement be a facsimile
        endorsement.  If the Mortgage Loan was acquired by the Company in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]".  If the Mortgage Loan was acquired or originated by
        the Company while doing business under another name, the endorsement must
        be by
        "[Company] formerly known as [previous name]".  Mortgage Notes may be
        in the form of a lost note affidavit subject to Purchaser
        acceptability.

      

      2.      The
        original Mortgage
        (together with a standard adjustable rate mortgage rider) with evidence of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such mortgage has been recorded or, if the original Mortgage has not
        been
        returned from the applicable public recording office, a true certified copy,
        certified by the Company.

      

      3.     The
        original or
        certified copy, certified by the Company, of the Primary Mortgage Insurance
        Policy, if required.

      

      4.           The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording.  If the Mortgage Loan was acquired or originated by the
        Company while doing business under another name, the Assignment must be by
        "[Company] formerly known as [previous name]". If the Mortgage Loan was acquired
        by the Company in a merger, the endorsement must be by "[Company], successor
        by
        merger to the [name of predecessor]".  None of the Assignments are
        blanket assignments of mortgage.

      

      5.           The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6.           Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7.           Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company.

      

      8.           If
        the Mortgage Note or Mortgage or any other material document or instrument
        relating to the Mortgage Loan has been signed by a person on behalf of the
        Mortgagor, the original or copy of power of attorney or other instrument
        that
        authorized and empowered such person to sign bearing evidence that such
        instrument has been recorded, if so required in the appropriate jurisdiction
        where the Mortgaged Property is located, or a copy thereof certified by the
        public recording office in which such instrument has been recorded or, if
        the
        original instrument has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company.

      

      9.           reserved.

      

      10.           Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.    Residential
        loan
        application.

      

      12.           Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13.           Credit
        report on the mortgagor.

      

      14.           Business
        credit report, if applicable.

      

      15.           Residential
        appraisal report and attachments thereto.

      

      16.           The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17.           Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18.           Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19.           Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20.           Survey
        of the Mortgaged Property, if any.

      

      21.           Sales
        contract, if applicable.

      

      22.           If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23.           Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24.           Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the
        contrary herein, Company may provide one certificate for all of the Mortgage
        Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2005

      

      To:           [_______________________]

      (the
        "Depository")

      

      As
        "Company" under the Purchase,
        Warranties and Servicing Agreement, dated as of [_____________________] 1,
        200[_] (the "Agreement"), we hereby authorize and request you to establish
        an
        account, as a Custodial Account pursuant to Section 4.04 of the Agreement,
        to be
        designated as "[______________________________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans".  All deposits
        in the account shall be subject to withdrawal therefrom by order signed by
        the
        Company.  This letter is submitted to you in
        duplicate.  Please execute and return one original to us.

       

      
        
          	 	 	 	 	 	 	 	
                  [__________________________]

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      

      

      The
        undersigned, as "Depository",
        hereby certifies that the above described account has been established under
        Account Number [__________], at the office of the depository indicated above,
        and agrees to honor withdrawals on such account as provided
        above.  The full amount deposited at any time in the account will be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        
          	 	 	 	 	 	 	 	
                  [__________________________]

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2005

      

      To:           [_______________________]

      (the
        "Depository")

      

      As
“Company”
under
        the Purchase
        Warranties and Servicing Agreement, dated as of [____________________]1,
        200[_]
        (the "Agreement"), we hereby authorize and request you to establish an account,
        as an Escrow Account pursuant to Section 4.06 of the Agreement, to be designated
        as "[__________________________], in trust for the [Purchaser], Owner of
        Adjustable Rate Mortgage Loans, and various Mortgagors."  All deposits
        in the account shall be subject to withdrawal therefrom by order signed by
        the
        Company.  This letter is submitted to you in
        duplicate.  Please execute and return one original to us.

       

      
        
          	 	 	 	 	 	 	 	
                  [__________________________]

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      
 

      The
        undersigned, as "Depository",
        hereby certifies that the above described account has been established under
        Account Number __________, at the office of the depository indicated above,
        and
        agrees to honor withdrawals on such account as provided above.  The
        full amount deposited at any time in the account will be insured up to
        applicable limits by the Federal Deposit Insurance Corporation through the
        Bank
        Insurance Fund or the Savings Association Insurance Fund or will be invested
        in
        Permitted Investments as defined in the Agreement.

       

      
        
          	 	 	 	 	 	 	 	
                  [__________________________]

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        D

      

      FORM
        OF
        PURCHASE, ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a Purchase, Assignment,
        Assumption and Recognition Agreement (this “PAAR Agreement”) made as
        of  __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises
        contained herein the parties hereto agree that the residential mortgage loans
        (the “Assigned Loans”) listed on Attachment 1 annexed hereto (the "Assigned Loan
        Schedule") now serviced by Company for Assignor and its successors and assigns
        pursuant to the Purchase, Warranties and Servicing Agreement, dated as of
        _________, 200__, between Assignor and Company (the “Purchase Agreement”) shall
        be subject to the terms of this PAAR Agreement. Capitalized terms used herein
        but not defined shall have the meanings ascribed to them in the Purchase
        Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1.           Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2.           Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in
        blank.  Assignee shall pay the Funding Amount by wire transfer of
        immediately available funds to the account specified by
        Assignor.  Assignee shall be entitled to all scheduled payments due on
        the Assigned Loans after ___________, 200__ and all unscheduled payments
        or
        other proceeds or other recoveries on the Assigned Loans received on and
        after
        _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3.            Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a)            Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b)           Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c)           There
        are no offsets, counterclaims or other defenses available to Company with
        respect to the Assigned Loans or the Purchase Agreement;

       

      (d)           Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e)           Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f)           Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this PAAR Agreement is in the ordinary course of Assignor’s business and will
        not conflict with, or result in a breach of, any of the terms, conditions
        or
        provisions of Assignor’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignor is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignor or its property is subject.  The
        execution, delivery and performance by Assignor of this PAAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on part of
        Assignor.  This PAAR Agreement has been duly executed and delivered by
        Assignor and, upon the due authorization, execution and delivery by Assignee
        and
        Company, will constitute the valid and legally binding obligation of Assignor
        enforceable against Assignor in accordance with its terms except as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4.           Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)           Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b)           Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this PAAR Agreement is in the ordinary course of Assignee’s business and will
        not conflict with, or result in a breach of, any of the terms, conditions
        or
        provisions of Assignee’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignee is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignee or its property is subject.  The
        execution, delivery and performance by Assignee of this PAAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on part of Assignee. This PAAR
        Agreement has been duly executed and delivered by Assignee and, upon the
        due
        authorization, execution and delivery by Assignor and Company, will constitute
        the valid and legally binding obligation of Assignee enforceable against
        Assignee in accordance with its terms except as enforceability may be limited
        by
        bankruptcy, reorganization, insolvency, moratorium or other similar laws
        now or
        hereafter in effect relating to creditors’ rights generally, and by general
        principles of equity regardless of whether enforceability is considered in
        a
        proceeding in equity or at law;

      

      (c)           No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (d)           Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5.            Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      
        	
                (a)  

              	Attached
                hereto as Attachment 2 is a true and accurate copy of the Purchase
                Agreement, which agreement is in full force and effect as of the
                date
                hereof and the provisions of which have not been waived, amended
                or
                modified in any respect, nor has any notice of termination been given
                thereunder;

        	 	 

        	
                (b)  

              	Company
                is duly organized, validly existing and in good standing under the
                laws of
                the jurisdiction of its incorporation, and has all requisite power
                and
                authority to service the Assigned Loans and otherwise to perform
                its
                obligations under the Purchase Agreement;

        	 	 

        	
                (c)  

              	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein.  The consummation of the transactions
                  contemplated by this PAAR Agreement is in the ordinary course of
                  Company’s
                  business and will not conflict with, or result in a breach of,
                  any of the
                  terms, conditions or provisions of Company’s charter or by-laws or any
                  legal restriction, or any material agreement or instrument to which
                  Company is now a party or by which it is bound, or result in the
                  violation
                  of any law, rule, regulation, order, judgment or decree to which
                  Company
                  or its property is subject.  The execution, delivery and
                  performance by Company of this PAAR Agreement and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action on part of Company. This PAAR Agreement
                  has
                  been duly executed and delivered by Company, and, upon the due
                  authorization, execution and delivery by Assignor and Assignee,
                  will
                  constitute the valid and legally binding obligation of Company,
                  enforceable against Company in accordance with its terms except
                  as
                  enforceability may be limited by bankruptcy, reorganization, insolvency,
                  moratorium or other similar laws now or hereafter in effect relating
                  to
                  creditors’ rights generally, and by general principles of equity
                  regardless of whether enforceability is considered in a proceeding
                  in
                  equity or at law;

              

      

      

      
        	
                (d)  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;
                  and

              

      

      

      
        	
                (e)  

              	
                No
                  event has occurred from the Closing Date to the date hereof which
                  would
                  render the representations and warranties as to the related Assigned
                  Loans
                  made by the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to
                  be untrue in any material respect.

              

      

      

      
        	
                (f)  

              	
                Neither
                  this AAR Agreement nor any certification, statement, report or
                  other
                  agreement, document or instrument furnished or to be furnished
                  by the
                  Company pursuant to this AAR Agreement contains or will contain
                  any
                  materially untrue statement of fact or omits or will omit to state
                  a fact
                  necessary to make the statements contained therein not
                  misleading.

              

      

      

      Recognition
        of Assignee

      

      6.            From
        and after the date hereof, Company shall recognize Assignee as owner of the
        Assigned Loans and will service the Assigned Loans in accordance with the
        Purchase Agreement.  It is the intention of Assignor, Company and
        Assignee that this PAAR Agreement shall be binding upon and for the benefit
        of
        the respective successors and assigns of the parties hereto.  Neither
        Company nor Assignor shall amend or agree to amend, modify, waiver, or otherwise
        alter any of the terms or provisions of the Purchase Agreement which amendment,
        modification, waiver or other alteration would in any way affect the Assigned
        Loans without the prior written consent of Assignee.

       

      Miscellaneous

      

      7.           All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

      

      (a)           In
        the case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        	
                  (b)  

              	
                In
                  the case of Assignor,

              

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

      

      (c)           In
        the case of Assignee,

      

      EMC
        Mortgage Corporation

      2780
        Lake Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:  President

      Telecopier
        No.:  (972) 444-2810

      

      with
        a
        copy  to:

      

      ___________________

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.:  (212) 272-____

      

      8.            Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement.

      

      9.           This
        PAAR Agreement shall be construed in accordance with the laws of the State
        of
        New York, without regard to conflicts of law principles, and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws.

      

      10.           No
        term or provision of this PAAR Agreement may be waived or modified unless
        such
        waiver or modification is in writing and signed by the party against whom
        such
        waiver or modification is sought to be enforced.

      

      11.           This
        PAAR Agreement shall inure to the benefit of the successors and assigns of
        the
        parties hereto.  Any entity into which Assignor, Assignee or Company
        may be merged or consolidated shall, without the requirement for any further
        writing, be deemed Assignor, Assignee or Company, respectively,
        hereunder.

      

      12.           This
        PAAR Agreement shall survive the conveyance of the Assigned Loans, the
        assignment of the Purchase Agreement to the extent of the Assigned Loans
        by
        Assignor to Assignee and the termination of the Purchase Agreement.

      

      13.           This
        PAAR Agreement may be executed simultaneously in any number of
        counterparts.  Each counterpart shall be deemed to be an original and
        all such counterparts shall constitute one and the same instrument.

      

      14.           In
        the event that any provision of this PAAR Agreement conflicts with any provision
        of the Purchase Agreement with respect to the Assigned Loans, the terms of
        this
        PAAR Agreement shall control.  In the event that any provision of this
        PAAR Agreement conflicts with any provision of the Confirmation with respect
        to
        the Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      Modification
        of Purchase Agreement

      

      15.    
The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

      

      (a)           The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator:    ________________________

      

      Supplemental
        PMI Insurer:    ________________________

      

      Supplemental
        PMI Policy:     The primary guarantee insurance
        policy of the Supplemental PMI Insurer attached hereto as Exhibit J, or any
        successor Supplemental PMI Policy given to the Servicer by the
        Assignee.

      

      Trustee:    ________________________

      

      (b)           The
        following definition is amended and restated:

      

      Insurance
        Proceeds:    Proceeds of any Primary Mortgage Insurance
        Policy, the Supplemental PMI Policy, any title policy, any hazard insurance
        policy or any other insurance policy covering a Mortgage Loan or other related
        Mortgaged Property, including any amounts required to be deposited in the
        Custodial Account pursuant to Section 4.04, 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 Accepted Servicing Practices.

      

      (c)           The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan.  Pursuant to Section
        4.04, any amounts collected by the Company under any Supplemental PMI Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy.  In addition, the Company agrees to forward to the Purchaser
        and the [Securities Administrator] any statements or other reports given
        by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d)           Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto
        have executed this PAAR Agreement as of the day and year first above
        written.

      

       

      
        	 	 	 	 	 	 	 	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      
        
          	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Assignee      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

      

       

      
        
          	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  Company

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard  File
                  Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer.  This may be
                  different than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file.  It is not separated by
                  first and last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      
        Standard
          File Layout – Delinquency Reporting

      

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer.  This may be
                  different than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the  property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted.

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The

                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a  property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                 

                If
                  applicable:

                 

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a
                  loan.   Code indicates the reason why the loan is in
                  default for this cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

       

      
        Exhibit
          2:Standard
          File Codes –
Delinquency Reporting

      

       

      The
        Loss Mit Type field should show the approved Loss
        Mitigation Code as follows:

       

      
        
          	 	
                  ·  ASUM-

                	
                  Approved
                    Assumption

                
	 	
                  ·  BAP-

                	
                  Borrower
                    Assistance Program

                
	 	
                  ·  CO-

                	
                  Charge
                    Off

                
	 	
                  ·  DIL-

                	
                  Deed-in-Lieu

                
	 	
                  ·  FFA-

                	
                  Formal
                    Forbearance Agreement

                
	 	
                  ·  MOD-

                	
                  Loan
                    Modification

                
	 	
                  ·  PRE-

                	
                  Pre-Sale

                
	 	
                  ·  SS-

                	
                  Short
                    Sale

                
	 	
                  ·  MISC-

                	
                  Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

         

        NOTE:
          Wells Fargo Bank will accept alternative Loss Mitigation Types to those
          above,
          provided that they are consistent with industry standards.  If Loss
          Mitigation Types other than those above are used, the Servicer must supply
          Wells
          Fargo Bank with a description of each of the Loss Mitigation Types prior
          to
          sending the file.

      

       

      The
        Occupant Code field should show the current status of
        the property code as follows:

       

      
        	
                ·  

              	
                Mortgagor

              

      

       

      
        	
                ·  

              	
                Tenant

              

      

       

      
        	
                ·  

              	
                Unknown

              

      

       

      
        	
                ·  

              	
                Vacant

              

      

       

      The
        Property Condition field should show the last reported
        condition of the property as follows:

       

      
        	
                ·  

              	
                Damaged

              

      

       

      
        	
                ·  

              	
                Excellent

              

      

       

      
        	
                ·  

              	
                Fair

              

      

       

      
        	
                ·  

              	
                Gone

              

      

       

      
        	
                ·  

              	
                Good

              

      

       

      
        	
                ·  

              	
                Poor

              

      

       

      
        	
                ·  

              	
                Special
                  Hazard

              

      

       

      
        	
                ·  

              	
                Unknown

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        Exhibit
          2:Standard
          File Codes –
Delinquency Reporting, Continued

      

       

      The
        FNMA Delinquent Reason Code field should show the Reason
        for Delinquency as follows:

       

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                 

                001

              	
                 

                FNMA-Death
                  of principal mortgagor

              
	
                 

                002

              	
                 

                FNMA-Illness
                  of principal mortgagor

              
	
                 

                003

              	
                 

                FNMA-Illness
                  of mortgagor’s family member

              
	
                 

                004

              	
                 

                FNMA-Death
                  of mortgagor’s family member

              
	
                 

                005

              	
                 

                FNMA-Marital
                  difficulties

              
	
                 

                006

              	
                 

                FNMA-Curtailment
                  of income

              
	
                 

                007

              	
                 

                FNMA-Excessive
                  Obligation

              
	
                 

                008

              	
                 

                FNMA-Abandonment
                  of property

              
	
                 

                009

              	
                 

                FNMA-Distant
                  employee transfer

              
	
                 

                011

              	
                 

                FNMA-Property
                  problem

              
	
                 

                012

              	
                 

                FNMA-Inability
                  to sell property

              
	
                 

                013

              	
                 

                FNMA-Inability
                  to rent property

              
	
                 

                014

              	
                 

                FNMA-Military
                  Service

              
	
                 

                015

              	
                 

                FNMA-Other

              
	
                 

                016

              	
                 

                FNMA-Unemployment

              
	
                 

                017

              	
                 

                FNMA-Business
                  failure

              
	
                 

                019

              	
                 

                FNMA-Casualty
                  loss

              
	
                 

                022

              	
                 

                FNMA-Energy
                  environment costs

              
	
                 

                023

              	
                 

                FNMA-Servicing
                  problems

              
	
                 

                026

              	
                 

                FNMA-Payment
                  adjustment

              
	
                 

                027

              	
                 

                FNMA-Payment
                  dispute

              
	
                 

                029

              	
                 

                FNMA-Transfer
                  of ownership pending

              
	
                 

                030

              	
                 

                FNMA-Fraud

              
	
                 

                031

              	
                 

                FNMA-Unable
                  to contact borrower

              
	
                 

                INC

              	
                 

                FNMA-Incarceration

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        Exhibit
          2:Standard
          File Codes –
Delinquency Reporting, Continued

      

       

      The
        FNMA Delinquent Status Code field should show the Status
        of Default as follows:

      

      
        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE:           Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below.  The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____                      On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be
        escrowed.  The Company hereby certifies that all amounts with respect
        to this loan which are required under the Agreement have been or will be
        deposited in the Custodial Account as required.

      

      _____                      The
        above captioned loan is being repurchased pursuant to the terms of the
        Agreement.  The Company hereby certifies that the repurchase price has
        been credited to the Custodial Account as required under the
        Agreement.

      

      _____                      The
        above captioned loan is being placed in foreclosure and the original documents
        are required to proceed with the foreclosure action.  The Company
        hereby certifies that the documents will be returned to the Purchaser in
        the
        event of reinstatement.

      

      _____                      Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on this certification and the
        indemnities provided for in the Agreement, please release to the Company
        all
        original mortgage documents in your possession relating to this
        loan.

      

      
        	 	 
	Dated:	      	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	 
	 	Signature	 	 
	 	 	 	 
	 	 	 	 
	 	Title	 	 

      

       

       

      
        
          	Send
                  documents to:   	   	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 	 	 
	 	 	 
	 	 	 
	 	 	 	 
	 	 	 	 

        

      

      
      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all
        original documents previously released on the above captioned mortgage loan
        have  been returned and received by the Purchaser.

      

      
        
          	 	 
	Dated:	      	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                  By:

                	 	 	 
	 	Signature	 	 
	 	 	 	 
	 	 	 	 
	 	Title	 	 

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        

        BB&T
          Mortgage 30 & 15 Year Non-Conforming No Ratio (NORA) –
3/15/07

        BB&T
          Mortgage 30 & 15 Year Non-Conforming Stated Income (SID) –
2/07

        BB&T
          Mortgage 30 & 15 Year Non-Conforming Standard (STAN) –
2/07

        BB&T
          Mortgage 30 & 15 Year Non-Conforming No Income Verification (NIV) –
2/07

        BB&T
          Mortgage 30 & 15 Year Non-Conforming No Income, No Assets (NINA) –
3/15/07

        BB&T
          Mortgage Loan Program Highlights – 2/07

      

      
        
          

        

      o           FLOW
        DELIVERY ONLY

      

      
        x          BULK
          DELIVERY ONLY

        

      

      
        
          

        

      o    APPROVED
        AS SUBMITTED

      

      x    APPROVED
        WITH RESTRICTIONS:

      

       

      General
        Guideline Restrictions:

       

      
        	
                ·  

              	
                Maximum
                  Mortgage Loans amount and LTV will be determined at time of bid
                  by EMC
                  Mortgage Corporation Trade Desk for all Mortgage Loans sold as
                  bulk
                  transactions.  When guidelines do not address specific credit or
                  property guidelines, Fannie Mae guidelines will be
                  used.

              

      

      
        	
                ·  

              	
                Maximum
                  Mortgage Loan amount and LTV will be determined by EMC program
                  matrices
                  for all Mortgage Loans sold as flow
                  transaction.

              

      

      
        	
                ·  

              	
                EMC
                  will not purchase Mortgage Loans in the State of West
                  Virginia.

              

      

      
        	
                ·  

              	
                EMC
                  will not purchase Mortgage Loans with seller or privately held
                  subordinate
                  liens.

              

      

      
        	
                ·  

              	
                When
                  multiple Mortgage Loans to one borrower on multiple properties
                  are being
                  delivered to EMC, aggregate amounts totaling more than $3,000,000
                  will be
                  considered on an exception basis.

              

      

      
        	
                ·  

              	
                EMC
                  reduced the maximum LTV/CLTV on the following
                  programs:

              

      

      
        	
                ·  

              	
                Alt
                  A 1st&
2nd
                  Liens

              

      

      
        	
                ·  

              	
                Alt
                  A 100% No MI

              

      

      
        	
                ·  

              	
                Alt
                  A Secure Option ARM

              

      

      
        	
                ·  

              	
                MTA
                  Option ARM

              

      

      
        	
                ·  

              	
                All
                  Full/Alt Doc
                  Loans                
                  Maximum 95% LTV/CLTV

              

      

      
        	
                ·  

              	
                All
                  Non-Full/Alt Doc
                  Loans          Maximum 90%
                  LTV/CLTV

              

      

      

      Underwriting
        Restrictions:

       

      
        	
                ·  

              	
                AUS
                  underwritten Mortgage Loans must be so identified on the bid
                  tape.

              

      

      
        	
                ·  

              	
                Automated
                  underwriting engines may be used; however, all EMC documentation
                  and
                  credit guidelines must be met. Documentation requirements can not
                  be
                  waived by AUS findings.

              

      

      
        	
                ·  

              	
                Borrowers
                  unable to provide a complete 12 month mortgage/rental history are
                  restricted to owner occupied (1-2 units), primary residence, verified
                  asset programs only.

              

      

      
        	
                ·  

              	
                An
                  established credit history is defined as a minimum of 3 active
                  traditional
                  credit references that have been opened for at least 24-months’ and have
                  been active at some time during that period (must be active within
                  the
                  last 24 months to be considered an active account).  The
                  traditional credit trade line may be an open or closed
                  account.

              

      

      
        	
                ·  

              	
                Reserves
                  are calculated based on the Borrower’s Qualifying Payment.  For
                  Investment properties, reserves are required for all properties
                  owned and
                  not just the subject property.

              

      

      
        	
                ·  

              	
                Gift
                  funds may not be used to satisfy reserve
                  requirements.

              

      

      
        	
                ·  

              	
                Reserves
                  must be sourced and seasoned for 60
                  days.

              

      

      
        	
                ·  

              	
                Use
                  of proceeds from a cash-out refinance to satisfy
                  reserves:

              

      

      
        	
                ·  

              	
                Acceptable
                  for Primary Residences and 2nd
                  Homes when
                  CLTV < 80%

              

      

      
        	
                ·  

              	
                Not
                  acceptable for Primary Residences and 2nd
                  Homes when
                  CLTV is> 80%

              

      

      
        	
                ·  

              	
                Not
                  acceptable for Investment
                  Properties

              

      

      
        	
                ·  

              	
                Primary
                  & Second Homes

              

      

      
        	
                ·  

              	
                Full/Alt,
                  Lite, Limited and SIVA

              

      

      
        	
                ·  

              	
                CLTV
                  <
                  90%                                    2
                  months PITI reserves required.

              

      

      
        	
                ·  

              	
                CLTV
                  90.01 –
                  95.00%                     3
                  months PITI reserves required.

              

      

      
        	
                ·  

              	
                CLTV
                  95.01 –
                  100.00%                   4
                  months PITI reserves required (Full Doc
                  only)

              

      

      
        	
                ·  

              	
                No
                  Ratio and NIVA

              

      

      
        	
                ·  

              	
                CLTV
                  <
                  90%                                   
                  3 months PITI reserves required

              

      

      
        	
                ·  

              	
                CLTV
                  90.01
                  -95.00%                       4
                  months PITI reserves required

              

      

      
        	
                ·  

              	
                SISA

              

      

      
        	
                ·  

              	
                CLTV
                  <
                  90%                                  
                  4 months PITI reserves required

              

      

      
        	
                ·  

              	
                CLTV
                  90.01 –
                  95.00%                    6
                  months PITI reserves required

              

      

      
        	
                ·  

              	
                Investment
                  Property

              

      

      
        	
                ·  

              	
                Full/Alt,
                  Lite, Limited and SIVA

              

      

      
        	
                ·  

              	
                All
                  CLTVs                                      
                  6 months PITI reserves required

              

      

      
        	
                ·  

              	
                No
                  Ratio, NIVA and SISA

              

      

      
        	
                ·  

              	
                All
                  CLTVs                                       8
                  months PITI reserves required

              

      

      
        	
                ·  

              	
                Interested
                  Third Party Contributions are restricted to the
                  following:

              

      

      
        	
                ·  

              	
                CLTV>
                  90%, maximum contribution is three percent
                  (3%).

              

      

      
        	
                ·  

              	
                CLTV>
                  90% maximum contribution of six percent (6%) will be allowed under
                  the
                  following conditions:

              

      

      
        	
                ·  

              	
                New
                  construction/builder business

              

      

      
        	
                ·  

              	
                Owner
                  occupied primary residence

              

      

      
        	
                ·  

              	
                Single
                  family properties only

              

      

      
        	
                ·  

              	
                Purchases
                  only

              

      

      
        	
                ·  

              	
                Builder
                  must be the property seller

              

      

      
        	
                ·  

              	
                Contributions
                  may not exceed actual costs

              

      

      
        	
                ·  

              	
                Maximum
                  contributions limited to three percent (3%) on all non-arms length
                  transactions.

              

      

      

      Appraisal
        and Property Restrictions:

       

      
        	
                ·  

              	
                EMC
                  Requires an AVM on all properties from one of the following
                  companies:

              

      

      
        	
                ·  

              	
                CoreLogic

              

      

      
        	
                ·  

              	
                Fidelity
                  Hansen Quality

              

      

      
        	
                ·  

              	
                Data
                  Verify

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TERM
        SHEET

      

      This
        TERM SHEET (the "Term Sheet")
        dated _____________, between Branch Banking and Trust Company, a Federal
        Reserve, non-member bank, located at 2713 Forest Hills Road, Wilson, North
        Carolina  27894-2305 (the “Company”) and EMC Mortgage Corporation, a
        Delaware corporation, located at 2780 Lake Vista
        Drive,
        Lewisville, TX 75067-3884 (the "Purchaser") is made pursuant to the terms
        and conditions of that certain Purchase, Warranties and Servicing Agreement
        (the
        "Agreement") dated as of March 1, 2007, between the Company and the Purchaser,
        the provisions of which are incorporated herein as if set forth in full herein,
        as such terms and conditions may be modified or supplemented
        hereby.  All initially capitalized terms used herein unless otherwise
        defined shall have the meanings ascribed thereto in the Agreement.

      

      The
        Purchaser hereby purchases from the
        Company and the Company hereby sells to the Purchaser, all of the Company’s
        right, title and interest in and to the Mortgage Loans on a servicing retained
        basis described on the Mortgage Loan Schedule annexed hereto as Schedule
        I, pursuant to and in accordance with the terms and conditions set forth
        in
        the Agreement, as same may be supplemented or modified
        hereby.  Hereinafter, the Company shall service the Mortgage Loans for
        the benefit of the Purchaser and all subsequent transferees of the Mortgage
        Loans pursuant to and in accordance with the terms and conditions set forth
        in
        the Agreement.

      

      1.           Definitions

      

      For
        purposes of the Mortgage Loans to
        be sold pursuant to this Term Sheet, the following terms shall have the
        following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off
        Date):                                                                           

      

      Closing
        Date:

      

      Custodian:

      

      Cut-off
        Date:

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:

      

      Mortgage
        Loan:

      

      Purchase
        Price Percentage:

      

      Servicing
        Fee Rate:

       

      Additional
        Closing Conditions:

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional
        conditions:   [None].

      

      Additional
        Loan Documents:

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage
        Loans:   [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

      

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage
        Loans:  [None].  [Notwithstanding anything to the contrary
        set forth in the Agreement, with respect to each Mortgage Loan to be sold
        on the
        Closing Date, the representation and warranty set forth in Section ______
        of the
        Agreement shall be modified to read as follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.IN WITNESS WHEREOF, the parties hereto have
        caused
        their names to be signed hereto by their respective duly authorized officers
        as
        of the date first above written.

       

      

       

      
        	 	 	 	 	 	 	 	
                BRANCH
                  BANKING AND TRUST COMPANY

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                
                   

                

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

       

      
        
          	 	 	 	 	 	 	 	
                  
                    EMC
                      MORTGAGE CORPORATION

                  

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

       

      (a)    Servicer
        Mortgage Loan Number

      (b)    FNMA
        Mortgage
        Loan Number (if applicable)

      (c)    Lender/Seller
        Mortgage Loan Number (plus any other loan number)

      (d)    Month
        end
        date/ date file created

      (e)    Scheduled
        Beginning Balance

      (f)    Actual
        Beginning Balance

      (g)    Scheduled
        Ending Balance

      (h)    Actual
        Ending
        Balance

      (i)    
Gross
        Rate
        (current gross rate)

      (j)    
Net
        Rate
        (current passthrough)

      (k)    Last
        Payment
        Date (LPI_DATE in Fannie's Laser Reporting)

      (l)    
Next
        Due
        Date

      (m)   Delinquency
        Month
        (if available)

      (n)    Default
        Flag,
        i.e. FC, REO, etc. (if applicable)

      (o)    Pay-In-Full
        Date (Mortgage Loan paid off by Mortgagor)

      (p)    Foreclosure
        start date

      (q)    Foreclosure
        end date

      (r)    REO
        Property
        date

      (s)    With
        respect
        to Liquidated Mortgage Loans:

      (i)   claim
        date

      (ii)  claim
        amount

      (iii)
        proceeds

      (iv)  amount
        of loss or gain
        (as applicable)

      (v)   the
        date of the
        loss or gain.

      (vi)  the
        liquidation reason
        (paid in full or repurchased out of deal)

      (t)    Fannie's
        Laser Reporting (For FNMA loans)

      (i)   Action
        Code (for
        default or paid off Mortgage Loans; i.e. 60, 65, etc.)

      (ii)  Action
        Date

      (iii)
        Remit Prin (submitted principal
        amount)

      (iv)  Remit
        Int (submitted
        interest amount)

      (v)   Pool/Invest
        indicator (indicating Schedule/Schedule or Actual/Actual pool)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION

      WITH
        A
        RECONSTITUTION

      

      •    The
        Company
        shall (i) possess the ability to service to a securitization documents; (ii)
        service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments and (iv) remit and report to a Master Servicer in
        format acceptable to such Master Servicer by the 10th calendar day of each
        month.

      

      •    The
        Company
        shall provide an acceptable annual certification (officer’s certificate) to the
        Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as well as
        any
        other annual certifications required under the securitization documents (i.e.
        the annual statement as to compliance/annual independent certified public
        accountants’ servicing report due by March 1 of each year).

      

      •    The
        Company
        shall allow for the Purchaser, the Master Servicer or their designee to perform
        a review of audited financials and net worth of the Company.

      

      •    The
        Company
        shall provide a Uniform Single Attestation Program certificate and Management
        Assertion as requested by the Master Servicer or the Purchaser.

      

      •    The
        Company
        shall provide information on each Custodial Account as requested by the Master
        Servicer or the Purchaser, and each Custodial Accounts shall comply with
        the
        requirements for such accounts as set forth in the securitization
        documents.

      

      •    The
        Company
        shall maintain its servicing system in accordance with the requirements of
        the
        Master Servicer.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        L

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re:The
        []
        agreement dated as of [l, 200[ ] (the “Agreement”), among [IDENTIFY
        PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master
        Servicer].  Any material instances of noncompliance described in such
        reports have been disclosed to the [Depositor] [Master Servicer]. Any material
        instance of noncompliance with the Servicing Criteria has been disclosed
        in such
        reports.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        M

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit M is provided for convenience of reference only.  In the
        event of a conflict or inconsistency between the terms of this Exhibit M
        and the
        text of Regulation AB, the text of Regulation AB, its adopting release and
        other
        public statements of the SEC shall control.

      

      Item
        1122(d)

       

      
        	
                (a)  

              	
                General
                  servicing considerations.

              

      

       

      (1)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (2)  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.

       

      (3)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (4)  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.

       

      
        	
                (b)  

              	
                Cash
                  collection and administration.

              

      

       

      (1)  Payments
        on mortgage loans 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.

       

      (2)  Disbursements
        made via wire transfer on behalf of an obligor or to an
        investor are made only by authorized personnel.

       

      (3)  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.

       

      (4)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (5)  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.

       

      (6)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (7)  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.

       

      
        	
                (c)  

              	
                Investor
                  remittances and reporting.

              

      

       

      (1)  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
        mortgage loans serviced by the Servicer.

       

      (2)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (3)  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.

       

      (4)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	
                (d)  

              	
                Mortgage
                  Loan administration.

              

      

       

      (1)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (2)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (3)  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.

       

      (4)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan 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 mortgage loan
        documents.

       

      (5)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (6)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (7)  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.

       

      (8)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        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 mortgage loans including, for example, phone calls,
        letters and payment rescheduling plans in cases where delinquency is deemed
        temporary (e.g., illness or unemployment).

       

      (9)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (10)  Regarding
        any funds held in trust for an obligor (such as escrow accounts):  (A)
        such funds are analyzed, in accordance with the obligor’s mortgage loan
        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 mortgage loan documents and state
        laws;
        and (C) such funds are returned to the obligor within 30 calendar days of
        full
        repayment of the related mortgage loans, or such other number of days specified
        in the transaction agreements.

       

      (11)  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.

       

      (12)  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.

       

      (13)  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.

       

      (14)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (15)  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.

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      EXHIBIT
        N

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit N is provided for convenience of reference only.  In the
        event of a conflict or inconsistency between the terms of this Exhibit N
        and the
        text of Regulation AB, the text of Regulation AB, its adopting release and
        other
        public statements of the SEC shall control.

       

      Item
        1105(a)(1)-(3) and (c)

      

      -Provide
        static pool information with respect to mortgage loans that were originated
        or
        purchased by the Company and which are of the same type as the Mortgage
        Loans.

       

      -Provide
        static pool information regarding delinquencies, cumulative losses and
        prepayments for prior securitized pools of the Company.

       

      -If
        the
        Company has less than 3 years experience securitizing assets of the same
        type as
        the Mortgage Loans, provide the static pool information by vintage origination
        years regarding loans originated or purchased by the Company, instead of
        by
        prior securitized pool. A vintage origination year represents mortgage loans
        originated during the same year.

       

      -Such
        static pool information shall be for the prior five years, or for so long
        as the
        Company has been originating or purchasing (in the case of data by vintage
        origination year) or securitizing (in the case of data by prior securitized
        pools) such mortgage loans if for less than five years.

       

      -The
        static pool information for each vintage origination year or prior securitized
        pool, as applicable, shall be presented in monthly increments over the life
        of
        the mortgage loans included in the vintage origination year or prior securitized
        pool.

       

      -Provide
        summary information for the original characteristics of the prior securitized
        pools or vintage origination years, as applicable and material, including:
        number of pool assets, original pool balance, weighted average initial loan
        balance, weighted average mortgage rate, weighted average and minimum and
        maximum FICO, product type, loan purpose, weighted average and minimum and
        maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Securitization Transaction:

       

      -a
        description of the Company’s form of organization;

       

      -a
        description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -a
        description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -information
        regarding the Company’s financial condition to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition could have a material impact on the performance
        of the
        securities issued in the Securitization Transaction, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -any
        special or unique factors involved in servicing loans of the same type as
        the
        Mortgage Loans, and the Company’s processes and procedures designed to address
        such factors;

       

      -statistical
        information regarding principal and interest advances made by the Company
        on the
        Mortgage Loans and the Company’s overall servicing portfolio for the past three
        years; and

       

      -the
        Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -Identify
        any originator or group of affiliated originators that originated, or is
        expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Securitization Transaction.

       

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Securitization Transaction:

       

      -the
        Company’s form of organization; and

       

      -a
        description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      Item
        1117

      

      -describe
        any legal proceedings pending against the Company or against any of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Securitization Transaction.

       

      Item
        1119(a)

      

      -describe
        any affiliations of the Company, each other originator of the Mortgage Loans
        and
        each Subservicer with the sponsor, depositor, issuing entity, trustee, any
        originator, any other servicer, any significant obligor, enhancement or support
        provider or any other material parties related to the Securitization
        Transaction.

       

      Item
        1119(b)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        entered into outside of the ordinary course of business or on terms other
        than
        those obtained in an arm’s length transaction with an unrelated third party,
        apart from the Securitization Transaction, between the Company, each other
        originator of the Mortgage Loans and each Subservicer, or their respective
        affiliates, and the sponsor, depositor or issuing entity or their respective
        affiliates, that exists currently or has existed during the past two years,
        that
        may be material to the understanding of an investor in the securities issued
        in
        the Securitization Transaction.

       

      Item
        1119(c)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        involving or relating to the Mortgage Loans or the Securitization Transaction,
        including the material terms and approximate dollar amount involved, between
        the
        Company, each other originator of the Mortgage Loans and each Subservicer,
        or
        their respective affiliates and the sponsor, depositor or issuing entity
        or
        their respective affiliates, that exists currently or has existed during
        the
        past two years.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                 

                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

              
	
                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

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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

              
	
                 

              	
                 

                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans 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

              
	
                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

              
	
                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

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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

              
	
                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

              
	
                 

              	
                 

                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 mortgage loans serviced by the
                  Servicer.

              	
                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

              
	
                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

              
	
                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

              
	
                 

              	
                 

                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                 Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                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

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans 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 mortgage loans
                  (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

              
	
                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

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  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.

              	 
	
                 

              	
                 

              	
                 

              

      

      

      
         

         

        
          	 	 	 	 	 	 	 	
                  [NAME
                    OF COMPANY] [NAME OF SUBSERVICER]

                
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Date:	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                  By:

                	
                  
                     

                  

                
	 	 	 	 	 	 	 	
                  Name:

                	 
	 	 	 	 	 	 	 	
                  Title:

                	 

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        P

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized
        Loss/Gain Form 332– Instruction Sheet

      

      NOTE:  Do
        not net or combine items.  Show all expenses individually and all
        credits as separate line items.  Claim packages are due on the
        remittance report date.  Late submissions may result in claims not
        being passed until the following month.  The Servicer is responsible
        to remit all funds pending loss approval and /or resolution of any disputed
        items.

      

       

      The
        numbers on the 332 form correspond with the numbers listed
        below.

       

      Liquidation
        and Acquisition Expenses:

       

      
        	
                 

              	
                1.

              	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan.  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

                 

              

      

      
        	
                 

              	
                2.

              	
                The
                  Total Interest Due less the aggregate amount of servicing fee that
                  would
                  have been earned if all delinquent payments had been made as agreed.
                  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

                 

              

      

      
        	
                 

              	
                3.

              	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is required.

                 

              

        	 	
                4-12.

              	
                Complete
                  as applicable.  Required
                  documentation:

              

      

      
        	
                 

              	
                 

              	
              

      

      *  For
        taxes and insurance advances – see page 2 of 332 form - breakdown required
        showing period

      of
        coverage, base tax, interest, penalty.  Advances prior to default
        require evidence of servicer efforts to recover advances.

       *  For
        escrow advances - complete payment history

          (to
        calculate advances from last positive escrow balance forward)

      *  Other
        expenses -  copies of corporate advance history showing all
        payments

      *  REO
        repairs> $1500 require explanation

      *  REO
        repairs>$3000 require evidence of at least 2 bids.

      *  Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate

      *  Unusual
        or extraordinary items may require further documentation.

       

      
        	
                 

              	
                 13.

              	
                The
                  total of lines 1 through 12.

              

      

      Credits:

       

      
        	
                 

              	
                    
                  14-21.

              	
                Complete
                  as applicable.  Required
                  documentation:

              

      

       

      *
        Copy of
        the HUD 1 from the REO sale.  If a 3rd Party
        Sale, bid
        instructions and Escrow Agent / Attorney

         Letter
        of Proceeds Breakdown.

      *  Copy
        of EOB for any MI or gov't guarantee

      *  All
        other credits need to be clearly defined on the 332
        form      
     

       

      
        	
                 

              	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note:     For
        HUD/VA
        loans, use line (18a) for Part A/Initial proceeds and line (18b) for Part
        B/Supplemental proceeds.

       

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      
        	
                 

              	
                23.

              	
                The
                  total derived from subtracting line 22 from 13.  If the amount
                  represents a realized gain, show the amount in parenthesis
                  (   ).

              

      

      
        

      

      
        Calculation
          of Realized Loss/Gain Form 332

      

      

       

      Prepared
        by:  __________________                                  Date:  _______________

       

      Phone:  ______________________             
        Email Address:_____________________

       

       

      
        	
                 

                Servicer
                  Loan No.

                 

                 

              	 	
                 

                Servicer
                  Name

                 

                 

              	 	
                 

                Servicer
                  Address

                 

                 

                 

              

      

       

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

       

      Borrower's
        Name: _________________________________________________________

       

      Property
        Address: _________________________________________________________

       

       

      Liquidation
        Type:  REO Sale      3rd
        Party
        Sale     Short Sale    Charge
        Off

       

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown      Yes          No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

      
        
          	
                  (1)

                	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	
                  $
                    ______________

                	
                  (1)

                
	
                  (2)

                	
                  Interest
                    accrued at Net Rate

                	
                   ________________

                	
                  (2)

                
	
                  (3)

                	
                  Accrued
                    Servicing Fees

                	
                   ________________

                	
                  (3)

                
	
                  (4)

                	
                  Attorney's
                    Fees

                	
                   ________________

                	
                  (4)

                
	
                  (5)

                	
                  Taxes
                    (see page 2)

                	
                   ________________

                	
                  (5)

                
	
                  (6)

                	
                  Property
                    Maintenance

                	
                   _______________

                	
                  (6)

                
	
                  (7)

                	
                  MI/Hazard
                    Insurance Premiums (see page 2)

                	
                   ________________

                	
                  (7)

                
	
                  (8)

                	
                  Utility
                    Expenses

                	
                   ________________

                	
                  (8)

                
	
                  (9)

                	
                  Appraisal/BPO

                	
                   ________________

                	
                  (9)

                
	
                  (10)

                	
                  Property
                    Inspections

                	
                  ________________

                	
                  (10)

                
	
                  (11)

                	
                  FC
                    Costs/Other Legal Expenses

                	
                   ________________

                	
                  (11)

                
	
                  (12)

                	
                  Other
                    (itemize)

                	
                   ________________

                	
                  (12)

                
	 	
                  Cash
                    for Keys__________________________

                	
                   ________________

                	
                  (12)

                
	 	
                  HOA/Condo
                    Fees_______________________

                	
                   ________________

                	
                  (12)

                
	 	
                  ______________________________________

                	
                   ________________

                	
                  (12)

                
	 	
                  Total
                    Expenses

                	
                  $
                    _______________

                	
                  (13)

                
	
                  Credits: 

                	 	 
	
                  (14)

                	
                  Escrow
                    Balance

                	
                  $
                    _______________

                	
                  (14)

                
	
                  (15)

                	
                  HIP
                    Refund

                	
                  ________________

                	
                  (15)

                
	
                  (16)

                	
                  Rental
                    Receipts

                	
                  ________________

                	
                  (16)

                
	
                  (17)

                	
                  Hazard
                    Loss Proceeds

                	
                  ________________

                	
                  (17)

                
	
                  (18)

                	
                  Primary
                    Mortgage Insurance / Gov’t Insurance

                	
                  ________________

                	
                  (18a)

                
	
                  HUD
                    Part A

                	
                  ________________

                	
                  (18b)

                
	
                  HUD
                    Part B

                	 	 
	
                  (19)

                	
                  Pool
                    Insurance Proceeds

                	
                  ________________

                	
                  (19)

                
	
                  (20)

                	
                  Proceeds
                    from Sale of Acquired Property

                	
                  ________________

                	
                  (20)

                
	
                  (21)

                	
                  Other
                    (itemize)

                	
                  ________________

                	
                  (21)

                
	 	
                  _____________________________________

                	
                  ________________

                	
                  (21)

                
	 	 	 	 
	 	
                  Total
                    Credits

                	
                  $________________

                	
                  (22)

                
	
                  Total
                    Realized Loss (or Amount of Gain)

                	
                  $________________

                	
                  (23)

                

        

      

       

      

      
        	
                 

              	
                Escrow
                  Disbursement Detail

              

      

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

      

       

    

     

    EXHIBIT
      Q-3

     

    FIFTH
      THIRD SERVICING AGREEMENT

    
      

      

      

      

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      FIFTH
        THIRD MORTGAGE COMPANY

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of September 1, 2002

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

       

      
        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01 

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01 

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02 

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03 

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04 

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05 

                	
                  Books
                    and Records

                
	
                  Section
                    2.06 

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07 

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08 

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09 

                	
                  [Reserved}

                
	
                  Section
                    2.10 

                	
                  Modification
                    of Obligations

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01 

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02 

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution

                
	
                  Section
                    3.04 

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01 

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02 

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03 

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04 

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05 

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06 

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07 

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08 

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09 

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10 

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11 

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12 

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13 

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14 

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01 

                	
                  Distributions

                
	
                  Section
                    5.02 

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03 

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04 

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01 

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02 

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03 

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04 

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05 

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06 

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01 

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01 

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02 

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03 

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04 

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05 

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01 

                	
                  Events
                    of Default

                
	
                  Section
                    9.02 

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01 

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01 

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02 

                	
                  Amendment

                
	
                  Section
                    11.03 

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04 

                	
                  Governing
                    Law

                
	
                  Section
                    11.05 

                	
                  Notices

                
	
                  Section
                    11.06 

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07 

                	
                  Exhibits

                
	
                  Section
                    11.08 

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09 

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10 

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11 

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12 

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13 

                	
                  No
                    Partnership

                
	
                  Section
                    11.14 

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15 

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16 

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17 

                	
                  Closing

                
	
                  Section
                    11.18 

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  EXHIBITS

                	 
	
                  A
                    

                	
                  Contents
                    of Mortgage File

                
	
                  B
                    

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C
                    

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D
                    

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E
                    

                	
                  Form
                    of Trial Balance

                
	
                  F
                    

                	
                  [reserved]

                
	
                  G
                    

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H
                    

                	
                  Company’s
                    Underwriting Matrix

                
	
                  I
                    

                	
                  Form
                    of Term Sheet

                

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of September 1, 2002
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038
        (the "Purchaser"), and Fifth
        Third Mortgage Company, with offices located at 38 Fountain Square, MD 1com
        56,
        Cincinnati, Ohio 45202 (the
        "Company").

      

      W I T N E&#160
        ;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or in the State of Ohio, or (iii) a day on which banks in the State
        of
        New York or in the State of Ohio are authorized or obligated by law or executive
        order to be closed.

      

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        Fifth
        Third Mortgage Company, their successors in interest and assigns, as permitted
        by this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "[_____________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
        in an Eligible Account, in the name of the Person that is the "Purchaser"
        with
        respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        Fifth
        Third Mortgage Company, or an institution having (i) the highest short-term
        debt
        rating, and one of the two highest long-term debt ratings of each Rating
        Agency;
        or (ii) with respect to any Custodial Account, an unsecured long-term debt
        rating of at least one of the two highest unsecured long-term debt ratings
        of
        each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "__________________, in trust for the [Purchaser],
        Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
        be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles,

      consistently
        applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lender
        Primary Mortgage Insurance Policy:
        Any
        Primary Mortgage Insurance Policy for which premiums are paid by the Company.
        

      

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6) the
          original months to maturity of the Mortgage Loan;

      

      

      (7) the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code indicating the documentation style (i.e. full, alternative, etc.);

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and the name of the related insurance carrier;

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      
        (24)
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof; and

      

      (27) the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, its successors and assigns.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal
        Balance
        of such Mortgage Loan on the repurchase date, plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase, plus, (iii) third party
        expenses incurred in connection with the transfer of the Mortgage Loan being
        repurchased; less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans. In the event of any conflict, inconsistency or discrepancy
        between any of the provisions of this Agreement and any of the servicing
        provisions of the related Term Sheet, the provisions of the related Term
        Sheet
        shall control and be binding upon the Purchaser and the Company. 

      

      

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files;
        Maintenance of Servicing Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without charge to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred, except
        with
        respect to any liabilities, claims and/or obligations that arose as a result
        of
        the Purchaser’s ownership of the Mortgage Loans during its period of
        ownership.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 180 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 180 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If delivery is not completed
        within
        180 days solely due to delays in making such delivery by reason of the fact
        that
        such documents shall not have been returned by the appropriate recording
        office,
        the Company shall continue to use its best efforts to effect delivery as
        soon as
        possible thereafter, provided that if such documents are not delivered by
        the
        360th day from the date of the related Closing Date, upon the Purchaser’s
        request, the Company shall repurchase the related Mortgage Loans at the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 [Reserved.]

      

      

      Section
        2.10  Modification
        of Obligations.
        Purchaser may, without any notice to Company, extend, compromise, renew,
        release, change, modify, adjust or alter, by operation of law or otherwise,
        any
        of the obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan without releasing or otherwise affecting the obligations of Company
        under
        this Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual
        Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual Interest Paid to Date of their related
        Cut-off Date (or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been more than
        1X30
        days delinquent at any time during the twelve (12) months prior to the month
        of
        the related Closing Date. For purposes of this paragraph, a Mortgage Loan
        will
        be deemed delinquent if any payment due thereunder was not paid by the Mortgagor
        in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy , Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; none of the
        Mortgage Loans are classified as a (a) a “high cost” loan under the Home
        Ownership and Equity Protection Act of 1994 or (b) a “high cost”, “threshold”,
        or “predatory” loan under any other applicable state, federal or local law; the
        Company maintains, and shall maintain, evidence of such compliance as required
        by applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting matrix attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh)  In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage. The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. 

      

      Unless
        otherwise indicated on the related Mortgage Loan Schedule, none of the Mortgage
        Loans are subject to “lender-paid” mortgage insurance. Any Mortgage Loan subject
        to a Lender Primary Mortgage Insurance Policy obligates the Company to maintain
        the Lender Primary Mortgage Insurance Policy and to pay all premiums and
        charges
        in connection therewith. Coverage with respect to each Lender Primary Mortgage
        Insurance Policy is that set forth in the related Confirmation. All provisions
        of such Lender Primary Mortgage Insurance Policy have been and are being
        complied with, such policy is in full force and effect. No action, inaction,
        or
        event has occurred and no state of facts exists that has, or will result
        in the
        exclusion from, denial of, or defense to coverage. No action has been taken
        or
        failed to be taken, on or prior to the Closing Date which has resulted or
        will
        result in an exclusion from, denial of, or defense to coverage under any
        Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC 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.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (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”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, 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 4.01. Foreclosure or comparable proceedings
        shall
        be initiated within ninety (90) days of default for Mortgaged Properties
        for
        which no satisfactory arrangements can be made for collection of delinquent
        payments, subject to state and federal law and regulation. The Company shall
        use
        its best efforts to realize upon defaulted Mortgage Loans in such manner
        as will
        maximize the receipt of principal and interest by the Purchaser, taking into
        account, among other things, the timing of foreclosure proceedings. The
        foregoing is subject to the provisions that, in any case in which a Mortgaged
        Property shall have suffered damage, the Company shall not be required to
        expend
        its own funds toward the restoration of such property unless it shall determine
        in its discretion (i) that such restoration will increase the proceeds of
        liquidation of the related Mortgage Loan to the Purchaser after reimbursement
        to
        itself for such expenses, and (ii) that such expenses will be recoverable
        by the
        Company through Insurance Proceeds or Liquidation Proceeds from the related
        Mortgaged Property, as contemplated in Section 4.05. Company shall obtain
        prior
        approval of Purchaser as to repair or restoration expenses in excess of ten
        thousand dollars ($10,000). The Company shall notify the Purchaser in writing
        of
        the commencement of foreclosure proceedings and not less than 5 days prior
        to
        the acceptance or rejection of any offer of reinstatement. The Company shall
        be
        responsible for all costs and expenses incurred by it in any such proceedings
        or
        functions; provided, however, that it shall be entitled to reimbursement
        thereof
        from the related property, as contemplated in Section 4.05. Notwithstanding
        anything to the contrary contained herein, in connection with a foreclosure
        or
        acceptance of a deed in lieu of foreclosure, in the event the Company has
        reasonable cause to believe that a Mortgaged Property is contaminated by
        hazardous or toxic substances or wastes, or if the Purchaser otherwise requests
        an environmental inspection or review of such Mortgaged Property, such an
        inspection or review is to be conducted by a qualified inspector at the
        Purchaser's expense. Upon completion of the inspection, the Company shall
        promptly provide the Purchaser with a written report of the environmental
        inspection. After reviewing the environmental inspection report, the Purchaser
        shall determine how the Company shall proceed with respect to the Mortgaged
        Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in
        Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds deposited in the Custodial
        Account, which shall be deposited within 24 hours of receipt, shall at all
        times
        be insured by the FDIC up to the FDIC insurance limits, or must be invested
        in
        Permitted Investments for the benefit of the Purchaser. Funds deposited in
        the
        Custodial Account may be drawn on by the Company in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a letter
        agreement in the form shown in Exhibit B hereto. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        the
        request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with respect to each full or partial Principal Prepayment, any Prepayment
        Interest Shortfalls, to the extent of the Company’s aggregate Servicing Fee
        received with respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii)to
        remove funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

       

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii)
        all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

       

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii)
        to
        refund to the Mortgagor any funds as may be determined to be
        overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
        to
        clear and terminate the Escrow Account on the termination of this Agreement.
        As
        part of its servicing duties, the Company shall pay to the Mortgagors interest
        on funds in Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges;
        Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely 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 advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy and, in this regard, to take such action as shall be necessary
        to permit recovery under any Primary Mortgage Insurance Policy or Lender
        Primary
        Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance
        Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

       

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged 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. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        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. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, 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
        6.02 Satisfaction
        of Mortgages and Release of Mortgage
        Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, 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 Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company 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 for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2003, an Officers'
        Certificate stating, as to each signatory thereof, that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officers' supervision, and
        (ii) to
        the best of such officers' knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        of
        cure provisions thereof. Copies of such statement shall be provided by the
        Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants'
        Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2003 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        federal government, FDIC, OTS, or any other similar regulations.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and 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,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        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
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser 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 made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, which consent shall not be unreasonable withheld, then
        the
        Purchaser shall have the right to terminate this Agreement, without any payment
        of any penalty or damages and without any liability whatsoever to the Company
        (other than with respect to accrued but unpaid Servicing Fees and Servicing
        Advances remaining unpaid) or any third party. 

      

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of two
        (2) Business Days; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, 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 Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

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

      

      (v)
        the
        Company 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)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and 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, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      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 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 Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)          
         if
        to the
        Company:

       

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        Stephen
        Johnson

      Telecopier
        No.: 513-534-4194

      

      With
        a
        copy to: 

      

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        David
        Powell

      Telecopier
        No.: 513-358-8697

      

      With
        a
        copy to:

      Fifth
        Third Mortgage Company

      38
        Fountain Square, MD 1com 56

      Cincinnati,
        Ohio 45202

      Attention:
        Therese
        Paul

      

      (ii)         
         if to the Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steve Trombetta

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
        the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
        accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
        references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
        a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
        the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
        the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
        headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans. In no event shall there
        be
        more than four (4) Persons with the status of “Purchaser” per pool of Mortgage
        Loans under this Agreement.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to this Agreement shall inure to the benefit
        of
        and be binding upon the Company and the Purchaser and their respective
        successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company. This
        Section 11.16 shall also not be deemed to preclude the Company or any of
        its
        affiliates from soliciting any Mortgagor based upon relationships or data
        other
        than with respect to the related Mortgage Loan and any of the related Mortgage
        Loan Documents.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution"), which in no event shall there be more
        than
        four (4) Reconstitutions per pool of Mortgage Loans, of some or all of the
        Mortgage Loans then subject to this Agreement, without recourse,
        to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant (including updating or “bringing down” any representations or
        warranties with respect to the Mortgage Loans if such Reconstitution Date
        is in
        the same calendar month as the related Closing Date). In connection with
        each
        Pass-Through Transfer, the Company agrees to provide reasonable and customary
        indemnification to the Purchaser and its affilates for disclosure contained
        in
        any offering document relating to the Company or its affilates, the Mortgage
        Loans and the underwriting standards of the Mortgage Loans. The Purchaser
        shall
        be responsible for the costs relating to the delivery of such information.
        

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:  

              	 
	 	Title:	 

      

       

      
         

        
          	 	 	 
	 	FIFTH
                  THIRD MORTGAGE COMPANY
	 	
                  Company

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow company,
        or an opinion of title, if applicable.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2001

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 2001 Adjustable Rate Mortgage Loans (the
        "Agreement"), we hereby authorize and request you to establish an account,
        as a
        Custodial Account pursuant to Section 4.04 of the Agreement, to be designated
        as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

      

      [__________________________]

       

      By:____________________________

       

      Name:__________________________

       

      Title:_________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

         

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2001

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"),
        we hereby authorize and request you to establish an account, as an Escrow
        Account pursuant to Section 4.06 of the Agreement, to be designated as
        "[__________________________], in trust for the [Purchaser], Owner of Adjustable
        Rate Mortgage Loans, and various Mortgagors." All deposits in the account
        shall
        be subject to withdrawal therefrom by order signed by the Company. This letter
        is submitted to you in duplicate. Please execute and return one original
        to
        us.

       

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

      

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        [__________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:_________________________

         

         

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c)
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d)
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e)
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Section
          3.01
          and Section 3.02 of the Purchase Agreement to be untrue in any material
          respect;
          provided, however, that if the date hereof is not in the same calendar
          month as
          the Closing Date, the Company makes no statements with regard to the
          representations and warranties made by the Company in Section 3.02 of the
          Purchase Agreement.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      (a)         
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        (b)       
            In
          the
          case of Assignor,

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)         
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

       

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        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 Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 	
                  Assignor

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            
              	 	 	 
	 	 
	 	
                      Assignee

                    
	 
 	 
 	 
 
	 	By:  	 
	 	
                      Name:  

                    	 
	 	Title:	 

            

             

             

            
              
                	 	 	 
	 	 
	 	
                        Company

                      
	 
 	 
 	 
 
	 	By:  	 
	 	
                        Name:  

                      	 
	 	Title:	 

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

ATTACHMENT
              1

          

        

      

      

      ASSIGNED
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING MATRIX

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between Fifth Third Mortgage
        Company, an Ohio corporation, located at 38 Fountain Square, MD 1com 56,
        Cincinnati, Ohio 45202 (the
        “Company”) and EMC Mortgage Corporation, a Delaware corporation, located at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the
        "Purchaser") is made pursuant to the terms and conditions of that certain
        Purchase, Warranties and Servicing Agreement (the "Agreement") dated as of
        September 1, 2002, between the Company and the Purchaser, the provisions
        of
        which are incorporated herein as if set forth in full herein, as such terms
        and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.
            Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
         

        
          	 	 	 
	 	FIFTH
                  THIRD
                  MORTGAGE COMPANY
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION

                  
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

        

      

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        AMENDMENT
          NUMBER ONE

        to
          the

        

        PURCHASE,
          WARRANTIES AND SERVICING AGREEMENT

        

        Dated
          as
          of April 1, 2006

        

        among

        

        EMC
          MORTGAGE CORPORATION, 

        as
          Purchaser

        

        and

        

        FIFTH
          THIRD MORTGAGE COMPANY,

        as
          Company

        

        This
          AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
          1st
          day of
          April, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
          as
          purchaser (the “Purchaser”) and Fifth Third Mortgage Company, as company (the
“Company”) in connection with the Purchase, Warranties and Servicing Agreement,
          dated as of September 1, 2002, between the above mentioned parties (the
          “Agreement”). This Amendment is made pursuant to Section 11.02 of the
          Agreement.

        

        RECITALS

         

        WHEREAS,
           the
          parties hereto have entered into the Agreement; 

        

        WHEREAS,
          the Agreement provides that the parties thereto may enter into an amendment
          to
          the Agreement;

        

        WHEREAS,
          the parties hereto desire to amend the Agreement as set forth in this Amendment;
          and

        

        NOW,
          THEREFORE, in consideration of the premises and for other good and valuable
          consideration, the receipt and sufficiency of which is hereby acknowledged,
          the
          parties hereto agree as follows:

        

        1. Capitalized
          terms used herein and not defined herein shall have the meanings assigned
          to
          such terms in the Agreement. 

        

        2. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by adding
          the
          following definitions to Section 1.01: 

        

        Commission
          or SEC:
          The
          Securities and Exchange Commission.

         

        Delinquency
          Recognition Policies:
          The
          generally accepted industry standard that defines the proper means of reporting
          delinquency status (such as MBA versus OTS methodology) and the processing
          standard for addressing residential mortgage loans of the same type as
          the
          Mortgage Loans at various stages throughout default (such as the Fannie
          Mae
          Guide or FHLMC Guide standards).

        

        Depositor:
          The
          depositor, as such term is defined in Regulation AB, with respect to any
          Securitization Transaction.

        

        Exchange
          Act:
          The
          Securities Exchange Act of 1934, as amended.

        

        Master
          Servicer:
          With
          respect to any Securitization Transaction, the “master servicer,” if any,
          identified in the related transaction documents.

        

        Pass-Through
          Transfer:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Prepayment
          Charge:
          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.

        

        Qualified
          Correspondent:
          Any
          Person from which the Company purchased Mortgage Loans, provided that the
          following conditions are satisfied: (i) such Mortgage Loans were originated
          pursuant to an agreement between the Company and such Person that contemplated
          that such Person would underwrite mortgage loans from time to time, for
          sale to
          the Company, in accordance with underwriting guidelines designated by the
          Company (“Designated Guidelines”) or guidelines that do not vary materially from
          such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
          as described in clause (i) above and were acquired by the Company within
          180
          days after origination; (iii) either (x) the Designated Guidelines were,
          at the
          time such Mortgage Loans were originated, used by the Company in origination
          of
          mortgage loans of the same type as the Mortgage Loans for the Company’s own
          account or (y) the Designated Guidelines were, at the time such Mortgage
          Loans
          were underwritten, designated by the Company on a consistent basis for
          use by
          lenders in originating mortgage loans to be purchased by the Company; and
          (iv)
          the Company employed, at the time such Mortgage Loans were acquired by
          the
          Company, pre-purchase or post-purchase quality assurance procedures (which
          may
          involve, among other things, review of a sample of mortgage loans purchased
          during a particular time period or through particular channels) designed
          to
          ensure that Persons from which it purchased mortgage loans properly applied
          the
          underwriting criteria designated by the Company.

        

        Regulation
          AB:
          Subpart
          229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as amended from time to time, and subject to such
          clarification and interpretation as have been provided by the Commission
          in the
          adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
          70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
          or
          as may be provided by the Commission or its staff from time to
          time.

        

        Securities
          Act:
          The
          Securities Act of 1933, as amended.

        

        Securitization
          Transaction:
          Any
          transaction involving either (1) a sale or other transfer of some or all
          of the
          Mortgage Loans directly or indirectly to an issuing entity in connection
          with an
          issuance of publicly offered or privately placed, rated or unrated
          mortgage-backed securities or (2) an issuance of publicly offered or privately
          placed, rated or unrated securities, the payments on which are determined
          primarily by reference to one or more portfolios of residential mortgage
          loans
          consisting, in whole or in part, of some or all of the Mortgage
          Loans.

        

        Servicing
          Criteria:
          As of
          any date of determination, the “servicing criteria” set forth in Item 1122(d) of
          Regulation AB, or any amendments thereto, a summary of the requirements
          of which
          as of the date hereof is attached hereto as Exhibit
          N
          for
          convenience of reference only. In the event of a conflict or inconsistency
          between the terms of Exhibit
          N
          and the
          text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
          AB
          shall control (or those Servicing Criteria otherwise mutually agreed to
          by the
          Purchaser, the Company and any Person that will be responsible for signing
          any
          Sarbanes Certification with respect to a Securitization Transaction in
          response
          to evolving interpretations of Regulation AB and incorporated into a revised
          Exhibit
          N).

        

        Static
          Pool Information:
          Static
          pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
          AB.

        

        Subcontractor:
          Any
          vendor, subcontractor or other Person that is not responsible for the overall
          servicing (as “servicing” is commonly understood by participants in the
          mortgage-backed securities market) of Mortgage Loans but performs one or
          more
          discrete functions identified in Item 1122(d) of Regulation AB with respect
          to
          Mortgage Loans under the direction or authority of the Company or a Subservicer.
          

        

        Third-Party
          Originator:
          Each
          Person, other than a Qualified Correspondent, that originated Mortgage
          Loans
          acquired by the Company.

        

        3. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Subservicer in Section 1.01 and replacing
          it
          with the following:

        

        Subservicer:
          Any
          Person that services Mortgage Loans on behalf of the Company or any Subservicer
          and is responsible for the performance (whether directly or through Subservicers
          or Subcontractors) of a substantial portion of the material servicing functions
          required to be performed by the Company under this Agreement or any
          Reconstitution Agreement that are identified in Item 1122(d) of Regulation
          AB.
          Any subservicer shall meet the qualifications set forth in Section
          4.01.

        

        4. Article
          I
          of the Agreement is hereby amended effective as of the date hereof by deleting
          in its entirety the definition of Principal Prepayment in Section 1.01
          and
          replacing it with the following:

        

        Principal
          Prepayment: Any
          payment or other recovery of principal on a Mortgage Loan full or partial
          which
          is received in advance of its scheduled Due Date, including any Prepayment
          Charge and which is not accompanied by an amount of interest representing
          scheduled interest due on any date or dates in any month or months subsequent
          to
          the month of prepayment.

        

        5. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by
          revising Section 3.01(n) as follows (new text underlined):

        

        (n) Company
          has delivered to the Purchaser financial statements of its parent, for
          its last
          two complete fiscal years. All such financial information fairly presents
          the
          pertinent results of operations and financial position for the period identified
          and has been prepared in accordance with GAAP consistently applied throughout
          the periods involved, except as set forth in the notes thereto. There has
          been
          no change in the servicing
          policies and procedures,
          business, operations, financial condition, properties or assets of the
          Company
          since the date of the Company’s financial information that would have a material
          adverse effect on its ability to perform its obligations under this
          Agreement;

        

        6. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(p):

        

        (p) As
          of the
          date of each Pass-Through Transfer, and except as has been otherwise disclosed
          to the Purchaser, any Master Servicer and any Depositor: (1) no default
          or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company; (2) no
          material
          noncompliance with applicable servicing criteria as to any other securitization
          has occurred, been disclosed or reported by the Company; (3) the Company
          has not
          been terminated as servicer in a residential mortgage loan securitization,
          either due to a servicing default or to application of a servicing performance
          test or trigger; (4) no material changes to the Company’s servicing policies and
          procedures for similar loans has occurred in the preceding three years;
          (5)
          there are no aspects of the Company’s financial condition that could have a
          material adverse impact on the performance by the Company of its obligations
          hereunder; (6) there are no legal proceedings pending, or known to be
          contemplated by governmental authorities, against the Company that could
          be
          material to investors in the securities issued in such Pass-Through Transfer;
          and (7) there are no affiliations, relationships or transactions relating
          to the
          Company of a type that are described under Item 1119 of Regulation
          AB.

        

        7. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(q):

        

        (q) If
          so
          requested by the Purchaser or any Depositor on any date, the Company shall,
          within five Business Days following such request, confirm in writing the
          accuracy of the representations and warranties set forth in Section 3.01(p)
          of
          this Section or, if any such representation and warranty is not accurate
          as of
          the date of such request, provide reasonably adequate disclosure of the
          pertinent facts, in writing, to the requesting party.

        

        8. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(r):

        

        (r) Notwithstanding
          anything to the contrary in the Agreement, the Company shall (or shall
          cause
          each Subservicer and Third-Party Originator to) (i) immediately notify
          the
          Purchaser, any Master Servicer and any Depositor in writing of (A) any
          material
          litigation or governmental proceedings pending against the Company, any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Pass-Through Transfer between
          the
          Company, any Subservicer or any Third-Party Originator and any of the parties
          specified in clause (7) of paragraph (p) of this Section (and any other
          parties
          identified in writing by the requesting party) with respect to such Pass-Through
          Transfer, (C)
          any
          Event of Default under the terms of this Agreement or any Reconstitution
          Agreement, (D) any merger, consolidation or sale of substantially all of
          the
          assets of the Company, and (E) the Company’s entry into an agreement with a
          Subservicer to perform or assist in the performance of any of the Company’s
          obligations under this Agreement or any Reconstitution Agreement and
          (ii)
          provide
          to the Purchaser and any Depositor a description of such proceedings,
          affiliations or relationships.

        

        Each
          such
          notice/update should be sent to EMC by e-mail to regABnotifications@bear.com.
          Additionally, all notifications pursuant to this Section 3.01(r), other
          than
          those pursuant to Section 3.01(r)(i)(A), should be sent to:

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

        

        With
          a
          copy to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        Notifications
          pursuant to Section 3.01(r)(i)(A) should be sent to: 

        

        EMC
          Mortgage Corporation

        Two
          Mac
          Arthur Ridge

        909
          Hidden Ridge Drive, Suite 200

        Irving,
          TX 75038

        Attention:
          Associate General Counsel for Loan Administration

        Facsimile:
          (972) 831-2555

        

        With
          copies to:

        

        Bear,
          Stearns & Co. Inc.

        383
          Madison Avenue, 3rd Floor

        New,
          York, NY 10179

        Attention:
          Global Credit Administration

        Facsimile:
          (212) 272-6564

        

        EMC
          Mortgage Corporation

        2780
          Lake
          Vista Drive

        Lewisville,
          TX 75067-3884

        Attention:
          Conduit Seller Approval Dept.

        Facsimile:
          (214) 626-3751

        Email:
          sellerapproval@bear.com

         

        9. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.01(s):

        

        (s) As
          a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Company or such Subservicer may be merged or consolidated,
          or
          (ii) which may be appointed as a successor to the Company or any Subservicer,
          the Company shall provide to the Purchaser, any Master Servicer and any
          Depositor, at least 15 calendar days prior to the effective date of such
          succession or appointment, (x) written notice to the Purchaser, any Master
          Servicer and any Depositor of such succession or appointment and (y) in
          writing
          and in form and substance reasonably satisfactory to the Purchaser, any
          Master
          Servicer and such Depositor, all information reasonably requested by the
          Purchaser, any Master Servicer or any Depositor in order to comply with
          its
          reporting obligation under Item 6.02 of Form 8-K with respect to any class
          of
          asset-backed securities.

        

        10. Article
          III of the Agreement is hereby amended effective as of the date hereof
          by adding
          the following new Section 3.02(xx):

        

        With
          respect to each Mortgage Loan, information regarding the borrower credit
          files
          related to such Mortgage Loan has been furnished to credit reporting agencies
          in
          compliance with the provisions of the Fair Credit Reporting Act and the
          applicable implementing regulations.

        

        11.
           Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following after the first sentence of Section 4.01:

        

        In
          addition, the Company shall furnish information regarding the borrower
          credit
          files related to such Mortgage Loan to credit reporting agencies in compliance
          with the provisions of the Fair Credit Reporting Act and the applicable
          implementing regulations.

        

        12. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          deleting in its entirety the last paragraph of Section 4.02 and replacing
          it
          with the following:

        

        The
          Company shall not waive any Prepayment Charge unless: (i) the enforceability
          thereof shall have been limited by bankruptcy, insolvency, moratorium,
          receivership and other similar laws relating to creditors’ rights generally,
          (ii) the enforcement thereof is illegal, or any local, state or federal
          agency
          has threatened legal action if the prepayment penalty is enforced, (iii)
          the
          mortgage debt has been accelerated in connection with a foreclosure or
          other
          involuntary payment or (iv) such waiver is standard and customary in servicing
          similar Mortgage Loans and relates to a default or a reasonably foreseeable
          default and would, in the reasonable judgment of the Company, maximize
          recovery
          of total proceeds taking into account the value of such Prepayment Charge
          and
          the related Mortgage Loan. If a Prepayment Charge is waived, but does not
          meet
          the standards described above, then the Company is required to pay the
          amount of
          such waived Prepayment Charge by remitting such amount to the Purchaser
          by the
          Remittance Date.

        

        13. Article
          IV of the Agreement is hereby amended effective as of the date hereof by
          revising the first paragraph of Section 4.03 by adding the following after
          the
          first sentence:

        

        In
          determining the delinquency status of any Mortgage Loan, the Company will
          use
          Delinquency Recognition Policies as described to and approved by the Purchaser,
          and shall revise these policies as requested by the Purchaser from time
          to
          time.

        

        14. Article
          V
          of the Agreement is hereby amended effective as of the date hereof by deleting
          Section 5.02 in its entirety and replacing it with the following:

        

        Section
          5.02 Statements
          to the Purchaser.

        

        The
          Company shall furnish to Purchaser an individual loan accounting report,
          as of
          the last Business Day of each month, in the Company's assigned loan number
          order
          to document Mortgage Loan payment activity on an individual Mortgage Loan
          basis.
          With respect to each month, the corresponding individual loan accounting
          report
          shall be received by the Purchaser no later than the fifth Business Day
          of the
          following month on a disk or tape or other computer-readable format in
          such
          format as may be mutually agreed upon by both Purchaser and Company, and
          no
          later than the fifth Business Day of the following month in hard copy,
          and shall
          contain the following:

        

        (i) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to principal (including a separate breakdown of any
          Principal Prepayment, including the date of such prepayment, and any prepayment
          penalties or premiums, along with a detailed report of interest on principal
          prepayment amounts remitted in accordance with Section 4.04);

        

        (ii) with
          respect to each Mortgage Loan and each Monthly Payment, the amount of such
          remittance allocable to interest;

        

        (iii) with
          respect to each Mortgage Loan, the amount of servicing compensation received
          by
          the Company during the prior distribution period;

        

        (iv) the
          Stated Principal Balance of each Mortgage Loan and the aggregate Stated
          Principal Balance of all Mortgage Loans as of the first day of the distribution
          period and the last day of the distribution period;

        

        (v) with
          respect to each Mortgage Loan, the current Mortgage Interest Rate;

        

        (vi) with
          respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
          Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
          received during the prior distribution period;

        

        (vii) with
          respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
          paid by the Company in accordance with Section 4.04(viii) during the prior
          distribution period; 

        

        (viii) the
          beginning and ending balances of the Custodial Account and Escrow
          Account;

        

        (ix) the
          number of Mortgage Loans as of the first day of the distribution period
          and the
          last day of the distribution period; 

        

        (x) with
          respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
          Loan (a) delinquent as grouped in the following intervals through final
          liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
          or
          more; (b) as to which foreclosure has commenced; and (c) as to which REO
          Property has been acquired;

        

        (xi) with
          respect to each Mortgage Loan, the amount and severity of any realized
          loss
          following liquidation of such Mortgage Loan; 

        

        (xii) with
          respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
          the
          amount of any Monthly Advances made by the Company during the prior distribution
          period; 

        

        (xiii) with
          respect to each Mortgage Loan, a description of any Servicing Advances
          made by
          the Company with respect to such Mortgage Loan including the amount, terms
          and
          general purpose of such Servicing Advances, and the aggregate amount of
          Servicing Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xiv) with
          respect to each Mortgage Loan, a description of any Nonrecoverable Advances
          made
          by the Company with respect to such Mortgage Loan including the amount,
          terms
          and general purpose of such Nonrecoverable Advances, and the aggregate
          amount of
          Nonrecoverable Advances for all Mortgage Loans during the prior distribution
          period;

        

        (xv) with
          respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
          Advances and Nonrecoverable Advances reimbursed to the Company with respect
          to
          such Mortgage Loan during the prior distribution period pursuant to Section
          4.05, and the source of funds for such reimbursement, and the aggregate
          amount
          of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
          reimbursed to the Company for all Mortgage Loans during the prior distribution
          period pursuant to Section 4.05; 

        

        (xvi) with
          respect to any Mortgage Loan, a description of any material modifications,
          extensions or waivers to the terms, fees, penalties or payments of such
          Mortgage
          Loan during the prior distribution period or that have cumulatively become
          material over time;

        

        (xvii) a
          description of any material breach of a representation or warranty set
          forth in
          Section 3.01 or Section 3.02 herein or of any other breach of a covenant
          or
          condition contained herein and the status of any resolution of such
          breach;

        

        (xviii) with
          respect to each Mortgage Loan, the Stated Principal Balance of any substitute
          Mortgage Loan provided by the Company and the Stated Principal Balance
          of any
          Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
          with Section 3.03 herein;

        

        (xix) with
          respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
          Loan
          that has been repurchased by the Company in accordance with Section 3.03
          herein.

        

        In
          addition, the Company shall provide to the Purchaser such other information
          known or available to the Company that is necessary in order to provide
          the
          distribution and pool performance information as required under Item 1121
          of
          Regulation AB, as amended from time to time, as determined by the Purchaser
          in
          its sole discretion. The Company shall also provide a monthly report, in
          the
          form of Exhibit
          J
          hereto,
          or such other form as is mutually acceptable to the Company, the Purchaser
          and
          any Master Servicer, Exhibit
          K
          with
          respect to defaulted mortgage loans and Exhibit
          Q,
          with
          respect to realized losses and gains, with each such report. 

        

        The
          Company shall prepare and file any and all information statements or other
          filings required to be delivered to any governmental taxing authority or
          to
          Purchaser pursuant to any applicable law with respect to the Mortgage Loans
          and
          the transactions contemplated hereby. In addition, the Company shall provide
          Purchaser with such information concerning the Mortgage Loans as is necessary
          for Purchaser to prepare its federal income tax return as Purchaser may
          reasonably request from time to time.

        

        In
          addition, not more than sixty (60) days after the end of each calendar
          year, the
          Company shall furnish to each Person who was a Purchaser at any time during
          such
          calendar year an annual statement in accordance with the requirements of
          applicable federal income tax law as to the aggregate of remittances for
          the
          applicable portion of such year.

        

        15. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.04 in its entirety and replacing it with the
          following:

        

        Section
          6.04 Annual
          Statement as to Compliance; Annual Certification.

        

        (a) The
          Company will deliver to the Purchaser and any Master Servicer, not later
          than
          March 1 of each calendar year beginning in 2007, an Officers’ Certificate
          acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
          each signatory thereof, that (i) a review of the activities of the Company
          during the preceding calendar year and of performance under this Agreement
          or
          other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
          review, the Company has fulfilled all of its 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 any such obligation in
          any
          material respect, specifying each such failure known to such officer and
          the
          nature and status of cure provisions thereof. Such Annual Statement of
          Compliance shall contain no restrictions or limitations on its use. Copies
          of
          such statement shall be provided by the Company to the Purchaser upon request
          and by the Purchaser to any Person identified as a prospective purchaser
          of the
          Mortgage Loans. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall deliver an Annual Statement of Compliance of the Subservicer
          as
          described above as to each Subservicer as and when required with respect
          to the
          Company.

        

        (b) With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          by March 1 of each calendar year beginning in 2007, an officer of the Company
          shall execute and deliver an officer’s certificate (an “Annual Certification”)
          to the Purchaser, any Master Servicer and any related Depositor for the
          benefit
          of each such entity and such entity’s affiliates and the officers, directors and
          agents of any such entity and such entity’s affiliates, in the form attached
          hereto as Exhibit
          M.
          In the
          event that the Company has delegated any servicing responsibilities with
          respect
          to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
          Certification of the Subservicer as described above as to each Subservicer
          as
          and when required with respect to the Company.

        

        (c) If
          the
          Company cannot deliver the related Annual Statement of Compliance and Annual
          Certification by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Annual Statement of Compliance and Annual Certification,
          but in no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.04 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
          may,
          in addition to whatever rights the Purchaser may have under Sections 3.03
          and
          8.01 and at law or equity or to damages, including injunctive relief and
          specific performance, terminate all the rights and obligations of the Company
          under this Agreement and in and to the Mortgage Loans and the proceeds
          thereof
          without compensating the Company for the same, as provided in Section 9.01.
          Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

         

        16. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          deleting Section 6.05 in its entirety and replacing it with the
          following:

        

        Section
          6.05 [Reserved]

        

        17. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.07:

        

        Section
          6.07 Assessment
          of Compliance with Servicing Criteria.

        

        On
          and
          after January 1, 2006, the Company shall service and administer, and shall
          cause
          each subservicer to servicer or administer, the Mortgage Loans in accordance
          with all applicable requirements of the Servicing Criteria.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          the Company shall deliver to the Purchaser or its designee, any Master
          Servicer
          and any Depositor on or before March 1 of each calendar year beginning
          in 2007,
          a report (an “Assessment of Compliance”) reasonably satisfactory to the
          Purchaser, any Master Servicer and any Depositor regarding the Company’s
          assessment of compliance with the 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 or as otherwise required by the Master Servicer,
          which as of the date hereof, require a report by an authorized officer
          of the
          Company that contains the following:

        

        (a) A
          statement by such officer of its responsibility for assessing compliance
          with
          the Servicing Criteria applicable to the Company;

        

        (b) A
          statement by such officer that such officer used the Servicing Criteria
          to
          assess compliance with the Servicing Criteria applicable to the
          Company;

        

        (c) An
          assessment by such officer of the Company’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 Company, that are backed by the same asset type as the Mortgage
          Loans;

        

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

        

        (e) A
          statement as to which of the Servicing Criteria, if any, are not applicable
          to
          the Company, which statement shall be based on the activities it performs
          with
          respect to asset-backed securities transactions taken as a whole involving
          the
          Company, 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
          P
          hereto
          delivered to the Company concurrently with the execution of this
          Agreement.

        

        With
          respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
          on or before March 1 of each calendar year beginning in 2007, the Company
          shall
          furnish to the Purchaser or its designee, any Master Servicer and any Depositor
          a report (an “Attestation Report”) by a registered public accounting firm that
          attests to, and reports on, the Assessment of Compliance made by the Company,
          as
          required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
          of
          Regulation AB or as otherwise required by the Master Servicer, which Attestation
          Report must be made in accordance with standards for attestation reports
          issued
          or adopted by the Public Company Accounting Oversight Board. 

        

        The
          Company shall cause each Subservicer, and each Subcontractor determined
          by the
          Company pursuant to Section 11.19 to be “participating in the servicing
          function” within the meaning of Item 1122 of Regulation AB, to deliver to the
          Purchaser, any Master Servicer and any Depositor an assessment of compliance
          and
          accountants’ attestation as and when provided in Sections 6.07.

        

        If
          the
          Company cannot deliver the related Assessment of Compliance or Attestation
          Report by March 1st
          of such
          year, the Purchaser, at its sole option, may permit a cure period for the
          Company to deliver such Assessment of Compliance or Attestation Report,
          but in
          no event later than March 10th of such year.

        

        Failure
          of the Company to timely comply with this Section 6.07 shall be deemed
          an Event
          of Default, automatically, without notice and without any cure period,
          unless
          otherwise agreed to by the Purchaser as described herein, and Purchaser
          may, in
          addition to whatever rights the Purchaser may have under Sections 3.03
          and 8.01
          and at law or equity or to damages, including injunctive relief and specific
          performance, terminate all the rights and obligations of the Company under
          this
          Agreement and in and to the Mortgage Loans and the proceeds thereof without
          compensating the Company for the same, as provided in Section 9.01. Such
          termination shall be considered with cause pursuant to Section 10.01 of
          this
          Agreement. This paragraph shall supercede any other provision in this Agreement
          or any other agreement to the contrary.

        

        18. Article
          VI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 6.08:

        

        Section
          6.08 Intent
          of the Parties; Reasonableness.

        

        The
          Purchaser and the Company acknowledge and agree that a purpose of Sections
          3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
          compliance by the Purchaser and any Depositor with the provisions of Regulation
          AB and related rules and regulations of the Commission. None of the Purchaser,
          any Master Servicer or any Depositor shall exercise its right to request
          delivery of information or other performance under these provisions other
          than
          in good faith, or for purposes other than compliance with the Securities
          Act,
          the Exchange Act and the rules and regulations of the Commission thereunder.
          The
          Company acknowledges that interpretations of the requirements of Regulation
          AB
          may change over time, whether due to interpretive guidance provided by
          the
          Commission or its staff, consensus among participants in the asset-backed
          securities markets, advice of counsel, or otherwise, and agrees to comply
          with
          requests made by the Purchaser or any Depositor in good faith for delivery
          of
          information under these provisions on the basis of evolving interpretations
          of
          Regulation AB. In connection with any Pass-Through Transfer, the Company
          shall
          cooperate fully with the Purchaser to deliver to the Purchaser (including
          any of
          its assignees or designees) and any Depositor, any and all statements,
          reports,
          certifications, records and any other information necessary in the good
          faith
          determination of the Purchaser or any Depositor to permit the Purchaser
          or such
          Depositor to comply with the provisions of Regulation AB, together with
          such
          disclosures relating to the Company, any Subservicer, any Third-Party Originator
          and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
          believed by the Purchaser or any Depositor to be necessary in order to
          effect
          such compliance.

        

        19. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          deleting the first sentence of the last paragraph of Section 9.01 and replacing
          it with the following (new text underlined):

        

        Then,
          and
          in each and every such case, so long as an Event of Default shall not have
          been
          remedied, the Purchaser, by notice in writing to the Company (except in
          the case
          of an Event of Default under clauses (iii), (iv) or (v) above, or
          as
          otherwise stated herein,
          in
          which case, automatically and without notice) Company may, in addition
          to
          whatever rights the Purchaser may have under Sections 3.03 and 8.01 and
          at law
          or equity or to damages, including injunctive relief and specific performance,
          terminate all the rights and obligations of the Company (and
          if the Company is servicing any of the Mortgage Loans in a Securitization
          Transaction, appoint a successor servicer reasonably acceptable to any
          Master
          Servicer for such Securitization Transaction)
          under
          this Agreement and in and to the Mortgage Loans and the proceeds thereof
          without
          compensating the Company for the same.

         

        20. Article
          IX of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following at the end of the last paragraph of Section 9.01:

        

        The
          Company shall promptly reimburse the Purchaser (or any designee of the
          Purchaser, such as a master servicer) and any Depositor, as applicable,
          for all
          reasonable expenses incurred by the Purchaser (or such designee) or such
          Depositor, as such are incurred, in connection with the termination of
          the
          Company as servicer and the transfer of servicing of the Mortgage Loans
          to a
          successor servicer. The provisions of this paragraph shall not limit whatever
          rights the Purchaser or any Depositor may have under other provisions of
          this
          Agreement and/or any applicable Reconstitution Agreement or otherwise,
          whether
          in equity or at law, such as an action for damages, specific performance
          or
          injunctive relief.

         

        21. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          restating Section 11.18 in its entirety as follows:

        

        Section
          11.18. Cooperation
          of Company with a Reconstitution.

        

        The
          Company and the Purchaser agree that with respect to some or all of the
          Mortgage
          Loans, on or after the related Closing Date, on one or more dates (each
          a
          "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
          effect
          a sale (each, a "Reconstitution") of some or all of the Mortgage Loans
          then
          subject to this Agreement, without recourse, to:

        

        (a) one
          or
          more third party purchasers in one or more in whole loan transfers (each,
          a
          "Whole Loan Transfer"); or

        

        (b) one
          or
          more trusts or other entities to be formed as part of one or more Pass-Through
          Transfers.

        

        The
          Company agrees to execute in connection with any agreements among the Purchaser,
          the Company, and any servicer in connection with a Whole Loan Transfer,
          an
          Assignment, Assumption and Recognition Agreement substantially in the form
          of
Exhibit
          D
          hereto,
          or, at Purchaser’s request, a seller's warranties and servicing agreement or a
          participation and servicing agreement or similar agreement in form and
          substance
          reasonably acceptable to the parties, and in connection with a Pass-Through
          Transfer, a pooling and servicing agreement in form and substance reasonably
          acceptable to the parties, (collectively the agreements referred to herein
          are
          designated, the “Reconstitution Agreements”). It is understood that any such
          Reconstitution Agreements will not contain any greater obligations on the
          part
          of Company than are contained in this Agreement. Notwithstanding anything
          to the
          contrary in this Section 11.18, the Company agrees that it is required
          to
          perform the obligations described in Exhibit
          L
          hereto.

        

        With
          respect to each Whole Loan Transfer and each Pass-Through Transfer entered
          into
          by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
          and any prospective purchaser with respect to all reasonable requests and
          due
          diligence procedures; (2) to execute, deliver and perform all Reconstitution
          Agreements required by the Purchaser; (3) to restate the representations
          and
          warranties set forth in this Agreement as of the settlement or closing
          date in
          connection with such Reconstitution (each, a "Reconstitution Date").

        

        In
          addition, the Company shall provide to such servicer or issuer, as the
          case may
          be, and any other participants in such Reconstitution: 

        

        (i) any
          and
          all information and appropriate verification of information which may be
          reasonably available to the Company, whether through letters of its auditors
          and
          counsel or otherwise, as the Purchaser or any such other participant shall
          request upon reasonable demand; 

        

        (ii) such
          additional representations, warranties, covenants, opinions of counsel,
          letters
          from auditors, and certificates of public officials or officers of the
          Company
          as are reasonably agreed upon by the Company and the Purchaser or any such
          other
          participant;

        

        (iii) within
          5
          Business Days after request by the Purchaser, the information with respect
          to
          the Company (as originator) and each Third-Party Originator of the Mortgage
          Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
          of the
          requirements of which has of the date hereof is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. If requested by the Purchaser, this will include information
          about
          the applicable credit-granting or underwriting criteria;

        

        (iv) within
          5
          Business Days after request by the Purchaser, the Company shall provide
          (or, as
          applicable, cause each Third-Party Originator to provide) Static Pool
          Information with respect to the mortgage loans (of a similar type as the
          Mortgage Loans, as reasonably identified by the Purchaser as provided below)
          originated by (i) the Company, if the Company is an originator of Mortgage
          Loans
          (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
          and/or (ii) each Third-Party Originator. Such Static Pool Information shall
          be
          prepared by the Company (or Third-Party Originator) on the basis of its
          reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
          and (c) of Regulation AB. To the extent that there is reasonably available
          to
          the Company (or Third-Party Originator) Static Pool Information with respect
          to
          more than one mortgage loan type, the Purchaser or any Depositor shall
          be
          entitled to specify whether some or all of such information shall be provided
          pursuant to this paragraph. The content of such Static Pool Information
          may be
          in the form customarily provided by the Company, and need not be customized
          for
          the Purchaser or any Depositor. Such Static Pool Information for each vintage
          origination year or prior securitized pool, as applicable, shall be presented
          in
          increments no less frequently than quarterly over the life of the mortgage
          loans
          included in the vintage origination year or prior securitized pool. The
          most
          recent periodic increment must be as of a date no later than 135 days prior
          to
          the date of the prospectus or other offering document in which the Static
          Pool
          Information is to be included or incorporated by reference. The Static
          Pool
          Information shall be provided in an electronic format that provides a permanent
          record of the information provided, such as a portable document format
          (pdf)
          file, or other such electronic format reasonably required by the Purchaser
          or
          the Depositor, as applicable;

        

        (v) within
          5
          Business Days after request by the Purchaser, information with respect
          to the
          Company (as servicer) as required by Item 1108(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion. In the event that the Company has delegated any servicing
          responsibilities with respect to the Mortgage Loans to a Subservicer, the
          Company shall provide the information required pursuant to this clause
          with
          respect to the Subservicer;

        

        (vi) within
          5
          Business Days after request by the Purchaser, 

        (a)
          information regarding any legal proceedings pending (or known to be
          contemplated) against the Company (as originator and as servicer) and each
          other
          originator of the Mortgage Loans and each Subservicer as required by Item
          1117
          of Regulation AB, a summary of the requirements of which as of the date
          hereof
          is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion,

        (b)
          information regarding affiliations with respect to the Company (as originator
          and as servicer) and each other originator of the Mortgage Loans and each
          Subservicer as required by Item 1119(a) of Regulation AB, a summary of
          the
          requirements of which as of the date hereof is attached hereto as Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion, and

        (c)
          information regarding relationships and transactions with respect to the
          Company
          (as originator and as servicer) and each other originator of the Mortgage
          Loans
          and each Subservicer as required by Item 1119(b) and (c) of Regulation
          AB, a
          summary of the requirements of which as of the date hereof is attached
          hereto as
Exhibit
          O
          for
          convenience of reference only, as determined by Purchaser in its sole
          discretion; 

        

        (vii) if
          so
          requested by the Purchaser, the Company shall provide (or, as applicable,
          cause
          each Third-Party Originator to provide), at the expense of the requesting
          party
          (to the extent of any additional incremental expense associated with delivery
          pursuant to this Agreement), such statements and agreed-upon procedures
          letters
          of certified public accountants reasonably acceptable to the Purchaser
          or
          Depositor, as applicable, pertaining to Static Pool Information relating
          to
          prior securitized pools for securitizations closed on or after January
          1, 2006
          or, in the case of Static Pool Information with respect to the Company’s or
          Third-Party Originator’s originations or purchases, to calendar months
          commencing January 1, 2006, or to any financial information included in
          any
          other disclosure provided under this Section 11.18, as the Purchaser or
          such
          Depositor shall reasonably request. Such statements and letters shall be
          addressed to and be for the benefit of such parties as the Purchaser or
          such
          Depositor shall designate, which may include, by way of example, any Sponsor,
          any Depositor and any broker dealer acting as underwriter, placement agent
          or
          initial purchaser with respect to a Pass-Through Transfer. Any such statement
          or
          letter may take the form of a standard, generally applicable document
          accompanied by a reliance letter authorizing reliance by the addressees
          designated by the Purchaser or such Depositor; 

        

        (viii)
          For the purpose of satisfying the reporting obligation under the Exchange
          Act
          with respect to any class of asset-backed securities, the Company shall
          (or
          shall cause each Subservicer and Third-Party Originator to) (i) provide
          prompt
          notice to the Purchaser, any Master Servicer and any Depositor in writing
          of (A)
          any material litigation or governmental proceedings involving the Company,
          any
          Subservicer or any Third-Party Originator, (B) any affiliations or relationships
          that develop following the closing date of a Securitization Transaction
          between
          the Company, any Subservicer or any Third-Party Originator and any of the
          parties specified in clause (D) of paragraph (a) of this Section (and any
          other
          parties identified in writing by the requesting party) with respect to
          such
          Securitization Transaction, (C) any Event of Default under the terms of
          this
          Agreement or any Reconstitution Agreement, (D) any merger, consolidation
          or sale
          of substantially all of the assets of the Company, and (E) the Company’s entry
          into an agreement with a Subservicer to perform or assist in the performance
          of
          any of the Company’s obligations under this Agreement or any Reconstitution
          Agreement and (ii) provide to the Purchaser and any Depositor a description
          of
          such proceedings, affiliations or relationships; 

        

        (ix)
          As a
          condition to the succession to the Company or any Subservicer as servicer
          or
          subservicer under this Agreement or any Reconstitution Agreement by any
          Person
          (i) into which the Company or such Subservicer may be merged or consolidated,
          or
          (ii) which may be appointed as a successor to the Company or any Subservicer,
          the Company shall provide to the Purchaser, any Master Servicer, and any
          Depositor, at least 15 calendar days prior to the effective date of such
          succession or appointment, (x) written notice to the Purchaser and any
          Depositor
          of such succession or appointment and (y) in writing and in form and substance
          reasonably satisfactory to the Purchaser and such Depositor, all information
          reasonably requested by the Purchaser or any Depositor in order to comply
          with
          its reporting obligation under Item 6.02 of Form 8-K with respect to any
          class
          of asset-backed securities; 

        

        (x)
          In
          addition to such information as the Company, as servicer, is obligated
          to
          provide pursuant to other provisions of this Agreement, not later than
          ten days
          prior to the deadline for the filing of any distribution report on Form
          10-D in
          respect of any Securitization Transaction that includes any of the Mortgage
          Loans serviced by the Company or any Subservicer, the Company or such
          Subservicer, as applicable, shall, to the extent the Company or such Subservicer
          has knowledge, provide to the party responsible for filing such report
          (including, if applicable, the Master Servicer) notice of the occurrence
          of any
          of the following events along with all information, data, and materials
          related
          thereto as may be required to be included in the related distribution report
          on
          Form 10-D (as specified in the provisions of Regulation AB referenced
          below):

        

        (A) any
          material modifications, extensions or waivers of pool asset terms, fees,
          penalties or payments during the distribution period or that have cumulatively
          become material over time (Item 1121(a)(11) of Regulation AB);

        

        (B) material
          breaches of pool asset representations or warranties or transaction covenants
          (Item 1121(a)(12) of Regulation AB); and

        

        (C) information
          regarding new asset-backed securities issuances backed by the same pool
          assets,
          any pool asset changes (such as, additions, substitutions or repurchases),
          and
          any material changes in origination, underwriting or other criteria for
          acquisition or selection of pool assets (Item 1121(a)(14) of Regulation
          AB);
          and

        

        (xi)
          The
          Company shall provide to the Purchaser, any Master Servicer and any Depositor,
          evidence of the authorization of the person signing any certification or
          statement, copies or other evidence of Fidelity Bond Insurance and Errors
          and
          Omission Insurance policy, financial information and reports, and such
          other
          information related to the Company or any Subservicer or the Company or
          such
          Subservicer’s performance hereunder.

        

        In
          the
          event of a conflict or inconsistency between the terms of Exhibit
          O
          and the
          text of the applicable Item of Regulation AB as cited above, the text of
          Regulation AB, its adopting release and other public statements of the
          SEC shall
          control.

        

        The
          Company shall indemnify the Purchaser, each affiliate of the Purchaser,
          and each
          of the following parties participating in a Pass-Through Transfer: each
          sponsor
          and issuing entity; each Person (including, but not limited to, any Master
          Servicer, if applicable) responsible for the preparation, execution or
          filing of
          any report required to be filed with the Commission with respect to such
          Pass-Through Transfer, or for execution of a certification pursuant to
          Rule
          13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
          Pass-Through Transfer; each broker dealer acting as underwriter, placement
          agent
          or initial purchaser, each Person who controls any of such parties or the
          Depositor (within the meaning of Section 15 of the Securities Act and Section
          20
          of the Exchange Act); and the respective present and former directors,
          officers,
          employees, agents and affiliates of each of the foregoing and of the Depositor
          (each, an “Indemnified Party”), and shall hold each of them harmless from and
          against any claims, losses, damages, penalties, fines, forfeitures, legal
          fees
          and expenses and related costs, judgments, and any other costs, fees and
          expenses that any of them may sustain arising out of or based upon:

        

        (i)(A)
          any untrue statement of a material fact contained or alleged to be contained
          in
          any information, report, certification, data, accountants’ letter or other
          material provided under this Section 11.18 by or on behalf of the Company,
          or
          provided under this Section 11.18 by or on behalf of any Subservicer,
          Subcontractor or Third-Party Originator (collectively, the “Company
          Information”), or (B) the omission or alleged omission to state in the Company
          Information a material fact required to be stated in the Company Information
          or
          necessary in order to make the statements therein, in the light of the
          circumstances under which they were made, not misleading; provided, by
          way of
          clarification, that clause (B) of this paragraph shall be construed solely
          by
          reference to the Company Information and not to any other information
          communicated in connection with a sale or purchase of securities, without
          regard
          to whether the Company Information or any portion thereof is presented
          together
          with or separately from such other information;

        

        (ii)
          any
          breach by the Company of its obligations under this Section 11.18, including
          particularly any failure by the Company, any Subservicer, any Subcontractor
          or
          any Third-Party Originator to deliver any information, report, certification,
          accountants’ letter or other material when and as required under this Section
          11.18, including any failure by the Company to identify pursuant to Section
          11.20 any Subcontractor “participating in the servicing function” within the
          meaning of Item 1122 of Regulation AB; 

        

        (iii)
          any
          breach by the Company of a representation or warranty set forth in Section
          3.01
          or in a writing furnished pursuant to Section 3.01(q) and made as of a
          date
          prior to the closing date of the related Pass-Through Transfer, to the
          extent
          that such breach is not cured by such closing date, or any breach by the
          Company
          of a representation or warranty in a writing furnished pursuant to Section
          3.01(q) to the extent made as of a date subsequent to such closing date;
          or

         

        (iv) the
          negligence bad faith or willful misconduct of the Company in connection
          with its
          performance under this Section
          11.18.

          

          If
          the
          indemnification provided for herein is unavailable or insufficient to hold
          harmless an Indemnified Party, then the Company agrees that it shall contribute
          to the amount paid or payable by such Indemnified Party as a result of
          any
          claims, losses, damages or liabilities incurred by such Indemnified Party
          in
          such proportion as is appropriate to reflect the relative fault of such
          Indemnified Party on the one hand and the Company on the other. 

          

          In
          the
          case of any failure of performance described above, the Company shall promptly
          reimburse the Purchaser, any Depositor, as applicable, and each Person
          responsible for the preparation, execution or filing of any report required
          to
          be filed with the Commission with respect to such Securitization Transaction,
          or
          for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
          under the Exchange Act with respect to such Securitization Transaction,
          for all
          costs reasonably incurred by each such party in order to obtain the information,
          report, certification, accountants’ letter or other material not delivered as
          required by the Company, any Subservicer, any Subcontractor or any Third-Party
          Originator.

        

        This
          indemnification shall survive the termination of this Agreement or the
          termination of any party to this Agreement.

        

        All
          Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
          remain
          subject to, and serviced in accordance with the terms of, this Agreement
          and the
          related Term Sheet, and with respect thereto this Agreement and the related
          Term
          Sheet shall remain in full force and effect.

        

        22. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.19:

        

        Section
          11.19. Use
          of
          Subservicers and Subcontractors.

        

        (a) The
          Company shall not hire or otherwise utilize the services of any Subservicer
          to
          fulfill any of the obligations of the Company as servicer under this Agreement
          or any Reconstitution Agreement unless the Company complies with the provisions
          of paragraph (b) of this Section. The Company shall not hire or otherwise
          utilize the services of any Subcontractor, and shall not permit any Subservicer
          to hire or otherwise utilize the services of any Subcontractor, to fulfill
          any
          of the obligations of the Company as servicer under this Agreement or any
          Reconstitution Agreement unless the Company complies with the provisions
          of
          paragraph (d) of this Section. 

        

        (b) The
          Company shall cause any Subservicer used by the Company (or by any Subservicer)
          for the benefit of the Purchaser and any Depositor to comply with the provisions
          of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
          of this
          Agreement to the same extent as if such Subservicer were the Company, and
          to
          provide the information required with respect to such Subservicer under
          Section
          3.01(r) of this Agreement. The Company shall be responsible for obtaining
          from
          each Subservicer and delivering to the Purchaser, any Master Servicer and
          any
          Depositor any Annual Statement of Compliance required to be delivered by
          such
          Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
          Report required to be delivered by such Subservicer under Section 6.07
          and any
          Annual Certification required under Section 6.04(b) as and when required
          to be
          delivered.

        

        (c) The
          Company shall promptly upon request provide to the Purchaser, any Master
          Servicer and any Depositor (or any designee of the Depositor, such as an
          administrator) a written description (in form and substance satisfactory
          to the
          Purchaser, any Master Servicer and such Depositor) of the role and function
          of
          each Subcontractor utilized by the Company or any Subservicer, specifying
          (i)
          the identity of each such Subcontractor, (ii) which (if any) of such
          Subcontractors are “participating in the servicing function” within the meaning
          of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
          Criteria will be addressed in assessments of compliance provided by each
          Subcontractor identified pursuant to clause (ii) of this paragraph.

        

        (d) As
          a
          condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
          Regulation AB, the Company shall cause any such Subcontractor used by the
          Company (or by any Subservicer) for the benefit of the Purchaser and any
          Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
          Agreement to the same extent as if such Subcontractor were the Company.
          The
          Company shall be responsible for obtaining from each Subcontractor and
          delivering to the Purchaser and any Depositor any Assessment of Compliance
          and
          Attestation Report and the other certificates required to be delivered
          by such
          Subservicer and such Subcontractor under Section 6.07, in each case as
          and when
          required to be delivered.

        

        23. Article
          XI of the Agreement is hereby amended effective as of the date hereof by
          adding
          the following new Section 11.20:

        

        Section
          11.20. Third
          Party Beneficiary.

        

        For
          purposes of this Agreement, each Master Servicer shall be considered a
          third party beneficiary to this Agreement, entitled to all the rights and
          benefits hereof as if it were a direct party to this
          Agreement.

        

        24. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          J:

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          J

        

        REPORTING
          DATA FOR MONTHLY REPORT

        

        
          	
                  Standard
                    File Layout - Master Servicing

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	 	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	 	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	 	 	 	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	 	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

        

        25. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          K:

        

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          K

        

        REPORTING
          DATA FOR DEFAULTED LOANS

        

        Standard
          File Layout - Delinquency Reporting

        

        
          	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

         

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting

         

        The
          Loss
          Mit Type
          field
          should show the approved Loss Mitigation Code as follows: 

         

        ·  ASUM-Approved
          Assumption

         

        ·  BAP-Borrower
          Assistance Program

         

        ·  CO-
          Charge
          Off

         

        ·  DIL-
          Deed-in-Lieu

         

        ·  FFA-
          Formal
          Forbearance Agreement

         

        ·  MOD-
          Loan
          Modification

         

        ·  PRE-
          Pre-Sale

         

        ·  SS-
          Short
          Sale

         

        ·  MISC-Anything
          else approved by the PMI or Pool Insurer

         

        NOTE:
          Wells
          Fargo Bank will accept alternative Loss Mitigation Types to those above,
          provided that they are consistent with industry standards. If Loss Mitigation
          Types other than those above are used, the Servicer must supply Wells Fargo
          Bank
          with a description of each of the Loss Mitigation Types prior to sending
          the
          file.

         

        

         

        The
          Occupant
          Code
          field
          should show the current status of the property code as follows:

         

        
          	·  	
                  Mortgagor

                

        

         

        
          	·  	
                  Tenant

                

        

         

        
          	·  	
                  Unknown
                    

                

        

         

        
          	·  	
                  Vacant

                

        

         

        

         

        The
          Property
          Condition
          field
          should show the last reported condition of the property as follows:

         

        ·  Damaged

         

        ·  Excellent

         

        ·  Fair

         

        ·  Gone

         

        ·  Good

         

        ·  Poor

         

        ·  Special
          Hazard

         

        ·  Unknown

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

         

        

        The
          FNMA
          Delinquent Reason Code
          field
          should show the Reason for Delinquency as follows: 

         

        

          
            	
                    Delinquency
                      Code

                  	
                    Delinquency
                      Description

                  
	
                    001

                  	
                    FNMA-Death
                      of principal mortgagor

                  
	
                    002

                  	
                    FNMA-Illness
                      of principal mortgagor

                  
	
                    003

                  	
                    FNMA-Illness
                      of mortgagor’s family member

                  
	
                    004

                  	
                    FNMA-Death
                      of mortgagor’s family member

                  
	
                    005

                  	
                    FNMA-Marital
                      difficulties

                  
	
                    006

                  	
                    FNMA-Curtailment
                      of income

                  
	
                    007

                  	
                    FNMA-Excessive
                      Obligation

                  
	
                    008

                  	
                    FNMA-Abandonment
                      of property

                  
	
                    009

                  	
                    FNMA-Distant
                      employee transfer

                  
	
                    011

                  	
                    FNMA-Property
                      problem

                  
	
                    012

                  	
                    FNMA-Inability
                      to sell property

                  
	
                    013

                  	
                    FNMA-Inability
                      to rent property

                  
	
                    014

                  	
                    FNMA-Military
                      Service

                  
	
                    015

                  	
                    FNMA-Other

                  
	
                    016

                  	
                    FNMA-Unemployment

                  
	
                    017

                  	
                    FNMA-Business
                      failure

                  
	
                    019

                  	
                    FNMA-Casualty
                      loss

                  
	
                    022

                  	
                    FNMA-Energy
                      environment costs

                  
	
                    023

                  	
                    FNMA-Servicing
                      problems

                  
	
                    026

                  	
                    FNMA-Payment
                      adjustment

                  
	
                    027

                  	
                    FNMA-Payment
                      dispute

                  
	
                    029

                  	
                    FNMA-Transfer
                      of ownership pending

                  
	
                    030

                  	
                    FNMA-Fraud

                  
	
                    031

                  	
                    FNMA-Unable
                      to contact borrower

                  
	
                    INC

                  	
                    FNMA-Incarceration

                  

          

        

        

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

Exhibit
          2: Standard
          File Codes - Delinquency Reporting, Continued

        

        The
          FNMA
          Delinquent Status Code
          field
          should show the Status of Default as follows: 

         

        

          
            	
                    Status
                      Code

                  	
                    Status
                      Description

                  
	
                    09

                  	
                    Forbearance

                  
	
                    17

                  	
                    Pre-foreclosure
                      Sale Closing Plan Accepted

                  
	
                    24

                  	
                    Government
                      Seizure

                  
	
                    26

                  	
                    Refinance

                  
	
                    27

                  	
                    Assumption

                  
	
                    28

                  	
                    Modification

                  
	
                    29

                  	
                    Charge-Off

                  
	
                    30

                  	
                    Third
                      Party Sale

                  
	
                    31

                  	
                    Probate

                  
	
                    32

                  	
                    Military
                      Indulgence

                  
	
                    43

                  	
                    Foreclosure
                      Started

                  
	
                    44

                  	
                    Deed-in-Lieu
                      Started

                  
	
                    49

                  	
                    Assignment
                      Completed

                  
	
                    61

                  	
                    Second
                      Lien Considerations

                  
	
                    62

                  	
                    Veteran’s
                      Affairs-No Bid

                  
	
                    63

                  	
                    Veteran’s
                      Affairs-Refund

                  
	
                    64

                  	
                    Veteran’s
                      Affairs-Buydown

                  
	
                    65

                  	
                    Chapter
                      7 Bankruptcy

                  
	
                    66

                  	
                    Chapter
                      11 Bankruptcy

                  
	
                    67

                  	
                    Chapter
                      13 Bankruptcy

                  

          

        

        

        26. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          L:

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          L

        

        COMPANY’S
          OBLIGATIONS IN CONNECTION 

        WITH
          A
          RECONSTITUTION

        

        • The
          Company shall (i) possess the ability to service to a securitization documents;
          (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
          liquidation of an REO Property), (iii) make compensating interest payments
          on
          payoffs and curtailments and (iv) remit and report to a Master Servicer
          in
          format acceptable to such Master Servicer by the 10th calendar day of each
          month.

        

        • The
          Company shall provide an acceptable annual certification (officer’s certificate)
          to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002)
          as well
          as any other annual certifications required under the securitization documents
          (i.e. the annual statement as to compliance/annual independent certified
          public
          accountants’ servicing report due by March 1 of each year).

        

        • The
          Company shall allow for the Purchaser, the Master Servicer or their designee
          to
          perform a review of audited financials and net worth of the
          Company.

        

        • The
          Company shall provide a Uniform Single Attestation Program certificate
          and
          Management Assertion as requested by the Master Servicer or the
          Purchaser.

        

        • The
          Company shall provide information on each Custodial Account as requested
          by the
          Master Servicer or the Purchaser, and each Custodial Accounts shall comply
          with
          the requirements for such accounts as set forth in the securitization
          documents.

        

        • The
          Company shall maintain its servicing system in accordance with the requirements
          of the Master Servicer.

        

        27. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          M:

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          M

        

        FORM
          OF
          COMPANY CERTIFICATION

        

        Re:       
           The
          [ ]
          agreement dated as of [ l,
          200[ ]
          (the “Agreement”), among [IDENTIFY PARTIES]

        

        I,
          ____________________________, the _______________________ of [NAME OF COMPANY]
          (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
          Servicer] [Securities Administrator] [Trustee], and their officers, with
          the
          knowledge and intent that they will rely upon this certification,
          that:

        

        I
          have
          reviewed the servicer compliance statement of the Company provided in accordance
          with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
          assessment of the Company’s compliance with the servicing criteria set forth in
          Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
          with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as
          amended
          (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
          Assessment”), the registered public accounting firm’s attestation report
          provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
          Act and
          Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
          reports, officer’s certificates and other information relating to the servicing
          of the Mortgage Loans by the Company during 200[ ] that were delivered
          by the
          Company to the [Depositor] [Master Servicer] [Securities Administrator]
          [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
          Information”);

        

        Based
          on
          my knowledge, the Company Servicing Information, taken as a whole, does
          not
          contain any untrue statement of a material fact or omit to state a material
          fact
          necessary to make the statements made, in the light of the circumstances
          under
          which such statements were made, not misleading with respect to the period
          of
          time covered by the Company Servicing Information;

        

        Based
          on
          my knowledge, all of the Company Servicing Information required to be provided
          by the Company under the Agreement has been provided to the [Depositor]
          [Master
          Servicer] [Securities Administrator] [Trustee];

        

        I
          am
          responsible for reviewing the activities performed by the Company as servicer
          under the Agreement, and based on my knowledge and the compliance review
          conducted in preparing the Compliance Statement and except as disclosed
          in the
          Compliance Statement, the Servicing Assessment or the Attestation Report,
          the
          Company has fulfilled its obligations under the Agreement in all material
          respects; and

        

        The
          Compliance Statement required to be delivered by the Company pursuant to
          this
          Agreement, and the Servicing Assessment and Attestation Report required
          to be
          provided by the Company and by any Subservicer and Subcontractor pursuant
          to the
          Agreement, have been provided to the [Depositor] [Master Servicer]. Any
          material
          instances of noncompliance described in such reports have been disclosed
          to the
          [Depositor] [Master Servicer]. Any material instance of noncompliance with
          the
          Servicing Criteria has been disclosed in such reports.

        

        28. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          N:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          N

        

        SUMMARY
          OF REGULATION AB

        SERVICING
          CRITERIA

        

        NOTE:
          This Exhibit
          N
          is
          provided for convenience of reference only. In the event of a conflict
          or
          inconsistency between the terms of this Exhibit
          N
          and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control. 

        

        Item
          1122(d)

         

        
          	(a)  	
                  General
                    servicing considerations.

                

        

         

        (1)  Policies
          and procedures are instituted to monitor any performance or other triggers
          and
          events of default in accordance with the transaction agreements.

         

        (2)  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.

         

        (3)  Any
          requirements in the transaction agreements to maintain a back-up servicer
          for
          the mortgage loans are maintained.

         

        (4)  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.

         

        
          	(b)  	
                  Cash
                    collection and administration.

                

        

         

        (1)  Payments
          on mortgage loans 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.

         

        (2)  Disbursements
          made via wire transfer on behalf of an obligor or
          to an
          investor are made only by authorized personnel.

         

        (3)  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.

         

        (4)  The
          related accounts for the transaction, such as cash reserve accounts or
          accounts
          established as a form of overcollateralization, are separately maintained
          (e.g.,
          with respect to commingling of cash) as set forth in the transaction
          agreements.

         

        (5)  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.

         

        (6)  Unissued
          checks are safeguarded so as to prevent unauthorized access.

         

        (7)  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.

         

        
          	(c)  	
                  Investor
                    remittances and reporting.

                

        

         

        (1)  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 mortgage loans serviced by
          the
          Servicer.

         

        (2)  Amounts
          due to investors are allocated and remitted in accordance with timeframes,
          distribution priority and other terms set forth in the transaction
          agreements.

         

        (3)  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.

         

        (4)  Amounts
          remitted to investors per the investor reports agree with cancelled checks,
          or
          other form of payment, or custodial bank statements.

         

        
          	(d)  	
                  Mortgage
                    Loan administration.

                

        

         

        (1)  Collateral
          or security on mortgage loans is maintained as required by the transaction
          agreements or related mortgage loan documents.

         

        (2)  Mortgage
          loan and related documents are safeguarded as required by the transaction
          agreements.

         

        (3)  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.

         

        (4)  Payments
          on mortgage loans, including any payoffs, made in accordance with the related
          mortgage loan 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 mortgage loan
          documents.

         

        (5)  The
          Servicer’s records regarding the mortgage loans agree with the Servicer’s
          records with respect to an obligor’s unpaid principal balance.

         

        (6)  Changes
          with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
          modifications or re-agings) are made, reviewed and approved by authorized
          personnel in accordance with the transaction agreements and related mortgage
          loan documents.

         

        (7)  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.

         

        (8)  Records
          documenting collection efforts are maintained during the period a mortgage
          loan
          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 mortgage loans including, for example, phone calls, letters
          and
          payment rescheduling plans in cases where delinquency is deemed temporary
          (e.g.,
          illness or unemployment).

         

        (9)  Adjustments
          to interest rates or rates of return for mortgage loans with variable rates
          are
          computed based on the related mortgage loan documents.

         

        (10)  Regarding
          any funds held in trust for an obligor (such as escrow accounts): (A) such
          funds
          are analyzed, in accordance with the obligor’s mortgage loan 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 mortgage loan documents and state laws; and
          (C) such
          funds are returned to the obligor within 30 calendar days of full repayment
          of
          the related mortgage loans, or such other number of days specified in the
          transaction agreements.

         

        (11)  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.

         

        (12)  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.

         

        (13)  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.

         

        (14)  Delinquencies,
          charge-offs and uncollectable accounts are recognized and recorded in accordance
          with the transaction agreements.

         

        (15)  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.

        

        29. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          O:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          O

        

        SUMMARY
          OF APPLICABLE REGULATION AB REQUIREMENTS

        

        NOTE:
          This Exhibit
          O
          is
          provided for convenience of reference only. In the event of a conflict
          or
          inconsistency between the terms of this Exhibit
          O
          and the
          text of Regulation AB, the text of Regulation AB, its adopting release
          and other
          public statements of the SEC shall control. 

         

        Item
          1105(a)(1)-(3) and (c)

        

        -Provide
          static pool information with respect to mortgage loans that were originated
          or
          purchased by the Company and which are of the same type as the Mortgage
          Loans.

         

        -Provide
          static pool information regarding delinquencies, cumulative losses and
          prepayments for prior securitized pools of the Company.

         

        -If
          the
          Company has less than 3 years experience securitizing assets of the same
          type as
          the Mortgage Loans, provide the static pool information by vintage origination
          years regarding loans originated or purchased by the Company, instead of
          by
          prior securitized pool. A vintage origination year represents mortgage
          loans
          originated during the same year.

         

        -Such
          static pool information shall be for the prior five years, or for so long
          as the
          Company has been originating or purchasing (in the case of data by vintage
          origination year) or securitizing (in the case of data by prior securitized
          pools) such mortgage loans if for less than five years.

         

        -The
          static pool information for each vintage origination year or prior securitized
          pool, as applicable, shall be presented in monthly increments over the
          life of
          the mortgage loans included in the vintage origination year or prior securitized
          pool.

         

        -Provide
          summary information for the original characteristics of the prior securitized
          pools or vintage origination years, as applicable and material, including:
          number of pool assets, original pool balance, weighted average initial
          loan
          balance, weighted average mortgage rate, weighted average and minimum and
          maximum FICO, product type, loan purpose, weighted average and minimum
          and
          maximum LTV, distribution of loans by mortgage rate, and geographic
          concentrations of 5% or more.

         

        

        Item
          1108(b) and (c)

        

        Provide
          the following information with respect to each servicer that will service,
          including interim service, 20% or more of the mortgage loans in any loan
          group
          in the securitization issued in the Pass-Through Transfer: 

         

        -a
          description of the Company’s form of organization;

         

        -a
          description of how long the Company has been servicing residential mortgage
          loans; a general discussion of the Company’s experience in servicing assets of
          any type as well as a more detailed discussion of the Company’s experience in,
          and procedures for the servicing function it will perform under this Agreement
          and any Reconstitution Agreements; information regarding the size, composition
          and growth of the Company’s portfolio of mortgage loans of the type similar to
          the Mortgage Loans and information on factors related to the Company that
          may be
          material to any analysis of the servicing of the Mortgage Loans or the
          related
          asset-backed securities, as applicable, including whether any default or
          servicing related performance trigger has occurred as to any other
          securitization due to any act or failure to act of the Company, whether
          any
          material noncompliance with applicable servicing criteria as to any other
          securitization has been disclosed or reported by the Company, and the extent
          of
          outsourcing the Company uses;

         

        -a
          description of any material changes to the Company’s policies or procedures in
          the servicing function it will perform under this Agreement and any
          Reconstitution Agreements for mortgage loans of the type similar to the
          Mortgage
          Loans during the past three years;

         

        -information
          regarding the Company’s financial condition to the extent that there is a
          material risk that the effect on one or more aspects of servicing resulting
          from
          such financial condition could have a material impact on the performance
          of the
          securities issued in the Pass-Through Transfer, or on servicing of mortgage
          loans of the same asset type as the Mortgage Loans;

         

        -any
          special or unique factors involved in servicing loans of the same type
          as the
          Mortgage Loans, and the Company’s processes and procedures designed to address
          such factors;

         

        -statistical
          information regarding principal and interest advances made by the Company
          on the
          Mortgage Loans and the Company’s overall servicing portfolio for the past three
          years; and

         

        -the
          Company’s process for handling delinquencies, losses, bankruptcies and
          recoveries, such as through liquidation of REO Properties, foreclosure,
          sale of
          the Mortgage Loans or workouts.

         

        Item
          1110(a)

        

        -Identify
          any originator or group of affiliated originators that originated, or is
          expected to originate, 10% or more of the mortgage loans in any loan group
          in
          the securitization issued in the Pass-Through Transfer.

         

        

        Item
          1110(b)

        

        Provide
          the following information with respect to any originator or group of affiliated
          originators that originated, or is expected to originate, 20% or more of
          the
          mortgage loans in any loan group in the securitization issued in the
          Pass-Through Transfer:

         

        -the
          Company’s form of organization; and

         

        -a
          description of the Company’s origination program and how long the Company has
          been engaged in originating residential mortgage loans, which description
          must
          include a discussion of the Company’s experience in originating mortgage loans
          of the same type as the Mortgage Loans and information regarding the size
          and
          composition of the Company’s origination portfolio as well as information that
          may be material to an analysis of the performance of the Mortgage Loans,
          such as
          the Company’s credit-granting or underwriting criteria for mortgage loans of the
          same type as the Mortgage Loans.

         

        

        Item
          1117

        

        -describe
          any legal proceedings pending against the Company or against any of its
          property, including any proceedings known to be contemplated by governmental
          authorities, that may be material to the holders of the securities issued
          in the
          Pass-Through Transfer.

         

        

        Item
          1119(a)

        

        -describe
          any affiliations of the Company, each other originator of the Mortgage
          Loans and
          each Subservicer with the sponsor, depositor, issuing entity, trustee,
          any
          originator, any other servicer, any significant obligor, enhancement or
          support
          provider or any other material parties related to the Pass-Through
          Transfer.

         

        

        Item
          1119(b)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          entered into outside of the ordinary course of business or on terms other
          than
          those obtained in an arm’s length transaction with an unrelated third party,
          apart from the Pass-Through Transfer, between the Company, each other originator
          of the Mortgage Loans and each Subservicer, or their respective affiliates,
          and
          the sponsor, depositor or issuing entity or their respective affiliates,
          that
          exists currently or has existed during the past two years, that may be
          material
          to the understanding of an investor in the securities issued in the Pass-Through
          Transfer.

         

        Item
          1119(c)

        

        -describe
          any business relationship, agreement, arrangement, transaction or understanding
          involving or relating to the Mortgage Loans or the Pass-Through Transfer,
          including the material terms and approximate dollar amount involved, between
          the
          Company, each other originator of the Mortgage Loans and each Subservicer,
          or
          their respective affiliates and the sponsor, depositor or issuing entity
          or
          their respective affiliates, that exists currently or has existed during
          the
          past two years.

         

        30. The
          Agreement is hereby amended effective as of the date hereof by adding the
          following new Exhibit
          P:

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        EXHIBIT
          P

        

        SERVICING
          CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

        

        The
          assessment of compliance to be delivered by [the Company] [Name of Subservicer]
          shall address, at a minimum, the criteria identified as below as “Applicable
          Servicing Criteria”:

        

        
          	
                  Servicing
                    Criteria 

                	
                  Applicable
                    Servicing Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  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

                
	
                  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

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans 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

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans 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

                
	
                  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

                
	
                  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

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, 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

                
	
                  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

                
	
                   

                	
                  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 mortgage loans serviced by the
                    Servicer.

                	
                  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

                
	
                  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

                
	
                  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

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  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

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan 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 mortgage loan documents.

                	
                  x

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans 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 mortgage
                    loans (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

                
	
                  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

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan 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 mortgage loans 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 mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  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 mortgage loan
                    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 mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    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.

                	 
	
                   

                	
                   

                	
                   

                

        

        

         

        
          	 	
                  [NAME
                    OF COMPANY] [NAME OF SUBSERVICER]

                
	 	Date: _________________________
	 	 
	 	 
	 	By: _________________________
	 	
                  Name:

                
	 	
                  Title:
                    

                

        

         

        31. The
          Agreement is hereby amended as of the date hereof by adding the following
          new
Exhibit
          Q:

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        

        EXHIBIT
          Q

        

        REPORTING
          DATA FOR REALIZED LOSSES AND GAINS

        

        Calculation
          of Realized Loss/Gain Form 332- Instruction Sheet

        

        NOTE:
          Do not net or combine items. Show all expenses individually and all credits
          as
          separate line items. Claim packages are due on the remittance report date.
          Late
          submissions may result in claims not being passed until the following month.
          The
          Servicer is responsible to remit all funds pending loss approval and /or
          resolution of any disputed items. 

        1.  

         

        2.  The
          numbers on the 332 form correspond with the numbers listed below.

         

        Liquidation
          and Acquisition Expenses:

         

        1.           
           The
          Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        2.          
           The
          Total
          Interest Due less the aggregate amount of servicing fee that would have
          been
          earned if all delinquent payments had been made as agreed. For documentation,
          an
          Amortization Schedule from date of default through liquidation breaking
          out the
          net interest and servicing fees advanced is required.

         

        3.          
            Accrued
          Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
          Loan
          as calculated on a monthly basis. For documentation, an Amortization Schedule
          from date of default through liquidation breaking out the net interest
          and
          servicing fees advanced is required.

         

        4-12.     
           Complete
          as applicable. Required documentation:

         

        *
          For
          taxes and insurance advances - see page 2 of 332 form - breakdown required
          showing period of
          coverage, base tax, interest, penalty. Advances prior to default require
          evidence of servicer efforts to recover advances.

         

        *
          For
          escrow advances - complete payment history 

         

        (to
          calculate advances from last positive escrow balance forward)

         

        *
          Other
          expenses -  copies of corporate advance history showing all payments

         

        *
          REO
          repairs > $1500 require explanation

         

        *
          REO
          repairs >$3000 require evidence of at least 2 bids.

         

        *
          Short
          Sale or Charge Off require P&L supporting the decision and WFB’s approved
          Officer Certificate 

         

        *
          Unusual
          or extraordinary items may require further documentation. 

         

        13.           
          The
          total
          of lines 1 through 12.

         

        3.     
            Credits:
          

         

        14-21.   
           Complete
          as applicable. Required documentation:

         

        *
          Copy of
          the HUD 1 from the REO sale. If a 3rd
          Party
          Sale, bid instructions and Escrow Agent / Attorney

         

        Letter
          of
          Proceeds Breakdown.

         

        *
          Copy of
          EOB for any MI or gov't guarantee 

         

        *
          All
          other credits need to be clearly defined on the 332
          form      
     

         

         

        
          	 	
                  22.

                	
                  The
                    total of lines 14 through 21.

                

        

         

        Please
          Note: For
          HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b)
          for Part
          B/Supplemental proceeds.

         

        Total
          Realized Loss (or Amount of Any Gain)

         

        23.          
           The
          total
          derived from subtracting line 22 from 13. If the amount represents a realized
          gain, show
          the
          amount in parenthesis ( ). 

        

         

        Calculation
          of Realized Loss/Gain Form 332

        

         

        Prepared
          by: __________________   Date:
          _______________

        Phone:
          ______________________ Email Address:_____________________

         

        
          	
                  Servicer
                    Loan No.

                	 	
                  Servicer
                    Name

                	 	
                  Servicer
                    Address 

                   

                

        

         

         

        WELLS
          FARGO BANK, N.A. Loan No._____________________________

         

        Borrower's
          Name: _________________________________________________________

        Property
          Address: _________________________________________________________

         

         

        Liquidation
          Type: REO Sale  
          3rd
          Party Sale  Short
          Sale           Charge
          Off 

         

        Was
          this loan granted a Bankruptcy deficiency or cramdown  Yes 
          No

        If
“Yes”,
          provide deficiency or cramdown amount
          _______________________________

        
          
             

            

              
                	
                        Liquidation
                          and Acquisition Expenses:

                      	 	 	 	 
	
                        (1)

                      	
                        Actual
                          Unpaid Principal Balance of Mortgage Loan

                      	
                         

                      	$	 	
                        (1)

                      
	
                        (2)

                      	
                        Interest
                          accrued at Net Rate

                      	 	
                         

                      	 	
                        (2)

                      
	
                        (3)

                      	
                        Accrued
                          Servicing Fees

                      	 	
                         

                      	 	
                        (3)

                      
	
                        (4)

                      	
                        Attorney's
                          Fees

                      	 	
                         

                      	 	
                        (4)

                      
	
                        (5)

                      	
                        Taxes
                          (see page 2)

                      	 	
                         

                      	 	
                        (5)

                      
	
                        (6)

                      	
                        Property
                          Maintenance

                      	 	 	 	
                         

                      	 	
                        (6)

                      
	
                        (7)

                      	
                        MI/Hazard
                          Insurance Premiums (see page 2)

                      	
                         

                      	 	 	
                        (7)

                      
	
                        (8)

                      	
                        Utility
                          Expenses

                      	 	 	 	
                         

                      	 	
                        (8)

                      
	
                        (9)

                      	
                        Appraisal/BPO

                      	 	 	 	
                         

                      	 	
                        (9)

                      
	
                        (10)

                      	
                        Property
                          Inspections

                      	 	 	 	
                         

                      	 	
                        (10)

                      
	
                        (11)

                      	
                        FC
                          Costs/Other Legal Expenses

                      	 	 	 	
                        (11)

                      
	
                        (12)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (12)

                      
	 	 	
                        Cash
                          for Keys

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                        HOA/Condo
                          Fees

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	
                         

                      	 	
                         

                      	 	 	
                        (12)

                      
	 	 	 	 	 	 	 	 
	 	 	
                        Total
                          Expenses

                      	 	 	$	 	
                        
                          (13)

                        

                      
	
                        Credits:

                      	 	 	 	 	 	 	 
	
                        (14)

                      	
                        Escrow
                          Balance

                      	 	 	 	
                        $
                          

                      	 	
                        (14)

                      
	
                        (15)

                      	
                        HIP
                          Refund

                      	 	 	 	 	 	
                        
                          (15)

                        

                      
	
                        (16)

                      	
                        Rental
                          Receipts

                      	 	 	 	
                         

                      	 	
                        (16)

                      
	
                        (17)

                      	
                        Hazard
                          Loss Proceeds

                      	 	 	 	
                         

                      	 	
                        (17)

                      
	
                        (18)

                      	
                        Primary
                          Mortgage Insurance / Gov’t Insurance

                      	
                         

                      	 	 	(18a)

	
                        HUD
                          Part A

                      	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                        HUD
                          Part B

                      	 	 	 	 	 	(18b)
	
                        (19)

                      	
                        Pool
                          Insurance Proceeds

                      	 	 	 	
                         

                      	 	
                        (19)

                      
	
                        (20)

                      	
                        Proceeds
                          from Sale of Acquired Property

                      	
                         

                      	 	 	
                        (20)

                      
	
                        (21)

                      	
                        Other
                          (itemize)

                      	 	 	 	
                         

                      	 	
                        (21)

                      
	 	
                         

                      	 	
                         

                      	
                         

                      	 	 	
                        (21)

                      
	 	 	 	 	 	 	 	 
	 	
                        Total
                          Credits

                      	 	 	 	
                        $

                      	 	
                        (22)

                      
	
                        Total
                          Realized Loss (or Amount of Gain)

                      	
                         

                      	
                         

                      	
                        $

                      	 	
                        (23)

                      

              

            

          

        

         

        
 

        Escrow
          Disbursement Detail

         

        

          
            	
                    Type

                    (Tax
                      /Ins.)

                  	
                    Date
                      Paid

                  	
                    Period
                      of Coverage

                  	
                    Total
                      Paid

                  	
                    Base
                      Amount

                  	
                    Penalties

                  	
                    Interest

                  
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

          

        

        

        32. Except
          as
          amended above, the Agreement shall continue to be in full force and effect
          in
          accordance with its terms.

        

        33. This
          Amendment may be executed by one or more of the parties hereto on any number
          of
          separate counterparts and of said counterparts taken together shall be
          deemed to
          constitute one and the same instrument.

        

        [SIGNATURE
          PAGES FOLLOW]

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        IN
          WITNESS WHEREOF, the following parties have caused their names to be signed
          hereto by their respective officers thereunto duly authorized as of the
          day and
          year first above written.

         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION,
	 	
                  as
                    Purchaser

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:  

                	 
	 	Title:	 

        

         

        
           

          
            	 	 	 
	 	
                    FIFTH
                      THIRD MORTGAGE COMPANY,

                  
	 	
                    as
                      Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:  

                  	 
	 	Title:	 

          

           

           

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    EXHIBIT
      Q-4

     

    GREENPOINT
      SERVICING AGREEMENT

    
       

      

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      GREENPOINT
        MORTGAGE FUNDING, INC.

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of September 1, 2003

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      

        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05

                	
                  Books
                    and Records

                
	
                  Section
                    2.06

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09

                	
                  Near-term
                    Principal Prepayments; Near Term Payment Defaults

                
	
                  Section
                    2.10

                	
                  Modification
                    of Obligations

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution

                
	
                  Section
                    3.04

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01

                	
                  Distributions

                
	
                  Section
                    5.02

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01

                	
                  Events
                    of Default

                
	
                  Section
                    9.02

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01

                	
                  Termination

                
	
                  Section
                    10.02

                	
                  Termination
                    without cause

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02

                	
                  Amendment

                
	
                  Section
                    11.03

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04

                	
                  Governing
                    Law

                
	
                  Section
                    11.05

                	
                  Notices

                
	
                  Section
                    11.06

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07

                	
                  Exhibits

                
	
                  Section
                    11.08

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13

                	
                  No
                    Partnership

                
	
                  Section
                    11.14

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17

                	
                  Closing

                
	
                  Section
                    11.18

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  A

                	
                  Contents
                    of Mortgage File

                
	
                  B

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E

                	
                  Form
                    of Trial Balance

                
	
                  F

                	
                  [reserved]

                
	
                  G

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H

                	
                  Company’s
                    Underwriting Guidelines

                
	
                  I

                	
                  Form
                    of Term Sheet

                

        

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of September 1, 2003
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038
        (the "Purchaser"), and GREENPOINT MORTGAGE FUNDING, INC., with offices located
        at 100 Wood Hollow Drive, Novato, California 94945 (the "Company").

      

      W I T N E&#160
        ;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York, or (iii) a day on which banks in the State of New York are authorized
        or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        GreenPoint Mortgage Funding, Inc., its successors in interest and assigns,
        as
        permitted by this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust
        for
        the [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        GreenPoint Mortgage Funding, Inc., or an institution having (i) the highest
        short-term debt rating, and one of the two highest long-term debt ratings
        of
        each Rating Agency; or (ii) with respect to any Custodial Account, an unsecured
        long-term debt rating of at least one of the two highest unsecured long-term
        debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "GreenPoint Mortgage Funding, Inc., in trust for
        the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
        Mortgagors" and shall be established in an Eligible Account, in the name
        of the
        Person that is the "Purchaser" with respect to the related Mortgage
        Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any successor
        thereto.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan
        Program Code:
        With
        respect to each Mortgage Loan, a code designating the loan program pursuant
        to
        which a Mortgage Loan was underwritten in accordance with the Company’s
        underwriting guidelines.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6)
          the
          original months to maturity of the Mortgage Loan;

      

      

      (7)
        the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date (if requested in writing by the Purchaser);

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and the name of the related insurance carrier;

      

      

      (21)
         a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
         the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
         product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      
        (24)
          credit
          score and/or mortgage score, if applicable;

      

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof; 

      

      (27)
        the
        Loan
        Program Code; and

      

      (28) the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      Nonrecoverable
        Advance:
        Any
        portion of a Monthly Advance or Servicing Advance previously made or proposed
        to
        be made by the Company pursuant to this Agreement, that, in the good faith
        judgment of the Company, will not or, in the case of a proposed advance,
        would
        not, be ultimately recoverable by it from the related Mortgagor or the related
        Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
        with respect to the related Mortgage Loan.

      

      OCC:
        Office
        of the Comptroller of the Currency, or any successor thereto.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder and the requirements of Fannie Mae, all
        as in
        effect on the date the Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the related Mortgaged Property is located, duly authorized and licensed in
        such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal
        Balance
        of such Mortgage Loan on the repurchase date, plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase, plus, (iii) third party
        expenses incurred in connection with the transfer of the Mortgage Loan being
        repurchased; less amounts received or advanced in respect of such repurchased
        Mortgage Loan which are being held in the Custodial Account for distribution
        in
        the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
        Files to the Custodian designated by Purchaser, on or before the related
        Closing
        Date, at the expense of the Company. The Company shall maintain a Servicing
        File
        consisting of a copy of the contents of each Mortgage File and the originals
        of
        the documents in each Mortgage File not delivered to the Purchaser. The
        Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Company is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Company is in a custodial capacity only.
        From the related Closing Date, the ownership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company's
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company's servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without cost to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If delivery is not completed
        within
        180 days solely due to delays in making such delivery by reason of the fact
        that
        such documents shall not have been returned by the appropriate recording
        office,
        the Company shall continue to use its best efforts to effect delivery as
        soon as
        possible thereafter, provided that if such documents are not delivered by
        the
        270th day from the date of the related Closing Date, the Company shall
        repurchase the related Mortgage Loans at the Repurchase Price in accordance
        with
        Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09
        Near-term Principal Prepayments; Near Term Payment Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to three
        months after the related Closing Date], the Company shall remit to the Purchaser
        an amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event either of the first three (3) scheduled Monthly Payments which are
        due
        under any Mortgage Loan after the related Cut-off Date are not made during
        the
        month in which such Monthly Payments are due, then not later than five (5)
        Business Days after notice to the Company by Purchaser (and at Purchaser’s sole
        option), the Company, shall repurchase such Mortgage Loan from the Purchaser
        pursuant to the repurchase provisions contained in this Subsection
        3.03.

      

      

      Section
        2.10  Modification
        of Obligations. 

      

      Purchaser
        may, without any notice to Company, extend, compromise, renew, release, change,
        modify, adjust or alter, by operation of law or otherwise, any of the
        obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan
        without releasing or otherwise affecting the obligations of Company under
        this
        Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of New York and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon such Company by any such state,
        and in any event such Company is in compliance with the laws of any such
        state
        to the extent necessary to ensure the enforceability of each Mortgage Loan
        and
        the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy and title insurance policy, to the extent required by the
        related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such standard hazard policies are in full force and effect
        and
        contain a standard mortgagee clause naming the Company and its successors
        in
        interest and assigns as loss payee and such clause is still in effect and
        all
        premiums due thereon have been paid. If required by the Flood Disaster
        Protection Act of 1973, as amended, the Mortgage Loan is covered by a flood
        insurance policy meeting the requirements of the current guidelines of the
        Federal Insurance Administration which policy conforms to Fannie Mae or FHLMC
        requirements, as well as all additional requirements set forth in Section
        4.10
        of this Agreement. Such policy was issued by a Qualified Insurer. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects. None
        of
        the Mortgage Loans are (a) loans subject to 12 CFR Part 226.31, 12 CFR Part
        226.32 or 12 CFR Part 226.34 of Regulation Z, the regulation implementing
        TILA,
        which implements the Home Ownership and Equity Protection Act of 1994, as
        amended or (b) classified and/or defined as a “high cost”, "covered", or
“predatory” loan under any other state, federal or local law or regulation or
        ordinance, including, but not limited to, the States of Georgia and North
        Carolina and the City of New York. The
        Company maintains, and shall maintain, evidence of such compliance as required
        by applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice; 

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh) In
        the
        event the Mortgage Loan had an LTV at origination greater than 80.00%, the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges
        in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. None of the Mortgage Loans
        are
        subject to “lender-paid” mortgage insurance;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) None
        of
        the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development, provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property was used for
        commercial purposes, and since the Origination Date, no portion of any Mortgaged
        Property has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies, insurance claims, the title, management
        and disposition of REO Property, permitted withdrawals with respect to REO
        Property, liquidation reports, and reports of foreclosures and abandonments
        of
        Mortgaged Property, the transfer of Mortgaged Property, the release of Mortgage
        Files, annual statements, and examination of records and facilities. In the
        event of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and the related Term Sheet and any of the servicing
        provisions of the Fannie Mae Guides, the provisions of this Agreement and
        the
        related Term Sheet shall control and be binding upon the Purchaser and the
        Company. 

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer, if required. 

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC 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.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (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”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows
        with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. Further, the Company will take special care in ascertaining and
        estimating annual escrow payments, and all other charges that, as provided
        in
        the Mortgage, will become due and payable, so that the installments payable
        by
        the Mortgagors will be sufficient to pay such charges as and when they become
        due and payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty provisions provided in the Mortgage Loan Documents. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, 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 4.01. Foreclosure or
        comparable proceedings shall be initiated within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings and not less than 5 days prior to the acceptance or rejection
        of any
        offer of reinstatement. The Company shall be responsible for all costs and
        expenses incurred by it in any such proceedings or functions; provided, however,
        that it shall be entitled to reimbursement thereof from the related property,
        as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed Monthly Advances of the Company's funds made pursuant
        to
        Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees in
        each
        case relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds shall be deposited
        in the
        Custodial Account within 24 hours of receipt, and shall at all times be insured
        by the FDIC up to the FDIC insurance limits, or must be invested in Permitted
        Investments for the benefit of the Purchaser. Funds deposited in the Custodial
        Account may be drawn on by the Company in accordance with Section 4.05. The
        creation of any Custodial Account shall be evidenced by a letter agreement
        in
        the form shown in Exhibit B hereto. The original of such letter agreement
        shall
        be furnished to the Purchaser on the Closing Date, and upon the request of
        any
        subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii) 
        all
        Liquidation Proceeds;

      

      (iv) 
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v) 
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi) 
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii) 
        any
        Monthly Advances;

      

      (viii) 
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix) 
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x) 
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii) 
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
         to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

      

      (vii)  to
        reimburse itself for Nonrecoverable Advances to the extent not reimbursed
        pursuant to clause (ii) or clause (iii).

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

       

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
         to
        pay to
        the Mortgagors or other parties Insurance Proceeds deposited in accordance
        with
        Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges;
        Maintenance of PrimaryMortgage InsurancePolicies;
        Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely 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 advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Company will not cancel or refuse to renew any Primary Mortgage Insurance
        Policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Company shall not take any action which would result in
        non-coverage under any applicable Primary Mortgage Insurance Policy of any
        loss
        which, but for the actions of the Company would have been covered thereunder.
        In
        connection with any assumption or substitution agreement entered into or
        to be
        entered into pursuant to Section 6.01, the Company shall promptly notify
        the
        insurer under the related Primary Mortgage Insurance Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy. If such Primary Mortgage Insurance Policy is terminated as a result
        of
        such assumption or substitution of liability, the Company shall obtain a
        replacement Primary Mortgage Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
        4.04,
        any amounts collected by the Company under any Primary Mortgage Insurance
        Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by a
        Qualified Insurer insuring against hazard losses on all of the Mortgage Loans,
        then, to the extent such policy provides coverage in an amount equal to the
        amount required pursuant to Section 4.10 and otherwise complies with all
        other
        requirements of Section 4.10, it shall conclusively be deemed to have satisfied
        its obligations as set forth in Section 4.10, it being understood and agreed
        that such policy may contain a deductible clause, in which case the Company
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy complying with Section 4.10,
        and
        there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty (30) days' prior written notice to the
        Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information and documents regarding the subject REO Property:
        the related trustee’s deed upon sale and copies of any related hazard insurance
        claims, or repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

       

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Company shall deliver to the Purchaser an Officer's Certificate
        of
        the Company to the effect that an officer of the Company has reviewed the
        related Mortgage File and has made the reasonable determination that any
        additional advances are nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

      

      Section
        5.05 Prepayment
        Interest Shortfalls.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date in
        the month following the related Prepayment Period, the Company shall deposit
        in
        the Custodial Account an amount equal to any Prepayment Interest Shortfalls
        with
        respect to such Prepayment Period, which in the aggregate shall not exceed
        the
        Company’s aggregate Servicing Fee received with respect to the related Due
        Period.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy,
        if any.
        If the Company reasonably believes it is unable under applicable law to enforce
        such "due-on-sale" clause, the Company, with the approval of the Purchaser,
        will
        enter into an assumption agreement with the person to whom the Mortgaged
        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. Where an assumption
        is allowed pursuant to this Section 6.01, the Company, with the prior consent
        of
        the Purchaser and the primary mortgage insurer, if any, is authorized to
        enter
        into a substitution of liability agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed pursuant to which
        the
        original mortgagor is released from liability and such Person is substituted
        as
        mortgagor and becomes liable under the related Mortgage Note. Any such
        substitution of liability agreement shall be in lieu of an assumption agreement.
        

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        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. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, 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
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, 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 Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Company and delivery
        to the Purchaser of a servicing receipt signed by a Servicing Officer, release
        the portion of the Mortgage File held by the Purchaser to the Company. Such
        servicing receipt shall obligate the Company to return the related Mortgage
        documents to the Purchaser when the need therefor by the Company no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the Custodial
        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 Company
        has delivered to the Purchaser 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, the servicing receipt shall be released by the Purchaser
        to the
        Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company 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 for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2004, an Officers'
        Certificate stating, as to each signatory thereof, that (i) a review of the
        activities of the Company during the preceding calendar year and of performance
        under this Agreement has been made under such officers' supervision, and
        (ii) to
        the best of such officers' knowledge, based on such review, the Company has
        fulfilled all of its obligations under this Agreement throughout such year,
        or,
        if there has been a default in the fulfillment of any such obligation,
        specifying each such default known to such officers and the nature and status
        of
        cure provisions thereof. Copies of such statement shall be provided by the
        Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2004, the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as
        applicable.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way from any claim, demand, defense
        or
        assertion based on or grounded upon, or resulting from any assertion based
        on,
        grounded upon or resulting from a breach or alleged breach of any of the
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the negligence, bad faith or willful misconduct
        of
        Company. The provisions of this Section 8.01 shall survive termination of
        this
        Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and 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,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        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
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser 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 made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

       

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, 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 Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

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

      

      (v)
        the
        Company 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)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and 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, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      
 

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

      Section
        10.02 Termination
        Without Cause.

      

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. 

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

       

      Section
        11.03 Recordation
        of Agreement.

      

      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 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 Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)          
         if
        to the
        Company:

       

      GreenPoint
        Mortgage Funding, Inc. 

      100
        Wood
        Hollow Drive

      Novato,
        California 94945

      Attention:
        Susan Davia

      Telecopier
        No: (415) 878-4369

      

      (ii)          
        if to the Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Notwithstanding
        other provisions of this Section 16.14 or any other express or implied
        agreement, arrangement, or understanding to the contrary, the Company and
        Purchaser (the “Parties”) agree that the Parties (and their employees,
        representatives and other agents) may disclose to any and all persons, without
        limitation of any kind from the commencement of discussions, the purported
        or
        claimed U.S. federal income tax treatment of the purchase of the Mortgage
        Loans
        and related transactions covered by this letter agreement (“tax treatment”) and
        any fact that may be relevant to understanding the tax treatment (“tax
        structure”) and all materials of any kind (including opinions or other tax
        analyses) that are provided to the Parties relating to such tax treatment
        and
        tax structure, except where confidentiality is reasonably necessary to comply
        with securities laws.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to this Agreement shall inure to the benefit
        of
        and be binding upon the Company and the Purchaser and their respective
        successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"); and
        (4) to
        provide customary indemnification to the Purchaser and/or its affiliates
        for any
        losses, claims, damages, and liabilities arising out of or based upon
        information the Company provided or caused to be provided in connection with
        a
        Pass-Through Transfer. In that connection, the Company shall provide to such
        servicer or issuer, as the case may be, and any other participants in such
        Reconstitution: (i) any and all information (including servicing portfolio
        information) and appropriate verification of information (including servicing
        portfolio information) which may be reasonably available to the Company,
        whether
        through letters of its auditors and counsel or otherwise, as the Purchaser
        or
        any such other participant shall request upon reasonable demand; and (ii)
        such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        as are reasonably agreed upon by the Company and the Purchaser or any such
        other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affilates for disclosure contained in any offering document relating to the
        Company or its affilates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      Section
        11.19. Reporting
        with Respect to a Reconstitution.

      

      The
        Company agrees that with respect to any Mortgage Loan sold or transferred
        pursuant to a Reconstitution as described in Section 11.18 of this Agreement
        (a
“Reconstituted Mortgage Loan”), the Company, at its expense, shall provide the
        Purchaser with the information set forth in Exhibit J attached hereto for
        each
        Reconstituted Mortgage Loan in such electronic format as may be mutually
        agreed
        upon by both Purchaser and Company. 

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 
	 	
              
	 	 

      

       

      
        	 	 	 
	 	GREENPOINT
                MORTGAGE
                FUNDING, INC.
	 	
                Company

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 
	 	
              
	 	 

      

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2003

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
        and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

      

      [__________________________]

      By:____________________________

      Name:__________________________

      Title:_________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [___________________________]

      By:____________________________

      Name:__________________________

      Title:_________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2003

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 200[_] (the "Agreement"), we hereby authorize and
        request you to establish an account, as an Escrow Account pursuant to Section
        4.06 of the Agreement, to be designated as "[__________________________],
        in
        trust for the [Purchaser], Owner of Adjustable Rate Mortgage Loans, and various
        Mortgagors." All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. This letter is submitted to you
        in
        duplicate. Please execute and return one original to us.

      

      [_____________________]

      

      By:____________________________

      Name:__________________________

      Title:_________________________

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [______________________]

      

      By:______________________________

      Name:____________________________

      Title:___________________________

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ___________, 200__ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a)
         Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c) 
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d) 
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e) 
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Sections
          3.01
          and 3.02 of the Purchase Agreement to be untrue in any material
          respect.

      

      

      
        (f) 
          Neither
          this AAR Agreement nor any certification, statement, report or other agreement,
          document or instrument furnished or to be furnished by the Company pursuant
          to
          this AAR Agreement contains or will contain any materially untrue statement
          of
          fact or omits or will omit to state a fact necessary to make the statements
          contained therein not misleading.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)     
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        (b)     
           In
          the
          case of Assignor,

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)    
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        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 Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      (e) Section
        ____ Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Master Servicer on or before March 15 of each
        year,
        beginning with March 15, 200__, an Officers' Certificate stating that (i)
        a
        review of the activities of the Company during the preceding calendar year
        and
        of performance under this Agreement has been made under such officers'
        supervision, (ii) the Company has fully complied with the provisions of this
        Agreement and (iii) to the best of such officers' knowledge, based on such
        review, the Company has fulfilled all of its obligations under this Agreement
        throughout such year, or, if there has been a default in the fulfillment
        of any
        such obligation, specifying each such default known to such officer and the
        nature and status thereof.

      

      (f) Section
        ____ Annual Certification. 

      

      (a)
        The
        Company will deliver to the Master Servicer, on or before March 15 of each
        year
        beginning March 15, 200__ a certification in the form attached hereto as
        Exhibit
        __ with respect to the servicing reports delivered by the Company pursuant
        to
        this Agreement, the Company’s compliance with the servicing obligations set
        forth in this Agreement and any other information within the control of the
        Company. Such certification shall be signed by the senior officer in charge
        of
        servicing of the Company. In addition, the Company shall provide such other
        information with respect to the Mortgage Loans and the servicing and
        administration thereof within the control of the Company which shall be required
        to enable the Master Servicer, Trustee or Depositor, as applicable, to comply
        with the reporting requirements of the Securities and Exchange Act of 1934,
        as
        amended.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE
                CORPORATION
	 	
                Assignor

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 

      

       

      
        
          	 	 	 
	 	 
	 	
                  Assignee

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 

        

      

      

        
          
            	 	 	 
	 	 
	 	
                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 
	 

          

        

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       EXHIBIT
        ___

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      I,
        [identify certifying individual], certify to the [Trustee] [Seller] [Securities
        Administrator] [Mortgage Loan Seller] [Purchaser] and [Master Servicer]
        that:

      

      1. I
        have
        reviewed the servicing reports prepared by [COMPANY] (the “Company”) pursuant to
        the [Servicing Agreement] (the “Servicing Agreement”), dated as of __________
        between __________ and the Company (as modified by the AAR Agreement (as
        defined
        below) and delivered to [MASTER SERVICER] (the “Master Servicer”) pursuant to
        the Assignment, Assumption and Recognition Agreement (the “AAR Agreement”),
        dated as of __________ among [ASSIGNOR] as Assignor, Company and [ASSIGNEE],
        as
        Assignee.

      

      2. Based
        on
        my knowledge, the information in these reports, taken as a whole, does 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 as of the last day of the period
        covered by such servicing reports.

      

      3. Based
        on
        my knowledge, the servicing information required to be provided to the Master
        Servicer under the Servicing Agreement and the AAR Agreement is included
        in
        these reports.

      

      4. I
        am
        responsible for reviewing the activities performed the Company under the
        Servicing Agreement and the AAR Agreement and based upon the review required
        under the Servicing Agreement and the AAR Agreement, and except as disclosed
        in
        the Annual Statement of Compliance, the Company has fulfilled its obligations
        under the Servicing Agreement and the AAR Agreement.

      

      5. I
        have
        disclosed to the Master Servicer's certified public accountants all significant
        deficiencies relating to the Company's compliance with the minimum servicing
        standards in accordance with a review conduced in compliance with the Uniform
        Single Attestation Program for Mortgage Bankers or similar standard as set
        forth
        in the Servicing Agreement and the AAR Agreement.

      

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        AAR
        Agreement.

      

      Date:______________

      

      _____________________

      [Signature]

      [Title]

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated [______], between Greenpoint Mortgage Funding,
        Inc., a New York corporation, located at 100 Wood Hollow Drive, Novato,
        California 94945 (the “Company”) and EMC Mortgage Corporation, a Delaware
        corporation, located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite
        200,
        Irving, Texas 75038 (the "Purchaser") is made pursuant to the terms and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of September 1, 2003, between the Company and the
        Purchaser, the provisions of which are incorporated herein as if set forth
        in
        full herein, as such terms and conditions may be modified or supplemented
        hereby. All initially capitalized terms used herein unless otherwise defined
        shall have the meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
         

        
          	 	 	 
	 	GREENPOINT
                  MORTGAGE FUNDING, INC.
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

        
          	 	 	 
	 	
                  EMC
                    MORTGAGE CORPORATION

                
	 	
                   

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 
	 	
                
	 	 

        

         

         

      

      

 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      RECONSTITUTED
        MORTGAGE LOAN REPORTING

      

      

        
          	 	 
	
                  (a)

                	
                  Servicer
                    Mortgage Loan Number

                
	
                  (b)

                	
                  FNMA
                    Mortgage Loan Number (if applicable)

                
	
                  (c)

                	
                  Lender/Seller
                    Mortgage Loan Number (if available)

                
	
                  (d)

                	
                  Scheduled
                    Balance (scheduled end of month balance reporting to Master
                    Servicer/Trustee)

                
	
                  (e)

                	
                  Actual
                    Balance (actual end of month balance received from
                    Mortgagor)

                
	
                  (f)

                	
                  Gross
                    Rate (current gross rate)

                
	
                  (g)

                	
                  Net
                    Rate (current passthrough)

                
	
                  (h)

                	
                  Last
                    Payment Date (LPI_DATE in Fannie's Laser Reporting)

                
	
                  (i)
                    

                	
                  Delinquency
                    Month (if available)

                
	
                  (j)

                	
                  Default
                    Flag, i.e. FC, REO, etc. (if available)

                
	
                  (k)

                	
                  Pay-In-Full
                    Date (Mortgage Loan paid off by Mortgagor)

                
	
                  (l)

                	
                  Foreclosure
                    start date

                
	
                  (m)

                	
                  Foreclosure
                    end date

                
	
                  (n)

                	
                  REO
                    Property date

                
	
                  (o)

                	
                  With
                    respect to Liquidated Mortgage Loans:

                
	 	
                  (i)
                    amount of loss or gain (as applicable) 

                
	 	
                  (ii)
                    the date of the loss or gain.

                
	 	
                  (iii)
                    the liquidation reason (paid in full or repurchased out of deal)
                    

                
	
                  (p)

                	
                  Fannie's
                    Laser Reporting

                
	 	
                  (i)
                    Action Code (for default or paid off Mortgage Loans; i.e. 60,
                    65,
                    etc.)

                
	 	
                  (ii)
                    Action Date

                
	 	
                  (iii)
                    Remit Prin (submitted principal amount)

                
	 	
                  (iv)
                    Remit Int (submitted interest amount)

                
	 	
                  (v)
                    Pool/Invest indicator (indicating Schedule/Schedule or Actual/Actual
                    pool)

                
	 	 

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

      AMENDMENT
        NUMBER ONE

      to
        the

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of January 1, 2006

      

      between

      

      EMC
        MORTGAGE CORPORATION, 

      as
        Purchaser

      

      and

      

      GREENPOINT
        MORTGAGE FUNDING, INC.,

      as
        Company

      

      This
        AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
        1st
        day of
        January, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
        as purchaser (the “Purchaser”) and GreenPoint Mortgage Funding, Inc., as company
        (the “Company”) in connection with the Purchase, Warranties and Servicing
        Agreement, dated as of September 1, 2003, between the above mentioned parties
        (the “Agreement”). This Amendment is made pursuant to Section 11.02 of the
        Agreement.

      

      RECITALS

       

      WHEREAS,
         the
        parties hereto have entered into the Agreement; 

      

      WHEREAS,
        the Agreement provides that the parties thereto may enter into an amendment
        to
        the Agreement;

      

      WHEREAS,
        the parties hereto desire to amend the Agreement as set forth in this Amendment;
        and

      

      NOW,
        THEREFORE, in consideration of the premises and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

      

      1. Capitalized
        terms used herein and not defined herein shall have the meanings assigned
        to
        such terms in the Agreement. 

      

      2. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by adding
        the
        following definitions to Section 1.01: 

      

      Commission
        or SEC:
        The
        Securities and Exchange Commission.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

      Exchange
        Act:
        The
        Securities Exchange Act of 1934, as amended.

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

      Pass-Through
        Transfer:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Prepayment
        Charge:
        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.

      

      Qualified
        Correspondent:
        Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Regulation
        AB:
        Subpart
        229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as amended from time to time, and subject to such
        clarification and interpretation as have been provided by the Commission
        in the
        adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
        70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
        or
        as may be provided by the Commission or its staff from time to
        time.

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

      

      Securitization
        Transaction:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Servicing
        Criteria:
        As of
        any date of determination, the “servicing criteria” set forth in Item 1122(d) of
        Regulation AB, or any amendments thereto, a summary of the requirements of
        which
        as of the date hereof is attached hereto as Exhibit
        M
        for
        convenience of reference only. In the event of a conflict or inconsistency
        between the terms of Exhibit
        M
        and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Company and any Person that will be responsible for signing
        any
        Sarbanes Certification with respect to a Securitization Transaction in response
        to evolving interpretations of Regulation AB and incorporated into a revised
        Exhibit
        M).

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a Subservicer.
        

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      3. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Subservicer in Section 1.01 and replacing
        it
        with the following:

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any applicable
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB.

      

      4. Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Principal Prepayment in Section 1.01 and
        replacing it with the following:

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      5. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        revising Section 3.01(n) as follows (new text underlined):

      

      (n) Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the servicing
        policies and procedures,
        business, operations, financial condition, properties or assets of the Company
        since the date of the Company’s financial information that would have a material
        adverse effect on its ability to perform its obligations under this
        Agreement;

      

      6. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(p):

      

      (p) As
        of the
        date of each Pass-Through Transfer, and except as has been otherwise disclosed
        to the Purchaser, any Master Servicer and any Depositor: (1) the Company
        is not
        aware and has not received notice that any default or servicing related
        performance trigger has occurred as to any other securitization due to any
        act
        or failure to act of the Company; (2) no material noncompliance with applicable
        servicing criteria as to any other securitization has been disclosed or reported
        by the Company; (3) the Company has not been terminated as servicer in a
        residential mortgage loan securitization, either due to a servicing default
        or
        to application of a servicing performance test or trigger; (4) no material
        changes to the Company’s servicing policies and procedures for similar loans has
        occurred in the preceding three years; (5) there are no aspects of the Company’s
        financial condition that could have a material adverse impact on the performance
        by the Company of its obligations hereunder; (6) there are no legal proceedings
        pending, or known to be contemplated by governmental authorities, against
        the
        Company that could be material to investors in the securities issued in such
        Pass-Through Transfer; and (7) there are no affiliations, relationships or
        transactions relating to the Company of a type that are described under Item
        1119 of Regulation AB.

      

      7. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(q):

      

      (q) If
        so
        requested by the Purchaser or any Depositor on any date, the Company shall,
        within five Business Days following such request, confirm in writing the
        accuracy of the representations and warranties set forth in Section 3.01(p)
        of
        this Section or, if any such representation and warranty is not accurate
        as of
        the date of such request, provide reasonably adequate disclosure of the
        pertinent facts, in writing, to the requesting party.

      

      8. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(r):

      

      (r) Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        each Subservicer and Third-Party Originator to) (i) immediately notify the
        Purchaser, any Master Servicer and any Depositor in writing of (A) any
        litigation or governmental proceedings pending against the Company, any
        Subservicer or any Third-Party Originator that could be material to investors
        in
        the securities issued in a Pass-Through Transfer, (B) any affiliations or
        relationships that develop following the closing date of a Pass-Through Transfer
        between the Company, any Subservicer or any Third-Party Originator and any
        of
        the parties specified in clause (7) of paragraph (p) of this Section (and
        any
        other parties identified in writing by the requesting party) with respect
        to
        such Pass-Through Transfer, (C)
        any
        Event of Default under the terms of this Agreement or any applicable
        Reconstitution Agreement related thereto, (D) any merger, consolidation or
        sale
        of substantially all of the assets of the Company, and (E) the Company’s entry
        into an agreement with a Subservicer to perform or assist in the performance
        of
        any of the Company’s obligations under this Agreement or any Reconstitution
        Agreement and (ii) provide to the Purchaser and any Depositor a description
        of
        such proceedings, affiliations or relationships.

      

      All
        notifications pursuant to this Section 3.01(r), other than those pursuant
        to
        Section 3.01(r)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 3.01(r)(i)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      Two
        Mac
        Arthur Ridge

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        TX 75038

      Attention:
        Associate General Counsel for Loan Administration

      Facsimile:
        (972) 831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      9. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(s):

      

      (s) As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any applicable Reconstitution Agreement
        related thereto by any Person (i) into which the Company or such Subservicer
        may
        be merged or consolidated, or (ii) which may be appointed as a successor
        to the
        Company or any Subservicer, the Company shall provide to the Purchaser, any
        Master Servicer and any Depositor, at least 15 calendar days prior to the
        effective date of such succession or appointment, (x) written notice to the
        Purchaser, any Master Servicer and any Depositor of such succession or
        appointment and (y) in writing and in form and substance reasonably satisfactory
        to the Purchaser, any Master Servicer and such Depositor, all information
        reasonably requested by the Purchaser, any Master Servicer or any Depositor
        in
        order to comply with its reporting obligation under Item 6.02 of Form 8-K
        with
        respect to any class of asset-backed securities.

      

      10. Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.02(xx):

      

      With
        respect to each Mortgage Loan, information regarding the borrower credit
        files
        related to such Mortgage Loan has been furnished to credit reporting agencies
        in
        compliance with the provisions of the Fair Credit Reporting Act and the
        applicable implementing regulations.

      

      11.
         Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        adding
        this paragraph after the first sentence of Section 4.01:

      

      In
        addition, the Company shall furnish information regarding the borrower credit
        files related to such Mortgage Loan to credit reporting agencies in compliance
        with the provisions of the Fair Credit Reporting Act and the applicable
        implementing regulations.

      

      12. Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        deleting in its entirety the last paragraph of Section 4.02 and replacing
        it
        with the following:

      

      The
        Company shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Company, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan. If a Prepayment Charge is waived, but does not
        meet
        the standards described above, then the Company is required to pay the amount
        of
        such waived Prepayment Charge by remitting such amount to the Purchaser by
        the
        Remittance Date.

      

      13. Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        revising the first paragraph of Section 4.03 by adding the following after
        the
        first sentence:

      

      In
        determining the delinquency status of any Mortgage Loan, the Company will
        use
        delinquency recognition policies as described to and approved by the Purchaser,
        and shall revise these policies as requested by the Purchaser from time to
        time.

      

      14. Article
        V
        of the Agreement is hereby amended effective as of the date hereof by deleting
        Section 5.02 in its entirety and replacing it with the following:

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to principal (including a separate breakdown of any
        Principal Prepayment, including the date of such prepayment, and any prepayment
        penalties or premiums, along with a detailed report of interest on principal
        prepayment amounts remitted in accordance with Section 4.04);

      

      (ii) with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to interest;

      

      (iii) with
        respect to each Mortgage Loan, the amount of servicing compensation received
        by
        the Company during the prior distribution period;

      

      (iv) the
        Stated Principal Balance of each Mortgage Loan and the aggregate Stated
        Principal Balance of all Mortgage Loans as of the first day of the distribution
        period and the last day of the distribution period;

      

      (v) with
        respect to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi) with
        respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
        Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
        received during the prior distribution period;

      

      (vii) with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Company in accordance with Section 4.04(viii) during the prior
        distribution period; 

      

      (viii) the
        beginning and ending balances of the Custodial Account and Escrow
        Account;

      

      (ix) the
        number of Mortgage Loans as of the first day of the distribution period and
        the
        last day of the distribution period; 

      

      (x) with
        respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
        Loan (a) delinquent as grouped in the following intervals through final
        liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
        or
        more; (b) as to which foreclosure has commenced; and (c) as to which REO
        Property has been acquired;

      

      (xi) with
        respect to each Mortgage Loan, the amount and severity of any realized loss
        following liquidation of such Mortgage Loan; 

      

      (xii) with
        respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
        the
        amount of any Monthly Advances made by the Company during the prior distribution
        period; 

      

      (xiii) with
        respect to each Mortgage Loan, a description of any Servicing Advances made
        by
        the Company with respect to such Mortgage Loan including the amount, terms
        and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv) with
        respect to each Mortgage Loan, a description of any Nonrecoverable Advances
        made
        by the Company with respect to such Mortgage Loan including the amount, terms
        and general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv) with
        respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
        Advances and Nonrecoverable Advances reimbursed to the Company with respect
        to
        such Mortgage Loan during the prior distribution period pursuant to Section
        4.05, and the source of funds for such reimbursement, and the aggregate amount
        of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
        reimbursed to the Company for all Mortgage Loans during the prior distribution
        period pursuant to Section 4.05; 

      

      (xvi) with
        respect to any Mortgage Loan, a description of any material modifications,
        extensions or waivers to the terms, fees, penalties or payments of such Mortgage
        Loan during the prior distribution period or that have cumulatively become
        material over time;

      

      (xvii) a
        description of any material breach of a representation or warranty set forth
        in
        Section 3.01 or Section 3.02 herein or of any other breach of a covenant
        or
        condition contained herein and the status of any resolution of such
        breach;

      

      (xviii) with
        respect to each Mortgage Loan, the Stated Principal Balance of any substitute
        Mortgage Loan provided by the Company and the Stated Principal Balance of
        any
        Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
        with Section 3.03 herein;

      

      (xix) with
        respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
        Loan
        that has been repurchased by the Company in accordance with Section 3.03
        herein.

      

      In
        addition, the Company shall provide to the Purchaser such other information
        known or available to the Company that is necessary in order to provide the
        distribution and pool performance information as required under Item 1121
        of
        Regulation AB, as amended from time to time, as determined by the Purchaser
        in
        its sole discretion. The Company shall also provide a monthly report, in
        the
        form of Exhibit
        E
        hereto,
        or such other form as is mutually acceptable to the Company, the Purchaser
        and
        any Master Servicer, Exhibit
        F
        with
        respect to defaulted mortgage loans and Exhibit
        P,
        with
        respect to realized losses and gains, with each such report. 

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      15. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.04 in its entirety and replacing it with the
        following:

      

      Section
        6.04 Annual
        Statement as to Compliance; Annual Certification.

      

      (a) The
        Company will deliver to the Purchaser and any Master Servicer, not later
        than
        March 1 of each calendar year beginning in 2007, an Officers’ Certificate
        acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
        each signatory thereof, that (i) a review of the activities of the Company
        during the preceding calendar year (or applicable portion thereof) and of
        performance under this Agreement or other applicable servicing agreement has
        been made under such officers’ supervision and (ii) to the best of such
        officers’ knowledge, based on such review, the Company has fulfilled all of its
        obligations under this Agreement or other applicable servicing agreement
        in all
        material respects throughout such year (or applicable portion thereof), or,
        if
        there has been a failure to fulfill any such obligation in any material respect,
        specifying each such failure known to such officer and the nature and status
        of
        cure provisions thereof. Such Annual Statement of Compliance shall contain
        no
        restrictions or limitations on its use. Copies of such statement shall be
        provided by the Company to the Purchaser upon request and by the Purchaser
        to
        any Person identified as a prospective purchaser of the Mortgage Loans. In
        the
        event that the Company has delegated any servicing responsibilities with
        respect
        to the Mortgage Loans to a Subservicer, the Company shall deliver an officer’s
        certificate (an “Annual Certification”) of the Subservicer as described above as
        to each Subservicer as and when required with respect to the
        Company.

      

      (b) With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        by March 1 of each calendar year beginning in 2007, an officer of the Company
        shall execute and deliver an Annual Certification to the Purchaser, any Master
        Servicer and any related Depositor for the benefit of each such entity and
        such
        entity’s affiliates and the officers, directors and agents of any such entity
        and such entity’s affiliates, in the form attached hereto as Exhibit
        L.
        In the
        event that the Company has delegated any servicing responsibilities with
        respect
        to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
        Certification of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (c) If
        the
        Company cannot deliver the related Annual Statement of Compliance or Annual
        Certification by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Annual Statement of Compliance or Annual Certification,
        but in no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.04 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
        may,
        in addition to whatever rights the Purchaser may have under Sections 3.03
        and
        8.01 and at law or equity or to damages, including injunctive relief and
        specific performance, terminate all the rights and obligations of the Company
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Company for the same, as provided in Section 9.01.
        Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

       

      16. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.05 in its entirety and replacing it with the
        following:

      

      Section
        6.05 [Reserved]

      

      17. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.07:

      

      Section
        6.07 Assessment
        of Compliance with Servicing Criteria.

      

      On
        and
        after January 1, 2006, the Company shall service and administer, and shall
        cause
        each subservicer to servicer or administer, the Mortgage Loans in accordance
        with all applicable requirements of the Servicing Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        the Company shall deliver to the Purchaser or its designee, any Master Servicer
        and any Depositor on or before March 1 of each calendar year beginning in
        2007,
        a report (an “Assessment of Compliance”) reasonably satisfactory to the
        Purchaser, any Master Servicer and any Depositor regarding the Company’s
        assessment of compliance with the 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 or as otherwise required by the Master Servicer,
        which as of the date hereof, require a report by an authorized officer of
        the
        Company that contains the following:

      

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Company;

      

      (b) A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Company;

      

      (c) An
        assessment by such officer of the Company’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 Company, that are backed by the same asset type as the Mortgage
        Loans;

      

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

      

      (e) A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        the Company, which statement shall be based on the activities it performs
        with
        respect to asset-backed securities transactions taken as a whole involving
        the
        Company, 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 O hereto delivered to
        the
        Purchaser concurrently with the execution of this Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        on or before March 1 of each calendar year beginning in 2007, the Company
        shall
        furnish to the Purchaser or its designee, any Master Servicer and any Depositor
        a report (an “Attestation Report”) by a registered public accounting firm that
        attests to, and reports on, the Assessment of Compliance made by the Company,
        as
        required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
        of
        Regulation AB or as otherwise required by the Master Servicer, which Attestation
        Report must be made in accordance with standards for attestation reports
        issued
        or adopted by the Public Company Accounting Oversight Board. 

      

      The
        Company shall cause each Subservicer, and each Subcontractor determined by
        the
        Company pursuant to Section 11.20 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      If
        the
        Company cannot deliver the related Assessment of Compliance or Attestation
        Report by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Assessment of Compliance or Attestation Report, but
        in
        no event later than March 10th of such year.

      

      Failure
        of the Company to timely comply with this Section 6.07 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Company under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Company for the same, as provided in Section 9.01. Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      18. Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.08:

      

      Section
        6.08 Intent
        of the Parties; Reasonableness.

      

      The
        Purchaser and the Company acknowledge and agree that a purpose of Sections
        3.01(p), 5.02, 6.04, 6.07 and 11.18 of this Agreement is to facilitate
        compliance by the Purchaser and any Depositor with the provisions of Regulation
        AB and related rules and regulations of the Commission. None of the Purchaser,
        any master Servicer or any Depositor shall exercise its right to request
        delivery of information or other performance under these provisions other
        than
        in good faith, or for purposes other than compliance with the Securities
        Act,
        the Exchange Act and the rules and regulations of the Commission thereunder.
        The
        Company acknowledges that interpretations of the requirements of Regulation
        AB
        may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        requests made by the Purchaser or any Depositor in good faith for delivery
        of
        information under these provisions on the basis of evolving interpretations
        of
        Regulation AB. In connection with any Pass-Through Transfer, the Company
        shall
        cooperate fully with the Purchaser to deliver to the Purchaser (including
        any of
        its assignees or designees) and any Depositor, any and all statements, reports,
        certifications, records and any other information necessary in the good faith
        determination of the Purchaser or any Depositor to permit the Purchaser or
        such
        Depositor to comply with the provisions of Regulation AB, together with such
        disclosures relating to the Company, any Subservicer, any Third-Party Originator
        and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
        believed by the Purchaser or any Depositor to be necessary in order to effect
        such compliance.

      

      19. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        deleting the first sentence of the last paragraph of Section 9.01 and replacing
        it with the following (new text underlined):

       

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, or
        as
        otherwise stated herein,
        in which
        case, automatically and without notice) may, in addition to whatever rights
        the
        Purchaser may have under Sections 3.03 and 8.01 and at law or equity or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company (and
        if the Company is servicing any of the Mortgage Loans in a Securitization
        Transaction, appoint a successor servicer reasonably acceptable to any Master
        Servicer for such Securitization Transaction)
        under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same.

      

      20. Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following at the end of the last paragraph of Section 9.01:

      

      The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer pursuant to this Section and the resulting transfer of
        servicing of the Mortgage Loans to a successor servicer. The provisions of
        this
        paragraph shall not limit whatever rights the Purchaser or any Depositor
        may
        have under other provisions of this Agreement and/or any applicable
        Reconstitution Agreement related thereto or otherwise, whether in equity
        or at
        law, such as an action for damages, specific performance or injunctive
        relief.

      

      21. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        restating Section 11.18 in its entirety as follows:

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more Pass-Through
        Transfers.

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
Exhibit
        D
        hereto,
        or, at Purchaser’s request, a seller's warranties and servicing agreement or a
        participation and servicing agreement or similar agreement in form and substance
        reasonably acceptable to the parties, and in connection with a Pass-Through
        Transfer, a pooling and servicing agreement in form and substance reasonably
        acceptable to the parties, (collectively the agreements referred to herein
        are
        designated, the “Reconstitution Agreements”). It is understood that any such
        Reconstitution Agreements will not contain any greater obligations on the
        part
        of Company than are contained in this Agreement. Notwithstanding anything
        to the
        contrary in this Section 11.18, the Company agrees that it is required to
        perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date").

      

      In
        addition, the Company shall provide to such servicer or issuer, as the case
        may
        be, and any other participants in such Reconstitution: 

      

      (i) any
        and
        all information and appropriate verification of information which may be
        reasonably available to the Company, whether through letters of its auditors
        and
        counsel or otherwise, as the Purchaser or any such other participant shall
        request upon reasonable demand; 

      

      (ii) such
        additional representations, warranties, covenants, opinions of counsel, letters
        from auditors, and certificates of public officials or officers of the Company
        as are reasonably agreed upon by the Company and the Purchaser or any such
        other
        participant;

      

      (iii) within
        5
        Business Days after request by the Purchaser, the information with respect
        to
        the Company (as originator) and each Third-Party Originator of the Mortgage
        Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
        of the
        requirements of which has of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. If requested by the Purchaser, this will include information
        about
        the applicable credit-granting or underwriting criteria;

      

      (iv) within
        5
        Business Days after request by the Purchaser, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) to the extent
        reasonably available to the Company Static Pool Information with respect
        to the
        mortgage loans (of a similar type as the Mortgage Loans, as reasonably
        identified by the Purchaser as provided below) serviced by or for the Company
        or
        any Third-Party Originator and originated by (i) the Company, if the Company
        is
        an originator of Mortgage Loans (including as an acquirer of Mortgage Loans
        from
        a Qualified Correspondent), and/or (ii) each Third-Party Originator. Such
        Static
        Pool Information shall be prepared by the Company (or Third-Party Originator)
        on
        the basis of its reasonable, good faith interpretation of the requirements
        of
        Item 1105(a)(1)-(3) and (c) of Regulation AB for the period of time such
        Mortgage Loans were serviced by or for the Company (or Third-Party Originator).
        To the extent that there is reasonably available to the Company (or Third-Party
        Originator) Static Pool Information with respect to more than one mortgage
        loan
        type, the Purchaser or any Depositor shall be entitled to specify whether
        some
        or all of such information shall be provided pursuant to this paragraph.
        The
        content of such Static Pool Information may be in the form customarily provided
        by the Company, and need not be customized for the Purchaser or any Depositor.
        Such Static Pool Information for each vintage origination year or prior
        securitized pool, as applicable, shall be presented in increments no less
        frequently than quarterly over the life of the mortgage loans included in
        the
        vintage origination year or prior securitized pool. The most recent periodic
        increment must be as of a date no later than 135 days prior to the date of
        the
        prospectus or other offering document in which the Static Pool Information
        is to
        be included or incorporated by reference. The Static Pool Information shall
        be
        provided in an electronic format that provides a permanent record of the
        information provided, such as a portable document format (pdf) file, or other
        such electronic format reasonably required by the Purchaser or the Depositor,
        as
        applicable;

      

      (v) within
        5
        Business Days after request by the Purchaser, information with respect to
        the
        Company (as servicer) as required by Item 1108(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. In the event that the Company has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Company shall provide the information required pursuant to this clause with
        respect to the Subservicer;

      

      (vi) within
        5
        Business Days after request by the Purchaser, 

      (a)
        information regarding any legal proceedings pending (or known to be
        contemplated) against the Company (as originator and as servicer) and each
        other
        originator of the Mortgage Loans and each Subservicer as required by Item
        1117
        of Regulation AB, a summary of the requirements of which as of the date hereof
        is attached hereto as Exhibit N for convenience of reference only, as determined
        by Purchaser in its sole discretion,

      (b)
        information regarding affiliations with respect to the Company (as originator
        and as servicer) and each other originator of the Mortgage Loans and each
        Subservicer as required by Item 1119(a) of Regulation AB, a summary of the
        requirements of which as of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion, and

      (c)
        information regarding relationships and transactions with respect to the
        Company
        (as originator and as servicer) and each other originator of the Mortgage
        Loans
        and each Subservicer as required by Item 1119(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
        Exhibit N for convenience of reference only, as determined by Purchaser in
        its
        sole discretion; 

      

      (vii) if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Pass-Through Transfer. Any such statement
        or
        letter may take the form of a standard, generally applicable document
        accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor;

      

      (viii)
        For the purpose of satisfying the reporting obligation under the Exchange
        Act
        with respect to any class of asset-backed securities, the Company shall (or
        shall cause each Subservicer and Third-Party Originator to) (i) provide prompt
        notice to the Purchaser, any Master Servicer and any Depositor in writing
        of (A)
        any litigation or governmental proceedings involving the Company, any
        Subservicer or any Third-Party Originator that could be material to investors
        in
        the securities issued in a Pass-Through Transfer, (B) any affiliations or
        relationships that develop following the closing date of a Securitization
        Transaction between the Company, any Subservicer or any Third-Party Originator
        and any of the parties specified in clause (D) of paragraph (a) of this Section
        (and any other parties identified in writing by the requesting party) with
        respect to such Securitization Transaction, (C) any Event of Default under
        the
        terms of this Agreement or any applicable Reconstitution Agreement related
        thereto, (D) any merger, consolidation or sale of substantially all of the
        assets of the Company, and (E) the Company’s entry into an agreement with a
        Subservicer to perform or assist in the performance of any of the Company’s
        obligations under this Agreement or any applicable Reconstitution Agreement
        related thereto and (ii) provide to the Purchaser and any Depositor a
        description of such proceedings, affiliations or relationships; 

      

      (ix)
        As a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any applicable Reconstitution Agreement
        related thereto by any Person (i) into which the Company or such Subservicer
        may
        be merged or consolidated, or (ii) which may be appointed as a successor
        to the
        Company or any Subservicer, the Company shall provide to the Purchaser, any
        Master Servicer, and any Depositor, at least 15 calendar days prior to the
        effective date of such succession or appointment, (x) written notice to the
        Purchaser and any Depositor of such succession or appointment and (y) in
        writing
        and in form and substance reasonably satisfactory to the Purchaser and such
        Depositor, all information reasonably requested by the Purchaser or any
        Depositor in order to comply with its reporting obligation under Item 6.02
        of
        Form 8-K with respect to any class of asset-backed securities; 

      

      (x)
        In
        addition to such information as the Company, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

      

      (A) any
        material modifications, extensions or waivers of pool asset terms, fees,
        penalties or payments during the distribution period or that have cumulatively
        become material over time (Item 1121(a)(11) of Regulation AB);

      

      (B) material
        breaches of pool asset representations or warranties or transaction covenants
        (Item 1121(a)(12) of Regulation AB); and

      

      (C) information
        regarding new asset-backed securities issuances backed by the same pool assets,
        any pool asset changes (such as, additions, substitutions or repurchases),
        and
        any material changes in origination, underwriting or other criteria for
        acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB);
        and

      

      (xi)
        The
        Company shall provide to the Purchaser, any Master Servicer and any Depositor,
        evidence of the authorization of the person signing any certification or
        statement, copies or other evidence of Fidelity Bond Insurance and Errors
        and
        Omission Insurance policy, financial information and reports, and such other
        information related to the Company or any Subservicer or the Company or such
        Subservicer’s performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit N and the
        text
        of the applicable Item of Regulation AB as cited above, the text of Regulation
        AB, its adopting release and other public statements of the SEC shall
        control.

      

      The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Pass-Through Transfer: each sponsor
        and issuing entity; each Person (including, but not limited to, any Master
        Servicer, if applicable) responsible for the preparation, execution or filing
        of
        any report required to be filed with the Commission with respect to such
        Pass-Through Transfer, or for execution of a certification pursuant to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Pass-Through Transfer; each broker dealer acting as underwriter, placement
        agent
        or initial purchaser, each Person who controls any of such parties or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees, agents and affiliates of each of the foregoing and of the Depositor
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

      

      (i)(A)
        any untrue statement of a material fact contained or alleged to be contained
        in
        any written information, written report, certification, data, accountants’
letter or other material provided under this Section 11.18 by or on behalf
        of
        the Company, or provided under this Section 11.18 by or on behalf of any
        Subservicer, Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

      

      (ii)
        any
        breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Section
        11.18, including any failure by the Company to identify pursuant to Section
        11.20 any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB; 

      

      (iii)
        any
        breach by the Company of a representation or warranty set forth in Section
        3.01
        or in a writing furnished pursuant to Section 3.01(q) and made as of a date
        prior to the closing date of the related Pass-Through Transfer, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        3.01(q) to the extent made as of a date subsequent to such closing date;
        or

       

      (iv) the
        negligence bad faith or willful misconduct of the Company in connection with
        its
        performance under this Section
        11.18.

        

        If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other. 

        

        In
        the
        case of any failure of performance described above, the Company shall promptly
        reimburse the Purchaser, any Depositor, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      22. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.20:

      

      Section
        11.20. Use
        of
        Subservicers and Subcontractors.

      

      (a) The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any applicable Reconstitution Agreement related thereto unless the Company
        complies with the provisions of paragraph (b) of this Section. The Company
        shall
        not hire or otherwise utilize the services of any Subcontractor, and shall
        not
        permit any Subservicer to hire or otherwise utilize the services of any
        Subcontractor, to fulfill any of the obligations of the Company as servicer
        under this Agreement or any applicable Reconstitution Agreement related thereto
        unless the Company complies with the provisions of paragraph (d) of this
        Section. 

      

      (b) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subservicer. The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
        of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        3.01(r) of this Agreement. The Company shall be responsible for obtaining
        from
        each Subservicer and delivering to the Purchaser, any Master Servicer and
        any
        Depositor any Annual Statement of Compliance required to be delivered by
        such
        Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
        Report required to be delivered by such Subservicer under Section 6.07 and
        any
        Annual Certification required under Section 6.04(b) as and when required
        to be
        delivered.

      

      (c) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subcontractor.
        The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as an
        administrator) a written description (in form and substance satisfactory
        to the
        Purchaser, any Master Servicer and such Depositor) of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (i)
        the identity of each such Subcontractor, (ii) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
        Criteria will be addressed in assessments of compliance provided by each
        Subcontractor identified pursuant to clause (ii) of this paragraph.

      

      (d) As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      23. Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.21:

      

      Section
        11.21. Third
        Party Beneficiary.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

      

      24. The
        Agreement is hereby amended as of the date hereof by deleting Exhibit E in
        its
        entirety and replacing it with the following:

      

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

       

      
        
          	
                  Standard
                    File Layout - Master Servicing

                
	
                  Column
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                	
                  Max
                    Size

                
	
                  SER_INVESTOR_NBR

                	
                  A
                    value assigned by the Servicer to define a group of loans.

                	 	
                  Text
                    up to 10 digits

                	
                  20

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the investor.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR.

                	 	
                  Text
                    up to 10 digits

                	
                  10

                
	
                  BORROWER_NAME

                	
                  The
                    borrower name as received in the file. It is not separated by
                    first and
                    last name.

                	 	
                  Maximum
                    length of 30 (Last, First)

                	
                  30

                
	
                  SCHED_PAY_AMT

                	
                  Scheduled
                    monthly principal and scheduled interest payment that a borrower
                    is
                    expected to pay, P&I constant.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NOTE_INT_RATE

                	
                  The
                    loan interest rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  NET_INT_RATE

                	
                  The
                    loan gross interest rate less the service fee rate as reported
                    by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_RATE

                	
                  The
                    servicer's fee rate for a loan as reported by the
                    Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  SERV_FEE_AMT

                	
                  The
                    servicer's fee amount for a loan as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_PAY_AMT

                	
                  The
                    new loan payment amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NEW_LOAN_RATE

                	
                  The
                    new loan rate as reported by the Servicer.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ARM_INDEX_RATE

                	
                  The
                    index the Servicer is using to calculate a forecasted
                    rate.

                	
                  4

                	
                  Max
                    length of 6

                	
                  6

                
	
                  ACTL_BEG_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the beginning of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_END_PRIN_BAL

                	
                  The
                    borrower's actual principal balance at the end of the processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date at the end of processing cycle that the borrower's next
                    payment is
                    due to the Servicer, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  SERV_CURT_AMT_1

                	
                  The
                    first curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_1

                	
                  The
                    curtailment date associated with the first curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_1

                	
                  The
                    curtailment interest on the first curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_2

                	
                  The
                    second curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_2

                	
                  The
                    curtailment date associated with the second curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_
                    AMT_2

                	
                  The
                    curtailment interest on the second curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_AMT_3

                	
                  The
                    third curtailment amount to be applied.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SERV_CURT_DATE_3

                	
                  The
                    curtailment date associated with the third curtailment
                    amount.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  CURT_ADJ_AMT_3

                	
                  The
                    curtailment interest on the third curtailment amount, if
                    applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_AMT

                	
                  The
                    loan "paid in full" amount as reported by the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PIF_DATE

                	
                  The
                    paid in full date as reported by the Servicer.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	 	 	 	
                  Action
                    Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                    65=Repurchase,70=REO

                	
                  2

                
	
                  ACTION_CODE

                	
                  The
                    standard FNMA numeric code used to indicate the default/delinquent
                    status
                    of a particular loan.

                
	
                  INT_ADJ_AMT

                	
                  The
                    amount of the interest adjustment as reported by the
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SOLDIER_SAILOR_ADJ_AMT

                	
                  The
                    Soldier and Sailor Adjustment amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  NON_ADV_LOAN_AMT

                	
                  The
                    Non Recoverable Loan Amount, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  LOAN_LOSS_AMT

                	
                  The
                    amount the Servicer is passing as a loss, if applicable.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_BEG_PRIN_BAL

                	
                  The
                    scheduled outstanding principal amount due at the beginning of
                    the cycle
                    date to be passed through to investors.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_END_PRIN_BAL

                	
                  The
                    scheduled principal balance due to investors at the end of a
                    processing
                    cycle.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_PRIN_AMT

                	
                  The
                    scheduled principal amount as reported by the Servicer for the
                    current
                    cycle -- only applicable for Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  SCHED_NET_INT

                	
                  The
                    scheduled gross interest amount less the service fee amount for
                    the
                    current cycle as reported by the Servicer -- only applicable
                    for
                    Scheduled/Scheduled Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_PRIN_AMT

                	
                  The
                    actual principal amount collected by the Servicer for the current
                    reporting cycle -- only applicable for Actual/Actual
                    Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  ACTL_NET_INT

                	
                  The
                    actual gross interest amount less the service fee amount for
                    the current
                    reporting cycle as reported by the Servicer -- only applicable
                    for
                    Actual/Actual Loans.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    AMT

                	
                  The
                    penalty amount received when a borrower prepays on his loan as
                    reported by
                    the Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  PREPAY_PENALTY_
                    WAIVED

                	
                  The
                    prepayment penalty amount for the loan waived by the
                    servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                
	
                  MOD_DATE

                	
                  The
                    Effective Payment Date of the Modification for the loan.

                	 	
                  MM/DD/YYYY

                	
                  10

                
	
                  MOD_TYPE

                	
                  The
                    Modification Type.

                	 	
                  Varchar
                    - value can be alpha or numeric

                	
                  30

                
	
                  DELINQ_P&I_ADVANCE_AMT

                	
                  The
                    current outstanding principal and interest advances made by
                    Servicer.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                	
                  11

                

        

      

      

       

      25. The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit F:

      

      

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

       

      
        
          	 	Standard File Layout -
                  Delinquency
                  Reporting 	 	 
	
                  Column/Header
                    Name

                	
                  Description

                	
                  Decimal

                	
                  Format
                    Comment

                
	
                  SERVICER_LOAN_NBR

                	
                  A
                    unique number assigned to a loan by the Servicer. This may be
                    different
                    than the LOAN_NBR

                	 	
                   

                
	
                  LOAN_NBR

                	
                  A
                    unique identifier assigned to each loan by the originator.

                	 	
                   

                
	
                  CLIENT_NBR

                	
                  Servicer
                    Client Number

                	 	 
	
                  SERV_INVESTOR_NBR

                	
                  Contains
                    a unique number as assigned by an external servicer to identify
                    a group of
                    loans in their system.

                	 	
                   

                
	
                  BORROWER_FIRST_NAME

                	
                  First
                    Name of the Borrower.

                	 	 
	
                  BORROWER_LAST_NAME

                	
                  Last
                    name of the borrower.

                	 	 
	
                  PROP_ADDRESS

                	
                  Street
                    Name and Number of Property

                	 	
                   

                
	
                  PROP_STATE

                	
                  The
                    state where the property located.

                	 	
                   

                
	
                  PROP_ZIP

                	
                  Zip
                    code where the property is located.

                	 	
                   

                
	
                  BORR_NEXT_PAY_DUE_DATE

                	
                  The
                    date that the borrower's next payment is due to the servicer
                    at the end of
                    processing cycle, as reported by Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  LOAN_TYPE

                	
                  Loan
                    Type (i.e. FHA, VA, Conv)

                	 	
                   

                
	
                  BANKRUPTCY_FILED_DATE

                	
                  The
                    date a particular bankruptcy claim was filed.

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_CHAPTER_CODE

                	
                  The
                    chapter under which the bankruptcy was filed.

                	 	
                   

                
	
                  BANKRUPTCY_CASE_NBR

                	
                  The
                    case number assigned by the court to the bankruptcy
                    filing.

                	 	
                   

                
	
                  POST_PETITION_DUE_DATE

                	
                  The
                    payment due date once the bankruptcy has been approved by the
                    courts

                	 	
                  MM/DD/YYYY

                
	
                  BANKRUPTCY_DCHRG_DISM_DATE

                	
                  The
                    Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                    Discharged
                    and/or a Motion For Relief Was Granted. 

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_APPR_DATE

                	
                  The
                    Date The Loss Mitigation Was Approved By The Servicer

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_TYPE

                	
                  The
                    Type Of Loss Mitigation Approved For A Loan Such As;

                	 	 
	
                  LOSS_MIT_EST_COMP_DATE

                	
                  The
                    Date The Loss Mitigation /Plan Is Scheduled To End/Close

                	 	
                  MM/DD/YYYY

                
	
                  LOSS_MIT_ACT_COMP_DATE

                	
                  The
                    Date The Loss Mitigation Is Actually Completed

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_APPROVED_DATE

                	
                  The
                    date DA Admin sends a letter to the servicer with instructions
                    to begin
                    foreclosure proceedings.

                	 	
                  MM/DD/YYYY

                
	
                  ATTORNEY_REFERRAL_DATE

                	
                  Date
                    File Was Referred To Attorney to Pursue Foreclosure

                	 	
                  MM/DD/YYYY

                
	
                  FIRST_LEGAL_DATE

                	
                  Notice
                    of 1st legal filed by an Attorney in a Foreclosure Action

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_EXPECTED_DATE

                	
                  The
                    date by which a foreclosure sale is expected to occur.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_DATE

                	
                  The
                    actual date of the foreclosure sale.

                	 	
                  MM/DD/YYYY

                
	
                  FRCLSR_SALE_AMT

                	
                  The
                    amount a property sold for at the foreclosure sale.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  EVICTION_START_DATE

                	
                  The
                    date the servicer initiates eviction of the borrower.

                	 	
                  MM/DD/YYYY

                
	
                  EVICTION_COMPLETED_DATE

                	
                  The
                    date the court revokes legal possession of the property from
                    the
                    borrower.

                	 	
                  MM/DD/YYYY

                
	
                  LIST_PRICE

                	
                  The
                    price at which an REO property is marketed.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  LIST_DATE

                	
                  The
                    date an REO property is listed at a particular price.

                	 	
                  MM/DD/YYYY

                
	
                  OFFER_AMT

                	
                  The
                    dollar value of an offer for an REO property.

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  OFFER_DATE_TIME

                	
                  The
                    date an offer is received by DA Admin or by the Servicer.

                	 	
                  MM/DD/YYYY

                
	
                  REO_CLOSING_DATE

                	
                  The
                    date the REO sale of the property is scheduled to close.

                	 	
                  MM/DD/YYYY

                
	
                  REO_ACTUAL_CLOSING_DATE

                	
                  Actual
                    Date Of REO Sale

                	 	
                  MM/DD/YYYY

                
	
                  OCCUPANT_CODE

                	
                  Classification
                    of how the property is occupied.

                	 	
                   

                
	
                  PROP_CONDITION_CODE

                	
                  A
                    code that indicates the condition of the property.

                	 	
                   

                
	
                  PROP_INSPECTION_DATE

                	
                  The
                    date a property inspection is performed.

                	 	
                  MM/DD/YYYY

                
	
                  APPRAISAL_DATE

                	
                  The
                    date the appraisal was done.

                	 	
                  MM/DD/YYYY

                
	
                  CURR_PROP_VAL

                	
                   The
                    current "as is" value of the property based on brokers price
                    opinion or
                    appraisal.

                	
                  2

                	
                   

                
	
                  REPAIRED_PROP_VAL

                	
                  The
                    amount the property would be worth if repairs are completed pursuant
                    to a
                    broker's price opinion or appraisal.

                	
                  2

                	
                   

                
	
                  If
                    applicable:

                	
                   

                	 	
                   

                
	
                  DELINQ_STATUS_CODE

                	
                  FNMA
                    Code Describing Status of Loan

                	 	 
	
                  DELINQ_REASON_CODE

                	
                  The
                    circumstances which caused a borrower to stop paying on a loan.
                    Code
                    indicates the reason why the loan is in default for this
                    cycle.

                	 	 
	
                  MI_CLAIM_FILED_DATE

                	
                  Date
                    Mortgage Insurance Claim Was Filed With Mortgage Insurance
                    Company.

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT

                	
                  Amount
                    of Mortgage Insurance Claim Filed

                	 	
                  No
                    commas(,) or dollar signs ($)

                
	
                  MI_CLAIM_PAID_DATE

                	
                  Date
                    Mortgage Insurance Company Disbursed Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  MI_CLAIM_AMT_PAID

                	
                  Amount
                    Mortgage Insurance Company Paid On Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_FILED_DATE

                	
                  Date
                    Claim Was Filed With Pool Insurance Company

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT

                	
                  Amount
                    of Claim Filed With Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  POOL_CLAIM_PAID_DATE

                	
                  Date
                    Claim Was Settled and The Check Was Issued By The Pool
                    Insurer

                	 	
                  MM/DD/YYYY

                
	
                  POOL_CLAIM_AMT_PAID

                	
                  Amount
                    Paid On Claim By Pool Insurance Company

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_FILED_DATE

                	
                   Date
                    FHA Part A Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_AMT

                	
                   Amount
                    of FHA Part A Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_A_CLAIM_PAID_DATE

                	
                   Date
                    HUD Disbursed Part A Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_A_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part A Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_FILED_DATE

                	
                    Date
                    FHA Part B Claim Was Filed With HUD

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_AMT

                	
                    Amount
                    of FHA Part B Claim Filed

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  FHA_PART_B_CLAIM_PAID_DATE

                	
                     Date
                    HUD Disbursed Part B Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  FHA_PART_B_CLAIM_PAID_AMT

                	
                   Amount
                    HUD Paid on Part B Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                
	
                  VA_CLAIM_FILED_DATE

                	
                   Date
                    VA Claim Was Filed With the Veterans Admin

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_DATE

                	
                   Date
                    Veterans Admin. Disbursed VA Claim Payment

                	 	
                  MM/DD/YYYY

                
	
                  VA_CLAIM_PAID_AMT

                	
                   Amount
                    Veterans Admin. Paid on VA Claim

                	
                  2

                	
                  No
                    commas(,) or dollar signs ($)

                

        

      

       

       

      
        	
                Exhibit
                  2: Standard
                  File Codes - Delinquency
                  Reporting 

              

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        
          	
                  •

                	
                  ASUM-

                	
                  Approved
                    Assumption

                
	
                  •

                	
                  BAP-

                	
                  Borrower
                    Assistance Program

                
	
                  •

                	
                  CO-

                	
                  Charge
                    Off

                
	
                  •

                	
                  DIL-

                	
                  Deed-in-Lieu

                
	
                  •

                	
                  FFA-

                	
                  Formal
                    Forbearance Agreement

                
	
                  •

                	
                  MOD-

                	
                  Loan
                    Modification

                
	
                  •

                	
                  PRE-

                	
                  Pre-Sale

                
	
                  •

                	
                  SS-

                	
                  Short
                    Sale

                
	
                  •

                	
                  MISC-

                	
                  Anything
                    else approved by the PMI or Pool
                    Insurer

                

        

      

      

       

      NOTE:
        Wells
        Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      

      The
        Occupant
        Code
        field
        should show the current status of the property code as follows:

       

      
        
          	
                  ·  

                	
                  Mortgagor

                
	
                  ·  

                	
                  Tenant

                
	
                  ·  

                	
                  Unknown

                
	
                  ·  

                	
                  Vacant

                

        

         

         

      

      The
        Property
        Condition
        field
        should show the last reported condition of the property as follows:

       

      
        	
                ·  

              	
                Damaged

              
	
                ·  

              	
                Excellent

              
	
                ·  

              	
                Fair

              
	
                ·  

              	
                Gone

              
	
                ·  

              	
                Good

              
	
                ·  

              	
                Poor

              
	
                ·  

              	
                Special
                  Hazard

              
	
                ·  

              	
                Unknown

              

      

      
 

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field
        should show the Reason for Delinquency as follows: 

       

      

        
          	
                  Delinquency
                    Code

                	
                  Delinquency
                    Description

                
	
                  001

                	
                  FNMA-Death
                    of principal mortgagor

                
	
                  002

                	
                  FNMA-Illness
                    of principal mortgagor

                
	
                  003

                	
                  FNMA-Illness
                    of mortgagor’s family member

                
	
                  004

                	
                  FNMA-Death
                    of mortgagor’s family member

                
	
                  005

                	
                  FNMA-Marital
                    difficulties

                
	
                  006

                	
                  FNMA-Curtailment
                    of income

                
	
                  007

                	
                  FNMA-Excessive
                    Obligation

                
	
                  008

                	
                  FNMA-Abandonment
                    of property

                
	
                  009

                	
                  FNMA-Distant
                    employee transfer

                
	
                  011

                	
                  FNMA-Property
                    problem

                
	
                  012

                	
                  FNMA-Inability
                    to sell property

                
	
                  013

                	
                  FNMA-Inability
                    to rent property

                
	
                  014

                	
                  FNMA-Military
                    Service

                
	
                  015

                	
                  FNMA-Other

                
	
                  016

                	
                  FNMA-Unemployment

                
	
                  017

                	
                  FNMA-Business
                    failure

                
	
                  019

                	
                  FNMA-Casualty
                    loss

                
	
                  022

                	
                  FNMA-Energy
                    environment costs

                
	
                  023

                	
                  FNMA-Servicing
                    problems

                
	
                  026

                	
                  FNMA-Payment
                    adjustment

                
	
                  027

                	
                  FNMA-Payment
                    dispute

                
	
                  029

                	
                  FNMA-Transfer
                    of ownership pending

                
	
                  030

                	
                  FNMA-Fraud

                
	
                  031

                	
                  FNMA-Unable
                    to contact borrower

                
	
                  INC

                	
                  FNMA-Incarceration

                

        

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

      

      The
        FNMA
        Delinquent Status Code
        field
        should show the Status of Default as follows: 

       

      
        
          	
                  Status
                    Code

                	
                  Status
                    Description

                
	
                  09

                	
                  Forbearance

                
	
                  17

                	
                  Pre-foreclosure
                    Sale Closing Plan Accepted

                
	
                  24

                	
                  Government
                    Seizure

                
	
                  26

                	
                  Refinance

                
	
                  27

                	
                  Assumption

                
	
                  28

                	
                  Modification

                
	
                  29

                	
                  Charge-Off

                
	
                  30

                	
                  Third
                    Party Sale

                
	
                  31

                	
                  Probate

                
	
                  32

                	
                  Military
                    Indulgence

                
	
                  43

                	
                  Foreclosure
                    Started

                
	
                  44

                	
                  Deed-in-Lieu
                    Started

                
	
                  49

                	
                  Assignment
                    Completed

                
	
                  61

                	
                  Second
                    Lien Considerations

                
	
                  62

                	
                  Veteran’s
                    Affairs-No Bid

                
	
                  63

                	
                  Veteran’s
                    Affairs-Refund

                
	
                  64

                	
                  Veteran’s
                    Affairs-Buydown

                
	
                  65

                	
                  Chapter
                    7 Bankruptcy

                
	
                  66

                	
                  Chapter
                    11 Bankruptcy

                
	
                  67

                	
                  Chapter
                    13 Bankruptcy

                

        

      

       

      
 

      26. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit K:

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      • The
        Company shall (i) possess the ability to service to a securitization; (ii)
        service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments and (iv) remit and report to a Master Servicer in
        format acceptable to such Master Servicer by the 10th calendar day of each
        month.

      

      • The
        Company shall provide an acceptable annual certification (officer’s certificate)
        to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as
        well
        as any other annual certifications required under the securitization documents
        (i.e. the annual statement as to compliance/annual independent certified
        public
        accountants’ servicing report due by March 1 of each year).

      

      • The
        Company shall allow for the Purchaser, the Master Servicer or their designee
        to
        perform a review of audited financials and net worth of the
        Company.

      

      • The
        Company shall provide information on each Custodial Account as requested
        by the
        Master Servicer or the Purchaser, and each Custodial Accounts shall comply
        with
        the requirements for such accounts as set forth in the securitization
        documents.

      

      • The
        Company shall maintain its servicing system in accordance with the requirements
        of the Master Servicer.

      

      

      

      27. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit L:

      

      EXHIBIT
        L

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re: The
        [ ]
        agreement dated as of [ l,
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      28. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit M:

      

      EXHIBIT
        M

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit M is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit M and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

      

      Item
        1122(d)

       

      
        	(a)  	
                General
                  servicing considerations.

              

      

       

      (1)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (2)  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.

       

      (3)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (4)  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.

       

      
        	(b)  	
                Cash
                  collection and administration.

              

      

       

      (1)  Payments
        on mortgage loans 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.

       

      (2)  Disbursements
        made via wire transfer on behalf of an obligor or
        to an
        investor are made only by authorized personnel.

       

      (3)  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.

       

      (4)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (5)  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.

       

      (6)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (7)  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.

       

      
        	(c)  	
                Investor
                  remittances and reporting.

              

      

       

      (1)  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 mortgage loans serviced by the
        Servicer.

       

      (2)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (3)  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.

       

      (4)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	(d)  	
                Mortgage
                  Loan administration.

              

      

       

      (1)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (2)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (3)  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.

       

      (4)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan 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 mortgage loan
        documents.

       

      (5)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (6)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (7)  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.

       

      (8)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        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 mortgage loans including, for example, phone calls, letters and
        payment rescheduling plans in cases where delinquency is deemed temporary
        (e.g.,
        illness or unemployment).

       

      (9)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (10)  Regarding
        any funds held in trust for an obligor (such as escrow accounts): (A) such
        funds
        are analyzed, in accordance with the obligor’s mortgage loan 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 mortgage loan documents and state laws; and (C)
        such
        funds are returned to the obligor within 30 calendar days of full repayment
        of
        the related mortgage loans, or such other number of days specified in the
        transaction agreements.

       

      (11)  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.

       

      (12)  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.

       

      (13)  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.

       

      (14)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (15)  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.

      

      29. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit N:

       

      EXHIBIT
        N

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit N is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit N and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

       

      Item
        1105(a)(1)-(3) and (c)

      

      -Provide
        static pool information with respect to mortgage loans that were originated
        or
        purchased by the Company and which are of the same type as the Mortgage
        Loans.

       

      -Provide
        static pool information regarding delinquencies, cumulative losses and
        prepayments for prior securitized pools of the Company.

       

      -If
        the
        Company has less than 3 years experience securitizing assets of the same
        type as
        the Mortgage Loans, provide the static pool information by vintage origination
        years regarding loans originated or purchased by the Company, instead of
        by
        prior securitized pool. A vintage origination year represents mortgage loans
        originated during the same year.

       

      -Such
        static pool information shall be for the prior five years, or for so long
        as the
        Company has been originating or purchasing (in the case of data by vintage
        origination year) or securitizing (in the case of data by prior securitized
        pools) such mortgage loans if for less than five years.

       

      -The
        static pool information for each vintage origination year or prior securitized
        pool, as applicable, shall be presented in monthly increments over the life
        of
        the mortgage loans included in the vintage origination year or prior securitized
        pool.

       

      -Provide
        summary information for the original characteristics of the prior securitized
        pools or vintage origination years, as applicable and material, including:
        number of pool assets, original pool balance, weighted average initial loan
        balance, weighted average mortgage rate, weighted average and minimum and
        maximum FICO, product type, loan purpose, weighted average and minimum and
        maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Pass-Through Transfer: 

       

      -a
        description of the Company’s form of organization;

       

      -a
        description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -a
        description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -information
        regarding the Company’s financial condition to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition could have a material impact on the performance
        of the
        securities issued in the Pass-Through Transfer, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -any
        special or unique factors involved in servicing loans of the same type as
        the
        Mortgage Loans, and the Company’s processes and procedures designed to address
        such factors;

       

      -statistical
        information regarding principal and interest advances made by the Company
        on the
        Mortgage Loans and the Company’s overall servicing portfolio for the past three
        years; and

       

      -the
        Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -Identify
        any originator or group of affiliated originators that originated, or is
        expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Pass-Through Transfer.

       

      

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Pass-Through Transfer:

       

      -the
        Company’s form of organization; and

       

      -a
        description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      

      Item
        1117

      

      -describe
        any legal proceedings pending against the Company or against any of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Pass-Through Transfer.

       

      

      Item
        1119(a)

      

      -describe
        any affiliations of the Company, each other originator of the Mortgage Loans
        and
        each Subservicer with the sponsor, depositor, issuing entity, trustee, any
        originator, any other servicer, any significant obligor, enhancement or support
        provider or any other material parties related to the Pass-Through
        Transfer.

       

      

      Item
        1119(b)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        entered into outside of the ordinary course of business or on terms other
        than
        those obtained in an arm’s length transaction with an unrelated third party,
        apart from the Pass-Through Transfer, between the Company, each other originator
        of the Mortgage Loans and each Subservicer, or their respective affiliates,
        and
        the sponsor, depositor or issuing entity or their respective affiliates,
        that
        exists currently or has existed during the past two years, that may be material
        to the understanding of an investor in the securities issued in the Pass-Through
        Transfer.

       

      Item
        1119(c)

      

      -describe
        any business relationship, agreement, arrangement, transaction or understanding
        involving or relating to the Mortgage Loans or the Pass-Through Transfer,
        including the material terms and approximate dollar amount involved, between
        the
        Company, each other originator of the Mortgage Loans and each Subservicer,
        or
        their respective affiliates and the sponsor, depositor or issuing entity
        or
        their respective affiliates, that exists currently or has existed during
        the
        past two years.

       

      30. The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit O:

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      

        
          	
                  Servicing
                    Criteria

                	
                  Applicable
                    

                  Servicing
                    Criteria

                
	
                  Reference

                	
                  Criteria

                	
                   

                
	
                   

                	
                  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

                
	
                  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

                
	
                  1122(d)(1)(iii)

                	
                  Any
                    requirements in the transaction agreements to maintain a back-up
                    servicer
                    for the mortgage loans 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

                
	
                   

                	
                  Cash
                    Collection and Administration

                	 
	
                  1122(d)(2)(i)

                	
                  Payments
                    on mortgage loans 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

                
	
                  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

                
	
                  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

                
	
                  1122(d)(2)(iv)

                	
                  The
                    related accounts for the transaction, such as cash reserve accounts
                    or
                    accounts established as a form of overcollateralization, 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

                
	
                  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

                
	
                   

                	
                  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 mortgage loans serviced by the
                    Servicer.

                	
                  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

                
	
                  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

                
	
                  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

                
	
                   

                	
                  Pool
                    Asset Administration

                	 
	
                  1122(d)(4)(i)

                	
                  Collateral
                    or security on mortgage loans is maintained as required by the
                    transaction
                    agreements or related mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(ii)

                	
                  Mortgage
                    loan and related documents are safeguarded as required by the
                    transaction
                    agreements

                	
                  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

                
	
                  1122(d)(4)(iv)

                	
                  Payments
                    on mortgage loans, including any payoffs, made in accordance
                    with the
                    related mortgage loan 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 mortgage loan documents.

                	
                  X

                
	
                  1122(d)(4)(v)

                	
                  The
                    Servicer’s records regarding the mortgage loans 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 mortgage
                    loans (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

                
	
                  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

                
	
                  1122(d)(4)(viii)

                	
                  Records
                    documenting collection efforts are maintained during the period
                    a mortgage
                    loan 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 mortgage loans 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 mortgage loans with
                    variable
                    rates are computed based on the related mortgage loan
                    documents.

                	
                  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 mortgage loan
                    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 mortgage
                    loan
                    documents and state laws; and (C) such funds are returned to
                    the obligor
                    within 30 calendar days of full repayment of the related mortgage
                    loans,
                    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.

                	 

        

      

      

       

      
        	 	 	 
	 	
                [NAME
                  OF COMPANY] [NAME OF SUBSERVICER]

              
	 
 	 
 	 
 
	 	Date:	 
	 	 	 
	 	 	 
	 	
              	 
	 	By:	 
	 	Name:  	 
	 	Title:	 
	 	
              
	 	 

      

       

       

      31. The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit P:

      

      EXHIBIT
        P

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

       

      1.  

       

      2.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

       

      1.          
         The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2.          
         The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.          
          Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.        Complete
        as applicable. Required documentation:

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      13.           
        The
        total
        of lines 1 through 12.

       

      3.  Credits:
        

       

      14-21.    
         Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

        
        Letter of Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note:     For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23.        
         The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

       

      
 

      Calculation
        of Realized Loss/Gain Form 332

      

       

      
        
          	
                  Prepared
                    by: __________________

                	
                  Date:
                    _______________

                
	
                  Phone:
                    ______________________

                	
                  Email
                    Address:_____________________

                

        

      

      

        
          	
                  Servicer
                    Loan No.

                	 	
                  Servicer
                    Name

                	 	
                  Servicer
                    Address 

                   

                

        

      

       

       

      
        
          	WELLS
                  FARGO
                  BANK, N.A. Loan No._________________________________
	 	 	 	 	 	 
	Borrower's Name:	____________________________	 	 	 	 
	Property Address:	____________________________ 	 	 	 	 
	 	 	 	 	 	 
	Liquidation
                  Type:	
                  REO
                    Sale

                	
                   3rd
                    Party Sale

                	
                  Short
                    Sale

                	
                  Charge
                    Off

                	 

        

      

       

       

      
        
          	Was
                  this loan granted a Bankruptcy deficiency or cramdown	 	
                  Yes

                	 	
                  No

                
	If
“Yes”,
                  provide deficiency or cramdown amount
                  _______________________________	 	 	 	 
	 	 	 	 	 	 
	
                  Liquidation
                    and Acquisition Expenses:

                	 	 	 	 
	
                  (1)

                	
                  Actual
                    Unpaid Principal Balance of Mortgage Loan

                	 	
                  $
                    ______________

                	 	
                  (1)

                
	
                  (2)

                	
                  Interest
                    accrued at Net Rate

                	 	
                  ________________

                	 	
                  (2)

                
	
                  (3)

                	
                  Accrued
                    Servicing Fees

                	 	
                  ________________

                	 	
                  (3)

                
	
                  (4)

                	
                  Attorney's
                    Fees

                	 	
                  ________________

                	 	
                  (4)

                
	
                  (5)

                	
                  Taxes
                    (see page 2)

                	 	
                  ________________

                	 	
                  (5)

                
	
                  (6)

                	
                  Property
                    Maintenance

                	 	
                  ________________

                	 	
                  (6)

                
	
                  (7)

                	
                  MI/Hazard
                    Insurance Premiums (see page 2)

                	 	
                  ________________

                	 	
                  (7)

                
	
                  (8)

                	
                  Utility
                    Expenses

                	 	
                  ________________

                	 	
                  (8)

                
	
                  (9)

                	
                  Appraisal/BPO

                	 	
                  ________________

                	 	
                  (9)

                
	
                  (10)

                	
                  Property
                    Inspections

                	 	
                  ________________

                	 	
                  (10)

                
	
                  (11)

                	
                  FC
                    Costs/Other Legal Expenses

                	 	
                  ________________

                	 	
                  (11)

                
	
                  (12)

                	
                  Other
                    (itemize)

                	 	
                  ________________

                	 	
                  (12)

                
	 	
                  Cash
                    for Keys__________________________

                	 	
                  ________________

                	 	
                  (12)

                
	 	
                  HOA/Condo
                    Fees_______________________

                	 	
                  ________________

                	 	
                  (12)

                
	 	
                  ______________________________________

                	 	
                  ________________

                	 	
                  (12)

                
	 	 	 	
                  ________________

                	 	 
	 	
                  Total
                    Expenses

                	 	
                  $
                    ______________

                	 	
                  (13)

                
	
                  Credits:

                	 	 	 	 	 
	
                  (14)

                	
                  Escrow
                    Balance

                	 	
                  $
                    _______________

                	 	
                  (14)

                
	
                  (15)

                	
                  HIP
                    Refund

                	 	
                  ________________

                	 	
                  (15)

                
	
                  (16)

                	
                  Rental
                    Receipts

                	 	
                  ________________

                	 	
                  (16)

                
	
                  (17)

                	
                  Hazard
                    Loss Proceeds

                	 	
                  ________________

                	 	
                  (17)

                
	
                  (18)

                	
                  Primary
                    Mortgage Insurance / Gov’t Insurance 

                  HUD
                    Part A

                	 	
                  ________________

                	 	
                  (18a)

                
	 	 	 	 	 	 
	 	
                  HUD
                    Part B 

                	 	
                  ________________

                	 	
                  (18b)

                
	
                  (19)

                	
                  Pool
                    Insurance Proceeds

                	 	
                  ________________

                	 	
                  (19)

                
	
                  (20)

                	
                  Proceeds
                    from Sale of Acquired Property

                	 	
                  ________________

                	 	
                  (20)

                
	
                  (21)

                	
                  Other
                    (itemize)

                	 	
                  ________________

                	 	 
	 	
                  _________________________________________

                	 	
                  ________________

                	 	
                  (21)

                
	 	 	 	
                  ________________

                	 	 
	 	
                  Total
                    Credits

                	 	
                  $________________

                	 	
                  (22)

                
	
                  Total
                    Realized Loss (or Amount of Gain)

                	 	
                  $________________

                	 	
                  (23)

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

        Escrow
          Disbursement Detail

      

       

      
        
          	
                  Type

                  (Tax
                    /Ins.)

                	
                  Date
                    Paid

                	
                  Period
                    of Coverage

                	
                  Total
                    Paid

                	
                  Base
                    Amount

                	
                  Penalties

                	
                  Interest

                
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

        

      32. Except
        as
        amended above, the Agreement shall continue to be in full force and effect
        in
        accordance with its terms.

      

      33. This
        Amendment may be executed by one or more of the parties hereto on any number
        of
        separate counterparts and of said counterparts taken together shall be deemed
        to
        constitute one and the same instrument.

      

      [SIGNATURE
        PAGES FOLLOW]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the following parties have caused their names to be signed
        hereto by their respective officers thereunto duly authorized as of the day
        and
        year first above written.

       

      
        	 	 	 
	 	
                EMC
                  MORTGAGE CORPORATION,

                
                  as
                    Purchaser

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name: 
                  

              	 
	 	Title:	 
	 	
              
	 	 

      

       

      
         

        
          	 	 	 
	 	
                  GREENPOINT MORTGAGE FUNDING, INC.,

                  
                    as
                      Company

                  

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name: 
                    

                	 
	 	Title:	 
	 	
                
	 	 

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

    

    EXHIBIT
      Q-5

    

    HSBC
      SERVICING AGREEMENT

    
       

      

      

      
        	 	
                 EMC
                  MORTGAGE
                  CORPORATION

              	 
	 	
                Purchaser,

              	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA) 

              	 
	 	
                Company,

              	 

      

      
 

      AMENDED
        AND RESTATED

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of September 1, 2005

       

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

      ARTICLE
        I

      
        

          
            	
                    Section
                      1.01 

                  	
                    Defined
                      Terms

                  
	 	 
	
                    ARTICLE
                      II

                  
	 	 
	
                    Section
                      2.01 

                  	
                    Agreement
                      to Purchase

                  
	
                    Section
                      2.02 

                  	
                    Purchase
                      Price

                  
	
                    Section
                      2.03 

                  	
                    Servicing
                      of Mortgage Loans

                  
	
                    Section
                      2.04 

                  	
                    Record
                      Title and Possession of Mortgage Files; Maintenance of Servicing
                      Files

                  
	
                    Section
                      2.05 

                  	
                    Books
                      and Records

                  
	
                    Section
                      2.06 

                  	
                    Transfer
                      of Mortgage Loans

                  
	
                    Section
                      2.07 

                  	
                    Delivery
                      of Mortgage Loan Documents

                  
	
                    Section
                      2.08 

                  	
                    Quality
                      Control Procedures

                  
	
                    Section
                      2.09 

                  	
                    Near-term
                      Principal Prepayments; Near Term Payment Defaults

                  
	
                    Section
                      2.10 

                  	
                    Modification
                      of Obligations

                  
	 	 
	
                    ARTICLE
                      III

                  
	 	 
	
                    Section
                      3.01 

                  	
                    Representations
                      and Warranties of the Company

                  
	
                    Section
                      3.02 

                  	
                    Representations
                      and Warranties as to Individual Mortgage Loans

                  
	
                    Section
                      3.03 

                  	
                    Repurchase;
                      Substitution

                  
	
                    Section
                      3.04 

                  	
                    Representations
                      and Warranties of the Purchaser

                  
	 	 
	
                    ARTICLE
                      IV

                  
	 	 
	
                    Section
                      4.01 

                  	
                    Company
                      to Act as Servicer

                  
	
                    Section
                      4.02 

                  	
                    Collection
                      of Mortgage Loan Payments

                  
	
                    Section
                      4.03 

                  	
                    Realization
                      Upon Defaulted Mortgage Loans

                  
	
                    Section
                      4.04 

                  	
                    Establishment
                      of Custodial Accounts; Deposits in Custodial Accounts

                  
	
                    Section
                      4.05 

                  	
                    Permitted
                      Withdrawals from the Custodial Account

                  
	
                    Section
                      4.06 

                  	
                    Establishment
                      of Escrow Accounts; Deposits in Escrow Accounts

                  
	
                    Section
                      4.07 

                  	
                    Permitted
                      Withdrawals From Escrow Account

                  
	
                    Section
                      4.08 

                  	
                    Payment
                      of Taxes, Insurance and Other Charges; Maintenance of Primary
                      Mortgage
                      Insurance Policies; Collections Thereunder

                  
	
                    Section
                      4.09 

                  	
                    Transfer
                      of Accounts

                  
	
                    Section
                      4.10 

                  	
                    Maintenance
                      of Hazard Insurance

                  
	
                    Section
                      4.11 

                  	
                    Maintenance
                      of Mortgage Impairment Insurance Policy

                  
	
                    Section
                      4.12 

                  	
                    Fidelity
                      Bond, Errors and Omissions Insurance

                  
	
                    Section
                      4.13 

                  	
                    Title,
                      Management and Disposition of REO Property

                  
	
                    Section
                      4.14 

                  	
                    Notification
                      of Maturity Date

                  
	 	 
	
                    ARTICLE
                      V

                  
	 	 
	
                    Section
                      5.01 

                  	
                    Distributions

                  
	
                    Section
                      5.02 

                  	
                    Statements
                      to the Purchaser

                  
	
                    Section
                      5.03 

                  	
                    Monthly
                      Advances by the Company

                  
	
                    Section
                      5.04 

                  	
                    Liquidation
                      Reports

                  
	 	 
	
                    ARTICLE
                      VI

                  
	 	 
	
                    Section
                      6.01

                  	
                    Assumption
                      Agreements

                  
	
                    Section
                      6.02 

                  	
                    Satisfaction
                      of Mortgages and Release of Mortgage Files

                  
	
                    Section
                      6.03

                  	
                    Servicing
                      Compensation

                  
	
                    Section
                      6.04 

                  	
                    Annual
                      Statement as to Compliance

                  
	
                    Section
                      6.05 

                  	
                    Annual
                      Independent Certified Public Accountants’ Servicing
                      Report

                  
	
                    Section
                      6.06 

                  	
                    Purchaser’s
                      Right to Examine Company Records

                  
	 	 
	
                    ARTICLE
                      VII

                  
	 	 
	
                    Section
                      7.01 

                  	
                    Company
                      Shall Provide Information as Reasonably Required

                  
	 	 
	
                    ARTICLE
                      VIII

                  
	 	 
	
                    Section
                      8.01 

                  	
                    Indemnification;
                      Third Party Claims

                  
	
                    Section
                      8.02 

                  	
                    Merger
                      or Consolidation of the Company

                  
	
                    Section
                      8.03 

                  	
                    Limitation
                      on Liability of the Company and Others

                  
	
                    Section
                      8.04 

                  	
                    Company
                      Not to Assign or Resign

                  
	
                    Section
                      8.05 

                  	
                    No
                      Transfer of Servicing

                  
	 	 
	
                    ARTICLE
                      IX

                  
	 	 
	
                    Section
                      9.01 

                  	
                    Events
                      of Default

                  
	
                    Section
                      9.02 

                  	
                    Waiver
                      of Defaults

                  
	 	 
	
                    ARTICLE
                      X

                  
	 	 
	
                    Section
                      10.01 

                  	
                    Termination

                  
	
                    Section
                      10.02 

                  	
                    Termination
                      without cause

                  
	 	 
	
                    ARTICLE
                      XI

                  
	 	 
	
                    Section
                      11.01 

                  	
                    Successor
                      to the Company

                  
	
                    Section
                      11.02 

                  	
                    Amendment

                  
	
                    Section
                      11.03 

                  	
                    Recordation
                      of Agreement

                  
	
                    Section
                      11.04 

                  	
                    Governing
                      Law

                  
	
                    Section
                      11.05 

                  	
                    Notices

                  
	
                    Section
                      11.06 

                  	
                    Severability
                      of Provisions

                  
	
                    Section
                      11.07 

                  	
                    Exhibits

                  
	
                    Section
                      11.08 

                  	
                    General
                      Interpretive Principles

                  
	
                    Section
                      11.09 

                  	
                    Reproduction
                      of Documents

                  
	
                    Section
                      11.10 

                  	
                    Confidentiality
                      of Information

                  
	
                    Section
                      11.11 

                  	
                    Recordation
                      of Assignment of Mortgage

                  
	
                    Section
                      11.12 

                  	
                    Assignment
                      by Purchaser

                  
	
                    Section
                      11.13 

                  	
                    No
                      Partnership

                  
	
                    Section
                      11.14 

                  	
                    Execution:
                      Successors and Assigns

                  
	
                    Section
                      11.15 

                  	
                    Entire
                      Agreement

                  
	
                    Section
                      11.16 

                  	
                    No
                      Solicitation

                  
	
                    Section
                      11.17 

                  	
                    Closing

                  
	
                    Section
                      11.18 

                  	
                    Cooperation
                      of Company with Reconstitution

                  
	
                    Section
                      11.19 

                  	
                    Monthly
                      Reporting with Respect to a
                      Reconstitution

                  

          

           

        

      

      EXHIBITS

      

        
          	 	
                  A
                    

                	
                  Contents
                    of Mortgage File

                
	 	
                  B
                    

                	
                  Custodial
                    Account Letter Agreement

                
	 	
                  C
                    

                	
                  Escrow
                    Account Letter Agreement

                
	 	
                  D
                    

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	 	
                  E
                    

                	
                  Form
                    of Trial Balance

                
	 	
                  F
                    

                	
                  [reserved]

                
	 	
                  G
                    

                	
                  Request
                    for Release of Documents and Receipt

                
	 	
                  H
                    

                	
                  Company’s
                    Underwriting Guidelines

                
	 	
                  I
                    

                	
                  Form
                    of Term Sheet

                
	 	
                  J
                    

                	
                  Reconstituted
                    Mortgage Loan Reporting

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

       

      This
        is
        an Amended and Restated Purchase, Warranties and Servicing Agreement, dated
        as
        of September 1, 2005, which amends and restates the Purchase, Warranties
        and
        Servicing Agreement, originally dated May 1, 2002, each between EMC MORTGAGE
        CORPORATION, as Purchaser, with offices located at Mac Arthur Ridge II, 909
        Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the "Purchaser") and
        HSBC
        Mortgage Corporation (USA), with offices located at 2929 Walden Avenue, Depew,
        New York 14043 (the "Company").

      

      W I T N E S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis; 

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the lesser of (i) the value thereof as
        determined by an appraisal made for the originator of the Mortgage Loan at
        the
        time of origination of the Mortgage Loan by an appraiser who met the minimum
        requirements of Fannie Mae and FHLMC, and (ii) the purchase price paid for
        the
        related Mortgaged Property by the Mortgagor with the proceeds of the Mortgage
        Loan, provided, however, in the case of a Refinanced Mortgage Loan, such
        value
        of the Mortgaged Property is based solely upon the value determined by an
        appraisal made for the originator of such Refinanced Mortgage Loan at the
        time
        of origination of such Refinanced Mortgage Loan by an appraiser who met the
        minimum requirements of FANNIE MAE and FHLMC. However in the case of a mortgage
        made on property in New York State value will always be determined by the
        appraisal for determining any requirement for primary mortgage insurance
        only.

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or (iii) a day on which banks in the State of New York are authorized
        or obligated by law or executive order to be closed.

      

      

      Buydown
        Agreement:
        An agreement between the Seller and a Mortgagor, or an agreement among the
        Company, a Mortgagor and a seller of a Mortgaged Property or a third party
        with
        respect to a Mortgage Loan which provides for the application of Buydown
        Funds.

      

      Buydown
        Funds:
        In respect of any Buydown Mortgage Loan, any amount contributed by seller
        of a
        Mortgaged Property subject to a Buydown Mortgage Loan, the buyer of such
        property, the Company or any other source, plus interest earned thereon,
        in
        order to enable the Mortgagor to reduce the payments required to be made
        from
        the mortgagor’s fund in the early years of a Mortgage Loan.

      

      Buydown
        Mortgage Loan:
        Any Mortgage Loan in respect of which, pursuant to a Buydown Agreement, (i)
        the
        Mortgagor pays less than the full monthly payments specified in the Mortgage
        Note for a specified period, and (ii) the difference between the payments
        required under such Buydown Agreement and the Mortgage Note is provided from
        Buydown Funds.

      

      Buydown
        Period:
        The period of time when a Buydown Agreement is in effect with respect to
        a
        related Buydown Mortgage Loan.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code: The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
        HSBC
        Mortgage Corporation (USA), their successors in interest and assigns, as
        permitted by this Agreement.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Consumer
        Information:
         Information
        including, but not limited to, all personal information about Mortgagors
        that is
        supplied to the Purchaser by or on behalf of the Company.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Credit
        Score:
        The
        credit score of the Mortgagor provided by Fair, Isaac & Company, Inc. or
        such other organization providing credit scores as per HSBC underwriting/program
        guidelines in affect at the time of the origination of a Mortgage
        Loan.

       

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "[_____________________], in trust for the
        [Purchaser], Owner of Adjustable Rate Mortgage Loans" and shall be established
        in an Eligible Account, in the name of the Person that is the "Purchaser"
        with
        respect to the related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        An
        institution having (i) the highest short-term debt rating, and one of the
        two
        highest long-term debt ratings of each Rating Agency; or (ii) with respect
        to
        any Custodial Account, an unsecured long-term debt rating of at least one
        of the
        two highest unsecured long-term debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the HSBC
        underwriting manual in effect at the time of origination. 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "__________________, in trust for the [Purchaser],
        Owner of Adjustable Rate Mortgage Loans, and various Mortgagors" and shall
        be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Interest
        Only Mortgage Loan:
        A
        Mortgage Loan that requires payment of interest for a period of time specified
        on the related Mortgage Note during the interest-only period followed by
        full
        amortization of the remaining balance for the remaining duration of the
        loan.

       

      Lifetime
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum Mortgage Interest Rate over
        the
        term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to the lower of the Appraised Value or the Sales
        Price of the Mortgaged Property. However, in the case of a mortgage made
        on
        property in New York State, value will always be determined by the appraisal
        for
        determining any requirement for primary mortgage insurance only.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      MERS:
        Mortgage Electronic Registration System, Inc., a subsidiary of MERSCORP,
        Inc.

       

      MERS
        Mortgage Loan:
        Any
        Mortgage Loan registered with MERS on the MERS® System.

       

      MERS®
        System:
        The
        electronic mortgage registration system maintained by MERS.

       

      MIN:
        The
        Mortgage Identification Number for any MERS Mortgage Loan.

       

      MOM
        Mortgage:
        A
        Mortgage Loan naming MERS as the original mortgagee on the mortgage security
        instrument.

       

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal (if applicable) and interest on a
        Mortgage Loan which is payable by a Mortgagor under the related Mortgage
        Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      (6) the
        original months to maturity of the Mortgage Loan;

      

      (7) the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code indicating the purpose of the Mortgage Loan (i.e., purchase, rate and
        term
        refinance, equity take-out refinance); 

      

      (17)
        a
        code indicating the documentation style (i.e. full, alternative, etc.);

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      (20) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Primary Mortgage
        Insurance Policy and the name of the related insurance carrier; 

      

      (21)
        a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
        the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
        product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      (24)
        credit
        score and/or mortgage score, if applicable;

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof;

      

      (27)
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable; 

      

      (28)
        for
        any
        Mortgage Loan originated in the State of New Jersey prior to July 7, 2004,
        whether such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured
        Housing” or “Home Improvement Loan” as defined in the
        New Jersey Home Ownership Security Act of 2002; and

      

      (29) whether
        the Mortgage Loan has a mandatory arbitration clause;

      

      (30) a
        code
        indicating whether the Mortgage Loan is a MERS Mortgage Loan; 

      

      (31)
        MERS
        #,
        if applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, its successors and assigns.

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, excluding any prepayment
        penalty, and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser who had no interest, direct or indirect in the Mortgaged Property
        or
        in any loan made on the security thereof, and whose compensation is not affected
        by the approval or disapproval of the Mortgage Loan, and such appraiser and
        the
        appraisal made by such appraiser both satisfy the requirements of Title XI
        of
        FIRREA and the regulations promulgated thereunder and the requirements of
        Fannie
        Mae, all as in effect on the date the Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        are not
        in excess of the existing first mortgage, as outlined in the HSBC Underwriting
        Guidelines in effect at the time of origination.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        100% or the percentage of par as stated in the Confirmation multiplied by
        the
        Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii)
        interest on such outstanding principal balance at the Mortgage Loan Remittance
        Rate from the last date through which interest has been paid and distributed
        to
        the Purchaser to the end of the month of repurchase,; less amounts received
        or
        advanced in respect of such repurchased Mortgage Loan which are being held
        in
        the Custodial Account for distribution in the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

       

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. Company will deliver the Mortgage
        Files to the Custodian designated by Purchaser, on or before the related
        Closing
        Date, at the expense of the Company. The Company shall maintain a Servicing
        File
        consisting of a copy of the contents of each Mortgage File and the originals
        of
        the documents in each Mortgage File not delivered to the Purchaser. The
        Servicing File shall contain all documents necessary to service the Mortgage
        Loans. The possession of each Servicing File by the Company is at the will
        of
        the Purchaser, for the sole purpose of servicing the related Mortgage Loan,
        and
        such retention and possession by the Company is in a custodial capacity only.
        From the related Closing Date, the ownership of each Mortgage Loan, including
        the Mortgage Note, the Mortgage, the contents of the related Mortgage File
        and
        all rights, benefits, proceeds and obligations arising therefrom or in
        connection therewith, has been vested in the Purchaser. All rights arising
        out
        of the Mortgage Loans including, but not limited to, all funds received on
        or in
        connection with the Mortgage Loans and all records or documents with respect
        to
        the Mortgage Loans prepared by or which come into the possession of the Company
        shall be received and held by the Company in trust for the benefit of the
        Purchaser as the owner of the Mortgage Loans. Any portion of the Mortgage
        Files
        retained by the Company shall be appropriately identified in the Company's
        computer system to clearly reflect the ownership of the Mortgage Loans by
        the
        Purchaser. The Company shall release its custody of the contents of the Mortgage
        Files only in accordance with written instructions of the Purchaser, except
        when
        such release is required as incidental to the Company's servicing of the
        Mortgage Loans or is in connection with a repurchase of any Mortgage Loan
        or
        Loans with respect thereto pursuant to this Agreement and the related Term
        Sheet, such written instructions shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the OTS,
        the
        FDIC and other similar entities, access, during normal business hours, upon
        reasonable advance notice to Company and without charge to Company or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) (including those listed in (B) relating to Co-op Loans)
        in
        Exhibit A hereto shall be delivered by the Company to the Purchaser or its
        designee no later than three (3) Business Days prior to the related Closing
        Date
        pursuant to a bailee letter agreement. All other documents in Exhibit A hereto,
        together with all other documents executed in connection with the Mortgage
        Loan
        that Company may have in its possession, shall be retained by the Company
        in
        trust for the Purchaser. If the Company cannot deliver the original recorded
        Mortgage Loan Documents or the original policy of title insurance, including
        riders and endorsements thereto, on the related Closing Date, the Company
        shall,
        promptly upon receipt thereof and in any case not later than 180 days from
        the
        related Closing Date, deliver such original documents, including original
        recorded documents, to the Purchaser or its designee (unless the Company
        is
        delayed in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office). If delivery
        is not
        completed within 270 days solely due to delays in making such delivery by
        reason
        of the fact that such documents shall not have been returned by the appropriate
        recording office, the Company shall continue to use its best efforts to effect
        delivery as soon as possible thereafter, provided that if such documents
        are not
        delivered by the 360th day from the date of the related Closing Date, the
        Company shall repurchase the related Mortgage Loans at the Repurchase Price
        in
        accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

       

      In
        addition, in connection with the assignment of any MERS Mortgage Loan, the
        Company agrees that it will cause, at its own expense, the MERS® System to
        indicate that such Mortgage Loans have been assigned by the Company to the
        Purchaser in accordance with this Agreement by including (or deleting, in
        the
        case of Mortgage Loans which are repurchased in accordance with this Agreement)
        in such computer files the information required by the MERS® System to identify
        the Purchaser of such Mortgage Loans. The Company further agrees that it
        will
        not alter the information 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.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09
        Near-term Principal Prepayments; Near Term Payment Defaults

      

      In
        the
        event any Principal Prepayment in full is made by a Mortgagor on or prior
        to
        three months after the related Closing Date, the Company shall remit to the
        Purchaser an amount equal to the excess, if any, of the Purchase Price
        Percentage over par multiplied by the amount of such Principal Prepayment
        in
        full. Such remittance shall be made by the Company to Purchaser no later
        than
        the third Business Day following receipt of such Principal Prepayment by
        the
        Company.

      

      In
        the
        event the first scheduled Monthly Payment which is due under any Mortgage
        Loan
        after the related Cut-off Date is not made during the month in which such
        Monthly Payment is due, then not later than five (5) Business Days after
        notice
        to the Company by Purchaser (and at Purchaser’s sole option), the Company, shall
        repurchase such Mortgage Loan from the Purchaser pursuant to the repurchase
        provisions contained in this Subsection 3.03.

       

      Section
        2.10  Modification
        of Obligations.
        Purchaser may, without any notice to Company, extend, compromise, renew,
        release, change, modify, adjust or alter, by operation of law or otherwise,
        any
        of the obligations of the Mortgagors or other persons obligated under a Mortgage
        Loan without releasing or otherwise affecting the obligations of Company
        under
        this Agreement, or with respect to such Mortgage Loan, except to the extent
        Purchaser’s extension, compromise, release, change, modification, adjustment, or
        alteration affects Company’s ability to collect the Mortgage Loan or realize on
        the security of the Mortgage, but then only to the extent such action has
        such
        effect.

      

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Delaware and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon such Company by any such state,
        and in any event such Company is in compliance with the laws of any such
        state
        to the extent necessary to ensure the enforceability of each Mortgage Loan
        and
        the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; and

      

      (p) At
        the
        time any Mortgage Loan is registered by the Company with MERS, the
        Company will be 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 MERS Mortgage Loans for as long as such Mortgage Loans are
        registered with MERS.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As of the related Closing Date, all of the
        Mortgage Loans will have an actual interest paid to date of their related
        Cut-off Date(or later) and will be due for the scheduled monthly payment
        next
        succeeding the Cut-off Date (or later), as evidenced by a posting to Company's
        servicing collection system. No payment under any Mortgage Loan is delinquent
        as
        of the related Closing Date nor has any scheduled payment been delinquent
        at any
        time during the twelve (12) months prior to the month of the related Closing
        Date. For purposes of this paragraph, a Mortgage Loan will be deemed delinquent
        if any payment due thereunder was not paid by the Mortgagor in the month
        such
        payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy and title insurance policy, to the extent required by the
        related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor. Neither the Company (nor any prior originator or servicer of any
        of
        the Mortgage Loans) nor any Mortgagor has engaged in any act or omission
        which
        has impaired or would impair the coverage of any such policy, the benefits
        of
        the endorsement provided for herein, or the validity and binding effect of
        either;

      

      (h)
        Each
Mortgage
        Loan complies with, and the Company has complied with, applicable local,
        state
        and federal laws, regulations and other requirements including, without
        limitation, usury, equal credit opportunity, real estate settlement procedures,
        the Federal Truth-In-Lending Act, disclosure laws and all applicable predatory
        and abusive lending laws and consummation of the transactions contemplated
        hereby, including without limitation, the receipt of interest by the owner
        of
        such Mortgage Loan, will not involve the violation of any such laws, rules
        or
        regulations. None of the Mortgage Loans are (a) Mortgage Loans subject to
        12 CFR
        Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation Z, the regulation
        implementing TILA, which implements the Home Ownership and Equity Protection
        Act
        of 1994, as amended, or (b) except as may be provided in subparagraph (c)
        below,
        classified and/or defined, as a “high cost”, “threshold”, “predatory” “high risk
        home loan” or “covered” loan (or a similarly classified loan using different
        terminology under a law imposing additional legal liability for mortgage
        loans
        having high interest rates, points and or/fees) under any other state, federal
        or local law including, but not limited to, the States of Georgia, New York,
        North Carolina, Arkansas, Kentucky or New Mexico, or (c) Mortgage Loans subject
        to the New Jersey Home Ownership Security Act of 2002 (the “Act”), unless such
        Mortgage Loan is a (1) “Home Loan” as defined in the Act that is a first lien
        Mortgage Loan, which is not a “High Cost Home Loan” as defined in the Act or (2)
“Covered Home Loan” as defined in the Act that is a first lien purchase money
        Mortgage Loan, which is not a High Cost Home Loan under the Act. In addition
        to
        and notwithstanding anything to the contrary herein, no Mortgage Loan for
        which
        the Mortgaged Property is located in New Jersey is a Home Loan as defined
        in the
        Act that was made, arranged, or assigned by a person selling either a
        manufactured home or home improvements to the Mortgaged Property or was made
        by
        an originator to whom the Mortgagor was referred by any such seller. Each
        Mortgage Loan is being (and has been) serviced in accordance with Accepted
        Servicing Practices and applicable state and federal laws, including, without
        limitation, the Federal Truth-In-Lending Act and other consumer protection
        laws,
        real estate settlement procedures, usury, equal credit opportunity and
        disclosure laws. Company shall maintain in its possession, available for
        the
        Purchaser’s inspection, as appropriate, and shall deliver to the Purchaser or
        its designee upon demand, evidence of compliance with all such requirements;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser who had no interest, direct or indirect, in the Mortgaged Property
        or
        in any loan made on the security thereof, and whose compensation is not affected
        by the approval or disapproval of the Mortgage Loan, and the appraisal and
        appraiser both satisfy the requirements of Fannie Mae or FHLMC and Title
        XI of
        the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 and
        the
        regulations promulgated thereunder, all as in effect on the date the Mortgage
        Loan was originated. The appraisal is in a form acceptable to Fannie Mae
        or
        FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain "graduated payment" features. Unless otherwise
        indicated on the related Mortgage Loan Schedule, no Mortgage Loan is subject
        to
        a buydown agreement or contains any buydown provision. With
        respect to any temporary Buydown Mortgage Loan, the maximum CLTV is ninety-five
        percent (95%); the maximum rate discount is three percent (3%), the maximum
        Buydown Period is three (3) years; the maximum increase is one percent (1%)
        per
        year; with respect to LTV that is 80.01% and above, the debt-to-income ratio
        and
        payment shock are calculated at the second year Mortgage Interest Rate;
with
        respect to LTV 80.00% and below, debt-to-income ratio and payment shock are
        calculated at the first year Mortgage Interest Rate. With respect to each
        Mortgage Loan that is a Buydown Mortgage Loan, (i) on or before the date
        of
        origination of such Mortgage Loan, the Company and the Mortgagor, or the
        Company, the Mortgagor and the seller of the Mortgaged Property or a third
        party
        entered into a Buydown Agreement. The Buydown Agreement provides that the
        seller
        of the Mortgaged Property (or third party) shall deliver to the Company
        temporary Buydown Funds in an amount equal to the aggregate undiscounted
        amount
        of payments that, when added to the amount the Mortgagor on such Mortgage
        Loan
        is obligated to pay on each Due Date in accordance with the terms of the
        Buydown
        Agreement, is equal to the full scheduled Monthly Payment due on such Mortgage
        Loan. The temporary Buydown Funds enable the Mortgagor to qualify for the
        Buydown Mortgage Loan. The effective interest rate of a Buydown Mortgage
        Loan if
        less than the interest rate set forth in the related Mortgage Note will increase
        within the Buydown Period as provided in the related Buydown Agreement so
        that
        the effective interest rate will be equal to the interest rate as set forth
        in
        the related Mortgage Note. The Buydown Mortgage Loan satisfies the requirements
        of Fannie Mae guidelines; (ii) The Mortgage and Mortgage Note reflect the
        permanent payment terms rather than the payment terms of the Buydown Agreement.
        The Buydown Agreement provides for the payment by the Mortgagor of the full
        amount of the Monthly Payment on any Due Date that the Buydown Funds are
        available. The Buydown Funds were not used to reduce the original principal
        balance of the Mortgage Loan or to increase the Appraised Value of the Mortgage
        Property when calculating the Loan-to-Value Ratios for purposes of the Agreement
        and, if the Buydown Funds were provided by the Seller and if required under
        Fannie Mae and FHLMC guidelines, the terms of the Buydown Agreement were
        disclosed to the appraiser of the Mortgaged Property; (iii) The Buydown Funds
        may not be refunded to the Mortgagor unless the Mortgagor makes a principal
        payment for the outstanding balance of the Mortgage Loan; (iv) As of the
        date of
        origination of the Mortgage Loan, the provisions of the related Buydown
        Agreement complied with the requirements of Fannie Mae and FHLMC regarding
        buydown agreements.

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Principal
        payments on the Mortgage Loan, other than the Interest Only Mortgage Loan,
        shall
        commence (with respect to any newly originated Mortgage Loans) or commenced
        no
        more than sixty (60) days after the proceeds of the Mortgage Loan were
        disbursed. The Mortgage Loan bears interest at the Mortgage Interest Rate.
        With
        respect to each Mortgage Loan, the Mortgage Note is payable on the first
        day of
        each month in Monthly Payments, which, (A) in the case of a fixed rate Mortgage
        Loan, are sufficient to fully amortize the original principal balance over
        the
        original term thereof and to pay interest at the related Mortgage Interest
        Rate,
        (B) in the case of an adjustable rate Mortgage Loan, other than the Interest
        Only Mortgage Loan, are changed on each Adjustment Date, and in any case,
        are
        sufficient to fully amortize the original principal balance over the original
        term thereof and to pay interest at the related Mortgage Interest Rate and
        (C)
        in the case of a Balloon Loan, are based on a fifteen (15) or thirty (30)
        year
        amortization schedule, as set forth in the related Mortgage Note, and a final
        monthly payment substantially greater than the preceding monthly payment
        which
        is sufficient to amortize the remaining principal balance of the Balloon
        Loan
        and to pay interest at the related Mortgage Interest Rate. The Index for
        each
        Adjustable Rate Mortgage Loan is as defined in the related Confirmation and
        the
        Mortgage Loan Schedule. The Mortgage Note does not permit negative amortization,
        unless otherwise noted on the related Mortgage Loan Schedule. No Mortgage
        Loan
        is a convertible Mortgage Loan; (D) in the case of an Interest Only Mortgage
        Loan, the monthly payments on each Interest Only Mortgage Loan during the
        related interest only period is equal to the product of the related Mortgage
        Interest Rate and the principal balance of such Mortgage Loan on the first
        day
        of each month and after such interest only period, except with respect to
        Interest Only Mortgage Loan that are adjustable rate Mortgage Loans, such
        Mortgage Loan is payable in equal monthly installments of principal and
        interest;

      

      (bb)
        If
        such Mortgage Loan is a Co-op
        Loan,
        the security instruments create a valid, enforceable and subsisting first
        priority security interest in the related cooperative shares securing the
        related cooperative note, subject only to (x) the lien of the related
        cooperative for unpaid assessments representing the Mortgagor’s pro rata share
        of payments for a blanket mortgage, if any, current and future real property
        taxes, insurance premiums, maintenance fees and other assessments to which
        like
        collateral is commonly subject and (y) other matters to which like collateral
        is
        commonly subject and which do not materially interfere with the benefits
        of the
        security intended to be provided; provided, however, that the related
        proprietary lease for the cooperative apartment may be subordinated or otherwise
        subject to the lien of a mortgage on the cooperative building;

       

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK) 

      

      (hh)
        In
        the event the Mortgage Loan had an LTV at origination greater than 80.00%,
        the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the purchase price of the Mortgaged
        Property with respect to a purchase money Mortgage Loan was insured as to
        payment defaults by a Primary Mortgage Insurance Policy issued by a Qualified
        Insurer. No Mortgage Loan has an LTV over 95%. All provisions of such Primary
        Mortgage Insurance Policy have been and are being complied with, such policy
        is
        in full force and effect, and all premiums due thereunder have been paid.
        No
        Mortgage Loan requires payment of such premiums, in whole or in part, by
        the
        Purchaser. No action, inaction, or event has occurred and no state of facts
        exists that has, or will result in the exclusion from, denial of, or defense
        to
        coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance Policy
        obligates the Mortgagor thereunder to maintain the Primary Mortgage Insurance
        Policy, subject to state and federal law, and to pay all premiums and charges in
        connection therewith. No action has been taken or failed to be taken, on
        or
        prior to the Closing Date which has resulted or will result in an exclusion
        from, denial of, or defense to coverage under any Primary Mortgage Insurance
        Policy (including, without limitation, any exclusions, denials or defenses
        which
        would limit or reduce the availability of the timely payment of the full
        amount
        of the loss otherwise due thereunder to the insured) whether arising out
        of
        actions, representations, errors, omissions, negligence, or fraud of the
        Company
        or the Mortgagor, or for any other reason under such coverage; The mortgage
        interest rate for the Mortgage Loan as set forth on the related Mortgage
        Loan
        Schedule is net of any such insurance premium. None of the Mortgage Loans
        are
        subject to “lender-paid” mortgage insurance;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        specified on the related Mortgage Loan Schedule, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property was used for
        commercial purposes, and since the Origination Date, no portion of any Mortgaged
        Property has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal (if applicable)
        and interest, which installments are subject to change due to the adjustments
        to
        the Mortgage Interest Rate on each Adjustment Date, with interest calculated
        and
        payable in arrears. Each of the Mortgage Loans will amortize fully by the
        stated
        maturity date, over an original term of not more than thirty years from
        commencement of amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        Company has no knowledge of any violation of any environmental law, rule
        or
        regulation with respect to the Mortgaged Property; and the Company has not
        received any notice of any environmental hazard on the Mortgaged Property
        and
        nothing further remains to be done to satisfy in full all requirements of
        each
        such law, rule or regulation constituting a prerequisite to use and enjoyment
        of
        said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
         No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) [Reserved]; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage;

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee;

      

      (xx)
        There is no Mortgage Loan that was originated on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia;

      

      (yy)
        No
        proceeds from any Mortgage Loan were used to finance single premium credit
        insurance policies;

      

      (zz)
         [Reserved];

      

      (aaa) The
        methodology used in underwriting the extension of credit for each Mortgage
        Loan
        employs objective mathematical principles which relate the borrower’s income,
        assets and liabilities to the proposed payment and such underwriting methodology
        does not rely on the extent of the borrower’s equity in the collateral as the
        principal determining factor in approving such credit extension. Such
        underwriting methodology confirmed that at the time of origination
        (application/approval) the borrower had a reasonable ability to make timely
        payments on the Mortgage Loan;

       

      (bbb) With
        respect to any Mortgage Loan that contains a provision permitting imposition
        of
        a premium upon a prepayment prior to maturity: (i) prior to the loan’s
        origination, the borrower agreed to such premium in exchange for a monetary
        benefit, including but not limited to a rate or fee reduction, (ii) prior
        to the
        loan’s origination, the borrower was offered the option of obtaining a mortgage
        loan that did not require payment of such a premium, (iii) the prepayment
        premium is disclosed to the borrower in the loan documents pursuant to
        applicable state and federal law, and (iv) notwithstanding any state or federal
        law to the contrary, the Servicer shall not impose such prepayment premium
        in
        any instance when the mortgage debt is accelerated as the result of the
        borrower’s default in making the loan payments;

       

      (ccc) No
        borrower was required to purchase any credit life, disability, accident or
        health insurance product as a condition of obtaining the extension of credit.
        No
        borrower obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;
        No proceeds from any Mortgage Loan were used to purchase single premium credit
        insurance policies as part of the origination of, or as a condition to closing,
        such Mortgage Loan; 

       

      (ddd) [Reserved],
        

       

      (eee)
        Any Mortgage Loan with a Mortgaged Property in the State of Illinois complies
        with the Illinois Interest Act, if applicable; 

      

      (fff)
        With
        respect to any Mortgage Loan originated on or after August 1, 2004 and
        underlying the security, neither the related Mortgage nor the related Mortgage
        Note requires the borrower to submit to arbitration to resolve any dispute
        arising out of or relating in any way to the mortgage loan
        transaction;

       

      (ggg)
        No Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c);

      

      (hhh)
        For any Mortgage Loan with the related Mortgaged Property located in State
        of
        Texas which is a second lien and the interest rate is in excess of 10% and
        where
        terms of the Mortgage Note contain a provision for which the Mortgagor may
        be
        entitled to prepaid interest upon payoff, no Mortgagor paid any administrative
        fees, points, or loan origination fees which would actually result in any
        prepaid interest being due the Mortgagor under the terms of the Mortgage
        Note;

       

      (iii)  
        The Company has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the Anti-Money Laundering Laws").  The Company has
        established an anti-money laundering compliance program as required by the
        Anti-Money Laundering Laws and has conducted the requisite due diligence in
        connection with the origination of each Mortgage Loan for the purposes of
        the
        Anti-Money Laundering Laws.  The Company further represents that it
        takes reasonable efforts to determine whether any Mortgagor appears on any
        list of blocked or prohibited parties designated by the U.S. Department of
        Treasury; and

       

      (jjj)
        If the Mortgage Loan is secured by a long-term residential lease, (1) the
        terms
        of such lease expressly permit the mortgaging of the leasehold estate, the
        assignment of the lease without the lessor’s consent (or the lessor’s consent
        has been obtained) and the acquisition by the holder of the Mortgage of the
        rights of the lessee upon foreclosure or assignment in lieu of foreclosure
        or
        provide the holder of the Mortgage with substantially similar protection
        (2) the
        terms of such lease do not (a) allow the termination thereof upon the lessee’s
        default without the holder of the Mortgage being entitled to receive written
        notice of, and opportunity to cure, such default, (b) allow the termination
        of a
        lease in the event of damage or destruction as long as the Mortgage is in
        existence or (c) prohibit the holder of the Mortgage from being insured under
        the hazard insurance policy relating to the Mortgaged Property (3) the original
        term of such lease is not less than 15 years (4) the term of such lease does
        not
        terminate earlier than 5 years after the maturity date of the Note and (5)
        the
        Mortgaged Property is located in a jurisdiction in which the use of leasehold
        estates for residential properties is a widely-accepted practice.

       

       

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      If
        pursuant to the foregoing provisions the Company repurchases a Mortgage Loan
        that is a MERS Mortgage Loan, the Company shall either (a) cause MERS to
        execute
        and deliver an assignment of the Mortgage in recordable form to transfer
        the
        Mortgage from MERS to the Company and shall cause such Mortgage to be removed
        from registration on the MERS® System in accordance with MERS’ rules and
        regulations or (b) cause MERS to designate on the MERS® System the Company as
        the beneficial holder of such Mortgage Loan.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Company
        as
        provided herein constitute the sole remedies of the Company respecting a
        breach
        of the foregoing representations and warranties.

       

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies, insurance claims, the title, management
        and disposition of REO Property, permitted withdrawals with respect to REO
        Property, liquidation reports, and reports of foreclosures and abandonments
        of
        Mortgaged Property, the transfer of Mortgaged Property, the release of Mortgage
        Files, annual statements, and examination of records and facilities. In the
        event of any conflict, inconsistency or discrepancy between any of the servicing
        provisions of this Agreement and the related Term Sheet and any of the servicing
        provisions of the Fannie Mae Guides, the provisions of this Agreement and
        the
        related Term Sheet shall control and be binding upon the Purchaser and the
        Company. 

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding
        anything herein to the contrary, the Company may not enter into a forbearance
        agreement or similar arrangement with respect to any Mortgage Loan which
        term
        exceeds 12 months in duration. Any such agreement shall be approved by Purchaser
        and, if required, by the Primary Mortgage Insurance Policy insurer, if required.
        Any other loss mitigation or workout alternatives, such as short sales or
        deeds
        in lieu of foreclosure, shall be subject to the approval of the Purchaser
        and
        the Primary Mortgage Insurance Policy insurer if applicable.

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC 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.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (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”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      The
        Company will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Company agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off.

       

      Section
        4.02  Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy, follow such collection procedures as it follows with
        respect to mortgage loans comparable to the Mortgage Loans and held for its
        own
        account. Further, the Company will take special care in ascertaining and
        estimating annual escrow payments, and all other charges that, as provided
        in
        the Mortgage, will become due and payable, so that the installments payable
        by
        the Mortgagors will be sufficient to pay such charges as and when they become
        due and payable.

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        the
        best interest of Purchaser, 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 4.01. . Loan shall
        be
        demanded within 90 days of default for Mortgaged Properties for which no
        satisfactory arrangements can be made for collection of delinquent payments,
        subject to state and federal law and regulation. Foreclosure or comparable
        proceedings shall be initiated within one
        hundred twenty (120) days of default for Mortgaged Properties for which no
        satisfactory arrangements can be made for collection of delinquent payments,
        subject to state and federal law and regulation. In the event any payment
        due
        under any Mortgage Loan is not paid when the same becomes due and payable,
        or in
        the event the Mortgagor fails to perform any other covenant or obligation
        under
        the Mortgage Loan and such failure continues beyond any applicable grace
        period,
        the Company will proceed diligently to collect all payments due and shall
        take
        such action, including commencing foreclosure, as it shall reasonably deem
        to be
        in the best interests of the Purchaser in a manner consistent with Accepted
        Servicing Practices,
        subject
        to state and federal law and regulation. The Company shall use its best efforts
        to realize upon defaulted Mortgage Loans in such manner as will maximize
        the
        receipt of principal and interest by the Purchaser, taking into account,
        among
        other things, the timing of foreclosure proceedings. The foregoing is subject
        to
        the provisions that, in any case in which a Mortgaged Property shall have
        suffered damage, the Company shall not be required to expend its own funds
        toward the restoration of such property unless it shall determine in its
        discretion (i) that such restoration will increase the proceeds of liquidation
        of the related Mortgage Loan to the Purchaser after reimbursement to itself
        for
        such expenses, and (ii) that such expenses will be recoverable by the Company
        through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged
        Property, as contemplated in Section 4.05. Company shall obtain prior approval
        of Purchaser as to repair or restoration expenses in excess of ten thousand
        dollars ($10,000). The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.
        Additionally, Company shall perform the tax withholding and reporting related
        to
        Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds deposited in the Custodial
        Account, which shall be deposited within 24 hours of receipt, shall at all
        times
        be insured by the FDIC up to the FDIC insurance limits, or must be invested
        in
        Permitted Investments for the benefit of the Purchaser. Funds deposited in
        the
        Custodial Account may be drawn on by the Company in accordance with Section
        4.05. The creation of any Custodial Account shall be evidenced by a letter
        agreement in the form shown in Exhibit B hereto. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        the
        request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with respect to each full or partial Principal Prepayment, any Prepayment
        Interest Shortfalls, to the extent of the Company’s aggregate Servicing Fee
        received with respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The Purchaser shall not
        be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
        to
        clear and terminate the Escrow Account on the termination of this Agreement.
        As
        part of its servicing duties, the Company shall pay to the Mortgagors interest
        on funds in Escrow Account, to the extent required by law, and to the extent
        that interest earned on funds in the Escrow Account is insufficient, shall
        pay
        such interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary
        Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely 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 advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies issued by a Qualified Insurer with respect to each Mortgage Loan
        for
        which such coverage is herein required. Such coverage will be terminated
        only
        with the approval of Purchaser, or as required by applicable law or regulation.
        The Company will not cancel or refuse to renew any Primary Mortgage Insurance
        Policy in effect on the Closing Date that is required to be kept in force
        under
        this Agreement unless a replacement Primary Mortgage Insurance Policy for
        such
        canceled or nonrenewed policy is obtained from and maintained with a Qualified
        Insurer. The Company shall not take any action which would result in
        non-coverage under any applicable Primary Mortgage Insurance Policy of any
        loss
        which, but for the actions of the Company would have been covered thereunder.
        In
        connection with any assumption or substitution agreement entered into or
        to be
        entered into pursuant to Section 6.01, the Company shall promptly notify
        the
        insurer under the related Primary Mortgage Insurance Policy, if any, of such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy. If such Primary Mortgage Insurance Policy is terminated as a result
        of
        such assumption or substitution of liability, the Company shall obtain a
        replacement Primary Mortgage Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy and, in this regard, to take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy respecting a defaulted Mortgage Loan. Pursuant to Section
        4.04,
        any amounts collected by the Company under any Primary Mortgage Insurance
        Policy
        shall be deposited in the Custodial Account, subject to withdrawal pursuant
        to
        Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The Company shall, either itself or through
        an agent selected by the Company, and in accordance with the Fannie Mae Guides
        manage, conserve, protect and operate each REO Property in the same manner
        that
        it manages, conserves, protects and operates other foreclosed property for
        its
        own account, and in the same manner that similar property in the same locality
        as the REO Property is managed. The Company shall cause each REO Property
        to be
        inspected promptly upon the acquisition of title thereto and shall cause
        each
        REO Property to be inspected at least monthly thereafter or more frequently
        as
        required by the circumstances. The Company shall make or cause to be made
        a
        written report of each such inspection. Such reports shall be retained in
        the
        Mortgage File and copies thereof shall be forwarded by the Company to the
        Purchaser upon request.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids. 

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        first
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on paper or a disk or tape or other computer-readable format
        in
        such format as may be mutually agreed upon by both Purchaser and Company,
        and no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than sixty (60) days after the end of each calendar year,
        the
        Company shall furnish to each Person who was a Purchaser at any time during
        such
        calendar year an annual statement in accordance with the requirements of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

      

      Section
        5.05 Prepayment
        Interest Shortfalls.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date in
        the month following the related Prepayment Period, the Company shall deposit
        in
        the Custodial Account an amount equal to any Prepayment Interest Shortfalls
        with
        respect to such Prepayment Period, which in the aggregate shall not exceed
        the
        Company’s aggregate Servicing Fee received with respect to the related Due
        Period.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy,
        if any.
        If the Company reasonably believes it is unable under applicable law to enforce
        such "due-on-sale" clause, the Company, with the approval of the Purchaser,
        will
        enter into an assumption agreement with the person to whom the Mortgaged
        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. Where an assumption
        is allowed pursuant to this Section 6.01, the Company, with the prior consent
        of
        the Purchaser and the primary mortgage insurer, if any, is authorized to
        enter
        into a substitution of liability agreement with the person to whom the Mortgaged
        Property has been conveyed or is proposed to be conveyed pursuant to which
        the
        original mortgagor is released from liability and such Person is substituted
        as
        mortgagor and becomes liable under the related Mortgage Note. Any such
        substitution of liability agreement shall be in lieu of an assumption agreement.
        

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        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. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, 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
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, 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 Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy, the Purchaser shall, upon request of the Company and delivery
        to the Purchaser of a servicing receipt signed by a Servicing Officer, release
        the portion of the Mortgage File held by the Purchaser to the Company. Such
        servicing receipt shall obligate the Company to return the related Mortgage
        documents to the Purchaser when the need therefor by the Company no longer
        exists, unless the Mortgage Loan has been liquidated and the Liquidation
        Proceeds relating to the Mortgage Loan have been deposited in the Custodial
        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 Company
        has delivered to the Purchaser 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, the servicing receipt shall be released by the Purchaser
        to the
        Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company 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 for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than February 28th
        of each
        year, beginning March 15, 2006, an
        executed Officers' Certificate acceptable to the Purchaser stating, as to
        each
        signatory thereof, that (i) a review of the activities of the Company during
        the
        preceding calendar year and of performance under this Agreement has been
        made
        under such officers' supervision, and (ii) to the best of such officers'
        knowledge, based on such review, the Company has fulfilled all of its
        obligations under this Agreement throughout such year, or, if there has been
        a
        default in the fulfillment of any such obligation, specifying each such default
        known to such officers and the nature and status of cure provisions thereof.
        Such Officers’ Certificate shall contain no restrictions or limitations on its
        use. Copies of such statement shall be provided by the Company to the Purchaser
        upon request.

      

      If
        the
        Company cannot deliver the related Officers’ Certificate by March 15th
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Officers’ Certificate, but in no event later than March
        22nd
        of such
        year.

       

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, and
        Purchaser may, in addition to whatever rights the Purchaser may have under
        Sections 3.03 and 8.01 and at law or equity or to damages, including injunctive
        relief and specific performance, terminate all the rights and obligations
        of the
        Company under this Agreement and in and to the Mortgage Loans and the proceeds
        thereof without compensating the Company for the same, as provided in Section
        9.01. Such termination shall be considered with cause pursuant to Section
        10.01
        of this Agreement. This paragraph shall supercede any other provision in
        this
        Agreement or any other agreement to the contrary.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants' Servicing Report.

      

      The
        Company, at its expense and not later than March 15th
        of each
        year, beginning March 15, 2006, shall cause a firm of independent public
        accountants which is a member of the American Institute of Certified Public
        Accountants to furnish a statement to the Purchaser acceptable to the Purchaser
        to the effect that such firm has examined certain documents and records relating
        to the Company's servicing of mortgage loans of the same type as the Mortgage
        Loans pursuant to servicing agreements substantially similar to this Agreement,
        which agreements may include this Agreement, and that, on the basis of such
        an
        examination, conducted substantially in the uniform single audit program
        for
        mortgage bankers, such firm is of the opinion that the Company's servicing
        has
        been conducted in compliance with the agreements examined pursuant to this
        Section 6.05, except for (i) such exceptions as such firm shall believe to
        be
        immaterial, and (ii) such other exceptions as shall be set forth in such
        statement. Such statement shall contain no restrictions or limitations on
        its
        use. Copies of such statement shall be provided by the Company to the Purchaser.
        In addition, on an annual basis, Company shall provide Purchaser with copies
        of
        its audited financial statements.

      

      Failure
        of the Company to timely comply with this Section 6.05 shall be deemed an
        Event
        of Default, automatically,
        without notice and without any cure period, and Purchaser may, in addition
        to
        whatever rights the Purchaser may have under Sections 3.03 and 8.01 and at
        law
        or equity or to damages, including injunctive relief and specific performance,
        terminate all the rights and obligations of the Company under this Agreement
        and
        in and to the Mortgage Loans and the proceeds thereof without compensating
        the
        Company for the same,
        as
        provided in Section 9.01. Such termination shall be considered with cause
        pursuant to Section 10.01 of this Agreement.
        This
        paragraph shall supercede any other provision in this Agreement or any other
        agreement to the contrary.

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        federal government, FDIC, OTS, or any other similar regulations.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement
        or in any way related to the alleged breach of any representation or warranty
        in
        Sections 3.01 or 3.02 of this Agreement related to compliance with all
        applicable laws. The Company shall immediately notify the Purchaser if a
        claim
        is made by a third party against Company with respect to this Agreement or
        the
        Mortgage Loans, assume (with the consent of the Purchaser) the defense of
        any
        such claim and pay all expenses in connection therewith, including counsel
        fees,
        whether or not such claim is settled prior to judgment, and promptly pay,
        discharge and satisfy any judgment or decree which may be entered against
        it or
        the Purchaser in respect of such claim. The Company shall follow any written
        instructions received from the Purchaser in connection with such claim. The
        Purchaser shall promptly reimburse the Company for all amounts advanced by
        it
        pursuant to the two preceding sentences except when the claim relates to
        the
        failure of the Company to service and administer the Mortgages in strict
        compliance with the terms of this Agreement, the breach of representation
        or
        warranty set forth in Sections 3.01 or 3.02, or the gross negligence, bad
        faith
        or willful misconduct of Company. The provisions of this Section 8.01 shall
        survive termination of this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and 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,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        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
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser 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 made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole discretion,
        but if
        the purchaser of the Company’s assetshas the qualifications set forth in Section
        8.02, then the Purchaser will not unreasonably withhold consent.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      
 

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, 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 Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

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

      

      (v)
        the
        Company 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)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and 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, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement. Termination of the Agreement pursuant
        to Section 10.01 (iii) shall void Purchaser’s obligation to purchase Mortgage
        Loans for which Purchaser has issued a Confirmation, commitment confirmation
        or
        a substantially similar commitment to purchase Mortgage Loans.

      

      Section
        10.02 Termination
        Without Cause.

      

      The
        Purchaser may, at its sole option, terminate any rights the Company may have
        hereunder, without cause, upon no less than 90 days written notice. Any such
        notice of termination shall be in writing and delivered to the Company as
        provided in Section 11.05 of this Agreement. In the event that the Company
        is
        terminated pursuant to this Section 10.02 without cause, the Purchaser shall
        solicit, by public announcement, bids from three organizations reasonably
        acceptable to the Purchaser for the purchase of the servicing functions.
        Following receipt of such bids, the Purchaser shall either (a) negotiate
        and
        effect the transfer, sale and assignment of the Agreement to the party
        submitting the highest satisfactory bid, which purchase price shall be paid
        to
        the Company upon transfer of the servicing rights and obligations under this
        Agreement to the Company’s successor, or (b) pay to the Company a termination
        fee equal to the amount of the party submitting the highest satisfactory
        bid.
        Notwithstanding anything herein to the contrary, the Purchaser shall deduct
        all
        costs and expenses of any public announcement and any other expenses relating
        to
        the sale, transfer and assignment of this Agreement from the sum payable
        to
        Company pursuant to the previous sentence.

      

      Section
        10.03 Survival.

       

      Termination
        of this Agreement under Section 10.01 or Section 10.02 shall not affect any
        of
        the Company’s obligations regarding repurchase, indemnification or otherwise,
        all of which shall survive such termination and remain in full force and
        effect.

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      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 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 Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)            
        if
        to the
        Company:

       

      Michael
        T. Stilb / Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14043

      

      (ii)           if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Mary Haggerty

      Telecopier
        No.: (212) 272-5591

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)   
        the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)  
        the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley
        Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
        (ii) shall not use Consumer Information in any manner inconsistent with any
        applicable laws and regulations regarding the privacy and security of Consumer
        Information, (iii) shall not disclose Consumer Information to third parties
        except at the specific written direction of the Purchaser, (iv) shall maintain
        adequate physical, technical and administrative safeguards to protect Consumer
        Information from unauthorized access as provided by the applicable laws and
        regulations, and (v) shall immediately notify the Purchaser of any actual
        or
        suspected breach of the confidentiality of Consumer Information that would
        have
        a material and adverse effect on the Purchaser.

      The
        Company agrees that the Company shall indemnify, defend and hold the Purchaser
        harmless from and against any loss, claim or liability the Purchaser may
        suffer
        by reason of the Company's failure to perform the obligations set forth in
        this
        Section 11.10.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. The Company shall have the right,
        only with the consent of the Purchaser or otherwise in accordance with this
        Agreement, to assign, in whole or in part, its interest under this Agreement
        with respect to some or all of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Signature
        Pages/Counterparts; Successors and Assigns.
        

      

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party. The Purchaser may deliver a copy of this Agreement
        and/or any Term Sheet, fully executed as provided herein, to each other party
        hereto by mail and/or courier and/or Electronic Transmission, and such copy
        as
        so delivered shall constitute a fully executed original Agreement or Term
        Sheet,
        as applicable, superseding any prior form of the Agreement or Term Sheet,
        as
        applicable, that differs therefrom in any respect. This Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successor and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16. This Section 11.16 shall not be deemed to preclude the
        Company or any of its affiliates from soliciting any Mortgagor for any other
        financial products or services. The Company shall use its best efforts to
        prevent the sale of the name of any Mortgagor to any Person who is not affiliate
        of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this Agreement.
        Notwithstanding anything to the contrary in this Section 11.18, the Company
        agrees that it is required to perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affilates for disclosure contained in any offering document relating to the
        Company or its affilates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

      
        
           

          
            	 	 	 
	 	
                    EMC
                      MORTGAGE CORPORATION

                    Purchaser

                  
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                  

          

           

          
            	 	 	 
	 	
                    HSBC
                      MORTGAGE CORPORATION (USA) 

                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                    

                  
	 	Title:	
                  

          

        

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
         Except
        as
        provided below and for each Mortgage Loan that is not a MERS Mortgage
        Loan,
        the
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company. With respect to each MERS
        Mortgage Loan, the original Mortgage, noting the presence of the MIN of the
        Mortgage Loans and either language indicating that the Mortgage Loan is a
        MOM
        Loan or if the Mortgage Loan was not a MOM Loan at origination, the original
        Mortgage and the assignment thereof to MERS, with evidence of recording
        indicated thereon, or a copy of the Mortgage certified by the public recording
        office in which such Mortgage has been recorded.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4. In
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, the
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. In
        the
        case of each Mortgage Loan that is not a MERS Mortgage Loan, originals of
        all
        recorded intervening Assignments, or copies thereof, certified by the public
        recording office in which such Assignments have been recorded showing a complete
        chain of title from the originator to the Company, with evidence of recording
        thereon, or a copy thereof certified by the public recording office in which
        such Assignment has been recorded or, if the original Assignment has not
        been
        returned from the applicable public recording office, a true certified copy,
        certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
         Residential
        loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      

      (B)
         With
        respect to each Co-op Loan, as applicable and as required by the applicable
        laws
        of the state in which the related Cooperative apartment is located, copies
        of:
        (A) the proprietary lease, (B) the security agreement, (C) the assignment
        of the
        proprietary lease, with all intervening assignments showing a complete chain
        of
        title and an assignment thereof by such Seller, (D) the original stock
        certificate evidencing the ownership of the Cooperative apartment endorsed
        or
        accompanied by a stock power relating to such stock certificate executed
        in
        blank, (E) a recognition agreement in form approved by Seller’s underwriting
        guidelines, in substantially the same form as the standard “AZTECH” form, (F)
        copies of the financing statement filed by the applicable Company as secured
        party and, if applicable, a filed UCC-3 assignment of the subject security
        interest showing a complete chain of title, together with an executed UCC-3
        Assignment of such security interest by the Company in a form sufficient
        for
        filing, and (G) such other documents as are necessary for the perfection
        of a
        lien against the related Co-op Loan ownership interests under applicable
        law.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2002

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        May 1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"), we hereby
        authorize and request you to establish an account, as a Custodial Account
        pursuant to Section 4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Adjustable Rate Mortgage Loans". All deposits in the account shall be
        subject
        to withdrawal therefrom by order signed by the Company. This letter is submitted
        to you in duplicate. Please execute and return one original to us.

       

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	 	 	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA)

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2002

      

      To:         
        [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of May
        1, 2001 Adjustable Rate Mortgage Loans (the "Agreement"), we hereby authorize
        and request you to establish an account, as an Escrow Account pursuant to
        Section 4.06 of the Agreement, to be designated as
        "[__________________________], in trust for the [Purchaser], Owner of Adjustable
        Rate Mortgage Loans, and various Mortgagors." All deposits in the account
        shall
        be subject to withdrawal therefrom by order signed by the Company. This letter
        is submitted to you in duplicate. Please execute and return one original
        to
        us.

       

      
        	 	 	 
	 	
                HSBC
                  MORTGAGE CORPORATION (USA)

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

       

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and HSBC Mortgage Corporation
        (USA) (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of May 1, 2002, between Assignor and Company
        (the
“Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        	(c)  	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this PAAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this PAAR Agreement is in the ordinary course of Company’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this PAAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on part of Company. This PAAR Agreement has been duly executed
                  and
                  delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

      

      
        	(d)  	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Assignee in connection with the execution, delivery or
                  performance
                  by Company of this PAAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;
                  and

              

      

      

      
        	(e)  	
                No
                  event has occurred
                  from the Closing Date to the date hereof which would render the
                  representations and warranties as to the related Assigned Loans
                  made by
                  the Company in Sections 3.01 and 3.02 of the Purchase Agreement
                  to be
                  untrue in any material respect.

              

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)          
        In
        the
        case of Company:

      HSBC
        MORTGAGE CORPORATION (USA) 

         Lori
        Miller / Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14043

       

      With
        a copy to:

       

      (b)          
        In
        the
        case of Assignor:

      [Name
        and address] 

      

      (c)           In
        the
        case of Assignee:

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15. The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        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 Accepted
        Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

       

      
        	 	 	 
	 	
                
                  EMC
                    MORTGAGE CORPORATION

                  Assignor

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              
	 	 	 
	 	 	 
	 	 	 
	 	
                
Assignee

      

       

      
        	 	 	 
	 	
                
                   

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      
        	 	 	 
	 	
                
                  
                    HSBC
                      MORTGAGE CORPORATION (USA)

                    Company

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

       

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

            
            

          

        

      

       

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between HSBC Mortgage Corporation
        (USA), a Delaware corporation, located at 2929 Walden Avenue, Depew, New
        York
        14043 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at Mac Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving,
        Texas
        75038 (the "Purchaser") is made pursuant to the terms and conditions of that
        certain Purchase, Warranties and Servicing Agreement (the "Agreement") dated
        as
        of May 1, 2002, between the Company and the Purchaser, the provisions of
        which
        are incorporated herein as if set forth in full herein, as such terms and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.            
        Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate: 

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate: 

       

      Except
        as
        modified herein, Section 8.01 of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        	 	 	 
	 	
                
                  
                    HSBC
                      MORTGAGE CORPORATION (USA)

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

          

      
        	 	 	 
	 	
                
                  
                    
                      EMC
                        MORTGAGE CORPORATION

                    

                  

                

              
	 
 	 
 	 
 
	 	By:  	 
	 	Name:   	
                

              
	 	Title:	
                
 
	 	 	
                

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        J

      

      [RESERVED]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      
        	·  	
                The
                  Company shall (i) possess the ability to service into a securitization;
                  (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through
                  the liquidation of an REO Property), (iii) make compensating interest
                  payments on payoffs and curtailments and (iv) remit and report
                  to a master
                  servicer in format acceptable to such master servicer by the
                  18th
                  calendar day of each month, unless otherwise provided in the
                  securitization documents.

              

      

      

      
        	·  	
                The
                  Company shall provide an acceptable annual certification (officer’s
                  certificate) to the master servicer (as required by the Sarbanes-Oxley
                  Act
                  of 2002) as well as any other annual certifications required under
                  the
                  securitization documents (i.e. the annual statement as to
                  compliance/annual independent certified public accountants’ servicing
                  report due by March 15 of each
                  year).

              

      

      

      
        	·  	
                The
                  Company shall allow for the Purchaser, the master servicer or their
                  designee to perform a review of audited financials and net worth
                  of the
                  Company.

              

      

      

      
        	·  	
                The
                  Company shall provide a Uniform Single Attestation Program certificate
                  and
                  Management Assertion as requested by the master servicer or the
                  Purchaser.

              

      

      

      
        	·  	
                The
                  Company shall provide information on each Custodial Account as
                  requested
                  by the master servicer or the Purchaser, and each Custodial Accounts
                  shall
                  comply with the requirements for such accounts as set forth in
                  the
                  securitization documents.

              

      

      

      
        	·  	
                The
                  Company shall maintain its servicing system in accordance with
                  the
                  requirements of the master
                  servicer.

              

      

       

      EXECUTION

      

      AMENDMENT
        REG
        AB

      TO
        THE SELLER’S WARRANTIES AND SERVICING
        AGREEMENT

       

      This
        is Amendment Reg AB (the
“Amendment Reg
        AB”), dated as of
        November 7, 2005, by and between EMC Mortgage Corporation (the“Purchaser”),
        and HSBC Mortgage Corporation (USA)
        (the “Company”)
        to that certain  Amended
        and Restated Purchase, Warranties and Servicing Agreement, dated as of September
        1, 2005 by and between the Company and the Purchaser, (as amended, modified
        or
        supplemented, the “Existing Agreement”).

       

      WITNESSETH

       

      WHEREAS,
        the Company and the Purchaser
        have agreed, subject to the terms and conditions of this Amendment Reg AB
        that
        the Existing Agreement be amended to reflect certain agreed upon revisions
        to
        the terms of the Existing Agreement.

       

      Accordingly,
        the Company and the
        Purchaser hereby agree, in consideration of the mutual premises and mutual
        obligations set forth herein, that the Existing Agreement is hereby amended
        as
        follows:

       

      
        	
                1.  

              	
                Capitalized
                  terms used herein but not otherwise defined shall have the meanings
                  set
                  forth in the Existing Agreement.  The Existing Agreement
                  is hereby
                  amended by adding the following definitions in their proper alphabetical
                  order:

              

      

       

      Commission:
        The United States Securities and
        Exchange Commission.

       

      Company
        Information: As defined in Section 2(g)(i)(A)(1).

       

      Depositor:  With
        respect to any Securitization Transaction, the Person identified in writing
        to
        the Company by the Purchaser as depositor for such Securitization
        Transaction.

      

      Exchange
        Act.  The Securities Exchange Act of 1934, as
        amended.

      

      Master
        Servicer: With respect to any Securitization Transaction, the “master
        servicer,” if an, identified in the related transaction documents.

      

      Qualified
        Correspondent: Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied:  (i) such Mortgage Loans were
        originated pursuant to an agreement between the Company and such Person that
        contemplated that such Person would underwrite mortgage loans from time to
        time,
        for sale to the Company, in accordance with underwriting guidelines designated
        by the Company (“Designated Guidelines”) or guidelines that do not vary
        materially from such Designated Guidelines: (ii) such Mortgage Loans were
        in
        fact underwritten as described in clause (i) above and were acquired by the
        Company within 180 days after origination (except that 1% of the Mortgage
        Loans
        in any securitization may be within 240 days); (iii) either (x) the Designated
        Guidelines were, at the time such Mortgage Loans were originated, used by
        the
        Company in the origination of mortgage loans of the same type as the Mortgage
        Loans for the Company’s own account or (y) the Designated Guidelines were, at
        the time such Mortgage Loans were underwritten, designated by the Company
        on a
        consistent basis for use by lenders in originating mortgage loans to
        be  purchased by the Company; and (iv) the Company employed, at the
        time such Mortgage Loans were acquired by the Company pre-purchase or
        post-purchase quality assurance procedures (which may involve, among other
        things, review of a sample of mortgage loans purchased during a particular
        time
        period or through particular channels) designed to ensure that Persons from
        which it purchased mortgage loans properly applied the underwriting criteria
        designated by the Company.

       

      Reconstitution:  Any
        Securitization Transaction or Whole Loan Transfer.

       

      Reconstitution
        Agreement:  An agreement or agreements entered into by the Company
        and the Purchaser and/or certain third parties in connection with a
        Reconstitution with respect to any or all of the Mortgage Loans.

       

      Regulation
        AB: Subpart 229.1100
– Asset Backed
        Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be
        amended from time to time, and subject to such clarification and interpretation
        as have been provided by the Commission in the adopting release
        (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed.
        Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as
        may
        be provided by the Commission or its staff from time to time.

       

      Securities
        Act: The federal Securities
        Act of 1933, as
        amended.

       

      Securitization
        Transaction:  Any transaction
        involving either (1) a sale or other transfer of some or all of the Mortgage
        Loans directly or indirectly to an issuing entity (as defined in Regulation
        AB)
        in connection with an issuance of publicly offered or privately placed, rated
        or
        unrated mortgage-backed securities or (2) an issuance of publicly offered
        or
        privately placed, rated or unrated securities, the payments on which are
        determined primarily by reference to one or more portfolios of residential
        mortgage loans consisting, in whole or in part, of some or all of the Mortgage
        Loans.

       

      Servicer:  As
        defined in Section 2(f)(iii).

       

      Servicing
        Criteria: The “servicing criteria” set forth in
        Item 1122(d) of Regulation AB, as such may be amended from time to
        time.

       

      Static
        Pool
        Information:
        Information set forth in Item 1105(a) and 1105(c) of Regulation
        AB.

       

      Subcontractor:  Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans pursuant to a
        Reconstitution Agreement but performs one or more discrete functions identified
        in Item 1122(d) of Regulation AB with respect to Mortgage Loans (serviced
        by the
        Company under a Reconstitution Agreement) under the direction or authority
        of
        the Company or a Subservicer.

      

      Subservicer:  Any
        Person that services Mortgage Loans on behalf of the Company  (as
        servicer under a Reconstitution Agreement) or any Subservicer and is responsible
        for the performance (whether directly or through Subservicers or Subcontractors)
        of a substantial portion of the material servicing functions required to
        be
        performed by the Company under this Agreement or any Reconstitution Agreement
        that are identified in Item 1122(d) of Regulation AB.

       

      Third
        Party
        Originator:  Each Person,
        other
        than a Qualified Correspondent, that originated Mortgage Loans acquired by
        the
        Company.

       

      Whole
        Loan Transfer:  Any sale or transfer of some or all of the
        Mortgage Loans, other than a Securitization Transaction.

       

      
        	
                2.  

              	
                The
                  Purchaser and the Company
                  agree that the Existing Agreement is hereby amended by adding the
                  following provisions as an
                  addendum:

              

      

       

      
        	
                (a)         
                   

              	
                (i)           The
                  Company hereby represents to the Purchaser, to any Master Servicer
                  and to
                  any Depositor, as of the date on which information is first provided
                  to
                  the Purchaser, any Master Servicer or any Depositor under Section
                  2(f)
                  that, except as disclosed in writing to the Purchaser, such Master
                  Servicer or such Depositor prior to such date:  (i) the Company
                  is not aware and
                  has not received notice that any default, early amortization or
                  other
                  performance triggering event has occurred as to any other securitization
                  due to any act or failure to act of the Company; (ii) the Company
                  has not been terminated as servicer in a residential mortgage loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or trigger; (iii) no material noncompliance
                  with the applicable servicing criteria with respect to other
                  securitizations of residential mortgage loans involving the Company
                  as
                  servicer has been disclosed
                  or reported by the Company; (iv) no material changes to the
                  Company’s policies or procedures with respect to the servicing function
                  it
                  will perform under this Agreement and any Reconstitution Agreement
                  for
                  mortgage loans of a type similar to the Mortgage Loans have occurred during
                  the
                  three-year period immediately preceding the related Securitization
                  Transaction; (v) there are no aspects of the Company’s financial condition
                  that could have a material adverse effect on the performance by
the
                  Company of its servicing obligations under this Agreement or any
                  Reconstitution Agreement;
                  (vi) there are no material legal or governmental proceedings
                  pending (or known to be contemplated) against the Company, any
                  Subservicer
                  or any Third-Party Originator of a type identified in Item 1117
                  of
                  Regulation AB; and (vii)
                  there are no affiliations, relationships or transactions relating
                  to the
                  Company, any Subservicer or any Third-Party Originator with respect
                  to any
                  Securitization Transaction and any party thereto identified by
                  the related
                  Depositor of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      (ii)           If
        so requested by the Purchaser, any
        Master Servicer or any Depositor on any date following the date on which
        information is first provided to the Purchaser, any Master Servicer or any
        Depositor under Section 2(f), the
        Company shall within five Business Days,   following such
        request, to confirm in writing the accuracy of the representations and
        warranties set forth in paragraph (i) of this Section or, if any such
        representation and warranty is not accurate as of the date of such request,
        provide reasonably adequate disclosure of the pertinent facts, in writing,
        to
        the requesting party.

       

      
        	
                (b)            

              	
                The
                  Company shall use its reasonable best efforts on or before March
                  1, but in
                  no event later than March 15, of each calendar year, commencing
                  in 2007,
                  to deliver to the Purchaser, any Master Servicer and any Depositor
                  a
                  statement of compliance addressed to the Purchaser, and Master
                  Servicer
                  and such Depositor and signed by an authorized officer of the Company,
                  to
                  the effect that (i) a review of the Company’s activities during the
                  immediately preceding calendar year (or applicable portion thereof)
                  and of
                  its performance under this Agreement and any applicable Reconstitution
                  Agreement during such period has been made under such officer’s
                  supervision, and (ii) to the best of such officers’ knowledge, based on
                  such review, the Company has fulfilled all of its obligations under
                  this
                  Agreement and any applicable Reconstitution Agreement in all material
                  respects throughout such calendar year (or applicable portion thereof)
                  or,
                  if there has been a failure to fulfill any such obligation in any
                  material
                  respect, specifically identifying each such failure known to such
                  officer
                  and the nature and the status
                  thereof.

              

      

       

      
        	
                (c)            

              	
                (i)           The
                  Company shall use its reasonable best efforts on or before March
                  1, but in
                  no event later than March 15, of each calendar year, commencing
                  in 2007
                  to:

              

      

       

      (A)          Deliver
        to the Purchaser, any Master Servicer and any Depositor a report (in form
        and
        substance reasonably satisfactory to the Purchaser, such Master Servicer
        and
        such Depositor) regarding the Company’s assessment of compliance with the
        Servicing Criteria during the immediately preceding calendar year, as required
        under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
        AB.  Such report shall be addressed to the Purchaser and such
        Depositor and signed by an authorized officer of the Company, and shall address
        each of the Servicing Criteria specified on a certification substantially
        in the
        form of Exhibit B hereto delivered to the Purchaser at the time of any
        Securitization  Transaction;

      

      (B)          deliver
        to the Purchaser, any Master Servicer and any Depositor a report of a registered
        public accounting firm reasonably acceptable to the Purchaser, such Master
        Servicer and such Depositor that attests to, and reports on, the assessment
        of
        compliance made by the Company and delivered pursuant to the preceding
        paragraph.  Such attestation shall be in accordance with Rules
        1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
        Exchange Act;

      

      (C)          cause
        each Subservicer and each Subcontractor determined by the Company pursuant
        to
        Section 2(e)(ii) to be “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB (each, a “Participating Entity”), to
        deliver to the Purchaser, and Master Servicer and any Depositor an assessment
        of
        compliance and accountants’ attestation as and when provided in paragraphs (i)
        and (ii) of this Section 2(c); and

      

      (D)          deliver
        and cause each Subservicer and Subcontractor described in clause (c) to provide
        , to the Purchaser, and Master Servicer, any Depositor and any other Person
        that
        will be responsible for signing the certification (a “Sarbanes Certification”)
        required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant
        to
        Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed
        issuer with respect to a Securitization Transaction a certification signed
        by
        the appropriate officer of the company in the form attached hereto as Exhibit
        A.

      

      The
        Company acknowledges that the parties identified in clause (i)(D) above may
        rely
        on the certification provided by the Company pursuant to such clause in signing
        a Sarbanes Certification and filing such with the Commission.

      

      (ii)           Each
        assessment of compliance provided by a Subservicer pursuant to Section
        2(c)(i)(A) shall address each of the Servicing Criteria specified on a
        certification substantially in the form of Exhibit B hereto delivered to
        the
        Purchaser concurrently with the execution of this Agreement or, in the case
        of a
        Subservicer subsequently appointed as such, on or prior to the date of such
        appointment.  An assessment of compliance provided by a Subcontractor
        pursuant to Section 2(c)(i)(C) need not address any elements of the Servicing
        Criteria other than those specified by the Company pursuant to Section
        2(e).

      

      
        	
                (d)           
                  

              	
                [Reserved]

              

      

       

      
        	
                (e)           

              	
                The
                  Company shall not hire or otherwise utilize the services of any
                  Subservicer to fulfill any of the obligations of the Company as
                  servicer
                  under this Agreement or any Reconstitution Agreement unless the
                  Company
                  complies with the provisions of clause (i) of this Section.  The
                  Company shall not hire or otherwise utilize the services of any
                  Subcontractor, and shall not permit any Subservicer to hire or
                  otherwise
                  utilize the services of any Subcontractor, to fulfill any of the
                  obligations of the Company as servicer under this Agreement or
                  any
                  Reconstitution Agreement unless the Company complies with the provisions
                  of 2(e)(ii) of this Section.

              

      

       

      (i)  It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any
        Subservicer.  The Company shall cause any Subservicer used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of this Section and with Sections
        2(a),
        2(b), 2(c), 2(f)(iii), 2(f)(v) and 2(g) of this Agreement to the same extent
        as
        if such Subservicer were the Company, and to provide the information required
        with respect to such Subservicer under Section 2(f)(iv) of this
        Agreement.  The Company shall be responsible for obtaining from each
        Subservicer and delivering to the Purchaser and any Depositor any servicer
        compliance statement required to be delivered by such Subservicer under Section
        2(b), any assessment of compliance and attestation required to be delivered
        by
        such Subservicer under Section 2(c) and any certification required to be
        delivered to the Person that will be responsible for signing the Sarbanes
        Certification under Section 2(c) as and when required to be
        delivered.

       

      (ii)  It
        shall
        not be necessary for the Company to seek the consent of the Purchaser or
        any
        Depositor to the utilization of any Subcontractor.  The Company shall
        promptly upon request provide to the Purchaser and any Depositor (or any
        designee of the Depositor, such as any Master Servicer or an administrator)
        a
        written description (in form and substance satisfactory to the Purchaser,
        such
        Depositor and such Master Servicer) of the role and function of each
        Subcontractor utilized by the Company or any Subservicer, specifying (A)
        the
        identity of each such Subcontractor, (B) which (if any) of such Subcontractors
        are Participating Entities, and (C) which elements of the Servicing Criteria
        will be addressed in assessments of compliance provided by each Subcontractor
        identified pursuant to clause (B) of this paragraph.

       

      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 2(c) and 2(g) of this
        Agreement to the same extent as if such Subcontractor were the
        Company.  The Company shall be responsible for obtaining from each
        Subcontractor and delivering to the Purchaser and any Depositor any assessment
        of compliance and attestation and the other certifications required to be
        delivered by such Subservicer and such Subcontractor under Section 2(c),
        in each
        case as and when required to be delivered.

       

      
        	
                (f)  

              	
                In
                  connection with any Securitization Transaction the Company shall
                  (1)
                  within five Business Days  following request by the Purchaser or
                  any Depositor, to provide to the Purchaser and such Depositor (or,
                  as
                  applicable, cause each Third-Party Originator and each Subservicer
                  to
                  provide), in writing and in form and substance reasonably satisfactory
                  to
                  the Purchaser and such Depositor, the information and materials
                  specified
                  in paragraphs (i), (ii), (iii), (vi) and (vii) of this Section
                  2(f), and
                  (2) as promptly as practicable following notice to or discovery
                  by the
                  Company, provide to the Purchaser and any Depositor (in writing
                  and in
                  form and substance reasonably satisfactory to the Purchaser and
                  such
                  Depositor) the information specified in paragraph (iv) of this
                  Section.

              

      

       

      (i)  If
        so
        requested by the Purchaser or any Depositor in connection with a Securitization
        Transaction, the Company shall provide such information regarding (x) the
        Company, as originator of the Mortgage Loans (including as an acquirer of
        Mortgage Loans from a Qualified Correspondent), or (y) each Third-Party
        Originator, and (z) as applicable, each Subservicer, as is requested for
        the
        purpose of compliance with Items 1103(a)(1), 1105, 1110, 1117 and 1119 of
        Regulation AB.  Such information shall include, at a
        minimum:

       

      (A)           the
        originator’s form of organization;

      

      (B)           a
        description of the originator’s origination program and how long the originator
        has been engaged in originating residential mortgage loans, which description
        shall include a discussion of the originator’s experience in originating
        mortgage loans of a similar type as the Mortgage Loans; information regarding
        the size and composition of the originator’s origination portfolio; and
        information that may be material, in the good faith judgment of the Purchaser
        or
        any Depositor, to an analysis of the performance of the Mortgage Loans,
        including the originators’ credit-granting or underwriting criteria for mortgage
        loans of similar type(s) as the Mortgage Loans and such other information
        as the
        Purchaser or any Depositor may reasonably request for the purpose of compliance
        with Item 1110(b)(2) of Regulation AB;

      

      (C)           a
        description of any material legal or governmental proceedings pending (or
        known
        to be contemplated) of a type described in Item 1117 of Regulation AB against
        the Company, each Third-Party Originator and each Subservicer; and

      

      (D)           a
        description of any affiliation or relationship of a type described in Item
        1119
        of Regulation AB between the Company, each Third-Party Originator, each
        Subservicer and any of the following parties to a Securitization Transaction,
        as
        such parties are identified to the Company by the Purchaser or any Depositor
        in
        writing in advance of such Securitization Transaction:

      

      (1)           the
        sponsor;

      (2)           the
        depositor;

      (3)           the
        issuing entity;

      (4)           any
        servicer;

      (5)           any
        trustee;

      (6)           any
        originator;

      (7)           any
        significant obligor;

      (8)           any
        enhancement or support provider; and

      (9)           any
        other material transaction party.

      

      (ii)  If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) Static Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (a) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (b) each Third-Party Originator.  Such Static Pool Information
        shall be prepared by the Company (or Third-Party Originator) on the basis
        of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        of Regulation AB.  To the extent that there is reasonably available to
        the Company (or Third-Party Originator) Static Pool Information with respect
        to
        more than one mortgage loan type, the Purchaser or any Depositor shall be
        entitled to specify whether some or all of such information shall be provided
        pursuant to this paragraph.  The content of such Static Pool
        Information may be in the form customarily provided by the Company, and need
        not
        be customized for the Purchaser or any Depositor.  Such Static Pool
        Information for each vintage origination year or prior securitized pool,
        as
        applicable, shall be presented in increments no less frequently than quarterly
        over the life of the mortgage loans included in the vintage origination year
        or
        prior securitized pool.  The most recent periodic increment must be as
        of a date no later than 135 days prior to the date of the prospectus or other
        offering document in which the Static Pool Information is to be included
        or
        incorporated by reference.  The Static Pool Information shall be
        provided in an electronic format that provides a permanent record of the
        information provided, such as a portable document format (pdf) file, or other
        such electronic format reasonably required by the Purchaser or the Depositor,
        as
        applicable.

       

      Promptly
        following notice or discovery of a material error in Static Pool Information
        provided pursuant to the immediately preceding paragraph (including an omission
        to include therein information required to be provided pursuant to such
        paragraph), the Company shall provide corrected Static Pool Information to
        the
        Purchaser or any Depositor, as applicable, in the same format in which Static
        Pool Information was previously provided to such party by the
        Company.

       

      If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide), at the expense
        of the
        requesting party (to the extent of any additional incremental expense associated
        with delivery pursuant to this Agreement), such statements and agreed-upon
        procedures letters of certified public accountants reasonably acceptable
        to the
        Purchaser or Depositor, as applicable, pertaining to Static Pool Information
        relating to prior securitized pools for securitizations closed on or after
        January 1, 2006 or, in the case of Static Pool Information with respect to
        the
        Company’s or Third-Party Originator’s originations or purchases, to calendar
        months commencing January 1, 2006, as the Purchaser or such Depositor shall
        reasonably request.  Such statements and letters shall be addressed to
        and be for the benefit of such parties as the Purchaser or such Depositor
        shall
        designate, which may include, by way of example, any Sponsor, any Depositor
        and
        any broker dealer acting as underwriter, placement agent or initial purchaser
        with respect to a Securitization Transaction.  Any such statement or
        letter may take the form of a standard, generally applicable document
        accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor.

      

      (iii)  If
        so
        requested by the Purchaser or any Depositor, the Company shall provide such
        information regarding the Company, as servicer of the Mortgage Loans, and
        each
        Subservicer (each of the Company and each Subservicer, for purposes of this
        paragraph, a “Servicer”), as is requested for the purpose of compliance with
        Items 1108, 1117 and 1119 of Regulation AB.  Such information shall
        include, at a minimum:

       

      (A)           the
        Servicer’s form of organization;

       

      (B)           a
        description of how long the Servicer has been servicing residential mortgage
        loans; a general discussion of the Servicer’s experience in servicing assets of
        any type as well as a more detailed discussion of the Servicer’s experience in,
        and procedures for, the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Servicer’s portfolio of residential mortgage loans of a type
        similar to the Mortgage Loans and information on factors related to the Servicer
        that may be material, in the good faith judgment of the Purchaser or any
        Depositor, to any analysis of the servicing of the Mortgage Loans or the
        related
        asset-backed securities, as applicable, including, without
        limitation:

       

      (1)           whether
        any prior securitizations of mortgage loans of a type similar to the Mortgage
        Loans involving the Servicer have defaulted or experienced an early amortization
        or other performance triggering event because of servicing during the three-year
        period immediately preceding the related Securitization
        Transaction;

      (2)           the
        extent of outsourcing the Servicer utilizes;

      (3)           whether
        there has been previous disclosure of material noncompliance with the applicable
        servicing criteria with respect to other securitizations of residential mortgage
        loans involving the Servicer as a servicer during the three-year period
        immediately preceding the related Securitization Transaction;

      (4)           whether
        the Servicer has been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; and

      (5)           such
        other information as the Purchaser or any Depositor may reasonably request
        for
        the purpose of compliance with Item 1108(b)(2) of Regulation AB;

       

      (C)           a
        description of any material changes during the three-year period immediately
        preceding the related Securitization Transaction to the Servicer’s policies or
        procedures with respect to the servicing function it will perform under this
        Agreement and any Reconstitution Agreements for mortgage loans of a type
        similar
        to the Mortgage Loans;

       

      (D)           information
        regarding the Servicer’s financial condition, to the extent that there is a
        material risk that an adverse financial event or circumstance involving the
        Servicer could have a material adverse effect on the performance by the Company
        of its servicing obligations under this Agreement or any Reconstitution
        Agreement;

       

      (E)           information
        regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
        overall servicing portfolio of residential mortgage loans for the three-year
        period immediately preceding the related Securitization Transaction, which
        may
        be limited to a statement by an authorized officer of the Servicer to the
        effect
        that the Servicer has made all advances required to be made on residential
        mortgage loans serviced by it during such period, or, if such statement would
        not be accurate, information regarding the percentage and type of advances
        not
        made as required, and the reasons for such failure to advance;

       

      (F)           a
        description of the Servicer’s processes and procedures designed to address any
        special or unique factors involved in servicing loans of a similar type as
        the
        Mortgage Loans;

      

      (G)           a
        description of the Servicer’s processes for handling delinquencies, losses,
        bankruptcies and recoveries, such as through liquidation of mortgaged
        properties, sale of defaulted mortgage loans or workouts;

      

      (H)  information
        as to how the Servicer defines or determines delinquencies and charge-offs,
        including the effect of any grace period, re-aging, restructuring, partial
        payments considered current or other practices with respect to delinquency
        and
        loss experience; and

       

      (I)           a
        description of any material legal or governmental proceedings pending (or
        known
        to be contemplated) against the Servicer;

      

      (J)           a
        description of any affiliation or relationship between the Servicer and any
        of
        the following parties to a Securitization Transaction, as such parties are
        identified to the Servicer by the Purchaser or any Depositor in writing in
        advance of such Securitization Transaction:

      

      (1)           the
        sponsor;

      (2)           the
        depositor;

      (3)           the
        issuing entity;

      (4)           any
        servicer;

      (5)           any
        trustee;

      (6)           any
        originator;

      (7)           any
        significant obligor;

      (8)           any
        enhancement or support provider; and

      (9)           any
        other material transaction party.

       

      (iv)  For
        the
        purpose of satisfying the reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, the Company shall (or shall
        cause each Subservicer and Third-Party Originator to) (i) provide prompt
        notice
        to the Purchaser, and Master Servicer and any Depositor in writing of (A)
        any
        material litigation or governmental proceedings of a type described in Item
        1117
        of Regulation AB involving the Company, any Subservicer or any Third-Party
        Originator (B)) any affiliations or relationships that develop following
        the
        closing date of a Securitization between the Company, any Subservicer or
        any
        Third-Party Originator and any of the parties specified in clause (D) of
        paragraph (i) of this Section 2(f) (and any other parties identified in writing
        by the requesting party) with respect to such Securitization
        Transaction,  (C) any Event of Default under the terms of this
        Agreement or any Reconstitution Agreement, (D) any merger, consolidation
        or sale
        of substantially all of the assets of the Company, and (E) the Company’s entry
        into any agreement with a Subservicer to perform or assist in the performance
        of
        any of the Company’s obligations under this Agreement or any Reconstitution
        Agreement and (ii) provide to the Purchaser and any Depositor a description
        of
        such proceedings, affiliations or relationships.  All notification
        pursuant to clause (A) should be sent to:

       

      EMC
        Mortgage Corporation

       

      2780
        Lake
        Vista Drive

       

      Lewisville,
        TX 75067-3884

       

      Attention:  Conduit
        Seller Approval Dept.

       

      Facsimile:  (214)
        626-3751

       

      Email:  sellerapproval@bear.com

       

       

      With
        a
        copy to:

       

       

      Bear,
        Stearns & Co. Inc.

       

      383
        Madison Avenue, 3rd floor

       

      New
        York,
        NY 10179

       

      Attention:  Global
        Credit Administration

       

      Facsimile:  (212)
        272-6564

       

       

      Notifications
        pursuant to clause (B) should be sent to:

       

       

      EMC
        Mortgage Corporation

       

      Two
        Mac
        Arthur Ridge

       

      909
        Hidden Ridge Drive, Suite 200

       

      Irving,
        TX 75038

       

      Attention:  Associate
        General Counsel for Loan Administration

       

      Facsimile:  (972)
        831-2555

       

       

      With
        copies to:

       

       

      Bear,
        Stearns & Co.
        Inc.

       

      383
        Madison Avenue, 3rd
        floor

       

      New
        York, NY 10179

       

      Attention:  Global
        Credit
        Authorization

       

      Facsimile:  (212)
        272-6564

       

       

      EMC
        Mortgage
        Corporation

       

      2780
        Lake Vista
        Drive

       

      Lewisville,
        TX
        75067-3884

       

      Attention:  Conduit
        Seller
        Approval Dept.

       

      Facsimile:  (214)
        626-3751

       

      Email:  sellerapproval@bear.com

       

      (v)  As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Company or such Subservicer may be merged or consolidated,
        or
        (ii) which may be appointed as a successor to the Company or any Subservicer,
        the Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, at least 15 calendar days prior to the effective date of such
        succession or appointment, (x) written notice to the Purchaser and any Depositor
        of such succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Purchaser and such Depositor, all information
        reasonably requested by the Purchaser or any Depositor in order to comply
        with
        its reporting obligation under Item 6.02 of Form 8-K with respect to any
        class
        of asset-backed securities.

       

      (vi)  In
        addition to such information as the Company, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, but only to the extent the Company or
        such
        Subservicer has knowledge, provide to the party responsible for filing such
        report (including, if applicable, the Master Servicer) notice of the occurrence
        of any of the following events along with all information, data, and material
        related thereto as may be required to be included in the related distribution
        report on Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

       

      
        	
                i.  

              	
                any
                  material modifications,
                  extensions or waivers of Mortgage Loans serviced by the Company
                  or its
                  Subservicer terms, fees, penalties or payments during the distribution
                  period or that have cumulatively become material over time (Item
                  1121(a)(11) of Regulation
                  AB);

              

      

       

      
        	
                ii.  

              	
                material
                  breaches of Mortgage
                  Loans serviced by the Company or its Subservicers representations
                  or
                  warranties or transaction covenants (Item 1121(a)(12) of Regulation
                  AB);
                  and

              

      

       

      
        	
                iii.  

              	
                information
                  regarding  any Mortgage Loans serviced by the Company or its
                  Subservicers changes (such as, additions, substitutions or repurchases),
                  and any material changes in origination, underwriting or other
                  criteria
                  for acquisition or selection of pool assets as it relates to a
                  substitution (Item 1121(a)(14) of Regulation
                  AB),

              

      

       

      the
        Company shall provide to the
        Purchaser, any Master Servicer and any Depositor, evidence of the authorization
        of the person signing any certification and, no more than once a year, copies
        or
        other evidence of Fidelity Bond Insurance and Errors and Omission Insurance
        Policy, financial information and reports, and such other information related
        to
        the Company or any Subservicer or the Company or such Subservicer’s performance
        hereunder, which items may be accepted in the forms acceptable to the Company’s
        and Subservicer’s regulators or the agencies.  [ (i) The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Securitization Transaction: each
        sponsor and issuing entity; each Person (including, but not limited to, any
        Master Servicer, if applicable) responsible for the preparation, execution
        or
        filing of any report required to be filed with the Commission with respect
        to
        such Securitization Transaction, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction; each broker dealer acting as underwriter, placement
        agent or initial purchaser, each Person who controls any of such parties
        or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees ,agents ] of each of the foregoing and of the Depositor (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      (A)(1)   any
        untrue statement of a material fact contained or alleged to be contained
        in any
        information, report, certification, data,  accountants’ letter or
        other material provided in written or electronic form under this Amendment
        Reg
        AB by or on behalf of the Company, or provided under this Amendment Reg AB
        by or
        on behalf of any Subservicer, Subcontractor or Third-Party Originator
        (collectively, the “Company Information”), or (2) the omission or alleged
        omission to state in the Company Information a material fact required to
        be
        stated in the Company Information or necessary in order to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided, by way of clarification, that clause (2) of this
        paragraph shall be construed solely by reference to the Company Information
        and
        not to any other information communicated in connection with a sale or purchase
        of securities, without regard to whether the Company Information or any portion
        thereof is presented together with or separately from such other
        information;

      

      (B)      any
        breach by the Company of its obligations under this agreement, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Amendment
        Reg AB, including any failure by the Company to identify pursuant to Section
        2(e)(ii) any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB; or

      

      
        	
                (C)   
                    

              	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  2(a)(i) or in a writing furnished pursuant to Section 2(a)(ii)
                  and made as
                  of a date prior to the closing date of the related Securitization
                  Transaction, to the extent that such breach is not cured by such
                  closing
                  date, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 2(a)(ii) to the extent made
                  as of a
                  date subsequent to such closing
                  date.

              

      

      (D)  The
        negligence bad faith or willful misconduct of the Company in connection with
        its
        performance under this Amendment.

      

      If
        the
        indemnification provided for herein is unavailable or insufficient as determined
        by a court of law to hold harmless an Indemnified Party, then the Company
        agrees
        that it shall contribute to the amount paid or payable by such Indemnified
        Party
        as a result of any claims, losses, damages or liabilities incurred by such
        Indemnified Party in such proportion as is appropriate to reflect relative
        fault
        of such Indemnified Party on the one hand and the Company on the
        other.

      In
        the case of any failure of
        performance described in clause (i)(B) of this Section 2(g), the Company
        shall
        promptly reimburse the Purchaser, any Depositor, as applicable, and each
        Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      This
        indemnification shall survive the
        termination of this Agreement or the termination of any party to this
        Agreement.

       

      (ii)           (A)           Any
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Amendment Reg AB,
        or
        any breach by the Company of a representation or warranty set forth in Section
        2(a)(i)  or in a writing furnished pursuant to Section 2(a)(ii) and
        made as of a date prior to the closing date of the related Securitization
        Transaction, to the extent that such breach is not cured by such closing
        date,
        or any breach by the Company of a representation or warranty in a writing
        furnished pursuant to Section 2(a)(ii) to the extent made as of a date
        subsequent to such closing date, shall, except as provided in clause (B)
        of this
        paragraph, immediately and automatically, without notice or grace period,
        constitute an Event of Default with respect to the Company under this Agreement
        and any applicable Reconstitution Agreement, and shall entitle the Purchaser
        or
        any Depositor, as applicable, in its sole discretion to terminate the rights
        and
        obligations of the Company as servicer under this Agreement and/or any
        applicable Reconstitution Agreement without payment (notwithstanding anything
        in
        this Agreement or any applicable Reconstitution Agreement to the contrary)
        of
        any compensation to the Company and if the Company is servicing any of the
        Mortgage Loans in a Securitization Transaction appoint a successor servicer
        reasonably acceptable to any Master Servicer for such Securitization
        Transaction; provided that to the extent that any provision of this
        Agreement and/or any applicable Reconstitution Agreement expressly provides
        for
        the survival of certain rights or obligations following termination of the
        Company as servicer, such provision shall be given effect.

      

      (B)           Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 2(b) or 2(c), including (except as provided below) any failure
        by
        the Company to identify pursuant to Section 2(e)(ii) any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, which continues unremedied for ten calendar days after the
        date
        on which such information, report, certification or accountants’ letter was
        required to be delivered shall constitute an Event of Default with respect
        to
        the Company under this Agreement and any applicable Reconstitution Agreement,
        and shall entitle the Purchaser, any Master Servicer or any Depositor, as
        applicable, in its sole discretion to terminate the rights and obligations
        of
        the Company as servicer under this Agreement and/or any applicable
        Reconstitution Agreement without payment  (notwithstanding anything in
        this Agreement to the contrary) of any compensation to the Company;
provided that to the extent that any provision of this Agreement and/or
        any applicable Reconstitution Agreement expressly provides for the survival
        of
        certain rights or obligations following termination of the Company as servicer,
        such provision shall be given effect.

      

      Neither
        the Purchaser nor any Depositor
        shall be entitled to terminate the rights and obligations of the Company
        pursuant to this subparagraph (ii)(B) if a failure of the Company to identify
        a
        Subcontractor “participating in the servicing function” within the meaning of
        Item 1122 of Regulation AB was attributable solely to the role or functions
        of
        such Subcontractor with respect to mortgage loans other than the Mortgage
        Loans.

      

      (C)           The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer.  The provisions of this paragraph shall not limit
        whatever rights the Purchaser or any Depositor may have under other provisions
        of this Agreement and/or any applicable Reconstitution Agreement or otherwise,
        whether in equity or at law, such as an action for damages, specific performance
        or injunctive relief.

       

      (iii)
        The Purchaser shall indemnify the
        Company, each affiliate of the Company and each Person who controls the Company
        or such affiliate and their respective present and former directors, officers,
        employees and agents, and hold each of them harmless from and against any
        losses, damages, penalties, fines, forfeitures, legal fees and expenses and
        related costs, judgments, and any other costs, fees and expenses that each
        of
        them may sustain arising out of or based upon any claims arising out of or
        in
        connection with any information set forth in any offering document prepared
        in
        connection with any Securitization Transaction other than a statement or
        omission arising out of, resulting from, or based upon the Company
        Information.

       

      For
        purposes of the Amendment and any
        related provisions thereto, each Master Servicer shall be considered a
        third-party beneficiary of this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

       

      
        	
                3.  

              	
                The
                  Company acknowledges that a Subservicer or Subcontractor that performs
                  services with respect to mortgage loans involved in a Securitization
                  Transaction in addition to the Mortgage Loans may be determined
                  by a
                  Depositor to be a Participating Entity on the basis of the aggregate
                  balance of such mortgage loans, without regard to whether such
                  Subservicer
                  or Subcontractor would be a Participating Entity with respect to
                  the
                  Mortgage Loans viewed in isolation.  The Company shall (A)
                  respond as promptly as practicable to any good faith request by
                  the
                  Purchaser or any Depositor for information regarding each Subservicer
                  and
                  each Subcontractor and (B) cause each Subservicer and each Subcontractor
                  with respect to which the Purchaser or any Depositor requests delivery
                  of
                  an assessment of compliance and accountants’ attestation to deliver such
                  within the time required under Section
                  2(c).

              

      

       

      
        	
                4.  

              	
                Notwithstanding
                  any other provision of this Amendment Reg AB, (i) the Company shall
                  seek
                  the consent of the Purchaser for the utilization of all third party
                  service providers, including Subservicers and Subcontractors, when
                  required by and in accordance with the terms of the Existing Agreement
                  and
                  (ii) references to the Purchaser shall be deemed to include any
                  assignees
                  or designees of the Purchaser, such as any Depositor, a master
                  servicer or
                  a trustee.

              

      

       

      
        	
                5.  

              	
                The
                  Existing Agreement is hereby
                  amended by adding the Exhibits attached hereto as Exhibit A and
                  Exhibit B
                  to the end thereto.

              

      

       

      
        	
                6.  

              	
                References
                  in this Amendment Reg AB to “this Agreement” or words of similar import
                  (including indirect references to the Agreement) shall be deemed
                  to be
                  references to the Existing Agreement as amended by this Amendment
                  Reg
                  AB.  Except as expressly amended and modified by this Amendment
                  Reg AB, the Agreement shall continue to be, and shall remain, in
                  full
                  force and effect in accordance with its terms.  In the event of
                  a conflict between this Amendment Reg AB and any other document
                  or
                  agreement, including without limitation the Existing Agreement,
                  this
                  Amendment Reg AB shall control.

              

      

       

      
        	
                7.  

              	
                This
                  Amendment Reg AB shall be governed by and construed in accordance
                  with the
                  laws of the State of New York, or federal law as applicable, without
                  reference to its conflict of law provisions (other than Section
                  5-1401 of
                  the General Obligations Law), and the obligations, rights and remedies
                  of
                  the parties hereunder shall be determined in accordance with such
                  laws.

              

      

       

      
        	
                8.  

              	
                This
                  Amendment Reg AB may be
                  executed in one or more counterparts and by different parties hereto
                  on
                  separate counterparts, each of which, when so executed, shall constitute
                  one and the same agreement.

              

      

       

      
        	
                9.  

              	
                This
                  Amendment Reg AB shall bind
                  and inure to the benefit of and be enforceable by the Company and
                  the
                  Purchaser and the respective permitted successors and assigns of
                  the
                  Company and the successors and assigns of the
                  Purchaser.

              

      

       

      
        	
                10.  

              	
                This
                  Amendment Reg AB will become effective as of the date first mentioned
                  above.  This
                  Amendment Reg AB shall not be assigned, pledged or hypothecated
                  by the
                  Company to a third party without the prior written consent of the
                  Purchaser, which consent may be withheld by the Purchaser in its
                  sole
                  discretion.  The Existing Agreement as amended by this Amendment
                  Reg AB may be assigned, pledged or hypothecated by the Purchaser
                  in whole
                  or in part, and with respect to one or more of the Mortgage Loans,
                  without
                  the consent of the Company.  There shall be no limitation on the
                  number of assignments or transfers allowable by the Purchaser with
                  respect
                  to the Mortgage Loans and this Amendment Reg AB and the Existing
                  Agreement.

              

      

       

      
        	
                11.  

              	
                Intent
                  of the Parties; Reasonableness.

              

      

       

      The
        Purchaser and the Company acknowledge and agree that the purpose of this
        Amendment Reg AB is to facilitate compliance by the Purchaser and any Depositor
        with the provisions of Regulation AB and related rules and regulations of
        the
        Commission.  Although Regulation AB is applicable by its terms only to
        offerings of asset-backed securities that are registered under the Securities
        Act, the Company acknowledges that investors in privately offered securities
        may
        require that the Purchaser or any Depositor provide comparable disclosure
        in
        unregistered offerings.  References in this Agreement to compliance
        with Regulation AB include provision of comparable disclosure in private
        offerings.

      

      Neither
        the Purchaser nor any Depositor shall exercise its right to request delivery
        of
        information or other performance under these provisions other than in good
        faith, or for purposes other than compliance with the Securities Act, the
        Exchange Act and the rules and regulations of the Commission thereunder (or
        the
        provision in a private offering of disclosure comparable to that required
        under
        the Securities Act).  The Company acknowledges that interpretations of
        the requirements of Regulation AB may change over time, whether due to
        interpretive guidance provided by the Commission or its staff, consensus
        among
        participants in the asset-backed securities markets, advice of counsel, or
        otherwise, and agrees to comply with requests made by the Purchaser, any
        Master
        Servicer or any Depositor in good faith for delivery of information under
        these
        provisions on the basis of evolving interpretations of Regulation
        AB.  In connection with
        any Securitization Transaction, the Company shall cooperate fully with the
        Purchaser to deliver to the Purchaser (including any of its assignees or
        designees), any Master Servicer and any Depositor, any and all statements,
        reports, certifications, records and any other information necessary in the
        good
        faith determination of the Purchaser, any Master Servicer or any Depositor
        to
        permit the Purchaser, such Master Servicer or such Depositor to comply with
        the
        provisions of Regulation AB, together with such disclosures relating to the
        Company, any Subservicer, any Third-Party Originator and the Mortgage Loans,
        or
        the servicing of the Mortgage Loans, reasonably believed by the Purchaser,
        any
        Master Servicer or any Depositor to be necessary in order to effect such
        compliance.

      

      The
        Purchaser (including any of its
        assignees or designees) shall cooperate with the Company by providing timely
        notice of requests for information under these provisions and by reasonably
        limiting such requests to information required, in the Purchaser’s reasonable
        judgment, to comply with Regulation AB.

      

      For
        purposes of clarification, the
        provisions, covenants and or requirements of this Amendment are only applicable
        with respect to those Mortgage Loans being securitized in a Securitization
        Transaction

       

      [Signatures
        Commence on Following
        Page]

       

      
        IN
          WITNESS WHEREOF, the parties have
          caused their names to be signed hereto by their respective officers thereunto
          duly authorized as of the day and year first above written.

        
          
            

          

           

        

        
          	 	Purchaser	 
	 	 	 	 
	
                	
                  By:
                    

                	 	 
	 	Name:	
                	 
	 	Title:	 	 
	 	 	 	 

        

      

       

      
        	 	
                HSBC
                  Mortgage Corporation
                  (USA)

                 

                Company

              	 
	 	 	 	 
	
              	
                By:
                  

              	 	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

       

      EXHIBIT
        A

       

      FORM
        OF
        ANNUAL CERTIFICATION

       

      
        	
                I.  

              	
                The
                  [                   ]
                  agreement dated as of [      ], 200[
                  ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY (the “Company”)], certify to [the Purchaser], [the Depositor], and the
        [Master Servicer] [Securities Administrator] [Trustee], and their officers,
        with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      (1)           I
        have reviewed the servicer compliance statement of the Company provided in
        accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the
        report on assessment of the Company’s compliance with the servicing criteria set
        forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in
        accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of
        1934,
        as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all
        servicing reports, officer’s certificates and other information relating to the
        servicing of the Mortgage Loans by the Company during 200[ ] that were delivered
        by the Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

       

      (2)           Based
        on my knowledge, the Company Servicing Information, taken as a whole, does
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3)           Based
        on my knowledge, all of the Company Servicing Information required to be
        provided by the Company under the Agreement has been provided to the [Depositor]
        [Master Servicer] [Securities Administrator] [Trustee];

       

      (4)           I
        am responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

       

      (5)           The
        Compliance Statement required to be delivered by the Company pursuant to
        the
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer or Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master
        Servicer].  Any material instances of noncompliance described in such
        reports have been disclosed to the [Depositor] [Master Servicer].  Any
        material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

       

      
        	 	Date: 	 	 
	 	 	 	 
	 	 	 	 
	
              	
                By:
                  

              	 	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

       

      EXHIBIT
        B

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                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

              
	
                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

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans 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

              
	
                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

              
	
                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

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	 
	
                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

              
	
                 

              	
                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 mortgage loans serviced by the
                  Servicer.

              	
                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

              
	
                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

              
	
                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

              
	
                 

              	
                Pool
                  Asset Administration

              	
                x

              
	
                1122(d)(4)(i)

              	
                 Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                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

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	
                x

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans 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 mortgage loans
                  (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

              
	
                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

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  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.

              	 
	
                 

              	
                 

              	
                 

              

      

      

      
        	 	[NAME
                OF COMPANY] [NAME OF SUBSERVICER] 	 
	 	 	 	 
	 	Date: 	 	 
	 	 	 	 
	 	 	 	 
	
              	
                By:
                  

              	 	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

       

       

    

    EXHIBIT
      Q-6

    

    MID
      AMERICA SERVICING AGREEMENT

    
       

      EMC
        MORTGAGE CORPORATION 

      Purchaser,

      

      MID
        AMERICA
        BANK, FSB

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of February 1, 2006

      

      

      
 

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

      
 

      TABLE
        OF CONTENTS

      

      ARTICLE
        I

      

      

      
        	Section
                1.01	
                Defined
                  Terms

              

      

      

      ARTICLE
        II

      

      
        	Section
                2.01	
                Agreement
                  to Purchase

              

      

      
        	Section
                2.02	
                Purchase
                  Price

              

      

      
        	Section
                2.03	
                Reserved

              

      

      
        	Section
                2.04	
                Record
                  Title and Possession of Mortgage Files;

                Maintenance of Servicing
                  Files

              

      

      
        	Section
                2.05	
                Books
                  and Records

              

      

      
        	Section
                2.06	
                Transfer
                  of Mortgage Loans

              

      

      
        	Section
                2.07	
                Delivery
                  of Mortgage Loan Documents

              

      

      
        	Section
                2.08	
                Quality
                  Control Procedures

              

      

      
        	Section
                2.09	
                Near-term
                  Principal Prepayments; 

                Near
                  Term Payment Defaults

              

      

      

      ARTICLE
        III

      

      
        
          	Section
                  3.01	
                  Representations
                    and Warranties of the Company

                

        

        
          
            	Section
                    3.02	
                    Representations
                      and Warranties as to 

                    Individual
                      Mortgage Loans

                  

          

        

      

      
        
          
            
              
                	Section
                        3.03	
                        Repurchase;
                          Substitution

                      

              

            

          

        

      

      
        
          
            	
                    Section
                      3.04

                  	
                    Representations
                      and Warranties of the
                      Purchaser

                  

          

        

      

      

      ARTICLE
        IV

      

      
        	Section
                4.01	
                Company
                  to Act as Servicer

              

      

      
        	Section
                4.02	
                Collection
                  of Mortgage Loan Payments

              

      

      
        	Section
                4.03	
                Realization
                  Upon Defaulted Mortgage

              

      

      
        	Section
                4.04	
                Establishment
                  of Custodial Accounts; 

                Deposits in Custodial
                  Accounts

              

      

      
        	Section
                4.05	
                Permitted
                  Withdrawals from the 

                Custodial
                  Account

              

      

      
        	Section
                4.06	
                Establishment
                  of Escrow Accounts; 

                Deposits
                  in Escrow Accounts

              

      

      
        	Section
                4.07	
                Permitted
                  Withdrawals From Escrow Account

              

      

      
        	Section
                4.08	
                Payment
                  of Taxes, Insurance and Other

                Charges; Maintenance of Primary
                  Mortgage

                InsurancePolicies;
                  Collections Thereunder 

              

      

      
        	Section 4.09	
                Transfer of
                  Accounts

              

      

      
        	
                Section
                  4.10

              	
                Maintenance
                  of Hazard Insurance

              

      

      
        	Section
                4.11	
                Maintenance
                  of Mortgage Impairment

                Insurance
                  Policy

              

      

      
        	Section
                4.12	
                Fidelity
                  Bond, Errors and Omissions

                Insurance

              

      

      
        	Section
                4.13	
                Title,
                  Management and Disposition of REO
                  Property

              

      

      
        	Section
                4.14	
                Notification
                  of Maturity Date

              

      

      

      ARTICLE
        V

      

      
        	Section
                5.01	
                Distributions

              

      

      
        	Section
                5.02	
                Statements
                  to the Purchaser

              

      

      
        	Section
                5.03	
                Monthly
                  Advances by the Company

              

      

      
        	Section
                5.04	
                Liquidation
                  Reports

              

      

      

      ARTICLE
        VI

      

      
        	Section
                6.01	
                Assumption
                  Agreements

              

      

      
        	Section
                6.02	
                Satisfaction
                  of Mortgages and Release

                of Mortgage
                  Files

              

      

      
        	Section
                6.03	
                Servicing
                  Compensation

              

      

      
        	Section
                6.04	
                Reserved

              

      

      
        	Section
                6.05	
                Reserved

              

      

      
        	Section
                6.06	
                Purchaser’s
                  Right to Examine Company Records

              

      

      

      ARTICLE
        VII

      

      
        	Section
                7.01	
                Company
                  Shall Provide Information as Reasonably 

                Required

              

      

      

      ARTICLE
        VIII

      

      
        	Section
                8.01	
                Indemnification;
                  Third Party Claims

              

      

      
        	Section
                8.02	
                Merger
                  or Consolidation of the Company

              

      

      
        	Section
                8.03	
                Limitation
                  on Liability of the Company and
                  Others

              

      

      
        	Section
                8.04	
                Company
                  Not to Assign or Resign

              

      

      
        	Section
                8.05	
                No
                  Transfer of Servicing

              

      

      ARTICLE
        IX

      

      
        	Section
                9.01	
                Events
                  of Default

              

      

      
        	Section
                9.02	
                Waiver
                  of Defaults

              

      

      

      ARTICLE
        X

      

      
        	Section
                10.01	
                Termination

              

      

      

      ARTICLE
        XI

      

      
        	Section
                11.01	
                Successor
                  to the Company

              

      

      
        	Section
                11.02	
                Amendment

              

      

      
        	Section
                11.03	
                Reserved

              

      

      
        	Section
                11.04	
                Governing
                  Law

              

      

      
        	Section
                11.05	
                Notices

              

      

      
        	Section
                11.06	
                Severability
                  of Provisions

              

      

      
        	Section
                11.07	
                Exhibits

              

      

      
        	Section
                11.08	
                General
                  Interpretive Principles

              

      

      
        	Section
                11.09	
                Reproduction
                  of Documents

              

      

      
        	Section
                11.10	
                Confidentiality
                  of Information

              

      

      
        	Section
                11.11	
                Recordation
                  of Assignment of Mortgage

              

      

      
        	Section
                11.12	
                Assignment

              

      

      
        	Section
                11.13	
                No
                  Partnership

              

      

      
        	Section
                11.14	
                Signature
                  Pages/Counterparts; Successors and
                  Assigns

              

      

      
        	Section
                11.15	
                Entire
                  Agreement

              

      

      
        	Section
                11.16	
                No
                  Solicitation

              

      

      
        	Section
                11.17	
                Closing

              

      

      
        	Section
                11.18	
                Reserved

              

      

      
        	Section
                11.19	
                Monthly
                  Reporting with Respect to a
                  Reconstitution

              

      

      

      EXHIBITS

      
        	
              	A	
                Contents
                  of Mortgage File

              

      

      
        	
              	B	
                Custodial
                  Account Letter Agreement

              

      

      
        	
              	C	
                Escrow
                  Account Letter Agreement

              

      

      
        	
              	D	
                Form
                  of Purchase, Assignment, Assumption and Recognition
                  Agreement

              

      

      
        	
              	E	
                Form
                  of Trial Balance

              

      

      
        	
              	F	
                [Reserved]

              

      

      
        	
              	G	
                Request
                  for Release of Documents and
                  Receipt

              

      

      
        	
              	H	
                Company’s
                  Underwriting Guidelines

              

      

      
        	
              	I	
                Term
                  Sheet

              

      

      
        	
              	J	
                Reconstituted
                  Mortgage Loan Reporting

              

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of February 1, 2006
        and
        is executed between EMC MORTGAGE CORPORATION, as Purchaser, with offices
        located
        at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas
        75038,
        and
Mid
        America Bank, fsb, with offices located at 2650 Warrenville Road, Suite 500,
        Downers Grove, Illinois 60515.

      

      

      W I T N E&#160
        ;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on
        a
        servicing retained basis;
        

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      

       

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        With
        respect to each adjustable rate Mortgage Loan, the date on which the Mortgage
        Interest Rate is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the Origination
        Date
        of the Mortgage Loan by a Qualified Appraiser. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or State of Illinois, or (iii) a day on which banks in the State
        of New
        York or State of Illinois are authorized or obligated by law or executive
        order
        to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

       

      Code: The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company:
         Mid
        America Bank, fsb, its successors in interest and assigns, as permitted by
        this
        Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President,
        Secretary or Treasurer of the Company stating the date by which the Company
        expects to receive any missing documents sent for recording from the applicable
        recording office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        trade confirmation letter between the Purchaser and the Company which relates
        to
        the Mortgage Loans.

      

      Consumer
        Information:
        Information including, but not limited to, all personal information about
        Mortgagors that is supplied to the Purchaser by or on behalf of the
        Company.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by a Qualified Appraiser) at the request
        of a
        Mortgagor for the purpose of canceling a Primary Mortgage Insurance Policy
        in
        accordance with federal, state and local laws and regulations or otherwise
        made
        at the request of the Company or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "Mid America Bank, fsb, in trust for the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        With
        respect to each Mortgage Loan, the day of the month on which the Monthly
        Payment
        is due on a Mortgage Loan, exclusive of any days of grace, which is the first
        day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Electronic
        Transmission:
        As
        defined in Section 11.14.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as a trust account with the corporate trust department
        of
        a depository institution or trust company organized under the laws of the
        United
        States of America or any one of the states thereof or the District of Columbia
        which is not affiliated with the Company (or any sub-servicer) or (iii) with
        an
        entity which is an institution whose deposits are insured by the FDIC, the
        unsecured and uncollateralized long-term debt obligations of which shall
        be
        rated “A2” or higher by Standard & Poor’s and “A” or higher by Fitch, Inc.
        or one of the two highest short-term ratings by any applicable Rating Agency,
        and which is either (a) a federal savings association duly organized, validly
        existing and in good standing under the federal banking laws, (b) an institution
        duly organized, validly existing and in good standing under the applicable
        banking laws of any state, (c) a national banking association under the federal
        banking laws, or (d) a principal subsidiary of a bank holding company, or
        (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        An
        institution having (i) the highest short-term debt rating, and one of the
        two
        highest long-term debt ratings of each Rating Agency; or (ii) with respect
        to
        any Custodial Account, an unsecured long-term debt rating of at least one
        of the
        two highest unsecured long-term debt ratings of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled "Mid America Bank, fsb, in trust for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors", in the name
        of
        the Person that is the "Purchaser" with respect to the related Mortgage
        Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other related document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as
        amended, from time to time, and in effect.

      

      First
        Remittance Date:
        With
        respect to any Mortgage Loan, the Remittance Date occurring in the month
        following the month in which the related Closing Date occurs.

      

      GAAP:
        Generally accepted accounting principles in the United States of America,
        consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development, or any successor
        thereto.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: With
        respect to
        each
        adjustable rate Mortgage Loan, where applicable, the maximum increase or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Paid Mortgage Insurance Rate:
        A rate
        per annum equal to the percentage shown on the Mortgage Loan
        Schedule.

      

      Lender
        Primary Mortgage Insurance Policy:
        Any
        Primary Mortgage Insurance Policy for which premiums are paid by the Company.
        

      

      Lifetime
        Rate Cap:
        With
        respect to each adjustable rate Mortgage Loan, the maximum Mortgage Interest
        Rate over the term of such Mortgage Loan. 

      

      Liquidation
        Proceeds:
        The
        proceeds received in connection with the liquidation of a defaulted Mortgage
        Loan, whether through the sale or assignment of such Mortgage Loan, trustee's
        sale, foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, and (ii) the lesser
        of the
        Appraised Value of the Mortgaged Property or the Sales Price of the Mortgaged
        Property with respect to all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        With
        respect to each Mortgage Loan, the mortgage, deed of trust or other instrument
        securing a Mortgage Note which creates a first lien or first priority ownership
        in an estate in fee simple in real property on the Mortgaged
        Property.

      

      Mortgage
        File:
        The
        Mortgage Loan Documents pertaining to a particular Mortgage Loan, and any
        additional documents required to be added to the Mortgage File pursuant to
        this
        Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as described in Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        Each
        mortgage loan originally sold to the Purchaser and subject to this Agreement
        being identified on the Mortgage Loan Schedule attached to the related Term
        Sheet, which Mortgage Loan includes without limitation the Mortgage File,
        the
        Monthly Payments, Principal Prepayments, Liquidation Proceeds, Condemnation
        Proceeds, Insurance Proceeds, REO Disposition Proceeds, and all other rights,
        benefits, proceeds and obligations arising from or in connection with such
        Mortgage Loan, excluding replaced or repurchased Mortgage Loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in Exhibit
        A
        hereto
        pertaining to any Mortgage Loan.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        sold
        pursuant to such Term Sheet:

      

      
        (1)the
          Company's Mortgage Loan identifying number;

      

      

      
        (2)the
          Mortgagor's first and last name;

      

      

      
        (3)the
          street address of the Mortgaged Property including the city, state and
          zip
          code;

      

      

      
        (4)a
          code
          indicating whether the Mortgaged Property is owner-occupied, a second home
          or an
          investor property;

      

      

      
        (5)the
          type
          of residential property constituting the Mortgaged Property;

      

      

      
        (6)the
          original months to maturity of the Mortgage Loan;

      

      

      
        (7)the
          remaining months to maturity from the related Cut-off Date, based on the
          original amortization schedule and, if different, the maturity expressed
          in the
          same manner but based on the actual amortization schedule;

      

      

      
        (8)the
          Sales
          Price, if applicable, Appraised Value and Loan-to-Value
          Ratio;

      

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
        a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, Equity Take-Out Refinanced Mortgage Loan); 

      

      (17)
        a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled Due Date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      (20)
        a
        code
        indicating whether or not the Mortgage Loan is the subject of a Primary Mortgage
        Insurance Policy and the name of the related insurance carrier; 

      

      (21)
        a
        code
        indicating whether or not the Mortgage Loan is currently convertible and
        the
        conversion spread; 

      

      (22)
        the
        last
        Due Date on which a Monthly Payment was actually applied to the unpaid principal
        balance of the Mortgage Loan.

      

      (23)
        product
        type (i.e. fixed, adjustable, 3/1, 5/1, etc.); 

      

      (24)
        credit
        score, if applicable;

      

      (25) a
        code
        indicating whether or not the Mortgage Loan is the subject of a Lender Primary
        Mortgage Insurance Policy and the name of the related insurance carrier and
        the
        Lender Paid Mortgage Insurance Rate; 

      

      (26)
        a
        code
        indicating whether or not the Mortgage Loan has a prepayment penalty and
        if so,
        the amount and term thereof;

      

      (27)
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable;

      

      (28)
        whether
        such Mortgage Loan is a “Home Loan”, “Covered Home Loan”, “Manufactured Housing”
or “Home Improvement Loan” as defined in the
        New Jersey Home Ownership Security Act of 2002;

      

      (29)
        whether
        the Mortgage Loan has
        a mandatory arbitration clause;
        and

      

      (30)
        whether
        the Mortgage Loan is “interest-only”
        “negative amortization”.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        original executed note or other evidence of the indebtedness of a Mortgagor
        secured by a Mortgage.

      

      Mortgaged
        Property:
        With
        respect to each Mortgage Loan, the underlying real property securing repayment
        of the related Mortgage Note, consisting of a single parcel of real estate
        considered to be real estate under the laws of the state in which such real
        property is located which may include condominium units and planned unit
        developments, improved by a residential dwelling; except that with respect
        to
        real property located in jurisdictions in which the use of leasehold estates
        for
        residential properties is a widely-accepted practice, a leasehold estate
        of the
        Mortgage, the term of which is equal to or longer than the term of the Mortgage.
        

      

      Mortgagor:
        With
        respect to each Mortgage Loan, the obligor on the related Mortgage Note.
        

       

      Nonrecoverable
        Advance:
        Any
        portion of a Monthly Advance or Servicing Advance previously made or proposed
        to
        be made by the Company pursuant to this Agreement, that, in the good faith
        judgment of the Company, will not or, in the case of a proposed advance,
        would
        not, be ultimately recoverable by it from the related Mortgagor or the related
        Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds or otherwise
        with respect to the related Mortgage Loan.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      OTS:
        Office
        of Thrift Supervision, or any successor thereto.

      

      Pass-Through
        Transfer:
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Periodic
        Rate Cap:
        With
        respect to each adjustable rate Mortgage Loan, the maximum increase or decrease
        in the Mortgage Interest Rate on any Adjustment Date, as set forth in the
        related Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency;

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the related Mortgaged Property or in any loan made on the security
        thereof, and whose compensation is not affected by the approval or disapproval
        of the Mortgage Loan, and such appraiser and the appraisal made by such
        appraiser both satisfy the requirements of Title XI of FIRREA and the
        regulations promulgated thereunder, all as in effect on the date the Mortgage
        Loan was originated.

      

      Qualified
        Insurer:
        A
        mortgage insurance company duly authorized and licensed as such under the
        laws
        of the states in which the related Mortgaged Property is located and approved
        as
        an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Standard & Poor's, Fitch, Inc. or, in the event that some or all of the
        ownership of the Mortgage Loans is evidenced by mortgage-backed securities,
        the
        nationally recognized rating agencies issuing ratings with respect to such
        securities, if any.

       

      Reconstituted
        Mortgage Loans:
        As
        defined in Section 11.19. 

      

      Reconstitution:
        As
        defined in Section 11.18. 

      

      Reconstitution
        Agreement:
        As
        defined in Section 11.18. 

      

      Reconstitution
        Date:
        As
        defined in Section 11.18. 

      

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the product of the greater
        of
        (x) 100% or (y) the percentage of par as stated in the related Term Sheet;
        multiplied by the Stated Principal Balance of such Mortgage Loan on the
        repurchase date, plus (ii) interest on such Stated Principal Balance at the
        Mortgage Loan Remittance Rate from the last date through which interest has
        been
        paid and distributed to the Purchaser to the end of the month of repurchase,
        plus, (iii) reasonable and necessary third party expenses incurred in connection
        with the transfer of the Mortgage Loan being repurchased; less amounts received
        or advanced in respect of such repurchased Mortgage Loan which are being
        held in
        the Custodial Account for distribution in the month of repurchase.

      

      SAIF:
        The
        Savings Association Insurance Fund, or any successor thereto.

      

      Sales
        Price: With
        respect to any Mortgage Loan the proceeds of which were used by the Mortgagor
        to
        acquire the related Mortgaged Property, the amount paid by the related Mortgagor
        for such Mortgaged Property.

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon the Purchaser’s
        request, provides documentation supporting such expense (which documentation
        would be acceptable to Fannie Mae), and provided further that any such
        enforcement, administrative or judicial proceeding does not arise out of
        a
        breach of any representation, warranty or covenant of the Company hereunder),
        (c) the management and liquidation of the Mortgaged Property if the Mortgaged
        Property is acquired in full or partial satisfaction of the Mortgage, (d)
        taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the unpaid
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05(iii) and in accordance
        with the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit
        A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit
        I
        which
        shall be executed and delivered by the Company and the Purchaser to provide
        for
        the sale and servicing pursuant to the terms of this Agreement of the Mortgage
        Loans listed on Schedule I attached thereto, which supplemental agreement
        shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      Whole
        Loan Transfer:
        As
        defined in Section 11.18.

       

       

      ARTICLE
        II

      

      PURCHASE
        OF MORTGAGE LOANS; SERVICING OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      From
        time
        to time, the Company agrees to sell and the Purchaser agrees to purchase
        the
        Mortgage Loans having an aggregate Stated Principal Balance on the related
        Cut-off Date set forth in the related Term Sheet in an amount as set forth
        in
        the Confirmation, or in such other amount as agreed by the Purchaser and
        the
        Company as evidenced by the actual aggregate Stated Principal Balance of
        the
        Mortgage Loans accepted by the Purchaser on the related Closing Date, with
        servicing retained by the Company. The Company shall deliver the related
        Mortgage Loan Schedule attached to the related Term Sheet for the Mortgage
        Loans
        to be purchased on the related Closing Date to the Purchaser at least two
        (2)
        Business Days prior to the related Closing Date. The Mortgage Loans shall
        be
        sold pursuant to this Agreement, and the related Term Sheet shall be executed
        and delivered on the related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        “Purchase Price” for each Mortgage Loan shall be the percentage of par as stated
        in the related Term Sheet, multiplied by the Stated Principal Balance, as
        of the
        related Cut-off Date, of the Mortgage Loan listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet, after application of scheduled
        payments of principal due on or before the related Cut-off Date whether or
        not
        collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      The
        Purchaser shall be entitled to (1) all scheduled principal due after the
        related
        Cut-off Date, (2) all other recoveries of principal collected on or after
        the
        related Cut-off Date (provided, however, that all scheduled payments of
        principal due on or before the related Cut-off Date and collected by the
        Company
        or any successor servicer after the related Cut-off Date shall belong to
        the
        Company), and (3) all payments of interest on the Mortgage Loans net of
        applicable Servicing Fees (minus that portion of any such payment which is
        allocable to the period prior to the related Cut-off Date). The Stated Principal
        Balance of each Mortgage Loan as of the related Cut-off Date is determined
        after
        application of payments of principal due on or before the related Cut-off
        Date
        whether or not collected, together with any unscheduled principal prepayments
        collected prior to the related Cut-off Date; provided, however, that payments
        of
        scheduled principal and interest prepaid for a Due Date beyond the related
        Cut-off Date shall not be applied to the principal balance as of the related
        Cut-off Date. Such prepaid amounts (minus the applicable Servicing Fee) shall
        be
        the property of the Purchaser. The Company shall deposit any such prepaid
        amounts into the Custodial Account, which account is established for the
        benefit
        of the Purchaser for subsequent remittance by the Company to the
        Purchaser.

      

      Section
        2.03 [Reserved]

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files; Maintenance of Servicing
        Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, on a servicing retained basis,
        and
        the Company hereby acknowledges that the Purchaser has, but subject to the
        terms
        of this Agreement and the related Term Sheet, all the right, title and interest
        of the Company in and to the Mortgage Loans. The Company will deliver the
        Mortgage Files to the Custodian designated by the Purchaser, on or before
        the
        related Closing Date, at the expense of the Company. The Company shall maintain
        a Servicing File consisting of a copy of the contents of each Mortgage File
        and
        the originals of the documents in each Mortgage File not delivered to the
        Purchaser. The Servicing File shall contain all documents necessary to service
        the Mortgage Loans. The possession of each Servicing File by the Company
        is at
        the will of the Purchaser, for the sole purpose of servicing the related
        Mortgage Loan, and such retention and possession by the Company is in a
        custodial capacity only. From the related Closing Date, the ownership of
        each
        Mortgage Loan, including the Mortgage Note, the Mortgage, the contents of
        the
        related Mortgage File and all rights, benefits, proceeds and obligations
        arising
        therefrom or in connection therewith, has been vested in the Purchaser. All
        rights arising out of the Mortgage Loans including, but not limited to, all
        funds received on or in connection with the Mortgage Loans and all records
        or
        documents with respect to the Mortgage Loans prepared by or which come into
        the
        possession of the Company shall be received and held by the Company in trust
        for
        the benefit of the Purchaser as the owner of the Mortgage Loans. Any portion
        of
        the Mortgage Files retained by the Company shall be appropriately identified
        in
        the Company's computer system to clearly reflect the ownership of the Mortgage
        Loans by the Purchaser. The Company shall release its custody of the contents
        of
        the Mortgage Files only in accordance with written instructions of the
        Purchaser, except when such release is required as incidental to the Company's
        servicing of the Mortgage Loans or is in connection with a repurchase of
        any
        Mortgage Loan or Loans with respect thereto pursuant to this Agreement and
        the
        related Term Sheet, such written instructions shall not be
        required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan shall be reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by the Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, the Company shall provide to any supervisory agents
        or examiners that regulate the Purchaser, including but not limited to, the
        OTS,
        the FDIC and other similar entities, access, during normal business hours,
        upon
        reasonable advance notice to the Company and without cost to the Company
        or such
        supervisory agents or examiners, to any documentation regarding the Mortgage
        Loans that may be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans; provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit
        D
        hereto
        executed by the transferee shall have been delivered to the Company. The
        Purchaser also shall advise the Company of the transfer. Upon receipt of
        notice
        of the transfer, the Company shall mark its books and records to reflect
        the
        ownership of the Mortgage Loans of such assignee, and the previous Purchaser
        shall be released from its obligations hereunder with respect to the Mortgage
        Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit
        A
        hereto
        shall be delivered by the Company to the Purchaser or its designee no later
        than
        three (3) Business Days prior to the related Closing Date pursuant to a bailee
        letter agreement. All other documents in Exhibit
        A
        hereto,
        together with all other documents executed in connection with the Mortgage
        Loan
        that the Company may have in its possession, shall be retained by the Company
        in
        trust for the Purchaser. If the Company cannot deliver the original recorded
        Mortgage Loan Documents or the original policy of title insurance, including
        riders and endorsements thereto, on the related Closing Date, the Company
        shall,
        promptly upon receipt thereof and in any case not later than 150 days from
        the
        related Closing Date, deliver such original documents, including original
        recorded documents, to the Purchaser or its designee (unless the Company
        is
        delayed in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office). If delivery
        is not
        completed within 150 days solely due to delays in making such delivery by
        reason
        of the fact that such documents shall not have been returned by the appropriate
        recording office, the Company shall deliver such document to Purchaser, or
        its
        designee, within such time period as specified in a Company's Officer's
        Certificate. In the event that documents have not been received by the date
        specified in the Company's Officer's Certificate, a subsequent Company's
        Officer's Certificate shall be delivered by such date specified in the prior
        Company's Officer's Certificate, stating a revised date for receipt of
        documentation. The procedure shall be repeated until the documents have been
        received and delivered. If delivery is not completed within 270 days solely
        due
        to delays in making such delivery by reason of the fact that such documents
        shall not have been returned by the appropriate recording office, the Company
        shall continue to use its best efforts to effect delivery as soon as possible
        thereafter, provided that if such documents are not delivered by the 330th
        day
        from the date of the related Closing Date, the Company shall repurchase the
        related Mortgage Loans at the Repurchase Price in accordance with Section
        3.03
        hereof unless the Company provides evidence that such non-delivery is solely
        due
        to delays by the appropriate recording office.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. The Company shall prepare, in
        recordable form, all assignments of mortgage necessary to assign the Mortgage
        Loans to the Purchaser, or its designee. The Company shall be responsible
        for
        recording the assignments of mortgage as directed by the Purchaser.

      

      The
        Company shall provide an original or duplicate original of the title insurance
        policy to the Purchaser or its designee within ninety (90) days of the receipt
        of the recorded documents (required for issuance of such policy) from the
        applicable recording office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        attached as an exhibit to the related Term Sheet or the certification delivered
        pursuant to this Section 2.07, or otherwise in writing and the Company shall
        cure or repurchase such Mortgage Loan in accordance with Section
        3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        thirty
        (30) days of their execution; provided, however, that the Company shall provide
        the Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within thirty (30) days of its execution, and shall
        provide the original of any document submitted for recordation or a copy
        of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within 120 days of its submission for
        recordation.

      

      From
        time
        to time, the Company may have a need (other than in connection with a payment
        in
        full, which is described more fully in Section 6.02 herein) for Mortgage
        Loan
        Documents to be released from the Purchaser, or its designee. The Purchaser
        shall, or shall cause its designee, upon the written request of the Company
        in
        the form attached hereto as Exhibit
        G,
        within
        ten (10) Business Days, deliver to the Company, any requested documentation
        previously delivered to the Purchaser as part of the Mortgage File, provided
        that such documentation is promptly returned to the Purchaser, or its designee,
        when the Company no longer requires possession of the document, and provided
        that during the time that any such documentation is held by the Company,
        such
        possession is in trust for the benefit of the Purchaser. 

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term
        Principal Prepayments; Near Term Payment Defaults.

      

      In
        the
        event any Principal Prepayment in full is made by a Mortgagor on or prior
        to
        three months (unless such other period is set forth in the related Confirmation
        and Term Sheet) after the related Closing Date, the Company shall, upon written
        notice thereof from the Purchaser received by the Company within sixty (60)
        days
        of the date of such prepayment in full, remit to the Purchaser an amount
        equal
        to the excess, if any, of the Purchase Price Percentage over par multiplied
        by
        the amount of such Principal Prepayment in full. Such remittance shall be
        made
        by the Company to the Purchaser no later than the seventh Business Day following
        receipt of such notice of Principal Prepayment by the Purchaser.

      

      In
        the
        event either of the first three (3) scheduled Monthly Payments (unless such
        other number of Monthly Payments is set forth in the related Confirmation
        or
        Term Sheet) which are due under any Mortgage Loan after the related Cut-off
        Date
        are not made during the month in which such Monthly Payments are due, then
        not
        later than seven (7) Business Days after written notice to the Company by
        the
        Purchaser (and at the Purchaser’s sole option), the Company, shall repurchase
        such Mortgage Loan from the Purchaser pursuant to the repurchase provisions
        contained in Subsection 3.03. However, if the Company provides evidence
        satisfactory to the Purchaser that the delinquency was due to a servicing
        set up
        error, no repurchase shall be required. 

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company.
        

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)
        The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its organization and has all licenses necessary to
        carry
        out its business as now being conducted, and is licensed and qualified to
        transact business in and is in good standing under the laws of each state
        in
        which any Mortgaged Property is located or is otherwise exempt under applicable
        law from such licensing or qualification or is otherwise not required under
        applicable law to effect such licensing or qualification and no demand for
        such
        licensing or qualification has been made upon the Company by any such state,
        and
        in any event the Company is in material compliance with the laws of any such
        state to the extent necessary to ensure the enforceability of each Mortgage
        Loan
        and the servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has adequate power and authority and legal right to hold each Mortgage
        Loan, to sell each Mortgage Loan and to execute, deliver and perform, and
        to
        enter into and consummate all transactions contemplated by this Agreement
        and
        the related Term Sheet. The Company has duly authorized the execution, delivery
        and performance of this Agreement and the related Term Sheet and any agreements
        contemplated hereby, has duly executed and delivered this Agreement and the
        related Term Sheet, and any agreements contemplated hereby, and, assuming
        due
        authorization, execution and delivery by the Purchaser, this Agreement and
        the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, except as
        enforceability thereof may be limited by bankruptcy, insolvency or
        reorganization; 

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will violate the
        Company's charter or by-laws or constitute a default under or result in a
        material breach or acceleration of any material agreement or instrument to
        which
        the Company is now a party or by which it is bound, or result in the material
        violation of any law, rule, regulation, order, judgment or decree to which
        the
        Company or its properties are subject, or impair the ability of the Purchaser
        to
        enforce its rights under the Mortgage Loans.

      

      (d)
        There
        is no action, suit, proceeding or investigation pending or, to the best of
        the
        Company’s knowledge, threatened against the Company, or any order or decree
        outstanding, with respect to the Company which, either in any one instance
        or in
        the aggregate, could reasonably be expected to have a material adverse effect
        on
        the financial condition of the Company or seeks to prevent the consummation,
        performance or enforceability of any of the transactions contemplated by
        this
        Agreement.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the consummation of the transactions contemplated by this Agreement or the
        related Term Sheet, except for consents, approvals, authorizations and orders
        which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company, and the
        transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by
        the Company pursuant to this Agreement or the related Term Sheet are not
        subject
        to bulk transfer or any similar statutory provisions in effect in any applicable
        jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each
        Mortgage Loan is being (and has been) serviced in accordance with Accepted
        Servicing Practices and applicable state and federal laws, including, without
        limitation, the Federal Truth-In-Lending Act and other consumer protection
        laws,
        real estate settlement procedures, usury, equal credit opportunity and
        disclosure laws. With
        respect to escrow deposits and payments that the Company, on behalf of an
        investor, is entitled to collect, all such payments are in the possession
        of, or
        under the control of, the Company, and there exist no deficiencies in connection
        therewith for which customary arrangements for repayment thereof have not
        been
        made. All escrow payments have been collected in full compliance with state
        and
        federal law and the provisions of the related Mortgage Note and Mortgage.
        As to
        any Mortgage Loan that is the subject of an escrow, escrow of funds is not
        prohibited by applicable law and has been established in an amount sufficient
        to
        pay for every escrowed item that remains unpaid and has been assessed but
        is not
        yet due and payable. No escrow deposits or other charges or payments due
        under
        the Mortgage Note have been capitalized under any Mortgage or the related
        Mortgage Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i)
        The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j)
        The
        Company is an approved seller/servicer of residential mortgage loans for
        Fannie
        Mae, FHLMC and HUD, with such facilities, procedures and personnel necessary
        for
        the sound servicing of such mortgage loans. The Company is duly qualified,
        licensed, registered and otherwise authorized under all applicable federal,
        state and local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OTS, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make the Company unable to comply with eligibility
        requirements or which would require notification to either Fannie Mae or
        FHLMC;

      

      (k)
        The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l)
        No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, the Company pursuant to this Agreement or the related Term Sheet
        or
        in connection with the transactions contemplated hereby, contains or will
        contain any statement that is or will be inaccurate or misleading in any
        material respect;

      

      (m)
        The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of the Company, the consideration received
        by
        the Company upon the sale of the Mortgage Loans to the Purchaser under this
        Agreement and the related Term Sheet constitutes fair consideration for the
        Mortgage Loans under current market conditions. 

      

      (n)
        The
        Company has delivered to the Purchaser financial statements of its parent,
        for
        its last two complete fiscal years as requested. All such financial information
        fairly presents the pertinent results of operations and financial position
        for
        the period identified and has been prepared in accordance with GAAP throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement; and

      

      (o)
        The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans.

      

      Section
        3.02 Representations
        and Warranties as to Individual Mortgage Loans.

      

      The
        Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

        
        (a)
The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b)
        The
        Mortgage is a valid, existing and enforceable first lien or a first priority
        ownership interest in an estate in fee simple in real property on the Mortgaged
        Property securing the related Mortgage Note subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made; there are no material defaults under the terms of the Mortgage Loan;
        the
        Company has not advanced its own funds, or induced, solicited or knowingly
        received any advance of funds from a party other than the owner of the related
        Mortgaged Property, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. All of the Mortgage Loans will have an actual
        interest paid to date of their related Cut-off Date (or later) and will be
        due
        for the scheduled monthly payment next succeeding the Cut-off Date (or later),
        as evidenced by a posting to the Company's servicing collection system. No
        payment under any Mortgage Loan is delinquent nor has any scheduled payment
        been
        delinquent at any time during the twelve (12) months prior to the month of
        the
        related Closing Date. For purposes of this paragraph, a Mortgage Loan will
        be
        deemed delinquent if any payment due thereunder was not paid by the Mortgagor
        in
        the month such payment was due;

      

      (d)
        There
        are no defaults by the Company in complying with the terms of the Mortgage,
        and
        all taxes, governmental assessments, insurance premiums, water, sewer and
        municipal charges, leasehold payments or ground rents which previously became
        due and owing have been paid, or escrow funds have been established in an
        amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by a Qualified Insurer, against loss by fire, hazards of extended
        coverage and such other hazards as are provided for in the Fannie Mae or
        FHLMC
        Guide, as well as all additional requirements set forth in Section 4.10 of
        this
        Agreement. All such insurance policies are in full force and effect and contain
        a standard mortgagee clause naming the Company and its successors in interest
        and assigns as loss payee and such clause is still in effect and all premiums
        due thereon have been paid. If required by the Flood Disaster Protection
        Act of
        1973, as amended, the Mortgage Loan is covered by a flood insurance policy
        meeting the requirements of the current guidelines of the Federal Insurance
        Administration which policy conforms to Fannie Mae or FHLMC requirements,
        as
        well as all additional requirements set forth in Section 4.10 of this Agreement.
        Such policy was issued by a Qualified Insurer. The Mortgage obligates the
        Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost
        and
        expense, and on the Mortgagor's failure to do so, authorizes the holder of
        the
        Mortgage to maintain such insurance at the Mortgagor's cost and expense and
        to
        seek reimbursement therefor from the Mortgagor. Neither the Company (nor
        any
        prior originator or servicer of any of the Mortgage Loans) nor any Mortgagor
        has
        engaged in any act or omission which has impaired or would impair the coverage
        of any such policy, the benefits of the endorsement provided for therein,
        or the
        validity and binding effect of either;

      

      (h)
        Each
Mortgage
        Loan complies with, and the Company has complied with, applicable local,
        state
        and federal laws, regulations and other requirements including, without
        limitation, usury, equal credit opportunity, real estate settlement procedures,
        the Federal Truth-In-Lending Act, disclosure laws and all applicable predatory
        and abusive lending laws and consummation of the transactions contemplated
        hereby, including without limitation, the receipt of interest by the owner
        of
        such Mortgage Loan, will not involve the violation of any such laws, rules
        or
        regulations. None of the Mortgage Loans are (a) Mortgage Loans subject to
        12 CFR
        Part 226.31, 12 CFR Part 226.32 or 226.34 of Regulation Z, the regulation
        implementing TILA, which implements the Home Ownership and Equity Protection
        Act
        of 1994, as amended, or (b) except as may be provided in subparagraph (c)
        below,
        classified and/or defined, as a “high cost”, “threshold”, “predatory” “high risk
        home loan” or “covered” loan (or a similarly classified loan using different
        terminology under a law imposing additional legal liability for mortgage
        loans
        having high interest rates, points and or/fees) under any other applicable
        state, federal or local law including, but not limited to, the States of
        Georgia, New York, North Carolina, Arkansas, Kentucky or New Mexico, (c)
        Mortgage Loans subject to the New Jersey Home Ownership Security Act of 2002
        (the “Act”), unless such Mortgage Loan is a (1) “Home Loan” as defined in the
        Act that is a first lien Mortgage Loan, which is not a “High Cost Home Loan” as
        defined in the Act or (2) “Covered Home Loan” as defined in the Act that is a
        first lien purchase money Mortgage Loan, which is not a High Cost Home Loan
        under the Act, or (d) secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c). In addition
        to and notwithstanding anything to the contrary herein, no Mortgage Loan
        for
        which the Mortgaged Property is located in New Jersey is a Home Loan as defined
        in the Act that was made, arranged, or assigned by a person selling either
        a
        manufactured home or home improvements to the Mortgaged Property or was made
        by
        an originator to whom the Mortgagor was referred by any such seller. The
        Company
        shall maintain in its possession, available for the Purchaser’s inspection, as
        appropriate, and shall deliver to the Purchaser or its designee upon demand,
        evidence of compliance with all such requirements;
        

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part, nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j)
        The
        Mortgage is a valid, existing, enforceable and perfected first lien on the
        Mortgaged Property, including all improvements securing the Mortgage Note's
        original principal balance subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors. The Mortgage and the Mortgage Note do not contain any evidence
        of any
        other security interest or other interest or right thereto. Such lien is
        free
        and clear of all adverse claims, liens and encumbrances having priority over
        the
        first lien of the Mortgage subject only to (1) the lien of non-delinquent
        current real property taxes and assessments not yet due and payable, (2)
        covenants, conditions and restrictions, rights of way, easements and other
        matters of the public record as of the date of recording which are acceptable
        to
        mortgage lending institutions generally and either (A) which are referred
        to in
        the lender’s title insurance policy delivered to the originator or otherwise
        considered in the appraisal made for the originator of the Mortgage Loan,
        or (B)
        which do not adversely affect the residential use or Appraised Value of the
        Mortgaged Property as set forth in such appraisal, and (3) other matters
        to
        which like properties are commonly subject which do not, individually or
        in the
        aggregate, materially interfere with the benefits of the security intended
        to be
        provided by the Mortgage or the use, enjoyment, value or marketability of
        the
        related Mortgaged Property. Any security agreement, chattel mortgage or
        equivalent document related to and delivered in connection with the Mortgage
        Loan establishes and creates a valid, existing, enforceable and perfected
        first
        lien and first priority security interest on the property described therein,
        and
        the Company has the full right to sell and assign the same to the
        Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        accordance with its terms subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors, and the Company has taken all action necessary to transfer such
        rights of enforceability to the Purchaser (as applicable). All parties to
        the
        Mortgage Note and the Mortgage had the legal capacity to enter into the Mortgage
        Loan and to execute and deliver the Mortgage Note and the Mortgage. The Mortgage
        Loan Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage
        Note and the Mortgage have been duly and properly executed by such parties.
        No
        fraud, error, omission, misrepresentation, negligence or similar occurrence
        with
        respect to a Mortgage Loan has taken place on the part of the Company or
        the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note, and had full right to transfer and sell the
        Mortgage Loan to the Purchaser free and clear of any encumbrance, equity,
        participation interests, lien, pledge, charge, claim or security interest.
        Upon
        the sale of the Mortgage Loan to the Purchaser, the Company will retain the
        Mortgage File or any part thereof with respect thereto not delivered to the
        Purchaser or the Purchaser’s designee in trust only for the purpose of servicing
        and supervising the servicing of the Mortgage Loan. Immediately prior to
        the
        transfer and assignment to the Purchaser, the Mortgage Loan, including the
        Mortgage Note and the Mortgage, were not subject to an assignment, sale or
        pledge to any person other than the Purchaser, and the Company had good and
        marketable title to and was the sole owner thereof. Following the sale of
        the
        Mortgage Loan, the Purchaser will own such Mortgage Loan free and clear of
        any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for purposes of servicing the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and, with respect to adjustable rate
        Mortgage Loans, against any loss by reason of the invalidity or unenforceability
        of the lien resulting from the provisions of the Mortgage providing for
        adjustment in the Mortgage Interest Rate and Monthly Payment. Where required
        by
        state law or regulation, the Mortgagor has been given the opportunity to
        choose
        the carrier of the required mortgage title insurance. The Company, its
        successors and assigns, is the sole insured of such lender's title insurance
        policy, such title insurance policy has been duly and validly endorsed to
        the
        Purchaser (to the extent necessary) or the assignment to the Purchaser of
        the
        Company's interest therein does not require the consent of or notification
        to
        the insurer and such lender's title insurance policy is in full force and
        effect
        and will be in full force and effect upon the consummation of the transactions
        contemplated by this Agreement. No claims have been made under such lender's
        title insurance policy, and no prior holder or servicer of the related Mortgage,
        including the Company, nor any Mortgagor, has done, by act or omission, anything
        which would impair the coverage of such lender's title insurance
        policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event of acceleration; and neither
        the Company, nor any prior mortgagee, has waived any default, breach, violation
        or event of acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit
        H
        hereto.
        The Mortgage Loan bears interest at an adjustable rate (if applicable) as
        set
        forth in the related Mortgage Loan Schedule, and Monthly Payments under the
        Mortgage Note are due and payable on the first day of each month. The Mortgage
        contains the usual and enforceable provisions of the Company at the time
        of
        origination for the acceleration of the payment of the unpaid principal amount
        of the Mortgage Loan if the related Mortgaged Property is sold without the
        prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the FIRREA and the regulations promulgated
        thereunder, all as in effect on the date the Mortgage Loan was originated.
        The
        appraisal is in a form acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features and
        no
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than forty (40) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. Unless indicated on the related Mortgage
        Loan Schedule, none of the Mortgage Loans are “interest-only”
        Mortgage Loans or “negative amortization” Mortgage Loans.
        With
        respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a
        monthly payment which is suffi-cient (a) during the period prior to the first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With respect to each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        Unless
        indicated on the related Mortgage Loan Schedule, no Mortgage Loan contains
        terms
        or provi-sions which would result in negative amortization. None of the Mortgage
        Loans contain a conversion feature which would cause the Mortgage Interest
        Rate
        to convert to a fixed interest rate. None of the Mortgage Loans are considered
        agricultural loans; 

      

      (bb)
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg)
        (INTENTIONALLY LEFT BLANK)

      

      (hh)
        In
        the event the Mortgage Loan had an LTV at origination greater than 80.00%,
        the
        excess of the principal balance of the Mortgage Loan over 75.0% of the Appraised
        Value of the Mortgaged Property with respect to a Refinanced Mortgage Loan,
        or
        the lesser of the Appraised Value or the Sales Price of the Mortgaged Property
        with respect to a purchase money Mortgage Loan was insured as to payment
        defaults by a Primary Mortgage Insurance Policy issued by a Qualified Insurer.
        Any Mortgage Loan subject to a Lender Primary Mortgage Insurance Policy or
        a
        Primary Mortgage Insurance Policy that is also subject to the Company’s captive
        reinsurance agreement with the applicable insurer shall remain subject to
        such
        captive reinsurance agreement between the Company and the applicable insurer,
        provided that such insurer is a Qualified Insurer. Unless otherwise indicated
        on
        the related Mortgage Loan Schedule, no Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy have been and are being
        complied with, such policy is in full force and effect, and all premiums
        due
        thereunder have been paid. No Mortgage Loan requires payment of such premiums,
        in whole or in part, by the Purchaser. No action, inaction, or event has
        occurred and no state of facts exists that has, or will result in the exclusion
        from, denial of, or defense to coverage. Any Mortgage Loan subject to a Primary
        Mortgage Insurance Policy obligates the Mortgagor thereunder to maintain
        the
        Primary Mortgage Insurance Policy, subject to state and federal law, and
        to pay
        all premiums and charges in connection therewith. No action has been taken
        or
        failed to be taken, on or prior to the Closing Date which has resulted or
        will
        result in an exclusion from, denial of, or defense to coverage under any
        Primary
        Mortgage Insurance Policy (including, without limitation, any exclusions,
        denials or defenses which would limit or reduce the availability of the timely
        payment of the full amount of the loss otherwise due thereunder to the insured)
        whether arising out of actions, representations, errors, omissions, negligence,
        or fraud of the Company or the Mortgagor, or for any other reason under such
        coverage. The Mortgage Interest Rate for the Mortgage Loan as set forth on
        the
        related Mortgage Loan Schedule is net of any such insurance premium. Unless
        otherwise indicated on the related Mortgage Loan Schedule, none of the Mortgage
        Loans are subject to “lender-paid”
        mortgage insurance.
        Any
        Mortgage Loan subject to a Lender Primary Mortgage Insurance Policy obligates
        the Company to maintain the Lender Primary Mortgage Insurance Policy and
        to pay
        all premiums and charges in connection therewith;

      

      (ii)
        The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj)
        None
        of the Mortgage Loans are secured by an interest in a leasehold estate. The
        Mortgaged Property is located in the state identified in the related Mortgage
        Loan Schedule and consists of a single parcel of real property with a detached
        single family residence erected thereon, or a townhouse, or a two-to four-family
        dwelling, or an individual condominium unit in a condominium project, or
        an
        individual unit in a planned unit development or a de minimis planned unit
        development; provided, however, that no residence or dwelling is a single
        parcel
        of real property with a manufactured home not affixed to a permanent foundation,
        or a mobile home. Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        Origination Date, no portion of any Mortgaged Property was used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk)
        Payments on the Mortgage Loan commenced no more than sixty (60) days after
        the
        funds were disbursed in connection with the Mortgage Loan. Each of the Mortgage
        Loans will amortize fully by the stated maturity date;

      

      (ll)
        The
        Mortgage Property was lawfully occupied under applicable law, and all
        inspections, licenses and certificates required to be made or issued with
        respect to all occupied portions of the Mortgaged Property and, with respect
        to
        the use and occupancy of the same, including but not limited to certificates
        of
        occupancy and fire underwriting certificates, have been made or obtained
        from
        the appropriate authorities;

      

      (mm)
        There is no pending action or proceeding directly involving the Mortgaged
        Property in which compliance with any environmental law, rule or regulation
        is
        an issue; there is no violation of any environmental law, rule or regulation
        with respect to the Mortgaged Property; and the Company has not received
        any
        notice of any environmental hazard on the Mortgaged Property and nothing
        further
        remains to be done to satisfy in full all requirements of each such law,
        rule or
        regulation constituting a prerequisite to use and enjoyment of said
        property;

      

      (nn)
        The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act of 2004;

      

      (oo)
        No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        HUD
        pursuant to Sections 203 and 211 of the National Housing Act, a savings and
        loan
        association, a savings bank, a commercial bank, credit union, insurance company
        or similar institution which is supervised and examined by a federal or state
        authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, the Company has performed an audit of
        the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage;

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee;

      

      (xx)
        There is no Mortgage Loan that was originated on or after October 1, 2002
        and
        before March 7, 2003, which is secured by property located in the State of
        Georgia;

      

      (yy)
        No
        proceeds from any Mortgage Loan were used to finance single-premium credit
        insurance policies;

      

      (zz)
        No
        Mortgagor was encouraged or required to select a Mortgage Loan product offered
        by the Mortgage Loan’s originator which is a higher cost product designed for
        less creditworthy Mortgagors, unless at the time of the Mortgage Loan’s
        origination, such Mortgagor did not qualify taking into account credit history
        and debt-to-income ratios for a lower-cost credit product then offered by
        the
        Mortgage Loan’s originator or any affiliate of the Mortgage Loan’s originator.
        If, at the time of loan application, the Mortgagor may have qualified for
        a
        lower-cost credit product then offered by any mortgage lending affiliate
        of the
        Mortgage Loan’s originator, the Mortgage Loan’s originator referred the
        Mortgagor’s application to such affiliate for underwriting
        consideration;

      

      (aaa)
        The methodology used in underwriting the extension of credit for each Mortgage
        Loan employs objective mathematical principles which relate the Mortgagor’s
        income, assets and liabilities (except for any Mortgage Loan which does not
        require statement of income or assets) to the proposed payment and such
        underwriting methodology does not rely on the extent of the Mortgagor’s equity
        in the collateral as the principal determining factor in approving such credit
        extension. Such underwriting methodology confirmed that at the time of
        origination (application/approval) the Mortgagor had a reasonable ability
        to
        make timely payments on the Mortgage Loan;

       

      (bbb)
        With respect to any Mortgage Loan that contains a provision permitting
        imposition of a premium upon a prepayment prior to maturity: (i) prior to
        the
        loan’s origination, the Mortgagor agreed to such premium in exchange for a
        monetary benefit, including but not limited to a rate or fee reduction, (ii)
        prior to the loan’s origination, the Mortgagor was offered the option of
        obtaining a mortgage loan that did not require payment of such a premium,
        (iii)
        the prepayment premium is disclosed to the Mortgagor in the loan documents
        pursuant to applicable state and federal law, and (iv) notwithstanding any
        state
        or federal law to the contrary, the Company shall not impose such prepayment
        premium in any instance when the Mortgage is accelerated as the result of
        the
        Mortgagor’s default in making the loan payments;

       

      (ccc)
        No Mortgagor was required to purchase any credit life, disability, accident
        or
        health insurance product as a condition of obtaining the extension of credit.
        No
        Mortgagor obtained a prepaid single-premium credit life, disability, accident
        or
        health insurance policy in connection with the origination of the Mortgage
        Loan;

       

      (ddd)
        The
        Company will
        transmit full-file credit reporting data for each Mortgage Loan pursuant
        to the
        Fannie Mae Selling Guide and that for each Mortgage Loan, the Company agrees
        it
        shall report one of the following statuses each month as follows: new
        origination, current, delinquent (30-, 60-, 90-days, etc.), foreclosed, or
        charged-off;

       

      (eee)
        With
        respect to any Mortgage Loan originated on or after August 1, 2004, neither
        the
        related Mortgage nor the related Mortgage Note requires the Mortgagor to
        submit
        to arbitration to resolve any dispute arising out of or relating in any way
        to
        the Mortgage Loan;

      

      (fff)
        No Mortgage Loan is secured by Mortgaged Property in the Commonwealth of
        Massachusetts with a loan application date on or after November 7, 2004 that
        refinances a mortgage loan that is less than sixty (60) months old, unless
        such
        Mortgage Loan (1) is on an investment property, (ii) meets the requirements
        set
        forth in the Code of Massachusetts Regulation (“CMR”), 209 CMR 53.04(1)(b), or
        (iii) meets the requirements set forth in the 209 CMR 53.04(1)(c); 

      

      (ggg) 
        For any Mortgage Loan with Mortgaged Property located in Texas which is a
        second
        lien and the interest rate is in excess of 10% where terms of the Mortgage
        Note
        contain a provision for which the Mortgagor may be entitled to prepaid interest
        upon payoff, no Mortgagor paid any administrative fees, points, or loan
        origination fees which would actually result in any prepaid interest being
        due
        the Mortgagor under the terms of the Mortgage Note; and

       

      (hhh)  
        The Company has complied with all applicable anti-money laundering laws and
        regulations, including without limitation the USA Patriot Act of 2001
        (collectively, the Anti-Money Laundering Laws").  The Company has
        established an anti-money laundering compliance program as required by the
        Anti-Money Laundering Laws and has conducted the requisite due diligence in
        connection with the origination of each Mortgage Loan for the purposes of
        the
        Anti-Money Laundering Laws.  The Company further represents that it
        takes reasonable efforts to determine whether any Mortgagor appears on any
        list of blocked or prohibited parties designated by the U.S. Department of
        Treasury.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at the Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to the
        Purchaser acceptability. Any substituted Loans will comply with the
        representations and warranties set forth in this Agreement as of the
        substitution date.

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      For
        any
        month in which the Company is permitted to substitute one or more substitute
        Mortgage Loans, the Company will determine the amount (if any) by which the
        aggregate Stated Principal Balance (after application of the principal portion
        of all scheduled payments due in the month of substitution) of all the
        substitute Mortgage Loans in the month of substitution is less then the
        aggregate Stated Principal Balance (after application of the principal portion
        of the scheduled payment due in the month of substitution) of the such replaced
        Mortgage Loan. An amount equal to the aggregate of such deficiencies described
        in the preceding sentence for any Remittance Date shall be deposited into
        the
        Custodial Account by the Company on the related Determination Date in the
        month
        following the calendar month during which the substitution occurred.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify the Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to the Purchaser's reasonable satisfaction in accordance with
        this
        Section 3.03, or to indemnify the Purchaser pursuant to Section 8.01, that
        failure shall be an Event of Default and the Purchaser shall be entitled
        to
        pursue all remedies available in this Agreement as a result thereof. No
        provision of this paragraph shall affect the rights of the Purchaser to
        terminate this Agreement for cause, as set forth in Sections 10.01 and
        11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined

        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and covenants to the Company that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise exempt or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation, suit, proceeding or investigation pending or to the best of
        the
        Purchaser’s knowledge, threatened against the Purchaser, or any order or decree
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Company respecting a
        breach
        of the foregoing representations and warranties.

      

       

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety (90) days or forgive any payment of principal
        or
        interest, reduce or increase the outstanding principal balance (except for
        actual payments of principal) or change the final maturity date on such Mortgage
        Loan. In the event of any such modification which has been agreed to in writing
        by the Purchaser and which permits the deferral of interest or principal
        payments on any Mortgage Loan, the Company shall, on the Business Day
        immediately preceding the Remittance Date in any month in which any such
        principal or interest payment has been deferred, deposit in the Custodial
        Account from its own funds, in accordance with Section 4.04, the difference
        between (a) such month's principal and one month's interest at the Mortgage
        Loan
        Remittance Rate on the unpaid principal balance of such Mortgage Loan and
        (b)
        the amount paid by the Mortgagor. The Company shall be entitled to reimbursement
        for such advances to the same extent as for all other advances pursuant to
        Section 4.05. Without limiting the generality of the foregoing, the Company
        shall continue, and is hereby authorized and empowered, to prepare, execute
        and
        deliver on behalf of itself and the Purchaser, all instruments of satisfaction
        or cancellation, or of partial or full release, discharge and all other
        comparable instruments, with respect to the Mortgage Loans and with respect
        to
        the Mortgaged Properties. Notwithstanding anything herein to the contrary,
        the
        Company may not enter into a forbearance agreement or similar arrangement
        with
        respect to any Mortgage Loan which runs more than 180 days after the first
        delinquent Due Date. Any such agreement shall be approved by the Purchaser
        and,
        if required, by the Primary Mortgage Insurance Policy insurer and Lender
        Primary
        Mortgage Insurance Policy insurer, if required. 

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC 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.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (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”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, the Purchaser shall be deemed to have
        given
        consent in connection with a particular matter if the Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        the Purchaser receives a second written request for consent for such matter
        from
        the Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        The
        Company shall notify the Purchaser promptly in writing upon the appointment
        of
        any Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph; provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.03, 4.13, 8.04, 9.01 or 10.01 and if
        requested to do so by the Purchaser, the Company shall at its own cost and
        expense terminate the rights and responsibilities of the Subservicer effective
        as of the date of termination of the Company. The Company shall pay all fees,
        expenses or penalties necessary in order to terminate the rights and
        responsibilities of the Subservicer from the Company's own funds without
        reimbursement from the Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold the Purchaser harmless
        from
        any loss, liability or expense arising out of its use of a Subservicer to
        perform any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and the Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of the Purchaser to pay the Subservicer's fees and expenses.
        For purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of the Purchaser and the Company will use
        diligent efforts to collect same when due except as otherwise provided in
        the
        prepayment penalty provisions provided in the Mortgage Loan Documents.

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage.

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of the Purchaser,
        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 4.01. Foreclosure or comparable proceedings
        shall
        be initiated within ninety (90) days of default for Mortgaged Properties
        for
        which no satisfactory arrangements can be made for collection of delinquent
        payments, subject to state and federal law and regulation. The Company shall
        use
        its best efforts to realize upon defaulted Mortgage Loans in such manner
        as will
        maximize the receipt of principal and interest by the Purchaser, taking into
        account, among other things, the timing of foreclosure proceedings. The
        foregoing is subject to the provisions that, in any case in which a Mortgaged
        Property shall have suffered damage, the Company shall not be required to
        expend
        its own funds toward the restoration of such property unless it shall determine
        in its discretion (i) that such restoration will increase the proceeds of
        liquidation of the related Mortgage Loan to the Purchaser after reimbursement
        to
        itself for such expenses, and (ii) that such expenses will be recoverable
        by the
        Company through Insurance Proceeds or Liquidation Proceeds from the related
        Mortgaged Property, as contemplated in Section 4.05. The Company shall obtain
        prior approval of the Purchaser as to repair or restoration expenses in excess
        of ten thousand dollars ($10,000). The Company shall notify the Purchaser
        in
        writing of the commencement of foreclosure proceedings and not less than
        five
        (5) days prior to the acceptance or rejection of any offer of reinstatement.
        The
        Company shall be responsible for all costs and expenses incurred by it in
        any
        such proceedings or functions; provided, however, that it shall be entitled
        to
        reimbursement thereof from the related property, as contemplated in Section
        4.05. Notwithstanding anything to the contrary contained herein, in connection
        with a foreclosure or acceptance of a deed in lieu of foreclosure, in the
        event
        the Company has reasonable cause to believe that a Mortgaged Property is
        contaminated by hazardous or toxic substances or wastes, or if the Purchaser
        otherwise requests an environmental inspection or review of such Mortgaged
        Property, such an inspection or review is to be conducted by a qualified
        inspector at the Purchaser's expense. Upon completion of the inspection,
        the
        Company shall promptly provide the Purchaser with a written report of the
        environmental inspection. After reviewing the environmental inspection report,
        the Purchaser shall determine how the Company shall proceed with respect
        to the
        Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed Monthly Advances of the Company's funds made pursuant
        to
        Section 5.03 and any unreimbursed Servicing Advances and Servicing Fees in
        each
        case relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of the
        Purchaser as required pursuant to this Agreement, before the close of the
        third
        taxable year following the taxable year in which the Mortgage Loan became
        an REO
        Property, unless the Company provides to the trustee under such REMIC an
        Opinion
        of Counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. The Company shall manage, conserve, protect and operate each
        such
        REO Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        the Company, protect and conserve such property in the same manner and to
        such
        an extent as is customary in the locality where such property is located.
        Additionally, the Company shall perform the tax withholding and reporting
        related to Sections 1445 and 6050J of the Code.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds shall be deposited
        in the
        Custodial Account within twenty-four (24) hours of receipt, and shall at
        all
        times be insured by the FDIC up to the FDIC insurance limits, or must be
        invested in Permitted Investments for the benefit of the Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit
        B
        hereto.
        The original of such letter agreement shall be furnished to the Purchaser
        on the
        Closing Date, and upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
         all
        Liquidation Proceeds;

      

      (iv)
         any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
         all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
         all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
         any
        Monthly Advances;

      

      (viii)
         with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
         any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
         any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05(iv). The Purchaser shall not be
        responsible for any losses suffered with respect to investment of funds in
        the
        Custodial Account.

      

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees (or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related Repurchase Price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this Agreement;
        and

      

      (vii)
        to
        reimburse itself for Nonrecoverable Advances to the extent not reimbursed
        pursuant to clause (ii) or clause (iii).

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit
        C.
        The
        original of such letter agreement shall be furnished to the Purchaser on
        the
        Closing Date, and upon request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by the Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse the Company for any Servicing Advance made by the Company with
        respect
        to a related Mortgage Loan but only from amounts received on the related
        Mortgage Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this
        Agreement;

      

      (viii)
         to
        pay to
        the Mortgagors or other parties Insurance Proceeds deposited in accordance
        with
        Section 4.06; and

      

      
        (viii)to
          remove
          funds inadvertently placed in the Escrow Account by the
          Company.

      

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary Mortgage Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely 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 advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies or Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of the
        Purchaser, until the LTV of the related Mortgage Loan is reduced to that
        amount
        for which Fannie Mae no longer requires such insurance to be maintained,
        or as
        required by applicable law or regulation. The Company will not cancel or
        refuse
        to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Private Mortgage Insurance Policy in a timely fashion in accordance with
        the
        terms of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy and, in this regard, to take such action as shall be necessary
        to permit recovery under any Primary Mortgage Insurance Policy or Lender
        Primary
        Mortgage Insurance Policy respecting a defaulted Mortgage Loan. Pursuant
        to
        Section 4.04, any amounts collected by the Company under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy shall be deposited
        in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the greater of (a) the outstanding principal balance of the Mortgage
        Loan, and (b) an amount such that the proceeds thereof shall be sufficient
        to
        prevent the Mortgagor and/or the mortgagee from becoming a co-insurer. If
        required by the Flood Disaster Protection Act of 1973, as amended, each Mortgage
        Loan shall be covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration in effect
        with an
        insurance carrier acceptable to Fannie Mae or FHLMC, in an amount representing
        coverage not less than the lesser of (i) the outstanding principal balance
        of
        the Mortgage Loan, (ii) the maximum insurable value of the improvements securing
        such Mortgage Loan or (iii) the maximum amount of insurance which is available
        under the Flood Disaster Protection Act of 1973, as amended. If at any time
        during the term of the Mortgage Loan, the Company determines in accordance
        with
        applicable law and pursuant to the Fannie Mae Guides that a Mortgaged Property
        is located in a special flood hazard area and is not covered by flood insurance
        or is covered in an amount less than the amount required by the Flood Disaster
        Protection Act of 1973, as amended, the Company shall notify the related
        Mortgagor that the Mortgagor must obtain such flood insurance coverage, and
        if
        said Mortgagor fails to obtain the required flood insurance coverage within
        forty-five (45) days after such notification, the Company shall immediately
        force place the required flood insurance on the Mortgagor’s behalf. The Company
        shall also maintain on each REO Property, fire and hazard insurance with
        extended coverage in an amount which is at least equal to the maximum insurable
        value of the improvements which are a part of such property, and, to the
        extent
        required and available under the Flood Disaster Protection Act of 1973, as
        amended, flood insurance in an amount as provided above. Any amounts collected
        by the Company under any such policies other than amounts to be deposited
        in the
        Escrow Account and applied to the restoration or repair of the Mortgaged
        Property or REO Property, or released to the Mortgagor in accordance with
        Accepted Servicing Practices, shall be deposited in the Custodial Account,
        subject to withdrawal pursuant to Section 4.05. It is understood and agreed
        that
        no other additional insurance need be required by the Company of the Mortgagor
        or maintained on property acquired in respect of the Mortgage Loan, other
        than
        pursuant to this Agreement, the Fannie Mae Guides or such applicable state
        or
        federal laws and regulations as shall at any time be in force and as shall
        require such additional insurance. All such policies shall be endorsed with
        standard mortgagee clauses with loss payable to the Company and its successors
        and/or assigns and shall provide for at least thirty (30) days prior written
        notice of any cancellation, reduction in the amount or material change in
        coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent; provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by a
        Qualified Insurer insuring against hazard losses on all of the Mortgage Loans,
        then, to the extent such policy provides coverage in an amount equal to the
        amount required pursuant to Section 4.10 and otherwise complies with all
        other
        requirements of Section 4.10, it shall conclusively be deemed to have satisfied
        its obligations as set forth in Section 4.10, it being understood and agreed
        that such policy may contain a deductible clause, in which case the Company
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy complying with Section 4.10,
        and
        there shall have been a loss which would have been covered by such policy,
        deposit in the Custodial Account the amount not otherwise payable under the
        blanket policy because of such deductible clause. In connection with its
        activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and
        present, on behalf of the Purchaser, claims under any such blanket policy
        in a
        timely fashion in accordance with the terms of such policy. Upon request
        of the
        Purchaser, the Company shall cause to be delivered to the Purchaser a certified
        true copy of such policy and shall use its best efforts to obtain a statement
        from the insurer thereunder that such policy shall in no event be terminated
        or
        materially modified without thirty (30) days' prior written notice to the
        Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Financial Institution Bond Form A and shall protect and insure the Company
        against losses, including forgery, theft, embezzlement and fraud of such
        persons. The errors and omissions insurance shall protect and insure the
        Company
        against losses arising out of errors and omissions and negligent acts of
        such
        persons. Such errors and omissions insurance shall also protect and insure
        the
        Company against losses in connection with the failure to maintain any insurance
        policies required pursuant to this Agreement and the release or satisfaction
        of
        a Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. Upon request
        by
        the Purchaser, the Company shall provide the Purchaser with an insurance
        certificate certifying coverage under this Section 4.12, and will provide
        an
        update to such certificate upon request, or upon renewal or material
        modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an Opinion of Counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date the Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. No Servicing Fee shall be assessed or
        otherwise accrue on any REO Property from and after the date on which it
        becomes
        an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within three (3) years
        after title has been taken to such REO Property. No REO Property shall be
        marketed for less than the Appraised Value, without the prior consent of
        the
        Purchaser. No REO Property shall be sold for less than ninety-five percent
        (95%)
        of its Appraised Value, without the prior consent of Purchaser. All requests
        for
        reimbursement of Servicing Advances shall be in accordance with the Fannie
        Mae
        Guides. The disposition of REO Property shall be carried out by the Company
        at
        such price, and upon such terms and conditions, as the Company deems to be
        in
        the best interests of the Purchaser (subject to the above conditions) only
        with
        the prior written consent of the Purchaser. The Company shall provide monthly
        reports to the Purchaser in reference to the status of the marketing of the
        REO
        Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto; provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five (5) Business Days of any such
        termination, the Company shall, if necessary convey such property to the
        Purchaser and shall further provide the Purchaser with the following information
        regarding the subject REO Property: the related drive by appraisal or brokers
        price opinion, and copies of any related Mortgage Impairment Insurance Policy
        claims. In addition, within five (5) Business Days, the Company shall provide
        the Purchaser with the following information and documents regarding the
        subject
        REO Property: the related trustee’s deed upon sale and copies of any related
        hazard insurance claims, or repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

       

       

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, minus (iv)
        any
        amounts attributable to Monthly Payments collected but due on a Due Date
        or
        Dates subsequent to the preceding Determination Date, which amounts shall
        be
        remitted on the Remittance Date next succeeding the Due Period for such amounts.
        It is understood that, by operation of Section 4.04, the remittance on the
        First
        Remittance Date with respect to Mortgage Loans purchased pursuant to the
        related
        Term Sheet is to include principal collected after the Cut-off Date through
        the
        preceding Determination Date plus interest, adjusted to the Mortgage Loan
        Remittance Rate collected through such Determination Date exclusive of any
        portion thereof allocable to the period prior to the Cut-off Date, with the
        adjustments specified in clauses (ii), (iii) and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to the Purchaser an individual loan accounting report,
        as
        of the last Business Day of each month, in the Company's assigned loan number
        order to document Mortgage Loan payment activity on an individual Mortgage
        Loan
        basis. With respect to each month, the corresponding individual loan accounting
        report shall be received by the Purchaser no later than the fifth Business
        Day
        of the following month on a disk or tape or other computer-readable format
        in
        such format as may be mutually agreed upon by both the Purchaser and the
        Company, and no later than the fifth Business Day of the following month
        in hard
        copy, and shall contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; and

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired.

      

      The
        Company shall also provide a trial balance, sorted in the Purchaser's assigned
        loan number order, in the form of Exhibit
        E
        hereto,
        with each such Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to the
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        the
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for the Purchaser to prepare its federal income tax return as the Purchaser
        may
        reasonably request from time to time.

      

      In
        addition, not more than ninety (90) days after the end of each calendar year,
        the Company shall furnish to each Person who was a Purchaser at any time
        during
        such calendar year an annual statement in accordance with the requirements
        of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be a Nonrecoverable Advance. In
        such
        event, the Company shall deliver to the Purchaser an Officer's Certificate
        of
        the Company to the effect that an officer of the Company has reviewed the
        related Mortgage File and has made the reasonable determination that any
        additional advances are nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to the
        Company
        and the Purchaser. The Company shall also provide reports on the status of
        REO
        Property containing such information as the Purchaser may reasonably
        require.

      

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, will enter into an assumption agreement with the person to whom
        the
        Mortgaged 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.
        Where
        an assumption is allowed pursuant to this Section 6.01, the Company, with
        the
        prior consent of the Purchaser and the primary mortgage insurer, if any,
        is
        authorized to enter into a substitution of liability agreement with the person
        to whom the Mortgaged Property has been conveyed or is proposed to be conveyed
        pursuant to which the original mortgagor is released from liability and such
        Person is substituted as mortgagor and becomes liable under the related Mortgage
        Note. Any such substitution of liability agreement shall be in lieu of an
        assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        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. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, 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
        6.02 Satisfaction
        of Mortgages and Release of Mortgage Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, 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 Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request execution
        of any document necessary to satisfy the Mortgage Loan and delivery to it
        of the
        portion of the Mortgage File held by the Purchaser or its designee. The
        Purchaser shall no later than five (5) Business Days after receipt of such
        certification and request, release or cause to be released to the Company,
        the
        related Mortgage Loan Documents and, upon its receipt of such documents,
        the
        Company shall promptly prepare and deliver to the Purchaser the requisite
        satisfaction or release. No later than five (5) Business Days following its
        receipt of such satisfaction or release, the Purchaser shall deliver, or
        cause
        to be delivered, to the Company the release or satisfaction properly executed
        by
        the owner of record of the applicable mortgage or its duly appointed attorney
        in
        fact. No expense incurred in connection with any instrument of satisfaction
        or
        deed of reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01(iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. The Company 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 for.

      

      Section
        6.04 [Reserved]

      

      Section
        6.05 [Reserved]

      

      Section
        6.06 Purchaser's
        Right to Examine the Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to OTS, FDIC and other similar entities,
        access to any documentation regarding the Mortgage Loans in the possession
        of
        the Company which may be required by any applicable regulations. Such access
        shall be afforded without charge, upon reasonable request, during normal
        business hours and at the offices of the Company, and in accordance with
        the
        FDIC, OTS, or any other similar federal or state regulations, as
        applicable.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement,
        such
        periodic, special or other reports, information or documentation, whether
        or not
        provided for herein, as shall be necessary, reasonable or appropriate in
        respect
        to the Purchaser, or otherwise in respect to the Mortgage Loans and the
        performance of the Company under this Agreement, including any reports,
        information or documentation reasonably required to comply with any regulations
        regarding any supervisory agents or examiners of the Purchaser all such reports
        or information to be as provided by and in accordance with such applicable
        instructions and directions as the Purchaser may reasonably request in relation
        to this Agreement or the performance of the Company under this Agreement.
        The
        Company agrees to execute and deliver all such instruments and take all such
        action as the Purchaser, from time to time, may reasonably request in order
        to
        effectuate the purpose and to carry out the terms of this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified above
        if
        reasonably requested.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

       

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement, including, but not limited to, the loss, damage, or misplacement
        of
        any documentation delivered to the Company pursuant to Section 2.07 and the
        Company's
        failure to perform the obligations set forth in Section 11.10.
        The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way from any claim, demand, defense or assertion
        based on or grounded upon, or resulting from any assertion based on, grounded
        upon or resulting from a breach or alleged breach of any of the representation
        or warranty set forth in Sections 3.01 or 3.02 of this Agreement. The Company
        shall immediately notify the Purchaser if a claim covered by the indemnification
        herein is made by a third party against the Company with respect to this
        Agreement or the Mortgage Loans, assume (with the consent of the Purchaser)
        the
        defense of any such claim and pay all expenses in connection therewith,
        including counsel fees, whether or not such claim is settled prior to judgment,
        and promptly pay, discharge and satisfy any judgment or decree which may
        be
        entered against it or the Purchaser in respect of such claim. The Company
        shall
        follow any written instructions received from the Purchaser in connection
        with
        such claim. The Purchaser shall promptly reimburse the Company for all amounts
        advanced by it pursuant to the two preceding sentences except when the claim
        relates to the failure of the Company to service and administer the Mortgages
        in
        strict compliance with the terms of this Agreement, the breach of representation
        or warranty set forth in Sections 3.01 or 3.02, or the negligence, bad faith
        or
        willful misconduct of the Company. The provisions of this Section 8.01 shall
        survive termination of this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises under
        the
        laws of the jurisdiction of organization except as permitted herein, and
        will
        obtain and preserve its qualification to do business in each other jurisdiction
        in which such qualification is or shall be necessary to protect the validity
        and
        enforceability of this Agreement, or any of the Mortgage Loans and to perform
        its duties under this Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        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
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC, SAIF and/or BIF, and which
        is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser 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 made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its servicing duties hereunder are
        no
        longer permissible under applicable law and such incapacity cannot be cured
        by
        the Company. Any such determination permitting the resignation of the Company
        shall be evidenced by an Opinion of Counsel to such effect delivered to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole discretion,
        unless
        the Company meets the requirements of the last sentence of Section 8.02 herein
        after any such disposition.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day after receipt of written notice to the Company; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, 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 Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        (60)
        days; or

      

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

      

      (v)
        the
        Company 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)
        the
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty (30) days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets (except as
        expressly permitted hereunder) or to assign this Agreement or the servicing
        responsibilities hereunder (except as expressly
        permitted
        hereunder) or to delegate its duties hereunder or any portion thereof;
        or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) the Company may, in addition to whatever
        rights the Purchaser may have under Sections 3.03 and 8.01 and at law or
        equity
        or to damages, including injunctive relief and specific performance, terminate
        all the rights and obligations of the Company under this Agreement and in
        and to
        the Mortgage Loans and the proceeds thereof without compensating the Company
        for
        the same. On or after the receipt by the Company of such written notice (or,
        in
        the case of an Event of Default under clauses (iii), (iv) or (v) above, in
        which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and 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, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited
        by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

       

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of the Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.03, 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall (i) succeed to and assume all of the Company's responsibilities, rights,
        duties and obligations under this Agreement, or (ii) appoint a successor
        having
        the characteristics set forth in Section 8.02 hereof and which shall succeed
        to
        all rights and assume all of the responsibilities, duties and liabilities
        of the
        Company under this Agreement prior to the termination of the Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of the Company pursuant to the aforementioned Sections shall not become
        effective until a successor shall be appointed pursuant to this Section and
        shall in no event relieve the Company of the representations and warranties
        made
        pursuant to Sections 3.01 and 3.02 and the remedies available to the Purchaser
        under Sections 3.03 and 8.01, it being understood and agreed that the provisions
        of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable to the Company
        notwithstanding any such resignation or termination of the Company, or the
        termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or termination of this Agreement pursuant to Section
        4.03, 4.13, 8.04, 9.01 or 10.01 shall not affect any claims that the Purchaser
        may have against the Company arising prior to any such termination or
        resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for Nonrecoverable Advances which the
        successor retains hereunder and which would otherwise have been recovered
        by the
        Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the party who obtained such
        successor shall notify by mail the other party of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 [Reserved]

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      
        	
              	(i)	
                if
                  to the Company:

              

      

       

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Fax:
        (630) 799-7964

      

      and
        with
        respect to notices relating to servicing matters:

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Ann Ryan

      Fax:
        (630) 799-7964

      

      
        	
              	(ii)	
                if
                  to the Purchaser:

              

      

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Ms. Ralene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steven Trombetta

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement; provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction. In addition, confidential information may be provided to
        a
        regulatory authority with supervisory power over the Purchaser, provided
        such
        information is identified as confidential non-public information.

      

      The
        Company agrees that the Company (i) shall comply with any applicable laws
        and
        regulations regarding the privacy and security of Consumer Information
        including, but not limited to the Gramm-Leach-Bliley
        Act, Title V, Subtitle A, 15 U.S.C. § 6801 et seq.,
        (ii)
        shall not use Consumer Information in any manner inconsistent with any
        applicable laws and regulations regarding the privacy and security of Consumer
        Information, (iii) shall not disclose Consumer Information to third parties
        except at the specific written direction of the Purchaser, (iv) shall maintain
        adequate physical, technical and administrative safeguards to protect Consumer
        Information from unauthorized access as provided by the applicable laws and
        regulations, and (v) shall immediately notify the Purchaser of any actual
        or
        suspected breach of the confidentiality of Consumer Information that would
        have
        a material and adverse effect on the Purchaser.

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing a Purchase, Assignment, Assumption
        and
        Recognition Agreement substantially in the form of Exhibit
        D
        hereto
        and the assignee or designee shall accede to the rights and obligations
        hereunder of the Purchaser with respect to such Mortgage Loans. In no event
        shall the Purchaser sell a partial interest in any Mortgage Loan without
        the
        written consent of the Company, which consent shall not be unreasonably denied.
        All references to the Purchaser in this Agreement shall be deemed to include
        its
        assignee or designee. The Company shall have the right, only with the consent
        of
        the Purchaser or otherwise in accordance with this Agreement, to assign,
        in
        whole or in part, its interest under this Agreement with respect to some
        or all
        of the Mortgage Loans.

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for the
        Purchaser.

      

      Section
        11.14 Signature
        Pages/Counterparts; Successors and Assigns.
        

      

      This
        Agreement and/or any Term Sheet shall be executed by each party (i) in one
        or
        more fully executed copies, each of which shall constitute a fully executed
        original Agreement, and/or (ii) in counterparts having one or more original
        signatures, and all such counterparts containing the original signatures
        of all
        of the parties hereto taken together shall constitute a fully executed original
        Agreement or Term Sheet, as applicable, and/or (iii) by delivery of one or
        more
        original signed signature pages to the other parties hereto (x) by mail or
        courier, and/or (y) by electronic transmission, including without limitation
        by
        telecopier, facsimile or email of a scanned image (“Electronic Transmission”),
        each of which as received shall constitute for all purposes an executed original
        signature page of such party. The Purchaser may deliver a copy of this Agreement
        and/or any Term Sheet, fully executed as provided herein, to each other party
        hereto by mail and/or courier and/or Electronic Transmission, and such copy
        as
        so delivered shall constitute a fully executed original Agreement or Term
        Sheet,
        as applicable, superseding any prior form of the Agreement or Term Sheet,
        as
        applicable, that differs therefrom in any respect. This Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successor and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the Mortgagor under any Mortgage
        Loan
        to refinance the Mortgage Loan, in whole or in part, without the prior written
        consent of the Purchaser. Notwithstanding the foregoing, it is understood
        and
        agreed that (i) promotions undertaken by the Company or any affiliate of
        the
        Company which are directed to the general public at large, or segments thereof,
        provided that no segment shall consist primarily of the Mortgage Loans,
        including, without limitation, mass mailing based on commercially acquired
        mailing lists, newspaper, radio and television advertisements and (ii) responses
        to unsolicited requests or inquiries made by a Mortgagor or an agent of a
        Mortgagor, shall not constitute solicitation under this Section 11.16. This
        Section 11.16 shall not be deemed to preclude the Company or any of its
        affiliates from soliciting any Mortgagor for any other financial products
        or
        services. The Company shall use its best efforts to prevent the sale of the
        name
        of any Mortgagor to any Person who is not affiliate of the Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet and an Officer Certificate (on or prior to the initial Closing Date
        only),
        all in such forms as are agreed upon and acceptable to the Purchaser, duly
        executed by all signatories other than the Purchaser as required pursuant
        to the
        terms hereof; and

      

      (d) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. [Reserved]
        

      

      Section
        11.19. Monthly
        Reporting with Respect to a Reconstitution.

      

      As
        long
        as the Company continues to service Mortgage Loans, the Company agrees that
        with
        respect to any Mortgage Loan sold or transferred pursuant to a Reconstitution
        as
        described in Section 11.18 of this Agreement (a “Reconstituted Mortgage Loan”),
        the Company, at its expense, shall provide the Purchaser with the information
        set forth in Exhibit
        E
        attached
        hereto for each Reconstituted Mortgage Loan in Excel or such electronic
        delimited file format as may be mutually agreed upon by both the Purchaser
        and
        the Company. Such information shall be provided monthly for all Reconstituted
        Mortgage Loans on the fifth (5th)
        Business Day of each month for the immediately preceding monthly period,
        and
        shall be transmitted to fast.data@bear.com.

      
 

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	
                EMC
                  MORTGAGE
                  CORPORATION

                Purchaser

              
	 
 	 
 	 
 
	 	 	By: 
	 	
                
                  

                

              
	 	
                Name:
                  

                Title:
                  

              

      

      
        
          	 	 	 
	 	
                  MID
                    AMERICA BANK,
                    FSB

                  Company

                
	 
 	 
 	 
 
	 	 	By: 
	 	
                  
                    

                  

                
	 	
                  Name:
                    

                  Title:
                    

                

        

        
        

         

      

      EXHIBIT
        A

      

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of _______________________,
        without recourse," and signed via original signature in the name of the Company
        by an authorized officer, with all intervening endorsements showing a complete
        chain of title from the originator to the Company, together with any applicable
        riders. In no event may an endorsement be a facsimile endorsement. If the
        Mortgage Loan was acquired by the Company in a merger, the endorsement must
        be
        by "[Company], successor by merger to the [name of predecessor]". If the
        Mortgage Loan was acquired or originated by the Company while doing business
        under another name, the endorsement must be by "[Company] formerly known
        as
        [previous name]". Mortgage Notes may be in the form of a lost note affidavit
        subject to the Purchaser acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy, if required.

      

      4.
        The
        original Assignment, from the Company to _______________________________,
        or in
        accordance with the Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by the Purchaser, be in form and substance acceptable
        for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5.
        The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6.
        Originals of all recorded intervening Assignments, or copies thereof, certified
        by the public recording office in which such Assignments have been recorded
        showing a complete chain of
        title
        from the originator to the Company, with evidence of recording thereon, or
        a
        copy thereof certified by the public recording office in which such Assignment
        has been recorded or, if the original Assignment has not been returned from
        the
        applicable public recording office, a true certified copy, certified by the
        Company.

      

      7.
        Originals, or copies thereof certified by the public recording office in
        which
        such documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8.
        If the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9.
        Reserved.

      

      10.
        Mortgage Loan closing statement (Form HUD-1) and any other truth-in-lending
        or
        real estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12.
        Uniform underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13.
        Credit report on the mortgagor.

      

      14.
        Business credit report, if applicable.

      

      15.
        Residential appraisal report and attachments thereto.

      

      16.
        The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17.
        Verification of employment and income except for Mortgage Loans originated
        under
        a limited documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18.
        Verification of acceptable evidence of source and amount of down payment,
        in
        accordance with the Company's underwriting guidelines.

      

      19.
        Photograph of the Mortgaged Property (may be part of appraisal)

      .

      20.
        Survey of the Mortgaged Property, if any.

      

      21.
        Sales
        contract, if applicable.

      

      22.
        If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23.
        Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24.
        Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, the Company may provide one certificate
        for all
        of the Mortgage Loans indicating that the documents were delivered for
        recording.

      
 

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2005

      

      To:   [_______________________]
        

       (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        [_____________________] 1, 200[_] (the "Agreement"), we hereby authorize
        and
        request you to establish an account, as a Custodial Account pursuant to Section
        4.04 of the Agreement, to be designated as
        "[______________________________________], in trust for the [Purchaser],
        Owner
        of Mortgage Loans". All deposits in the account shall be subject to withdrawal
        therefrom by order signed by the Company. This letter is submitted to you
        in
        duplicate. Please execute and return one original to us.

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
	 	  	
                By:____________________________

                 

              
	 	
                Name:__________________________

                 

              
	 	Title:___________________________ 

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      
        	 	 	 
	 	
                [__________________________]

              
	 
 	 
 	 
	 	  	
                By:____________________________

                 

              
	 	
                Name:__________________________

                 

              
	 	Title:___________________________ 

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2005

      

      To:    [_______________________]

       (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        [____________________]1, 200[_] (the "Agreement"), we hereby authorize and
        request you to establish an account, as an Escrow Account pursuant to Section
        4.06 of the Agreement, to be designated as "[__________________________],
        in
        trust for the [Purchaser], Owner of Mortgage Loans, and various Mortgagors."
        All
        deposits in the account shall be subject to withdrawal therefrom by order
        signed
        by the Company. This letter is submitted to you in duplicate. Please execute
        and
        return one original to us.

      
        
          	 	 	 
	 	
                  [__________________________]

                
	 
 	 
 	 
	 	  	
                  By:____________________________

                   

                
	 	
                  Name:__________________________

                   

                
	 	Title:___________________________ 

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      
        
          	 	 	 
	 	
                  [__________________________]

                
	 
 	 
 	 
	 	  	
                  By:____________________________

                   

                
	 	
                  Name:__________________________

                   

                
	 	Title:___________________________ 

        

         

      

      

      EXHIBIT
        D

      

      FORM
        OF
        PURCHASE, ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (
“Assignor”), ___________________ ( “Assignee”), and Mid America Bank, fsb (
“Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the Company, in blank,
        and an assignment of mortgage in recordable form from the Company, in blank.
        Assignee shall pay the Funding Amount by wire transfer of immediately available
        funds to the account specified by Assignor. Assignee shall be entitled to
        all
        scheduled payments due on the Assigned Loans after ___________, 200__ and
        all
        unscheduled payments or other proceeds or other recoveries on the Assigned
        Loans
        received on and after _____________, 200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h) Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans,
        or
        any interest in the Assigned Loans with any Person in any manner, or made
        any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

       

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
        Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      (c)
        Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Company’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Company’s charter or by-laws or any legal restriction, or any material agreement
        or instrument to which Company is now a party or by which it is bound, or
        result
        in the violation of any law, rule, regulation, order, judgment or decree
        to
        which Company or its property is subject. The execution, delivery and
        performance by Company of this PAAR Agreement and the consummation by it
        of the
        transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Company. This PAAR Agreement has been duly executed
        and delivered by Company, and, upon the due authorization, execution and
        delivery by Assignor and Assignee, will constitute the valid and legally
        binding
        obligation of Company, enforceable against Company in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at
        law;

      

      (d)
        No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this PAAR Agreement, or the consummation by it of the transactions contemplated
        hereby; 

      

      (e)
        No
        event
        has occurred
        from the
        Closing Date to the date hereof which would render the representations and
        warranties as to the related Assigned Loans made by Company in Sections 3.01
        and
        3.02 of the Purchase Agreement to be untrue in any material respect;
        and

      

      (f)
        Neither
        this PAAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by Company pursuant to
        this
        PAAR Agreement contains or will contain any materially untrue statement of
        fact
        or omits or will omit to state a fact necessary to make the statements contained
        therein not misleading.

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      
        	
              	(a)	
                In
                  the case of Company,

              

      

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Fax:
        (630) 799-7964

      

      and
        with
        respect to notices relating to servicing matters:

      

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Ann Ryan

      Fax:
        (630) 799-7964

      

      
        	
              	(b)	
                In
                  the case of Assignor,

              

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      
        	
              	(c)	
                In
                  the case of Assignee,

              

      

      
 

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Raylene Ruyle

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Steve Trombetta

      Telecopier
        No.: (212) 272-[___]

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of
        the
        Confirmation with respect to the Assigned Loans, the terms of this PAAR
        Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      15.  Company
        and Assignor hereby amend the Purchase Agreement as follows:

      

      (a)   
        The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator:      
        ________________________

      

      Supplemental
        PMI Insurer:    ________________________

      

      Supplemental
        PMI Policy:    
The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit [_], or any successor Supplemental PMI Policy given to
        the
        Servicer by the Assignee.

      

      Trustee:        ________________________

      

      (b)   
        The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy, the Supplemental PMI Policy, any
        title
        policy, any hazard insurance policy or any other insurance policy covering
        a
        Mortgage Loan or other related Mortgaged Property, including any amounts
        required to be deposited in the Custodial Account pursuant to Section 4.04,
        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 Accepted
        Servicing Practices.

      

      (c)   
        The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the

      Purchaser
        and the [Securities Administrator] any statements or other reports given
        by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d)   
        Clause
        (vi) of Section 9.01 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      
        	 	 	 
	 	
                EMC
                  MORTGAGE CORPORATION

                Assignor

              
	 
 	 
 	 
 
	 	  	By:
                __________________________
	 	
                Name:________________________

              
	 	Title:______________________

      

       

      
        
          	 	 	 
	 	
                  
                    _________________________________

                    Assignee

                  

                
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

           

          
            
              	 	 	 
	 	
                      
                        
                          MID
                            AMERICA BANK, FSB

                          Company

                        

                      

                    
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

          

        

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE:    
        Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned Mortgage Loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned Mortgage Loan is being repurchased pursuant to the terms of the
        Agreement. The Company hereby certifies that the repurchase price has been
        credited to the Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned Mortgage Loan is being placed in foreclosure and the original
        documents are required to proceed with the foreclosure action. The Company
        hereby certifies that the documents will be returned to the Purchaser in
        the
        event of reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

       

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original Mortgage Loan Documents in your possession
        relating to this loan.

      

      Dated:_________________

      
        	 	 	 	 
	By:	 	 	 
	
                
                  

                

              	 	 	
              
	
                Signature

              	 	 	 

      

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      The
        Purchaser hereby acknowledges that all original documents previously released
        on
        the above captioned Mortgage Loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

       

       

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      EXHIBIT
        I

      

      

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between Mid America Bank, fsb,
        located at 2650 Warrenville Road, Suite 500, Downers Grove, Illinois 60515
        (the
“Company”) and EMC Mortgage Corporation, a Delaware corporation, located at Mac
        Arthur Ridge II, 909 Hidden Ridge Drive, Suite 200, Irving, Texas 75038 (the
        "Purchaser") is made pursuant to the terms and conditions of that certain
        Purchase, Warranties and Servicing Agreement, as amended (the "Agreement")
        dated
        as of February 1, 2006, between the Company and the Purchaser, the provisions
        of
        which are incorporated herein as if set forth in full herein, as such terms
        and
        conditions may be modified or supplemented hereby. All initially capitalized
        terms used herein unless otherwise defined shall have the meanings ascribed
        thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans on a servicing retained basis described on the Mortgage Loan Schedule
        annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1.    Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None].

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, the Agreement shall remain in full force and effect as of
        the
        date hereof.

       

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        
          	 	 	 
	 	
                  
                    
                      MID
                        AMERICA BANK, FSB

                    

                  

                
	 
 	 
 	 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

           

          
            
              	 	 	 
	 	
                      
                        
                          EMC
                            MORTGAGE CORPORATION

                        

                      

                    
	 
 	 
 	 
 
	 	  	By:_______________________________
	 	Name:_____________________________
	 	Title:__________________________

  

          

        

      

      SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

       

       

      AMENDMENT
        NUMBER ONE

      to
        the

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      Dated
        as
        of February 1, 2006

      

      between

      

      EMC
        MORTGAGE CORPORATION, 

      as
        Purchaser

      

      and

      

      MID
        AMERICA BANK, FSB,

      as
        Company

      

      This
        AMENDMENT NUMBER ONE (this “Amendment”) is made and entered into this
        1st
        day of
        February, 2006, by and between EMC Mortgage Corporation, a Delaware corporation,
        as purchaser (the “Purchaser”) and Mid America Bank, fsb, as company (the
“Company”) in connection with the Purchase, Warranties and Servicing Agreement,
        dated as of February 1, 2006, between the above mentioned parties (the
“Agreement”). This Amendment is made pursuant to Section 11.02 of the
        Agreement.

      

      RECITALS

       

      WHEREAS,
        the parties hereto have entered into the Agreement; 

      

      WHEREAS,
        the Agreement provides that the parties thereto may enter into an amendment
        to
        the Agreement;

      

      WHEREAS,
        the parties hereto desire to amend the Agreement as set forth in this Amendment;
        and

      

      NOW,
        THEREFORE, in consideration of the premises and for other good and valuable
        consideration, the receipt and sufficiency of which is hereby acknowledged,
        the
        parties hereto agree as follows:

      

      1.    
         Capitalized
        terms used herein and not defined herein shall have the meanings assigned
        to
        such terms in the Agreement. 

      

      2.      Article
        I
        of the Agreement is hereby amended effective as of the date hereof by adding
        the
        following definitions to Section 1.01: 

      

      Commission
        or SEC:
        The
        Securities and Exchange Commission.

      

      Delinquency
        Recognition Policies:
        The
        delinquency recognition policies set forth in Exhibit Q.

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Pass-Through Transfer.

      

      Exchange
        Act:
        The
        Securities Exchange Act of 1934, as amended.

      

      Master
        Servicer:
        With
        respect to any Pass-Through Transfer, the “master servicer,” if any, identified
        in the related transaction documents.

      

      Prepayment
        Charge:
        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.

      

      Qualified
        Correspondent:
        Any Person from which the Company purchased Mortgage Loans, provided that
        the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company.

      

      Regulation
        AB:
        Subpart
        229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as amended from time to time, and subject to such
        clarification and interpretation as have been provided by the Commission
        in the
        adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518,
        70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission,
        or
        as may be provided by the Commission or its staff from time to
        time.

      

      Securities
        Act:
        The
        Securities Act of 1933, as amended.

      

      Servicing
        Criteria:
        As of
        any date of determination, the “servicing criteria” set forth in Item 1122(d) of
        Regulation AB, or any amendments thereto, a summary of the requirements of
        which
        as of the date hereof is attached hereto as Exhibit
        M
        for
        convenience of reference only. In the event of a conflict or inconsistency
        between the terms of Exhibit
        M
        and the
        text of Item 1122(d) of Regulation AB, the text of Item 1122(d) of Regulation
        AB
        shall control (or those Servicing Criteria otherwise mutually agreed to by
        the
        Purchaser, the Company and any Person that will be responsible for signing
        any
        certification required under the Sarbanes-Oxley Act of 2002 with respect
        to a
        Pass-Through Transfer in response to evolving interpretations of Regulation
        AB
        and incorporated into a revised Exhibit
        M).

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a Subservicer.
        

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company.

      

      3.      Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Subservicer in Section 1.01 and replacing
        it
        with the following:

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB.
        Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      4.      Article
        I
        of the Agreement is hereby amended effective as of the date hereof by deleting
        in its entirety the definition of Principal Prepayment in Section 1.01 and
        replacing it with the following:

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any Prepayment
        Charge and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.

      

      5.      Article
        III of the Agreement is hereby amended effective as of the date hereof by
        revising Section 3.01(n) as follows (new text underlined):

      

      (n) Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years as requested. All such financial information fairly
        presents the pertinent results of operations and financial position for the
        period identified and has been prepared in accordance with GAAP throughout
        the
        periods involved, except as set forth in the notes thereto. There has been
        no
        change in the servicing
        policies and procedures,
        business, operations, financial condition, properties or assets of the Company
        since the date of the Company’s financial information that would have a material
        adverse effect on its ability to perform its obligations under this
        Agreement;

      

      6.      Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.01(p):

      

      (p) As
        of the
        date of each Pass-Through Transfer, and except as has been otherwise disclosed
        to the Purchaser, any Master Servicer and any Depositor: (1) no default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company; (2) no material
        noncompliance with applicable servicing criteria as to any other securitization
        has occurred, been disclosed or reported by the Company; (3) the Company
        has not
        been terminated as servicer in a residential mortgage loan securitization,
        either due to a servicing default or to application of a servicing performance
        test or trigger; (4) no material changes to the Company’s servicing policies and
        procedures for similar loans has occurred in the preceding three years; (5)
        there are no aspects of the Company’s financial condition that could have a
        material adverse impact on the performance by the Company of its obligations
        hereunder; (6) there are no legal proceedings pending, or known to be
        contemplated by governmental authorities, against the Company that could
        be
        material to investors in the securities issued in such Pass-Through Transfer;
        and (7) there are no affiliations, relationships or transactions relating
        to the
        Company of a type that are described under Item 1119 of Regulation
        AB.

      

      7.      Article
        III of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 3.02(iii):

      

      With
        respect to each Mortgage Loan, information regarding the borrower credit
        files
        related to such Mortgage Loan has been furnished to credit reporting agencies
        in
        compliance with the provisions of the Fair Credit Reporting Act and the
        applicable implementing regulations.

      

      8.      Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        adding
        this sentence after the first sentence of Section 4.01:

      

      In
        addition, the Company shall furnish information regarding the borrower credit
        files related to such Mortgage Loan to credit reporting agencies in compliance
        with the provisions of the Fair Credit Reporting Act and the applicable
        implementing regulations.

      

      9.     Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        deleting in its entirety the last paragraph of Section 4.02 and replacing
        it
        with the following:

      

      The
        Company shall not waive any Prepayment Charge unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Company, maximize recovery
        of total proceeds taking into account the value of such Prepayment Charge
        and
        the related Mortgage Loan. If a Prepayment Charge is waived, but does not
        meet
        the standards described above, then the Company is required to pay the amount
        of
        such waived Prepayment Charge by remitting such amount to the Purchaser by
        the
        Remittance Date.

      

      10.   Article
        IV of the Agreement is hereby amended effective as of the date hereof by
        revising the first paragraph of Section 4.03 by adding the following after
        the
        first sentence:

      

      In
        determining the delinquency status of any Mortgage Loan, the Company will
        use
Delinquency
        Recognition Policies to be provided by EMC or
        as
        described to and approved by the Purchaser, and shall revise these policies
        as
        reasonably requested by the Purchaser from time to time.

      

      11.   Article
        V
        of the Agreement is hereby amended effective as of the date hereof by deleting
        Section 5.02 in its entirety and replacing it with the following:

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)      with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to principal (including a separate breakdown of any
        Principal Prepayment, including the date of such prepayment, and any prepayment
        penalties or premiums, along with a detailed report of interest on principal
        prepayment amounts remitted in accordance with Section 4.04);

      

      (ii)      with
        respect to each Mortgage Loan and each Monthly Payment, the amount of such
        remittance allocable to interest;

      

      (iii)      with
        respect to each Mortgage Loan, the amount of servicing compensation received
        by
        the Company during the prior distribution period;

      

      (iv)      the
        Stated Principal Balance of each Mortgage Loan and the aggregate Stated
        Principal Balance of all Mortgage Loans as of the first day of the distribution
        period and the last day of the distribution period;

      

      (v)      with
        respect to each Mortgage Loan, the current Mortgage Interest Rate;

      

      (vi)      with
        respect to each Mortgage Loan, the aggregate amount of any Insurance Proceeds,
        Condemnation Proceeds, Liquidation Proceeds and REO Disposition Proceeds
        received during the prior distribution period;

      

      (vii)      with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Company in accordance with Section 4.04(viii) during the prior
        distribution period; 

      

      (viii)      the
        beginning and ending balances of the Custodial Account and Escrow
        Account;

      

      (ix)      the
        number of Mortgage Loans as of the first day of the distribution period and
        the
        last day of the distribution period; 

      

      (x)      with
        respect to each Mortgage Loan, the Stated Principal Balance of each Mortgage
        Loan (a) delinquent as grouped in the following intervals through final
        liquidation of such Mortgage Loan: 30 to 59 days, 60 to 89 days, 90 days
        or
        more; (b) as to which foreclosure has commenced; and (c) as to which REO
        Property has been acquired;

      

      (xi)      with
        respect to each Mortgage Loan, the amount and severity of any realized loss
        following liquidation of such Mortgage Loan; 

      

      (xii)      with
        respect to each Mortgage Loan, and in the aggregate for all Mortgage Loans,
        the
        amount of any Monthly Advances made by the Company during the prior distribution
        period; 

      

      (xiii)      with
        respect to each Mortgage Loan, a description of any Servicing Advances made
        by
        the Company with respect to such Mortgage Loan including the amount, terms
        and
        general purpose of such Servicing Advances, and the aggregate amount of
        Servicing Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xiv)      with
        respect to each Mortgage Loan, a description of any Nonrecoverable Advances
        made
        by the Company with respect to such Mortgage Loan including the amount, terms
        and general purpose of such Nonrecoverable Advances, and the aggregate amount
        of
        Nonrecoverable Advances for all Mortgage Loans during the prior distribution
        period;

      

      (xv)      with
        respect to each Mortgage Loan, a description of any Monthly Advances, Servicing
        Advances and Nonrecoverable Advances reimbursed to the Company with respect
        to
        such Mortgage Loan during the prior distribution period pursuant to Section
        4.05, and the source of funds for such reimbursement, and the aggregate amount
        of any Monthly Advances, Servicing Advances and Nonrecoverable Advances
        reimbursed to the Company for all Mortgage Loans during the prior distribution
        period pursuant to Section 4.05; 

      

      (xvi)      with
        respect to any Mortgage Loan, a description of any material modifications,
        extensions or waivers to the terms, fees, penalties or payments of such Mortgage
        Loan during the prior distribution period or that have cumulatively become
        material over time;

      

      (xvii)    a
        description of any material breach of a representation or warranty set forth
        in
        Section 3.01 or Section 3.02 herein or of any other breach of a covenant
        or
        condition contained herein and the status of any resolution of such
        breach;

      

      (xviii)    
        with
        respect to each Mortgage Loan, the Stated Principal Balance of any substitute
        Mortgage Loan provided by the Company and the Stated Principal Balance of
        any
        Mortgage Loan that has been replaced by a substitute Mortgage Loan in accordance
        with Section 3.03 herein; and

      

      (xix)     with
        respect to each Mortgage Loan, the Stated Principal Balance of any Mortgage
        Loan
        that has been repurchased by the Company in accordance with Section 3.03
        herein.

      

      In
        addition, the Company shall provide to the Purchaser such other information
        known or available to the Company that is necessary in order to provide the
        distribution and pool performance information as required under Item 1121
        of
        Regulation AB, as amended from time to time, as determined by the Purchaser
        in
        its sole discretion. The Company shall also provide a monthly report, in
        the
        form of Exhibit
        E
        hereto,
        or such other form as is mutually acceptable to the Company, the Purchaser
        and
        any Master Servicer, Exhibit
        F
        with
        respect to defaulted mortgage loans and Exhibit
        P,
        with
        respect to realized losses and gains, with each such report. 

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby. In addition, the Company shall provide
        Purchaser with such information concerning the Mortgage Loans as is necessary
        for Purchaser to prepare its federal income tax return as Purchaser may
        reasonably request from time to time.

      

      In
        addition, not more than ninety (90) days after the end of each calendar year,
        the Company shall furnish to each Person who was a Purchaser at any time
        during
        such calendar year an annual statement in accordance with the requirements
        of
        applicable federal income tax law as to the aggregate of remittances for
        the
        applicable portion of such year.

      

      12.      Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.04 in its entirety and replacing it with the
        following:

      

      Section
        6.04 Annual
        Statement as to Compliance; Annual Certification.

      

      (a) The
        Company will deliver to the Purchaser and any Master Servicer, not later
        than
        March 1 of each calendar year beginning in 2007, an officers’ certificate
        acceptable to the Purchaser (an “Annual Statement of Compliance”) stating, as to
        each signatory thereof, that (i) a review of the activities of the Company
        during the preceding calendar year and of performance under this Agreement
        or
        other applicable servicing agreement has been made under such officers’
supervision and (ii) to the best of such officers’ knowledge, based on such
        review, the Company has fulfilled all of its 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 any such obligation in any
        material respect, specifying each such failure known to such officer and
        the
        nature and status of cure provisions thereof. Such Annual Statement of
        Compliance shall contain no restrictions or limitations on its use that would
        prohibit the Purchaser, the Depositor or any Master Servicer to comply with
        the
        Securities Act, the Exchange Act and the rules and regulations of the Commission
        thereunder, and its filing under such laws and regulations. Copies of such
        statement shall be provided by the Company to the Purchaser upon request
        and by
        the Purchaser to any Person identified as a prospective purchaser of the
        Mortgage Loans. In the event that the Company has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Company shall deliver an Annual Statement of Compliance of the Subservicer
        as
        described above as to each Subservicer as and when required with respect
        to the
        Company.

      

      (b) With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        by March 1 of each calendar year beginning in 2007, an officer of the Company
        shall execute and deliver an officer’s certificate (an “Annual Certification”)
        to the Purchaser, any Master Servicer and any related Depositor for the benefit
        of each such entity and such entity’s affiliates and the officers, directors and
        agents of any such entity and such entity’s affiliates, in the form attached
        hereto as Exhibit
        L.
        In the
        event that the Company has delegated any servicing responsibilities with
        respect
        to the Mortgage Loans to a Subservicer, the Company shall deliver an Annual
        Certification of the Subservicer as described above as to each Subservicer
        as
        and when required with respect to the Company.

      

      (c) If
        the
        Company cannot deliver the related Annual Statement of Compliance and Annual
        Certification by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Annual Statement of Compliance and Annual Certification,
        but in no event later than March 15th
        of such
        year.

      

      (d) Failure
        of the Company to timely comply with this Section 6.04 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as set forth in 6.04(c), and Purchaser
        may,
        in addition to whatever rights the Purchaser may have under Sections 3.03
        and
        8.01 and at law or equity or to damages, including injunctive relief and
        specific performance, terminate all the rights and obligations of the Company
        under this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without compensating the Company for the same, as provided in Section 9.01.
        Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      13.      Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        deleting Section 6.05 in its entirety and replacing it with the
        following:

      

      Section
        6.05 [Reserved]

      

      14.      Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.07:

      

      Section
        6.07 Assessment
        of Compliance with Servicing Criteria.

      

      On
        and
        after January 1, 2006, the Company shall service and administer, and shall
        cause
        each subservicer to servicer or administer, the Mortgage Loans in accordance
        with all applicable requirements of the Servicing Criteria.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        the Company shall deliver to the Purchaser or its designee, any Master Servicer
        and any Depositor on or before March 1 of each calendar year beginning in
        2007,
        a report (an “Assessment of Compliance”) reasonably satisfactory to the
        Purchaser, any Master Servicer and any Depositor regarding the Company’s
        assessment of compliance with the 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 or as otherwise reasonably required by the Master
        Servicer, which as of the date hereof, require a report by an authorized
        officer
        of the Company that contains the following:

      

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Company;

      

      (b) A
        statement by such officer that such officer used the Servicing Criteria to
        assess compliance with the Servicing Criteria applicable to the
        Company;

      

      (c) An
        assessment by such officer of the Company’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 Company, that are backed by the same asset type as the Mortgage
        Loans;

      

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

      

      (e) A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        the Company, which statement shall be based on the activities it performs
        with
        respect to asset-backed securities transactions taken as a whole involving
        the
        Company, 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
        O
        hereto
        delivered to the Company concurrently with the execution of this
        Agreement.

      

      With
        respect to any Mortgage Loans that are the subject of a Pass-Through Transfer,
        on or before March 1 of each calendar year beginning in 2007, the Company
        shall
        furnish to the Purchaser or its designee, any Master Servicer and any Depositor
        a report (an “Attestation Report”) by a registered public accounting firm that
        attests to, and reports on, the Assessment of Compliance made by the Company,
        as
        required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
        of
        Regulation AB or as otherwise reasonably required by the Master Servicer,
        which
        Attestation Report must be made in accordance with standards for attestation
        reports issued or adopted by the Public Company Accounting Oversight Board.
        

      

      The
        Company shall cause each Subservicer, and each Subcontractor determined by
        the
        Company pursuant to Section 11.20 to be “participating in the servicing
        function” within the meaning of Item 1122 of Regulation AB, to deliver to the
        Purchaser, any Master Servicer and any Depositor an assessment of compliance
        and
        accountants’ attestation as and when provided in Sections 6.07.

      

      If
        the
        Company cannot deliver the related Assessment of Compliance or Attestation
        Report by March 1st
        of such
        year, the Purchaser, at its sole option, may permit a cure period for the
        Company to deliver such Assessment of Compliance or Attestation Report, but
        in
        no event later than March 15th
        of such
        year.

      

      Failure
        of the Company to timely comply with this Section 6.07 shall be deemed an
        Event
        of Default, automatically, without notice and without any cure period, unless
        otherwise agreed to by the Purchaser as described herein, and Purchaser may,
        in
        addition to whatever rights the Purchaser may have under Sections 3.03 and
        8.01
        and at law or equity or to damages, including injunctive relief and specific
        performance, terminate all the rights and obligations of the Company under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Company for the same, as provided in Section 9.01. Such
        termination shall be considered with cause pursuant to Section 10.01 of this
        Agreement. This paragraph shall supercede any other provision in this Agreement
        or any other agreement to the contrary.

      

      15.      Article
        VI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 6.08:

      

      Section
        6.08 Intent
        of the Parties; Reasonableness.

      

      The
        Purchaser and the Company acknowledge and agree that a purpose of Sections
        3.01(p), (q), (r) and (s), 5.02, 6.04, 6.07, 11.18 and 11.20 of this Agreement
        is to facilitate compliance by the Purchaser and any Depositor with the
        provisions of Regulation AB and related rules and regulations of the Commission.
        None of the Purchaser, any Master Servicer or any Depositor shall exercise
        its
        right to request delivery of information or other performance under these
        provisions other than in good faith, or for purposes other than compliance
        with
        the Securities Act, the Exchange Act and the rules and regulations of the
        Commission thereunder. The Company acknowledges that interpretations of the
        requirements of Regulation AB may change over time, whether due to interpretive
        guidance provided by the Commission or its staff, consensus among participants
        in the asset-backed securities markets, advice of counsel, or otherwise,
        and
        agrees to comply with requests made by the Purchaser or any Depositor in
        good
        faith for delivery of information under these provisions on the basis of
        evolving interpretations of Regulation AB. In connection with any Pass-Through
        Transfer, the Company shall cooperate fully with the Purchaser to deliver
        to the
        Purchaser (including any of its assignees or designees) and any Depositor,
        any
        and all statements, reports, certifications, records and any other information
        necessary in the good faith determination of the Purchaser or any Depositor
        to
        permit the Purchaser or such Depositor to comply with the provisions of
        Regulation AB, together with such disclosures relating to the Company, any
        Subservicer, any Third-Party Originator and the Mortgage Loans, or the servicing
        of the Mortgage Loans, reasonably believed by the Purchaser or any Depositor
        to
        be necessary in order to effect such compliance.

      

      16.      Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        deleting the first sentence of the last paragraph of Section 9.01 and replacing
        it with the following (new text underlined):

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, or
        as
        otherwise stated herein,
        in
        which case, automatically and without notice) Company may, in addition to
        whatever rights the Purchaser may have under Sections 3.03 and 8.01 and at
        law
        or equity or to damages, including injunctive relief and specific performance,
        terminate all the rights and obligations of the Company (and
        if the Company is servicing any of the Mortgage Loans in a Pass-Through
        Transfer, appoint a successor servicer reasonably acceptable to any Master
        Servicer for such Pass-Through Transfer)
        under
        this Agreement and in and to the Mortgage Loans and the proceeds thereof
        without
        compensating the Company for the same.

       

      17.      Article
        IX of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following at the end of the last paragraph of Section 9.01:

      

      The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a Master Servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

       

      18.      Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        restating Section 11.18 in its entirety as follows:

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a)      one
        or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b)      one
        or
        more trusts or other entities to be formed as part of one or more Pass-Through
        Transfers.

      

      The
        Purchaser and the Company agree that in no event shall there be more than
        three
        (3) Reconstitutions per Mortgage Loan pool.

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
Exhibit
        D
        hereto,
        or, at Purchaser’s request, a seller's warranties and servicing agreement or a
        participation and servicing agreement or similar agreement in form and substance
        reasonably acceptable to the parties, and in connection with a Pass-Through
        Transfer, a pooling and servicing agreement in form and substance reasonably
        acceptable to the parties, (collectively the agreements referred to herein
        are
        designated, the “Reconstitution Agreements”). It is understood that any such
        Reconstitution Agreements will not contain any greater obligations on the
        part
        of Company than are contained in this Agreement. Notwithstanding anything
        to the
        contrary in this Section 11.18, the Company agrees that it is required to
        perform the obligations described in Exhibit
        K
        hereto.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date").

      

      In
        addition, the Company shall provide to such servicer or issuer, as the case
        may
        be, and any other participants in such Reconstitution: 

      

      (i)      any
        and
        all information and appropriate verification of information which may be
        reasonably available to the Company, whether through letters of its auditors
        and
        counsel (excluding that protected by the attorney-client privilege unless
        waived) or otherwise, as the Purchaser or any such other participant shall
        request upon reasonable demand; 

      

      (ii)      such
        additional representations, warranties, covenants, letters from auditors,
        and
        certificates of public officials or officers of the Company as are reasonably
        agreed upon by the Company and the Purchaser or any such other
        participant;

      

      (iii)      within
        5
        Business Days after request by the Purchaser, the information with respect
        to
        the Company (as originator) and each Third-Party Originator of the Mortgage
        Loans as required under Item 1110(a) and (b) of Regulation AB, a summary
        of the
        requirements of which has of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. If requested by the Purchaser, this will include information
        about
        the applicable credit-granting or underwriting criteria;

      

      (iv)      within
        5
        Business Days after request by the Purchaser, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) Static Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        and (c) of Regulation AB. To the extent that there is reasonably available
        to
        the Company (or Third-Party Originator) Static Pool Information with respect
        to
        more than one mortgage loan type, the Purchaser or any Depositor shall be
        entitled to specify whether some or all of such information shall be provided
        pursuant to this paragraph. The content of such Static Pool Information may
        be
        in the form customarily provided by the Company, and need not be customized
        for
        the Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (pdf)
        file, or other such electronic format reasonably required by the Purchaser
        or
        the Depositor, as applicable;

      

      (v)      within
        5
        Business Days after request by the Purchaser, information with respect to
        the
        Company (as servicer) as required by Item 1108(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion. In the event that the Company has delegated any servicing
        responsibilities with respect to the Mortgage Loans to a Subservicer, the
        Company shall provide the information required pursuant to this clause with
        respect to the Subservicer;

      

      (vi)   
             within
        5
        Business Days after request by the Purchaser, 

      (a)
        information regarding any legal proceedings pending (or known to be
        contemplated) against the Company (as originator and as servicer) and each
        other
        originator of the Mortgage Loans and each Subservicer as required by Item
        1117
        of Regulation AB, a summary of the requirements of which as of the date hereof
        is attached hereto as Exhibit N for convenience of reference only, as determined
        by Purchaser in its sole discretion,

      (b)
        information regarding affiliations with respect to the Company (as originator
        and as servicer) and each other originator of the Mortgage Loans and each
        Subservicer as required by Item 1119(a) of Regulation AB, a summary of the
        requirements of which as of the date hereof is attached hereto as Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion, and

      (c)
        information regarding relationships and transactions with respect to the
        Company
        (as originator and as servicer) and each other originator of the Mortgage
        Loans
        and each Subservicer as required by Item 1119(b) and (c) of Regulation AB,
        a
        summary of the requirements of which as of the date hereof is attached hereto
        as
Exhibit
        N
        for
        convenience of reference only, as determined by Purchaser in its sole
        discretion; 

      

      (vii)       
        if
        so
        requested by the Purchaser, the Company shall provide (or, as applicable,
        cause
        each Third-Party Originator to provide), at the expense of the requesting
        party
        (to the extent of any additional incremental expense associated with delivery
        pursuant to this Agreement), such statements and agreed-upon procedures letters
        of certified public accountants reasonably acceptable to the Purchaser or
        Depositor, as applicable, pertaining to Static Pool Information relating
        to
        prior securitized pools for securitizations closed on or after January 1,
        2006
        or, in the case of Static Pool Information with respect to the Company’s or
        Third-Party Originator’s originations or purchases, to calendar months
        commencing January 1, 2006, or to any financial information included in any
        other disclosure provided under this Section 11.18, as the Purchaser or such
        Depositor shall reasonably request. Such statements and letters shall be
        addressed to and be for the benefit of such parties as the Purchaser or such
        Depositor shall designate, which may include, by way of example, any Sponsor,
        any Depositor and any broker dealer acting as underwriter, placement agent
        or
        initial purchaser with respect to a Pass-Through Transfer. Any such statement
        or
        letter may take the form of a standard, generally applicable document
        accompanied by a reliance letter authorizing reliance by the addressees
        designated by the Purchaser or such Depositor; 

      

      (viii)     
        For the purpose of satisfying the reporting obligation under the Exchange
        Act
        with respect to any class of asset-backed securities, the Company shall (or
        shall cause each Subservicer and Third-Party Originator to) (i) within two
        (2)
        Business Days of the event described below, provide notice to the Purchaser,
        any
        Master Servicer and any Depositor in writing of (A) any material litigation
        or
        governmental proceedings involving the Company, any Subservicer or any
        Third-Party Originator, (B) any affiliations or relationships that develop
        following the closing date of a Pass-Through Transfer between the Company,
        any
        Subservicer or any Third-Party Originator and any of the parties specified
        in
        clause (D) of paragraph (a) of this Section (and any other parties identified
        in
        writing by the requesting party) with respect to such Pass-Through Transfer,
        (C)
        any Event of Default under the terms of this Agreement or any Reconstitution
        Agreement, (D) any merger, consolidation or sale of substantially all of
        the
        assets of the Company, and (E) the Company’s entry into an agreement with a
        Subservicer to perform or assist in the performance of any of the Company’s
        obligations under this Agreement or any Reconstitution Agreement and (ii)
        provide to the Purchaser, any Master Servicer and any Depositor a description
        of
        such proceedings, affiliations or relationships; 

       

      All
        notification pursuant to this Section 11.18 (viii)(B) should be sent
        to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 11.18 (viii)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      Two
        Mac
        Arthur Ridge

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        TX 75038

      Attention:
        Associate General Counsel for Loan Administration

      Facsimile:
        (972) 831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      (ix)     
        As a condition to the succession to the Company or any Subservicer as servicer
        or subservicer under this Agreement or any Reconstitution Agreement by any
        Person (i) into which the Company or such Subservicer may be merged or
        consolidated, or (ii) which may be appointed as a successor to the Company
        or
        any Subservicer (unless such successor has been appointed by the Purchaser,
        any
        Master Servicer or any Depositor), the Company shall provide to the Purchaser,
        any Master Servicer, and any Depositor, at least 15 calendar days prior to
        the
        effective date of such succession or appointment, (x) written notice to the
        Purchaser and any Depositor of such succession or appointment and (y) in
        writing
        and in form and substance reasonably satisfactory to the Purchaser and such
        Depositor, all information reasonably requested by the Purchaser or any
        Depositor in order to comply with its reporting obligation under Item 6.02
        of
        Form 8-K with respect to any class of asset-backed securities; 

      

      (x)     
        In addition to such information as the Company, as servicer, is obligated
        to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Pass-Through Transfer that includes any of the Mortgage Loans
        serviced by the Company or any Subservicer, the Company or such Subservicer,
        as
        applicable, shall, to the extent the Company or such Subservicer has knowledge,
        provide to the party responsible for filing such report (including, if
        applicable, the Master Servicer) notice of the occurrence of any of the
        following events along with all information, data, and materials related
        thereto
        as may be required to be included in the related distribution report on Form
        10-D (as specified in the provisions of Regulation AB referenced
        below):

      

      (A)      any
        material modifications, extensions or waivers of pool asset terms, fees,
        penalties or payments during the distribution period or that have cumulatively
        become material over time (Item 1121(a)(11) of Regulation AB);

      

      (B)      material
        breaches of pool asset representations or warranties or transaction covenants
        (Item 1121(a)(12) of Regulation AB); and

      

      (C)      information
        regarding new asset-backed securities issuances backed by the same pool assets,
        any pool asset changes (such as, additions, substitutions or repurchases),
        and
        any material changes in origination, underwriting or other criteria for
        acquisition or selection of pool assets (Item 1121(a)(14) of Regulation AB);
        and

      

      (xi)     
        The Company shall provide, as requested, to the Purchaser, any Master Servicer
        and any Depositor, evidence of the authorization of the person signing any
        certification or statement, copies or other evidence of Fidelity Bond Insurance
        and Errors and Omission Insurance policy, financial information and reports,
        and
        such other information related to the Company or any Subservicer or the Company
        or such Subservicer’s performance hereunder.

      

      In
        the
        event of a conflict or inconsistency between the terms of Exhibit N and the
        text
        of the applicable Item of Regulation AB as cited above, the text of Regulation
        AB, its adopting release and other public statements of the SEC shall
        control.

      

      (xii)      If
        so
        requested by the Purchaser or any Depositor on any date, the Company shall,
        within five Business Days following such request, confirm in writing the
        accuracy of the representations and warranties set forth in Section 3.01(p)
        of
        this Agreement or, if any such representation and warranty is not accurate
        as of
        the date of such request, provide reasonably adequate disclosure of the
        pertinent facts, in writing, to the requesting party.

      

      The
        Company shall indemnify the Purchaser, each affiliate of the Purchaser, and
        each
        of the following parties participating in a Pass-Through Transfer: each sponsor
        and issuing entity; each Person (including, but not limited to, any Master
        Servicer, if applicable) responsible for the preparation, execution or filing
        of
        any report required to be filed with the Commission with respect to such
        Pass-Through Transfer, or for execution of a certification pursuant to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Pass-Through Transfer; each broker dealer acting as underwriter, placement
        agent
        or initial purchaser, each Person who controls any of such parties or the
        Depositor (within the meaning of Section 15 of the Securities Act and Section
        20
        of the Exchange Act); and the respective present and former directors, officers,
        employees, agents and affiliates of each of the foregoing and of the Depositor
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

      

      (i)(A)v
        any untrue statement of a material fact contained or alleged to be contained
        in
        any information, report, certification, data, accountants’ letter or other
        material provided under this Section 11.18 by or on behalf of the Company,
        or
        provided under this Section 11.18 by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

      

      (ii)     
        any breach by the Company of its obligations under this Section 11.18, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under this Section
        11.18, including any failure by the Company to identify pursuant to Section
        11.20 any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB; 

      

      (iii)     
        any breach by the Company of a representation or warranty set forth in Section
        3.01 or in a writing furnished pursuant to Section 3.01(q) and made as of
        a date
        prior to the closing date of the related Pass-Through Transfer, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        3.01(q) to the extent made as of a date subsequent to such closing date;
        or

       

      (iv)      the
        gross
        negligence, bad faith or willful misconduct of the Company in connection
        with
        its performance under this Section
        11.18;

      provided,
        however, that the Purchaser shall indemnify the Company and its present and
        former directors, officers, and employees and hold each of them harmless
        from
        and against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees and expenses and related costs, judgments, and any other costs, fees
        and
        expenses that any of them may sustain from any untrue statement or alleged
        untrue statement of a material fact or the omission or alleged omission to
        state
        a material fact required to be stated in order to make the statements therein,
        in the light of the circumstances under which they were made, not misleading,
        contained in any prospectus or prospectus supplement containing Company
        Information not arising out of or based upon the Company
        Information.

      

        If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other. 

        

        In
        the
        case of any failure of performance described above, the Company shall promptly
        reimburse the Purchaser, any Depositor, as applicable, and each Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission with respect to such Pass-Through Transfer,
        or for
        execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under
        the Exchange Act with respect to such Pass-Through Transfer, for all costs
        reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      

      The
        Purchaser agrees to reimburse the Company for its reasonable out-of-pocket
        expenses incurred in connection with any Reconstitution hereunder; provided,
        however, such amount shall not exceed $5,000 and shall be remitted by the
        Purchaser upon written request from the Company which shall be accompanied
        with
        receipts or bills detailing such expenses; provided, further, in the event
        that
        such amount exceeds $5,000, the Purchaser shall reimburse the Company if
        the
        Purchaser approves in writing of such expenses prior to when incurred by
        the
        Company.

      

      19.      Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.20:

      

      Section
        11.20. Use
        of
        Subservicers and Subcontractors.

      

      (a)      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (b) of this Section. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (d) of this Section. 

      

      (b)      The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 3.01(p), 3.01(s), 6.04, 6.07 and 11.18
        of this
        Agreement to the same extent as if such Subservicer were the Company, and
        to
        provide the information required with respect to such Subservicer under Section
        3.01(r) of this Agreement. The Company shall be responsible for obtaining
        from
        each Subservicer and delivering to the Purchaser, any Master Servicer and
        any
        Depositor any Annual Statement of Compliance required to be delivered by
        such
        Subservicer under Section 6.04(a), any Assessment of Compliance and Attestation
        Report required to be delivered by such Subservicer under Section 6.07 and
        any
        Annual Certification required under Section 6.04(b) as and when required
        to be
        delivered.

      

      (c)      The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as an
        administrator) a written description (in form and substance satisfactory
        to the
        Purchaser, any Master Servicer and such Depositor) of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (i)
        the identity of each such Subcontractor, (ii) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (iii) which elements of the Servicing
        Criteria will be addressed in assessments of compliance provided by each
        Subcontractor identified pursuant to clause (ii) of this paragraph.

      

      (d)      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 6.07 and 11.18 of this
        Agreement to the same extent as if such Subcontractor were the Company. The
        Company shall be responsible for obtaining from each Subcontractor and
        delivering to the Purchaser and any Depositor any Assessment of Compliance
        and
        Attestation Report and the other certificates required to be delivered by
        such
        Subservicer and such Subcontractor under Section 6.07, in each case as and
        when
        required to be delivered.

      

      20.      Article
        XI of the Agreement is hereby amended effective as of the date hereof by
        adding
        the following new Section 11.21:

      

      Section
        11.21. Third
        Party Beneficiary.

      

      For
        purposes of this Agreement, each Master Servicer shall be considered a
        third party beneficiary to this Agreement, entitled to all the rights and
        benefits hereof as if it were a direct party to this
        Agreement.

      

      21.      The
        Agreement is hereby amended as of the date hereof by deleting Exhibit E in
        its
        entirety and replacing it with the following:

       

      EXHIBIT
        E

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	
                 

              	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	
                 

              	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	
                 

              	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                 

              	
                 

              	
                 

              	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	
                 

              	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	
                 

              	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

      22.      The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit F:

      EXHIBIT
        F

      

      REPORTING
        DATA FOR DEFAULTED LOANS

      

      Standard
        File Layout - Delinquency Reporting

      

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	
                 

              	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	
                 

              	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	
                 

              	
                 

              
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	
                 

              	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	
                 

              	
                 

              
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	
                 

              	
                 

              
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	
                 

              	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	
                 

              	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	
                 

              	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	
                 

              	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	
                 

              	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	
                 

              	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	
                 

              	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	
                 

              	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	
                 

              	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	
                 

              	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	
                 

              	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	
                 

              	
                 

              
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	
                 

              	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	
                 

              	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	
                 

              	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	
                 

              	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	
                 

              	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	
                 

              	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	
                 

              	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	
                 

              	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	
                 

              	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	
                 

              	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	
                 

              	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	
                 

              	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	
                 

              	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	
                 

              	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	
                 

              	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	
                 

              	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	
                 

              	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	
                 

              	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	
                 

              	
                 

              
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	
                 

              	
                 

              
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	
                 

              	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	
                 

              	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	
                 

              	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	
                 

              	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	
                 

              	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	
                 

              	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	
                 

              	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	
                 

              	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	
                 

              	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	
                 

              	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	
                 

              	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

       

      
        	·  	
                ASUM-Approved
                  Assumption

              

      

       

      
        	·  	
                BAP-Borrower
                  Assistance Program

              

      

       

      
        	·  	
                CO-
                  Charge Off

              

      

       

      
        	·  	
                DIL-
                  Deed-in-Lieu

              

      

       

      
        	·  	
                FFA-
                  Formal Forbearance Agreement

              

      

       

      
        	·  	
                MOD-
                  Loan Modification

              

      

       

      
        	·  	
                PRE-
                  Pre-Sale

              

      

       

      
        	·  	
                SS-
                  Short Sale

              

      

       

      
        	·  	
                MISC-Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

       

      
        	·  	
                Mortgagor

              

      

       

      
        	·  	
                Tenant

              

      

       

      
        	·  	
                Unknown
                  

              

      

       

      
        	·  	
                Vacant

              

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

       

      
        	·  	
                Damaged

              

      

       

      
        	·  	
                Excellent

              

      

       

      
        	·  	
                Fair

              

      

       

      
        	·  	
                Gone

              

      

       

      
        	·  	
                Good

              

      

       

      
        	·  	
                Poor

              

      

       

      
        	·  	
                Special
                  Hazard

              

      

       

      
        	·  	
                Unknown

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

      23.     The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit K:

      

      EXHIBIT
        K

      

      COMPANY’S
        OBLIGATIONS IN CONNECTION 

      WITH
        A
        RECONSTITUTION

      

      •      The
        Company shall (i) possess the ability to service to a securitization documents;
        (ii) service on a “Scheduled/Scheduled” reporting basis (advancing through the
        liquidation of an REO Property), (iii) make compensating interest payments
        on
        payoffs and curtailments and (iv) remit and report to a Master Servicer in
        format acceptable to such Master Servicer by the 10th calendar day of each
        month.

      

      •      The
        Company shall provide an acceptable annual certification (officer’s certificate)
        to the Master Servicer (as required by the Sarbanes-Oxley Act of 2002) as
        well
        as any other annual certifications required under the securitization documents
        (i.e. the annual statement as to compliance/annual independent certified
        public
        accountants’ servicing report due by March 1 of each year).

      

      •      The
        Company shall allow for the Purchaser, the Master Servicer or their designee
        to
        perform a review of audited financials and net worth of the
        Company.

      

      •      The
        Company shall provide a Uniform Single Attestation Program certificate and
        Management Assertion as requested by the Master Servicer or the
        Purchaser.

      

      •      The
        Company shall provide information on each Custodial Account as requested
        by the
        Master Servicer or the Purchaser, and each Custodial Accounts shall comply
        with
        the requirements for such accounts as set forth in the securitization
        documents.

      

      •      The
        Company shall maintain its servicing system in accordance with the requirements
        of the Master Servicer.

       

      24.  
        The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit L:

      

      EXHIBIT
        L

      

      FORM
        OF
        COMPANY CERTIFICATION

      

      Re: The
        [ ]
        agreement dated as of [ l,
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

      

      I,
        ____________________________, the _______________________ of [NAME OF COMPANY]
        (the “Company”), certify to [the Purchaser], [the Depositor], and the [Master
        Servicer] [Securities Administrator] [Trustee], and their officers, with
        the
        knowledge and intent that they will rely upon this certification,
        that:

      

      I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing
        reports, officer’s certificates and other information relating to the servicing
        of the Mortgage Loans by the Company during 200[ ] that were delivered by
        the
        Company to the [Depositor] [Master Servicer] [Securities Administrator]
        [Trustee] pursuant to the Agreement (collectively, the “Company Servicing
        Information”);

      

      Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

      

      Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

      

      I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      

      The
        Compliance Statement required to be delivered by the Company pursuant to this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor pursuant
        to the
        Agreement, have been provided to the [Depositor] [Master Servicer]. Any material
        instances of noncompliance described in such reports have been disclosed
        to the
        [Depositor] [Master Servicer]. Any material instance of noncompliance with
        the
        Servicing Criteria has been disclosed in such reports.

      

      25.     
        The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit M:

      

      EXHIBIT
        M

      

      SUMMARY
        OF REGULATION AB

      SERVICING
        CRITERIA

      

      NOTE:
        This Exhibit M is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit M and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

      

      Item
        1122(d)

       

      
        	(a)  
                  	
                General
                  servicing considerations.

              

      

       

      (1)  Policies
        and procedures are instituted to monitor any performance or other triggers
        and
        events of default in accordance with the transaction agreements.

       

      (2)  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.

       

      (3)  Any
        requirements in the transaction agreements to maintain a back-up servicer
        for
        the mortgage loans are maintained.

       

      (4)  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.

       

      
        	(b)  
                  	
                Cash
                  collection and administration.

              

      

       

      (1)  Payments
        on mortgage loans 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.

       

      (2)  Disbursements
        made via wire transfer on behalf of an obligor or
        to an
        investor are made only by authorized personnel.

       

      (3)  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.

       

      (4)  The
        related accounts for the transaction, such as cash reserve accounts or accounts
        established as a form of overcollateralization, are separately maintained
        (e.g.,
        with respect to commingling of cash) as set forth in the transaction
        agreements.

       

      (5)  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.

       

      (6)  Unissued
        checks are safeguarded so as to prevent unauthorized access.

       

      (7)  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.

       

      
        	(c)  
                  	
                Investor
                  remittances and reporting.

              

      

       

      (1)  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 mortgage loans serviced by the
        Servicer.

       

      (2)  Amounts
        due to investors are allocated and remitted in accordance with timeframes,
        distribution priority and other terms set forth in the transaction
        agreements.

       

      (3)  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.

       

      (4)  Amounts
        remitted to investors per the investor reports agree with cancelled checks,
        or
        other form of payment, or custodial bank statements.

       

      
        	(d)   
                 	
                Mortgage
                  Loan administration.

              

      

       

      (1)  Collateral
        or security on mortgage loans is maintained as required by the transaction
        agreements or related mortgage loan documents.

       

      (2)  Mortgage
        loan and related documents are safeguarded as required by the transaction
        agreements.

       

      (3)  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.

       

      (4)  Payments
        on mortgage loans, including any payoffs, made in accordance with the related
        mortgage loan 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 mortgage loan
        documents.

       

      (5)  The
        Servicer’s records regarding the mortgage loans agree with the Servicer’s
        records with respect to an obligor’s unpaid principal balance.

       

      (6)  Changes
        with respect to the terms or status of an obligor’s mortgage loans (e.g., loan
        modifications or re-agings) are made, reviewed and approved by authorized
        personnel in accordance with the transaction agreements and related mortgage
        loan documents.

       

      (7)  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.

       

      (8)  Records
        documenting collection efforts are maintained during the period a mortgage
        loan
        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 mortgage loans including, for example, phone calls, letters and
        payment rescheduling plans in cases where delinquency is deemed temporary
        (e.g.,
        illness or unemployment).

       

      (9)  Adjustments
        to interest rates or rates of return for mortgage loans with variable rates
        are
        computed based on the related mortgage loan documents.

       

      (10)  Regarding
        any funds held in trust for an obligor (such as escrow accounts): (A) such
        funds
        are analyzed, in accordance with the obligor’s mortgage loan 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 mortgage loan documents and state laws; and (C)
        such
        funds are returned to the obligor within 30 calendar days of full repayment
        of
        the related mortgage loans, or such other number of days specified in the
        transaction agreements.

       

      (11)  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.

       

      (12)  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.

       

      (13)  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.

       

      (14)  Delinquencies,
        charge-offs and uncollectable accounts are recognized and recorded in accordance
        with the transaction agreements.

       

      (15)  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.

      

      26.           The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit N:

      EXHIBIT
        N

      

      SUMMARY
        OF APPLICABLE REGULATION AB REQUIREMENTS

      

      NOTE:
        This Exhibit N is provided for convenience of reference only. In the event
        of a
        conflict or inconsistency between the terms of this Exhibit N and the text
        of
        Regulation AB, the text of Regulation AB, its adopting release and other
        public
        statements of the SEC shall control. 

       

      Item
        1105(a)(1)-(3) and (c)

      

      -    
        Provide static pool information with respect to mortgage loans that were
        originated or purchased by the Company and which are of the same type as
        the
        Mortgage Loans.

       

      -    
        Provide static pool information regarding delinquencies, cumulative losses
        and
        prepayments for prior securitized pools of the Company.

       

      -    
        If the Company has less than 3 years experience securitizing assets of the
        same
        type as the Mortgage Loans, provide the static pool information by vintage
        origination years regarding loans originated or purchased by the Company,
        instead of by prior securitized pool. A vintage origination year represents
        mortgage loans originated during the same year.

       

      -    
        Such static pool information shall be for the prior five years, or for so
        long
        as the Company has been originating or purchasing (in the case of data by
        vintage origination year) or securitizing (in the case of data by prior
        securitized pools) such mortgage loans if for less than five years.

       

      -    
        The static pool information for each vintage origination year or prior
        securitized pool, as applicable, shall be presented in monthly increments
        over
        the life of the mortgage loans included in the vintage origination year or
        prior
        securitized pool.

       

      -    
        Provide summary information for the original characteristics of the prior
        securitized pools or vintage origination years, as applicable and material,
        including: number of pool assets, original pool balance, weighted average
        initial loan balance, weighted average mortgage rate, weighted average and
        minimum and maximum FICO, product type, loan purpose, weighted average and
        minimum and maximum LTV, distribution of loans by mortgage rate, and geographic
        concentrations of 5% or more.

       

      Item
        1108(b) and (c)

      

      Provide
        the following information with respect to each servicer that will service,
        including interim service, 20% or more of the mortgage loans in any loan
        group
        in the securitization issued in the Pass-Through Transfer: 

       

      -    
        a description of the Company’s form of organization;

       

      -    
        a description of how long the Company has been servicing residential mortgage
        loans; a general discussion of the Company’s experience in servicing assets of
        any type as well as a more detailed discussion of the Company’s experience in,
        and procedures for the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Company’s portfolio of mortgage loans of the type similar to
        the Mortgage Loans and information on factors related to the Company that
        may be
        material to any analysis of the servicing of the Mortgage Loans or the related
        asset-backed securities, as applicable, including whether any default or
        servicing related performance trigger has occurred as to any other
        securitization due to any act or failure to act of the Company, whether any
        material noncompliance with applicable servicing criteria as to any other
        securitization has been disclosed or reported by the Company, and the extent
        of
        outsourcing the Company uses;

       

      -    
        a description of any material changes to the Company’s policies or procedures in
        the servicing function it will perform under this Agreement and any
        Reconstitution Agreements for mortgage loans of the type similar to the Mortgage
        Loans during the past three years;

       

      -    
        information regarding the Company’s financial condition to the extent that there
        is a material risk that the effect on one or more aspects of servicing resulting
        from such financial condition could have a material impact on the performance
        of
        the securities issued in the Pass-Through Transfer, or on servicing of mortgage
        loans of the same asset type as the Mortgage Loans;

       

      -    
        any special or unique factors involved in servicing loans of the same type
        as
        the Mortgage Loans, and the Company’s processes and procedures designed to
        address such factors;

       

      -    
        statistical information regarding principal and interest advances made by
        the
        Company on the Mortgage Loans and the Company’s overall servicing portfolio for
        the past three years; and

       

      -    
        the Company’s process for handling delinquencies, losses, bankruptcies and
        recoveries, such as through liquidation of REO Properties, foreclosure, sale
        of
        the Mortgage Loans or workouts.

       

      Item
        1110(a)

      

      -    
        Identify any originator or group of affiliated originators that originated,
        or
        is expected to originate, 10% or more of the mortgage loans in any loan group
        in
        the securitization issued in the Pass-Through Transfer.

       

      Item
        1110(b)

      

      Provide
        the following information with respect to any originator or group of affiliated
        originators that originated, or is expected to originate, 20% or more of
        the
        mortgage loans in any loan group in the securitization issued in the
        Pass-Through Transfer:

       

      -    
        the Company’s form of organization; and

       

      -    
        a description of the Company’s origination program and how long the Company has
        been engaged in originating residential mortgage loans, which description
        must
        include a discussion of the Company’s experience in originating mortgage loans
        of the same type as the Mortgage Loans and information regarding the size
        and
        composition of the Company’s origination portfolio as well as information that
        may be material to an analysis of the performance of the Mortgage Loans,
        such as
        the Company’s credit-granting or underwriting criteria for mortgage loans of the
        same type as the Mortgage Loans.

       

      Item
        1117

      

      -    
        describe any legal proceedings pending against the Company or against any
        of its
        property, including any proceedings known to be contemplated by governmental
        authorities, that may be material to the holders of the securities issued
        in the
        Pass-Through Transfer.

       

      Item
        1119(a)

      

      -    
        describe any affiliations of the Company, each other originator of the Mortgage
        Loans and each Subservicer with the sponsor, depositor, issuing entity, trustee,
        any originator, any other servicer, any significant obligor, enhancement
        or
        support provider or any other material parties related to the Pass-Through
        Transfer.

       

      Item
        1119(b)

      

      -    
        describe any business relationship, agreement, arrangement, transaction or
        understanding entered into outside of the ordinary course of business or
        on
        terms other than those obtained in an arm’s length transaction with an unrelated
        third party, apart from the Pass-Through Transfer, between the Company, each
        other originator of the Mortgage Loans and each Subservicer, or their respective
        affiliates, and the sponsor, depositor or issuing entity or their respective
        affiliates, that exists currently or has existed during the past two years,
        that
        may be material to the understanding of an investor in the securities issued
        in
        the Pass-Through Transfer.

       

      Item
        1119(c)

      

      -    
        describe any business relationship, agreement, arrangement, transaction or
        understanding involving or relating to the Mortgage Loans or the Pass-Through
        Transfer, including the material terms and approximate dollar amount involved,
        between the Company, each other originator of the Mortgage Loans and each
        Subservicer, or their respective affiliates and the sponsor, depositor or
        issuing entity or their respective affiliates, that exists currently or has
        existed during the past two years.

       

      27.      The
        Agreement is hereby amended effective as of the date hereof by adding the
        following new Exhibit O:

      

      EXHIBIT
        O

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                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

              
	
                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

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans 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

              
	
                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

              
	
                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

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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

              
	
                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

              
	
                 

              	
                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 mortgage loans serviced by the
                  Servicer.

              	
                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

              
	
                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

              
	
                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

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                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

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans 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 mortgage loans
                  (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

              
	
                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

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  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.

              	
                 

              
	
                 

              	
                 

              	
                 

              

      

       

      [NAME
        OF COMPANY] [NAME OF SUBSERVICER]

       

      Date: _________________________

       

       

      By: _________________________

      Name:
        

      Title:
        

      

      28.     The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit P:

      EXHIBIT
        P

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      1.  

       

      2.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

       

      1.            
        The
        Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      2.            
        The
        Total
        Interest Due less the aggregate amount of servicing fee that would have been
        earned if all delinquent payments had been made as agreed. For documentation,
        an
        Amortization Schedule from date of default through liquidation breaking out
        the
        net interest and servicing fees advanced is required.

       

      3.           
         Accrued
        Servicing Fees based upon the Scheduled Principal Balance of the Mortgage
        Loan
        as calculated on a monthly basis. For documentation, an Amortization Schedule
        from date of default through liquidation breaking out the net interest and
        servicing fees advanced is required.

       

      4-12.       
        Complete
        as applicable. Required documentation:

       

      *     
        For taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *     
        For escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

          

      *     
        Other expenses -  copies of corporate advance history showing all payments

       

      *     
        REO repairs > $1500 require explanation

          

      *     
        REO repairs >$3000 require evidence of at least 2 bids.

       

      *     
        Short Sale or Charge Off require P&L supporting the decision and WFB’s
        approved Officer Certificate 

       

      *     
        Unusual or extraordinary items may require further documentation. 

       

      13.        The
        total
        of lines 1 through 12.

       

      3.         Credits:
        

       

      14-21. Complete
        as applicable. Required documentation:

       

      *     
        Copy of the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *     
        Copy of EOB for any MI or gov't guarantee 

       

      *     
        All other credits need to be clearly defined on the 332
        form      
     

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      Please
        Note: For
        HUD/VA loans, use line (18a) for Part A/Initial proceeds and line (18b) for
        Part
        B/Supplemental proceeds.

       

      Total
        Realized Loss (or Amount of Any Gain)

       

      23.      The
        total
        derived from subtracting line 22 from 13. If the amount represents a realized
        gain, show
        the
        amount in parenthesis ( ). 

      

      Calculation
        of Realized Loss/Gain Form 332

       

      Prepared
        by: __________________   Date:
        _______________

       

      Phone:
        ______________________ Email Address:_____________________

       

       

      
        	
                Servicer
                  Loan No.

              	
                 

              	
                Servicer
                  Name

              	
                 

              	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

       

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type: REO Sale  
        3rd
        Party Sale  Short
        Sale Charge
        Off 

       

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes 
        No

       

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      
        
          
            
              	
                      (1)

                    	
                      Actual
                        Unpaid Principal Balance of Mortgage Loan

                    	
                       

                    	$	 	
                      (1)

                    
	
                      (2)

                    	
                      Interest
                        accrued at Net Rate

                    	 	
                       

                    	 	
                      (2)

                    
	
                      (3)

                    	
                      Accrued
                        Servicing Fees

                    	 	
                       

                    	 	
                      (3)

                    
	
                      (4)

                    	
                      Attorney's
                        Fees

                    	 	
                       

                    	 	
                      (4)

                    
	
                      (5)

                    	
                      Taxes
                        (see page 2)

                    	 	
                       

                    	 	
                      (5)

                    
	
                      (6)

                    	
                      Property
                        Maintenance

                    	 	 	 	
                       

                    	 	
                      (6)

                    
	
                      (7)

                    	
                      MI/Hazard
                        Insurance Premiums (see page 2)

                    	
                       

                    	 	 	
                      (7)

                    
	
                      (8)

                    	
                      Utility
                        Expenses

                    	 	 	 	
                       

                    	 	
                      (8)

                    
	
                      (9)

                    	
                      Appraisal/BPO

                    	 	 	 	
                       

                    	 	
                      (9)

                    
	
                      (10)

                    	
                      Property
                        Inspections

                    	 	 	 	
                       

                    	 	
                      (10)

                    
	
                      (11)

                    	
                      FC
                        Costs/Other Legal Expenses

                    	 	 	 	
                      (11)

                    
	
                      (12)

                    	
                      Other
                        (itemize)

                    	 	 	 	
                       

                    	 	
                      (12)

                    
	 	 	
                      Cash
                        for Keys

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	
                      HOA/Condo
                        Fees

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	
                       

                    	 	
                       

                    	 	 	
                      (12)

                    
	 	 	 	 	 	 	 	 
	 	 	
                      Total
                        Expenses

                    	 	 	$	 	
                      
                        (13)

                      

                    
	
                      Credits:

                    	 	 	 	 	 	 	 
	
                      (14)

                    	
                      Escrow
                        Balance

                    	 	 	 	
                      $
                        

                    	 	
                      (14)

                    
	
                      (15)

                    	
                      HIP
                        Refund

                    	 	 	 	 	 	
                      
                        (15)

                      

                    
	
                      (16)

                    	
                      Rental
                        Receipts

                    	 	 	 	
                       

                    	 	
                      (16)

                    
	
                      (17)

                    	
                      Hazard
                        Loss Proceeds

                    	 	 	 	
                       

                    	 	
                      (17)

                    
	
                      (18)

                    	
                      Primary
                        Mortgage Insurance / Gov’t Insurance

                    	
                       

                    	 	 	(18a)

	
                      HUD
                        Part A

                    	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	
                      HUD
                        Part B

                    	 	 	 	 	 	(18b)
	
                      (19)

                    	
                      Pool
                        Insurance Proceeds

                    	 	 	 	
                       

                    	 	
                      (19)

                    
	
                      (20)

                    	
                      Proceeds
                        from Sale of Acquired Property

                    	
                       

                    	 	 	
                      (20)

                    
	
                      (21)

                    	
                      Other
                        (itemize)

                    	 	 	 	
                       

                    	 	
                      (21)

                    
	 	
                       

                    	 	
                       

                    	
                       

                    	 	 	
                      (21)

                    
	 	 	 	 	 	 	 	 
	 	
                      Total
                        Credits

                    	 	 	 	
                      $

                    	 	
                      (22)

                    
	
                      Total
                        Realized Loss (or Amount of Gain)

                    	
                       

                    	
                       

                    	
                      $

                    	 	
                      (23)

                    

            

          

        

      

       

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 
	
                 

                 

              	 	 	 	 	 	 

      

      

      29.    
        The
        Agreement is hereby amended as of the date hereof by adding the following
        new
        Exhibit Q:

       

      EXHIBIT
        Q

      

      Delinquency
        Recognition Policies 

      [To
        be
        provided by EMC and mutually agreed by the parties]

       

      30.    
        Except
        as
        amended above, the Agreement shall continue to be in full force and effect
        in
        accordance with its terms.

      

      31.    
        This
        Amendment may be executed by one or more of the parties hereto on any number
        of
        separate counterparts and of said counterparts taken together shall be deemed
        to
        constitute one and the same instrument.

      

      [SIGNATURE
        PAGES FOLLOW]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the following parties have caused their names to be signed
        hereto by their respective officers thereunto duly authorized as of the day
        and
        year first above written.

      
         

        
          	 	 	 
	 	
                  EMC
                    MORTGAGE CORPORATION,

                  as
                    Purchaser

                
	 
 	 
 	 
 
	 	By:  	
                
	 	Name:   	
                  

                
	 	Title: 	
                

        

          

        
          	 	 	 
	 	
                  
                    
                      MID
                        AMERICA BANK, FSB,

                      as
                        Company

                    

                  

                
	 
 	 
 	 
 
	 	By:  	
                
	 	Name:   	
                  

                
	 	Title: 	
                

        

      

       

       

    

    EXHIBIT
      Q-7

    

    NATIONAL
      CITY SERVICING AGREEMENT

    
       

      
 

      EMC
        MORTGAGE CORPORATION

      Purchaser,
        

      

      NATIONAL
        CITY MORTGAGE COMPANY

      Company,

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      Dated
        as
        of October 1, 2001

      

      

      

      

      

      (Fixed
        and Adjustable Rate Mortgage Loans)

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      TABLE
        OF CONTENTS

      

        
          	
                  ARTICLE
                    I

                
	 	 
	
                  Section
                    1.01

                	
                  Defined
                    Terms

                
	 	 
	
                  ARTICLE
                    II

                
	 	 
	
                  Section
                    2.01

                	
                  Agreement
                    to Purchase

                
	
                  Section
                    2.02

                	
                  Purchase
                    Price

                
	
                  Section
                    2.03

                	
                  Servicing
                    of Mortgage Loans

                
	
                  Section
                    2.04

                	
                  Record
                    Title and Possession of Mortgage Files; Maintenance of Servicing
                    Files

                
	
                  Section
                    2.05

                	
                  Books
                    and Records

                
	
                  Section
                    2.06

                	
                  Transfer
                    of Mortgage Loans

                
	
                  Section
                    2.07

                	
                  Delivery
                    of Mortgage Loan Documents

                
	
                  Section
                    2.08

                	
                  Quality
                    Control Procedures

                
	
                  Section
                    2.09

                	
                  Near-term
                    Principal Prepayments; Near Term Payment Defaults

                
	 	 
	
                  ARTICLE
                    III

                
	 	 
	
                  Section
                    3.01

                	
                  Representations
                    and Warranties of the Company

                
	
                  Section
                    3.02

                	
                  Representations
                    and Warranties as to Individual Mortgage Loans

                
	
                  Section
                    3.03

                	
                  Repurchase;
                    Substitution 36

                
	
                  Section
                    3.04

                	
                  Representations
                    and Warranties of the Purchaser

                
	 	 
	
                  ARTICLE
                    IV

                
	 	 
	
                  Section
                    4.01

                	
                  Company
                    to Act as Servicer

                
	
                  Section
                    4.02

                	
                  Collection
                    of Mortgage Loan Payments

                
	
                  Section
                    4.03

                	
                  Realization
                    Upon Defaulted Mortgage Loans

                
	
                  Section
                    4.04

                	
                  Establishment
                    of Custodial Accounts; Deposits in Custodial Accounts

                
	
                  Section
                    4.05

                	
                  Permitted
                    Withdrawals from the Custodial Account

                
	
                  Section
                    4.06

                	
                  Establishment
                    of Escrow Accounts; Deposits in Escrow Accounts

                
	
                  Section
                    4.07

                	
                  Permitted
                    Withdrawals From Escrow Account

                
	
                  Section
                    4.08

                	
                  Payment
                    of Taxes, Insurance and Other Charges; Maintenance of Primary
                    Mortgage
                    Insurance Policies; Collections Thereunder

                
	
                  Section
                    4.09

                	
                  Transfer
                    of Accounts

                
	
                  Section
                    4.10

                	
                  Maintenance
                    of Hazard Insurance

                
	
                  Section
                    4.11

                	
                  Maintenance
                    of Mortgage Impairment Insurance Policy

                
	
                  Section
                    4.12

                	
                  Fidelity
                    Bond, Errors and Omissions Insurance

                
	
                  Section
                    4.13

                	
                  Title,
                    Management and Disposition of REO Property

                
	
                  Section
                    4.14

                	
                  Notification
                    of Maturity Date

                
	 	 
	
                  ARTICLE
                    V

                
	 	 
	
                  Section
                    5.01

                	
                  Distributions

                
	
                  Section
                    5.02

                	
                  Statements
                    to the Purchaser

                
	
                  Section
                    5.03

                	
                  Monthly
                    Advances by the Company

                
	
                  Section
                    5.04

                	
                  Liquidation
                    Reports

                
	 	 
	
                  ARTICLE
                    VI

                
	 	 
	
                  Section
                    6.01

                	
                  Assumption
                    Agreements

                
	
                  Section
                    6.02

                	
                  Satisfaction
                    of Mortgages and Release of Mortgage Files

                
	
                  Section
                    6.03

                	
                  Servicing
                    Compensation

                
	
                  Section
                    6.04

                	
                  Annual
                    Statement as to Compliance

                
	
                  Section
                    6.05

                	
                  Annual
                    Independent Certified Public Accountants’ Servicing
                    Report

                
	
                  Section
                    6.06

                	
                  Purchaser’s
                    Right to Examine Company Records

                
	 	 
	
                  ARTICLE
                    VII

                
	 	 
	
                  Section
                    7.01

                	
                  Company
                    Shall Provide Information as Reasonably Required

                
	 	 
	
                  ARTICLE
                    VIII

                
	 	 
	
                  Section
                    8.01

                	
                  Indemnification;
                    Third Party Claims

                
	
                  Section
                    8.02

                	
                  Merger
                    or Consolidation of the Company

                
	
                  Section
                    8.03

                	
                  Limitation
                    on Liability of the Company and Others

                
	
                  Section
                    8.04

                	
                  Company
                    Not to Assign or Resign

                
	
                  Section
                    8.05

                	
                  No
                    Transfer of Servicing

                
	
                   

                	 
	
                  ARTICLE
                    IX

                
	 	 
	
                  Section
                    9.01

                	
                  Events
                    of Default

                
	
                  Section
                    9.02

                	
                  Waiver
                    of Defaults

                
	 	 
	
                  ARTICLE
                    X

                
	 	 
	
                  Section
                    10.01

                	
                  Termination

                
	 	 
	
                  ARTICLE
                    XI

                
	 	 
	
                  Section
                    11.01

                	
                  Successor
                    to the Company

                
	
                  Section
                    11.02

                	
                  Amendment

                
	
                  Section
                    11.03

                	
                  Recordation
                    of Agreement

                
	
                  Section
                    11.04

                	
                  Governing
                    Law

                
	
                  Section
                    11.05

                	
                  Notices

                
	
                  Section
                    11.06

                	
                  Severability
                    of Provisions

                
	
                  Section
                    11.07

                	
                  Exhibits

                
	
                  Section
                    11.08

                	
                  General
                    Interpretive Principles

                
	
                  Section
                    11.09

                	
                  Reproduction
                    of Documents

                
	
                  Section
                    11.10

                	
                  Confidentiality
                    of Information

                
	
                  Section
                    11.11

                	
                  Recordation
                    of Assignment of Mortgage

                
	
                  Section
                    11.12

                	
                  Assignment
                    by Purchaser

                
	
                  Section
                    11.13

                	
                  No
                    Partnership

                
	
                  Section
                    11.14

                	
                  Execution:
                    Successors and Assigns

                
	
                  Section
                    11.15

                	
                  Entire
                    Agreement

                
	
                  Section
                    11.16

                	
                  No
                    Solicitation

                
	
                  Section
                    11.17

                	
                  Closing

                
	
                  Section
                    11.18

                	
                  Cooperation
                    of Company with
                    Reconstitution

                

        

      

       

      

        
          	
                  EXHIBITS

                	 
	
                  A

                	
                  Contents
                    of Mortgage File

                
	
                  B

                	
                  Custodial
                    Account Letter Agreement

                
	
                  C

                	
                  Escrow
                    Account Letter Agreement

                
	
                  D

                	
                  Form
                    of Assignment, Assumption and Recognition Agreement

                
	
                  E

                	
                  Form
                    of Trial Balance

                
	
                  F

                	
                  [reserved]

                
	
                  G

                	
                  Request
                    for Release of Documents and Receipt

                
	
                  H

                	
                  Company’s
                    Underwriting Guidelines

                
	
                  I

                	
                  Form
                    of Term Sheet

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      This
        is a
        Purchase, Warranties and Servicing Agreement, dated as of October 1, 2001
        and is
        executed between EMC MORTGAGE CORPORATION, as Purchaser (the "Purchaser"),
        and
        NATIONAL CITY MORTGAGE COMPANY (the "Company").

      

      W I T N E&#160
        ;S S E T H
        :

      

      WHEREAS,
        the Purchaser has heretofore agreed to purchase from the Company and the
        Company
        has heretofore agreed to sell to the Purchaser, from time to time, certain
        Mortgage Loans on a servicing retained basis, pursuant to the terms of this
        Agreement and the related Term Sheet.

      

      WHEREAS,
        each of the Mortgage Loans is secured by a mortgage, deed of trust or other
        security instrument creating a first lien on a residential dwelling located
        in
        the jurisdiction indicated on the Mortgage Loan Schedule, which is annexed
        to
        the related Term Sheet; and

      

      WHEREAS,
        the Purchaser and the Company wish to prescribe the representations and
        warranties of the Company with respect to itself and the Mortgage Loans and
        the
        management, servicing and control of the Mortgage Loans;

      

      NOW,
        THEREFORE, in consideration of the mutual agreements hereinafter set forth,
        and
        for other good and valuable consideration, the receipt and adequacy of which
        is
        hereby acknowledged, the Purchaser and the Company agree as
        follows:

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        I

      

      DEFINITIONS

      

      Section
        1.01 Defined
        Terms.

      

      Whenever
        used in this Agreement, the following words and phrases, unless the context
        otherwise requires, shall have the following meaning specified in this
        Article:

      

      Accepted
        Servicing Practices:
        With
        respect to any Mortgage Loan, those mortgage servicing practices (including
        collection procedures) of prudent mortgage banking institutions which service
        mortgage loans of the same type as such Mortgage Loan in the jurisdiction
        where
        the related Mortgaged Property is located, and which are in accordance with
        Fannie Mae servicing practices and procedures, for MBS pool mortgages, as
        defined in the Fannie Mae Guides including future updates. 

      

      Adjustment
        Date:
        As to
        each adjustable rate Mortgage Loan, the date on which the Mortgage Interest
        Rate
        is adjusted in accordance with the terms of the related Mortgage
        Note.

      

      Agreement:
        This
        Purchase, Warranties and Servicing Agreement including all exhibits hereto,
        amendments hereof and supplements hereto.

      

      Appraised
        Value:
        With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the originator of the Mortgage Loan at the time of
        origination of the Mortgage Loan by an appraiser who met the requirements
        of the
        Company and Fannie Mae. 

      

      Assignment:
        An
        individual assignment of the Mortgage, notice of transfer or equivalent
        instrument, in recordable form, sufficient under the laws of the jurisdiction
        wherein the related Mortgaged Property is located to reflect of record the
        sale
        or transfer of the Mortgage Loan.

       

      BIF:
        The
        Bank Insurance Fund, or any successor thereto.

      

      Business
        Day:
        Any day
        other than: (i) a Saturday or Sunday, or (ii) a legal holiday in the State
        of
        New York or Ohio, or (iii) a day on which banks in the State of New York
        or Ohio
        are authorized or obligated by law or executive order to be closed.

      

      Closing
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet,
        which
        are expected to be the dates set forth in the related Confirmation.

      

      Code:  The
        Internal Revenue Code of 1986, or any successor statute thereto.

      

      Company: National
        City Mortgage Company, their successors in interest and assigns, as permitted
        by
        this Agreement.

      

      Company's
        Officer's Certificate:
        A
        certificate signed by the Chairman of the Board, President, any Vice President
        or Treasurer of Company stating the date by which Company expects to receive
        any
        missing documents sent for recording from the applicable recording
        office.

      

      Condemnation
        Proceeds:
        All
        awards or settlements in respect of a Mortgaged Property, whether permanent
        or
        temporary, partial or entire, by exercise of the power of eminent domain
        or
        condemnation, to the extent not required to be released to a Mortgagor in
        accordance with the terms of the related Mortgage Loan Documents.

      

      Confirmation:
        The
        Trade
        Confirmation Letter between the Purchaser and the Company which relates to
        the
        Mortgage Loans.

      

      Co-op
        Lease:
        With
        respect to a Co-op Loan, the lease with respect to a dwelling unit occupied
        by
        the Mortgagor and relating to the stock allocated to the related dwelling
        unit.

      

      Co-op
        Loan:
        A
        Mortgage Loan secured by the pledge of stock allocated to a dwelling unit
        in a
        residential cooperative housing corporation and a collateral assignment of
        the
        related Co-op Lease.

      

      Current
        Appraised Value: With
        respect to any Mortgaged Property, the value thereof as determined by an
        appraisal made for the Company (by an appraiser who met the requirements
        of the
        Company and Fannie Mae) at the request of a Mortgagor for the purpose of
        canceling a Primary Mortgage Insurance Policy in accordance with federal,
        state
        and local laws and regulations or otherwise made at the request of the Company
        or Mortgagor.

      

      Current
        LTV: The
        ratio
        of the Stated Principal Balance of a Mortgage Loan to the Current Appraised
        Value of the Mortgaged Property.

      

      Custodial
        Account:
        Each
        separate demand account or accounts created and maintained pursuant to Section
        4.04 which shall be entitled "National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans" and shall be established in an Eligible
        Account, in the name of the Person that is the "Purchaser" with respect to
        the
        related Mortgage Loans.

       

      Custodian:
        With
        respect to any Mortgage Loan, the entity stated on the related Term Sheet,
        and
        its successors and assigns, as custodian for the Purchaser.

      

      Cut-off
        Date:
        With
        respect to any Mortgage Loan, the date stated on the related Term Sheet.
        

      

      Determination
        Date:
        The
        15th day (or if such 15th day is not a Business Day, the Business Day
        immediately preceding such 15th day) of the month of the related Remittance
        Date.

      

      Due
        Date:
        The day
        of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive
        of any days of grace, which is the first day of the month.

      

      Due
        Period:
        With
        respect to any Remittance Date, the period commencing on the second day of
        the
        month preceding the month of such Remittance Date and ending on the first
        day of
        the month of the Remittance Date.

      

      Eligible
        Account:
        An
        account established and maintained: (i) within FDIC insured accounts created,
        maintained and monitored by the Company so that all funds deposited therein
        are
        fully insured, or (ii) as
        a trust
        account with the corporate trust department of a depository institution or
        trust
        company organized under the laws of the United States of America or any one
        of
        the states thereof or the District of Columbia which is not affiliated with
        the
        Company (or any sub-servicer) or (iii) with an entity which is an institution
        whose
        deposits are insured by the FDIC, the unsecured and uncollateralized long-term
        debt obligations of which shall be rated “A2” or higher by Moody’s and “A” or
        higher by either Standard & Poor’s or Fitch, Inc. or
        one of
        the two highest short-term ratings by any applicable Rating Agency, and which
        is
        either (a) a federal savings association duly organized, validly existing
        and in
        good standing under the federal banking laws, (b) an institution duly organized,
        validly existing and in good standing under the applicable banking laws of
        any
        state, (c) a national banking association under the federal banking laws,
        or (d)
        a principal subsidiary of a bank holding company,
        or (iv)
        if ownership of the Mortgage Loans is evidenced by mortgaged-backed securities,
        the equivalent required ratings of each Rating Agency, and held such that
        the
        rights of the Purchaser and the owner of the Mortgage Loans shall be fully
        protected against the claims of any creditors of the Company (or any
        sub-servicer) and of any creditors or depositors of the institution in which
        such account is maintained or (v) in a separate non-trust account without
        FDIC
        or other insurance in an Eligible Institution. In the event that a Custodial
        Account is established pursuant to clause (iii), (iv) or (v) of the preceding
        sentence, the Company shall provide the Purchaser with written notice on
        the
        Business Day following the date on which the applicable institution fails
        to
        meet the applicable ratings requirements.

      

      Eligible
        Institution:
        National City Bank Ohio, or an institution having (i) the highest short-term
        debt rating, and one of the two highest long-term debt ratings of each Rating
        Agency; or (ii) with respect to any Custodial Account, an unsecured long-term
        debt rating of at least one of the two highest unsecured long-term debt ratings
        of each Rating Agency.

      

      Equity
        Take-Out Refinanced Mortgage Loan:
        A
        Refinanced Mortgage Loan the proceeds of which were in excess of the outstanding
        principal balance of the existing mortgage loan as defined in the Fannie
        Mae
        Guide(s). 

      

      Escrow
        Account:
        Each
        separate trust account or accounts created and maintained pursuant to Section
        4.06 which shall be entitled " National City Mortgage Company, in trust for
        the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors" and shall be
        established in an Eligible Account, in the name of the Person that is the
        "Purchaser" with respect to the related Mortgage Loans.

      

      Escrow
        Payments:
        With
        respect to any Mortgage Loan, the amounts constituting ground rents, taxes,
        assessments, water rates, sewer rents, municipal charges, mortgage insurance
        premiums, fire and hazard insurance premiums, condominium charges, and any
        other
        payments required to be escrowed by the Mortgagor with the mortgagee pursuant
        to
        the Mortgage or any other document.

      

      Event
        of Default:
        Any one
        of the conditions or circumstances enumerated in Section 9.01.

      

      Fannie
        Mae: The
        Federal National Mortgage Association, or any successor thereto.

      

      Fannie
        Mae Guide(s):
        The
        Fannie Mae Selling Guide and the Fannie Mae Servicing Guide and all amendments
        or additions thereto.

      

      FDIC:
        The
        Federal Deposit Insurance Corporation, or any successor thereto.

      

      FHLMC:
        The
        Federal Home Loan Mortgage Corporation, or any successor thereto.

      

      FHLMC
        Guide:
        The
        FHLMC Single Family Seller/Servicer Guide and all amendments or additions
        thereto.

      

      Fidelity
        Bond:
        A
        fidelity bond to be maintained by the Company pursuant to Section
        4.12.

      

      FIRREA:
        The
        Financial Institutions Reform, Recovery, and Enforcement Act of
        1989.

      

      GAAP:
        Generally accepted accounting principles, consistently applied.

      

      HUD:
        The
        United States Department of Housing and Urban Development or any
        successor.

      

      Index:
        With
        respect to any adjustable rate Mortgage Loan, the index identified on the
        Mortgage Loan Schedule and set forth in the related Mortgage Note for the
        purpose of calculating the interest rate thereon.

      

      Initial
        Rate Cap: As
        to
        each adjustable rate Mortgage Loan, where applicable, the maximum increase
        or
        decrease in the Mortgage Interest Rate on the first Adjustment
        Date.

      

      Insurance
        Proceeds:
        With
        respect to each Mortgage Loan, proceeds of insurance policies insuring the
        Mortgage Loan or the related Mortgaged Property.

      

      Lender
        Primary Mortgage Insurance Policy: Any
        Primary Mortgage Insurance Policy for which premiums are paid by the
        Company.

      

      Lender
        Paid Mortgage Insurance Rate:
        The
        Lender Paid Mortgage Insurance Rate shall be a rate per annum equal to the
        percentage shown on the Mortgage Loan Schedule.

      

      Lifetime
        Rate Cap:
        As to
        each Mortgage Loan, the maximum Mortgage Interest Rate over the term of such
        Mortgage Loan. 

      

      Liquidation
        Proceeds:
        Cash
        received in connection with the liquidation of a defaulted Mortgage Loan,
        whether through the sale or assignment of such Mortgage Loan, trustee's sale,
        foreclosure sale or otherwise.

      

      Loan-to-Value
        Ratio or LTV:
        With
        respect to any Mortgage Loan, the ratio of the original outstanding principal
        amount of the Mortgage Loan, to (i) the Appraised Value of the Mortgaged
        Property as of the Origination Date with respect to a Refinanced Mortgage
        Loan,
        and (ii) the lesser of the Appraised Value of the Mortgaged Property as of
        the
        Origination Date or the purchase price of the Mortgaged Property with respect
        to
        all other Mortgage Loans.

      

      Margin:
        With
        respect to each adjustable rate Mortgage Loan, the fixed percentage amount
        set
        forth in each related Mortgage Note which is added to the Index in order
        to
        determine the related Mortgage Interest Rate, as set forth in the Mortgage
        Loan
        Schedule.

      

      Monthly
        Advance:
        The
        aggregate of the advances made by the Company on any Remittance Date pursuant
        to
        Section 5.03.

      

      Monthly
        Payment:
        The
        scheduled monthly payment of principal and interest on a Mortgage Loan which
        is
        payable by a Mortgagor under the related Mortgage Note.

      

      Mortgage:
        The
        mortgage, deed of trust or other instrument securing a Mortgage Note which
        creates a first lien on an unsubordinated estate in fee simple in real property
        securing the Mortgage Note.

      

      Mortgage
        File:
        The
        mortgage documents pertaining to a particular Mortgage Loan which are specified
        in Exhibit A hereto and any additional documents required to be added to
        the
        Mortgage File pursuant to this Agreement.

      

      Mortgage
        Impairment Insurance Policy:
        A
        mortgage impairment or blanket hazard insurance policy as required by Section
        4.11.

      

      Mortgage
        Interest Rate:
        The
        annual rate at which interest accrues on any Mortgage Loan, which may be
        adjusted from time to time for an adjustable rate Mortgage Loan, in accordance
        with the provisions of the related Mortgage Note.

      

      Mortgage
        Loan:
        An
        individual mortgage loan which is the subject of this Agreement, each Mortgage
        Loan originally sold and subject to this Agreement being identified on the
        Mortgage Loan Schedule attached to the related Term Sheet, which Mortgage
        Loan
        includes without limitation the Mortgage File, the Monthly Payments, Principal
        Prepayments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds,
        REO Disposition Proceeds, and all other rights, benefits, proceeds and
        obligations arising from or in connection with such Mortgage Loan, excluding
        replaced or repurchased mortgage loans.

      

      Mortgage
        Loan Documents:
        The
        documents listed in
        Exhibit A.

      

      Mortgage
        Loan Remittance Rate:
        With
        respect to each Mortgage Loan, the annual rate of interest remitted to the
        Purchaser, which shall be equal to the Mortgage Interest Rate minus the
        Servicing Fee Rate minus the Lender Paid Mortgage Insurance Rate, if
        any.

      

      Mortgage
        Loan Schedule:
        The
        schedule of Mortgage Loans annexed to the related Term Sheet, such schedule
        setting forth the following information with respect to each Mortgage Loan
        in
        the related Mortgage Loan Package:

      

      (1) the
        Company's Mortgage Loan identifying number;

      

      (2) the
        Mortgagor's first and last name;

      

      (3)
         the
        street address of the Mortgaged Property including the city, state and zip
        code;

      

      (4) a
        code
        indicating whether the Mortgaged Property is owner-occupied, a second home
        or an
        investor property;

      

      (5) the
        type
        of residential property constituting the Mortgaged Property;

      

      
        (6)
          the
          original months to maturity of the Mortgage Loan;

      

      

      (7)
        the
        remaining months to maturity from the related Cut-off Date, based on the
        original amortization schedule and, if different, the maturity expressed
        in the
        same manner but based on the actual amortization schedule;

      

      (8) the
        Sales
        Price, if applicable, Appraised Value and Loan-to-Value Ratio, at
        origination;

      

      (9) the
        Mortgage Interest Rate as of origination and as of the related Cut-off Date;
        with respect to each adjustable rate Mortgage Loan, the initial Adjustment
        Date,
        the next Adjustment Date immediately following the related Cut-off Date,
        the
        Index, the Margin, the Initial Rate Cap, if any, Periodic Rate Cap, if any,
        minimum Mortgage Interest Rate under the terms of the Mortgage Note and the
        Lifetime Rate Cap;

      

      (10) the
        Origination Date of the Mortgage Loan;

      

      (11) the
        stated maturity date;

      

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

      

      (13) the
        amount of the Monthly Payment as of the related Cut-off Date;

      

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

      

      (15) the
        scheduled Stated Principal Balance of the Mortgage Loan as of the close of
        business on the related Cut-off Date, after deduction of payments of principal
        due on or before the related Cut-off Date whether or not collected;

      

      (16)
         a
        code
        indicating the purpose of the Mortgage Loan (i.e., purchase, rate and term
        refinance, equity take-out refinance); 

      

      (17)
         a
        code
        indicating the documentation style (i.e. full, alternative, etc.); 

      

      (18) the
        number of times during the twelve (12) month period preceding the related
        Closing Date that any Monthly Payment has been received after the month of
        its
        scheduled due date;

      

      (19) the
        date
        on which the first payment is or was due; 

      

      
        (20)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Primary
          Mortgage
          Insurance Policy and
          the
          name of the related insurance carrier;
          

      

      

      
        (21)
          a
          code
          indicating whether or not the Mortgage Loan is the subject of a Lender
          Primary
          Mortgage Insurance Policy and
          the
          name of the related insurance carrier;

      

      

      
        (22)
          a
          code
          indicating whether or not the Mortgage Loan is currently convertible and
          the
          conversion spread;

      

      

      
        (23)
          the
          last
          Due Date on which a Monthly Payment was actually applied to the unpaid
          principal
          balance of the Mortgage Loan.

      

      

      
        (24)
          product
          type (i.e. fixed, 3/1, 5/1, etc.);

      

      

      
        (25)
          credit
          score and/or mortgage score, if applicable;

      

      

      
        (26)
          the
          Lender Paid Mortgage Insurance Rate;

      

      

      
        (27)
          a
          code
          indicating whether or not the Mortgage Loan has a prepayment penalty and
          if so,
          the amount and term thereof; and

      

      

      (28) 
        the
        Current Appraised Value of the Mortgage Loan and Current LTV, if
        applicable.

      

      With
        respect to the Mortgage Loans in the aggregate, the Mortgage Loan Schedule
        attached to the related Term Sheet shall set forth the following information,
        as
        of the related Cut-off Date:

      

      (1) the
        number of Mortgage Loans;

      

      (2) the
        current aggregate outstanding principal balance of the Mortgage
        Loans;

      

      (3) the
        weighted average Mortgage Interest Rate of the Mortgage Loans; 

      

      (4) the
        weighted average maturity of the Mortgage Loans; and

      

      (5)
         the
        weighted average months to next Adjustment Date;

       

      Mortgage
        Note:
        The
        note or other evidence of the indebtedness of a Mortgagor secured by a
        Mortgage.

      

      Mortgaged
        Property:
        The
        underlying real property securing repayment of a Mortgage Note, consisting
        of a
        single parcel of real estate considered to be real estate under the laws
        of the
        state in which such real property is located which may include condominium
        units
        and planned unit developments, improved by a residential dwelling; except
        that
        with respect to real property located in jurisdictions in which the use of
        leasehold estates for residential properties is a widely-accepted practice,
        a
        leasehold estate of the Mortgage, the term of which is equal to or longer
        than
        the term of the Mortgage. 

      

      Mortgagor:
        The
        obligor on a Mortgage Note. 

      

      OCC:
        Office
        of the Comptroller of the Currency, its successors and assigns.

      

      Officers'
        Certificate:
        A
        certificate signed by the Chairman of the Board, the Vice Chairman of the
        Board,
        the President, a Senior Vice President or a Vice President or by the Treasurer
        or the Secretary or one of the Assistant Treasurers or Assistant Secretaries
        of
        the Company, and delivered to the Purchaser as required by this
        Agreement.

      

      Opinion
        of Counsel:
        A
        written opinion of counsel, who may be an employee of the party on behalf
        of
        whom the opinion is being given, reasonably acceptable to the
        Purchaser.

      

      Origination
        Date:
        The
        date on which a Mortgage Loan funded, which date shall not, in connection
        with a
        Refinanced Mortgage Loan, be the date of the funding of the debt being
        refinanced, but rather the closing of the debt currently outstanding under
        the
        terms of the Mortgage Loan Documents. 

      

      Periodic
        Rate Cap:
        As to
        each adjustable rate Mortgage Loan, the maximum increase or decrease in the
        Mortgage Interest Rate on any Adjustment Date, as set forth in the related
        Mortgage Note and the related Mortgage Loan Schedule.

      

      Permitted
        Investments:
        Any one
        or more of the following obligations or securities:

      

      (i) direct
        obligations of, and obligations fully guaranteed by the United States of
        America
        or any agency or instrumentality of the United States of America the obligations
        of which are backed by the full faith and credit of the United States of
        America; 

      

      
        	 	
                (ii)
                  (a) demand or time deposits, federal funds or bankers' acceptances
                  issued
                  by any depository institu-tion or trust company incorporated under
                  the
                  laws of the United States of America or any state thereof and subject
                  to
                  supervision and examination by federal and/or state banking authorities,
                  provided that the commercial paper and/or the short-term deposit
                  rating
                  and/or the long-term unsecured debt obligations or deposits of
                  such
                  depository institution or trust company at the time of such investment
                  or
                  contractual commitment providing for such investment are rated
                  in one of
                  the two highest rating categories by each Rating Agency and (b)
                  any other
                  demand or time deposit or certificate of deposit that is fully
                  insured by
                  the FDIC;

              

      

      

      
        	 	
                (iii)
                  repurchase obligations with a term not to exceed thirty (30) days
                  and with
                  respect to (a) any security described in clause (i) above and entered
                  into
                  with a depository institution or trust company (acting as principal)
                  described in clause (ii)(a) above;

              

      

      

      
        	 	
                (iv)
                  securities bearing interest or sold at a discount issued by any
                  corporation incorporated under the laws of the United States of
                  America or
                  any state thereof that are rated in one of the two highest rating
                  categories by each Rating Agency at the time of such in-vestment
                  or
                  contractual commitment providing for such investment; provided,
                  however,
                  that securities issued by any particular corporation will not be
                  Permitted
                  Investments to the extent that investments therein will cause the
                  then
                  outstanding principal amount of secur-ities issued by such corporation
                  and
                  held as Permitted Investments to exceed 10% of the aggregate outstand-ing
                  principal balances of all of the Mortgage Loans and Permitted
                  Investments;

              

      

      

      
        	 	
                (v)
                  commercial paper (including both non-interest-bearing discount
                  obligations
                  and interest-bearing obliga-tions payable on demand or on a specified
                  date
                  not more than one year after the date of issuance there-of) which
                  are
                  rated in one of the two highest rating categories by each Rating
                  Agency at
                  the time of such investment;

              

      

      

      
        	 	
                (vi)
                  any other demand, money market or time deposit, obligation, security
                  or
                  investment as may be acceptable to each Rating Agency as evidenced
                  in
                  writing by each Rating Agency; and

              

      

      

      
        	 	
                (vii)
                  any money market funds the collateral of which consists of obligations
                  fully guaranteed by the United States of America or any agency
                  or
                  instru-ment-al-ity of the United States of America the obligations
                  of
                  which are backed by the full faith and credit of the United States
                  of
                  America (which may include repurchase obligations secured by collateral
                  described in clause (i)) and other securities and which money market
                  funds
                  are rated in one of the two highest rating categories by each Rating
                  Agency. 

              

      

      

      provided,
        however,
        that no
        instrument or security shall be a Permitted Investment if such instrument
        or
        security evidences a right to receive only interest payments with respect
        to the
        ob-li-ga-tions underlying such instrument or if such security provides for
        payment of both principal and interest with a yield to matur-ity in excess
        of
        120% of the yield to maturity at par or if such investment or security is
        purchased at a price greater than par.

      

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

      

      Prepayment
        Interest Shortfall:
        With
        respect to any Remittance Date, for each Mortgage Loan that was the subject
        of a
        Principal Prepayment during the related Prepayment Period, an amount equal
        to
        the excess of one month’s interest at the applicable Mortgage Loan Remittance
        Rate on the amount of such Principal Prepayment over the amount of interest
        (adjusted to the Mortgage Loan Remittance Rate) actually paid by the related
        Mortgagor with respect to such Prepayment Period.

      

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

      

      Primary
        Mortgage Insurance Policy:
        Each
        primary policy of mortgage insurance represented to be in effect pursuant
        to
        Section 3.02(hh), or any replacement policy therefor obtained by the Company
        pursuant to Section 4.08.

      

      Prime
        Rate:
        The
        prime rate announced to be in effect from time to time as published as the
        average rate in the Wall Street Journal (Northeast Edition).

      

      Principal
        Prepayment:
        Any
        payment or other recovery of principal on a Mortgage Loan full or partial
        which
        is received in advance of its scheduled Due Date, including any prepayment
        penalty or premium thereon and which is not accompanied by an amount of interest
        representing scheduled interest due on any date or dates in any month or
        months
        subsequent to the month of prepayment. 

       

      Purchase
        Price:
        As
        defined in Section 2.02.

      

      Purchaser:
        EMC
        Mortgage Corporation, its successors in interest and assigns.

      

      Qualified
        Appraiser:
        An
        appraiser, duly appointed by the Company, who had no interest, direct or
        indirect in the Mortgaged Property or in any loan made on the security thereof,
        and whose compensation is not affected by the approval or disapproval of
        the
        Mortgage Loan, and such appraiser and the appraisal made by such appraiser
        both
        satisfy the requirements of Title XI of FIRREA and the regulations promulgated
        thereunder and the requirements of Fannie Mae, all as in effect on the date
        the
        Mortgage Loan was originated.

      

      Qualified
        Insurer:
        An
        insurance company duly qualified as such under the laws of the states in
        which
        the Mortgaged Properties are located, duly authorized and licensed in such
        states to transact the applicable insurance business and to write the insurance
        provided, approved as an insurer by Fannie Mae or FHLMC. 

      

      Rating
        Agency:
        Moody’s
        Investors Service, Standard & Poor's, Fitch, Inc. or, in the event that some
        or all of the ownership of the Mortgage Loans is evidenced by mortgage-backed
        securities, the nationally recognized rating agencies issuing ratings with
        respect to such securities, if any.

       

      Refinanced
        Mortgage Loan:
        A
        Mortgage Loan which was made to a Mortgagor who owned the Mortgaged Property
        prior to the origination of such Mortgage Loan and the proceeds of which
        were
        used in whole or part to satisfy an existing mortgage.

      

      REMIC:
        A "real
        estate mortgage investment conduit," as such term is defined in Section 860D
        of
        the Code.

      

      REMIC
        Provisions:
        The
        provisions of the federal income tax law relating to REMICs, which appear
        at
        Sections 860A through 860G of the Code, and the related provisions and
        regulations promulgated thereunder, as the foregoing may be in effect from
        time
        to time.

      

      Remittance
        Date:
        The
        18th day of any month, beginning with the First Remittance Date, or if such
        18th
        day is not a Business Day, the first Business Day immediately preceding such
        18th day.

      

      REO
        Disposition:
        The
        final sale by the Company of any REO Property.

      

      REO
        Disposition Proceeds:
        Amounts
        received by the Company in connection with a related REO
        Disposition.

      

      REO
        Property:
        A
        Mortgaged Property acquired by the Company on behalf of the Purchaser as
        described in Section 4.13.

      

      Repurchase
        Price:
        With
        respect to any Mortgage Loan, a price equal to (i) the
        product of the greater of 100% or the percentage of par as stated in the
        Confirmation multiplied by the Stated Principal Balance
        of such Mortgage Loan on the repurchase date,
        plus
        (ii) interest on such outstanding principal balance at the Mortgage Loan
        Remittance Rate from the last date through which interest has been paid and
        distributed to the Purchaser to the end of the month of repurchase, plus,
        (iii)
        third party expenses incurred in connection with the transfer of the Mortgage
        Loan being repurchased; less amounts received or advanced in respect of such
        repurchased Mortgage Loan which are being held in the Custodial Account for
        distribution in the month of repurchase. 

      

      Servicing
        Advances:
        All
        customary, reasonable and necessary "out of pocket" costs and expenses
        (including reasonable attorneys' fees and disbursements) incurred in the
        performance by the Company of its servicing obligations, including, but not
        limited to, the cost of (a) the preservation, restoration and protection
        of the
        Mortgaged Property, (b) any enforcement, administrative or judicial proceedings,
        or any legal work or advice specifically related to servicing the Mortgage
        Loans, including but not limited to, foreclosures, bankruptcies, condemnations,
        drug seizures, elections, foreclosures by subordinate or superior lienholders,
        and other legal actions incidental to the servicing of the Mortgage Loans
        (provided that such expenses are reasonable and that the Company specifies
        the
        Mortgage Loan(s) to which such expenses relate and, upon Purchaser’s request,
        provides documentation supporting such expense (which documentation would
        be
        acceptable to Fannie Mae), and provided further that any such enforcement,
        administrative or judicial proceeding does not arise out of a breach of any
        representation, warranty or covenant of the Company hereunder), (c) the
        management and liquidation of the Mortgaged Property if the Mortgaged Property
        is acquired in full or partial satisfaction of the Mortgage, (d) taxes,
        assessments, water rates, sewer rates and other charges which are or may
        become
        a lien upon the Mortgaged Property, and Primary Mortgage Insurance Policy
        premiums and fire and hazard insurance coverage, (e) any expenses reasonably
        sustained by the Company with respect to the liquidation of the Mortgaged
        Property in accordance with the terms of this Agreement and (f) compliance
        with
        the obligations under Section 4.08.

      

      Servicing
        Fee:
        With
        respect to each Mortgage Loan, the amount of the annual fee the Purchaser
        shall
        pay to the Company, which shall, for a period of one full month, be equal
        to
        one-twelfth of the product of (a) the Servicing Fee Rate and (b) the outstanding
        principal balance of such Mortgage Loan. Such fee shall be payable monthly,
        computed on the basis of the same principal amount and period respecting
        which
        any related interest payment on a Mortgage Loan is computed. The obligation
        of
        the Purchaser to pay the Servicing Fee is limited to, and the Servicing Fee
        is
        payable solely from, the interest portion of such Monthly Payment collected
        by
        the Company, or as otherwise provided under Section 4.05 and in accordance
        with
        the Fannie Mae Guide(s). Any fee payable to the Company for administrative
        services related to any REO Property as described in Section 4.13 shall be
        payable from Liquidation Proceeds of the related REO Property.

      

      Servicing
        Fee Rate:
        As set
        forth in the related Term Sheet.

      

      Servicing
        File:
        With
        respect to each Mortgage Loan, the file retained by the Company consisting
        of
        originals of all documents in the Mortgage File which are not delivered to
        the
        Purchaser and copies of the Mortgage Loan Documents listed in Exhibit A,
        the
        originals of which are delivered to the Purchaser or its designee pursuant
        to
        Section 2.04.

      

      Servicing
        Officer:
        Any
        officer of the Company involved in, or responsible for, the administration
        and
        servicing of the Mortgage Loans whose name appears on a list of servicing
        officers furnished by the Company to the Purchaser upon request, as such
        list
        may from time to time be amended.

      

      Stated
        Principal Balance:
        As to
        each Mortgage Loan as of any date of determination, (i) the principal balance
        of
        such Mortgage Loan at the Cut-off Date after giving effect to payments of
        principal due on or before such date, whether or not received, minus (ii)
        all
        amounts previously distributed to the Purchaser with respect to the Mortgage
        Loan representing payments or recoveries of principal or advances in lieu
        thereof.

      

      Subservicer:
        Any
        subservicer which is subservicing the Mortgage Loans pursuant to a Subservicing
        Agreement. Any subservicer shall meet the qualifications set forth in Section
        4.01.

      

      Subservicing
        Agreement:
        An
        agreement between the Company and a Subservicer, if any, for the servicing
        of
        the Mortgage Loans.

      

      Term
        Sheet:
        A
        supplemental agreement in the form attached hereto as Exhibit I which shall
        be
        executed and delivered by the Company and the Purchaser to provide for the
        sale
        and servicing pursuant to the terms of this Agreement of the Mortgage Loans
        listed on Schedule I attached thereto, which supplemental agreement shall
        contain certain specific information relating to such sale of such Mortgage
        Loans and may contain additional covenants relating to such sale of such
        Mortgage Loans.

      

      

      ARTICLE
        II

      

      SERVICING
        OF MORTGAGE LOANS;

      RECORD
        TITLE AND POSSESSION OF MORTGAGE FILES;

      BOOKS
        AND RECORDS; CUSTODIAL AGREEMENT;

      DELIVERY
        OF MORTGAGE LOAN DOCUMENTS

      

      Section
        2.01 Agreement
        to Purchase.

      

      The
        Company agrees to sell and the Purchaser agrees to purchase the Mortgage
        Loans
        having an aggregate Stated Principal Balance on the related Cut-off Date
        set
        forth in the related Term Sheet in an amount as set forth in the Confirmation,
        or in such other amount as agreed by the Purchaser and the Company as evidenced
        by the actual aggregate Stated Principal Balance of the Mortgage Loans accepted
        by the Purchaser on the related Closing Date, with servicing retained by
        the
        Company. The Company shall deliver the related Mortgage Loan Schedule attached
        to the related Term Sheet for the Mortgage Loans to be purchased on the related
        Closing Date to the Purchaser at least two (2) Business Days prior to the
        related Closing Date. The Mortgage Loans shall be sold pursuant to this
        Agreement, and the related Term Sheet shall be executed and delivered on
        the
        related Closing Date.

      

      Section
        2.02 Purchase
        Price.

      

      The
        Purchase Price for each Mortgage Loan shall be the percentage of par as stated
        in the Confirmation (subject to adjustment as provided therein), multiplied
        by
        the Stated Principal Balance, as of the related Cut-off Date, of the Mortgage
        Loan listed on the related Mortgage Loan Schedule attached to the related
        Term
        Sheet, after application of scheduled payments of principal due on or before
        the
        related Cut-off Date whether or not collected. 

      

      In
        addition to the Purchase Price as described above, the Purchaser shall pay
        to
        the Company, at closing, accrued interest on the Stated Principal Balance
        of
        each Mortgage Loan as of the related Cut-off Date at the Mortgage Loan
        Remittance Rate of each Mortgage Loan from the related Cut-off Date through
        the
        day prior to the related Closing Date, inclusive.

      

      The
        Purchase Price plus accrued interest as set forth in the preceding paragraph
        shall be paid on the related Closing Date by wire transfer of immediately
        available funds.

      

      Purchaser
        shall be entitled to (1) all scheduled principal due after the related Cut-off
        Date, (2) all other recoveries of principal collected on or after the related
        Cut-off Date (provided, however, that all scheduled payments of principal
        due on
        or before the related Cut-off Date and collected by the Company or any successor
        servicer after the related Cut-off Date shall belong to the Company), and
        (3)
        all payments of interest on the Mortgage Loans net of applicable Servicing
        Fees
        (minus that portion of any such payment which is allocable to the period
        prior
        to the related Cut-off Date). The outstanding principal balance of each Mortgage
        Loan as of the related Cut-off Date is determined after application of payments
        of principal due on or before the related Cut-off Date whether or not collected,
        together with any unscheduled principal prepayments collected prior to the
        related Cut-off Date; provided, however, that payments of scheduled principal
        and interest prepaid for a Due Date beyond the related Cut-off Date shall
        not be
        applied to the principal balance as of the related Cut-off Date. Such prepaid
        amounts shall be the property of the Purchaser. The Company shall deposit
        any
        such prepaid amounts into the Custodial Account, which account is established
        for the benefit of the Purchaser for subsequent remittance by the Company
        to the
        Purchaser.

      

      Section
        2.03 Servicing
        of Mortgage Loans.

      

      Simultaneously
        with the execution and delivery of each Term Sheet, the Company does hereby
        agree to directly service the Mortgage Loans listed on the related Mortgage
        Loan
        Schedule attached to the related Term Sheet subject to the terms of this
        Agreement and the related Term Sheet. The rights of the Purchaser to receive
        payments with respect to the related Mortgage Loans shall be as set forth
        in
        this Agreement.

      

      Section
        2.04 Record
        Title and Possession of Mortgage Files;
        Maintenance of Servicing Files.

      

      As
        of the
        related Closing Date, the Company sold, transferred, assigned, set over and
        conveyed to the Purchaser, without recourse, and the Company hereby acknowledges
        that the Purchaser has, but subject to the terms of this Agreement and the
        related Term Sheet, all the right, title and interest of the Company in and
        to
        the Mortgage Loans. Company will deliver the Mortgage Files to the Custodian
        designated by Purchaser, on or before the related Closing Date, at the expense
        of the Company. The Company shall maintain a Servicing File consisting of
        a copy
        of the contents of each Mortgage File and the originals of the documents
        in each
        Mortgage File not delivered to the Purchaser. The Servicing File shall contain
        all documents necessary to service the Mortgage Loans. The possession of
        each
        Servicing File by the Company is at the will of the Purchaser, for the sole
        purpose of servicing the related Mortgage Loan, and such retention and
        possession by the Company is in a custodial capacity only. From the related
        Closing Date, the ownership of each Mortgage Loan, including the Mortgage
        Note,
        the Mortgage, the contents of the related Mortgage File and all rights,
        benefits, proceeds and obligations arising therefrom or in connection therewith,
        has been vested in the Purchaser. All rights arising out of the Mortgage
        Loans
        including, but not limited to, all funds received on or in connection with
        the
        Mortgage Loans and all records or documents with respect to the Mortgage
        Loans
        prepared by or which come into the possession of the Company shall be received
        and held by the Company in trust for the benefit of the Purchaser as the
        owner
        of the Mortgage Loans. Any portion of the Mortgage Files retained by the
        Company
        shall be appropriately identified in the Company's computer system to clearly
        reflect the ownership of the Mortgage Loans by the Purchaser. The Company
        shall
        release its custody of the contents of the Mortgage Files only in accordance
        with written instructions of the Purchaser, except when such release is required
        as incidental to the Company's servicing of the Mortgage Loans or is in
        connection with a repurchase of any Mortgage Loan or Loans with respect thereto
        pursuant to this Agreement and the related Term Sheet, such written instructions
        shall not be required.

      

      Section
        2.05  Books
        and Records.

      

      The
        sale
        of each Mortgage Loan has been reflected on the Company's balance sheet and
        other financial statements as a sale of assets by the Company. The Company
        shall
        be responsible for maintaining, and shall maintain, a complete set of books
        and
        records for the Mortgage Loans that shall be appropriately identified in
        the
        Company's computer system to clearly reflect the ownership of the Mortgage
        Loan
        by the Purchaser. In particular, the Company shall maintain in its possession,
        available for inspection by the Purchaser, or its designee and shall deliver
        to
        the Purchaser upon demand, evidence of compliance with all federal, state
        and
        local laws, rules and regulations, and requirements of Fannie Mae or FHLMC,
        as
        applicable, including but not limited to documentation as to the method used
        in
        determining the applicability of the provisions of the Flood Disaster Protection
        Act of 1973, as amended, to the Mortgaged Property, documentation evidencing
        insurance coverage of any condominium project as required by Fannie Mae or
        FHLMC, and periodic inspection reports as required by Section 4.13. To the
        extent that original documents are not required for purposes of realization
        of
        Liquidation Proceeds or Insurance Proceeds, documents maintained by the Company
        may be in the form of microfilm or microfiche.

      

      The
        Company shall maintain with respect to each Mortgage Loan and shall make
        available for inspection by any Purchaser or its designee the related Servicing
        File during the time the Purchaser retains ownership of a Mortgage Loan and
        thereafter in accordance with applicable laws and regulations.

      

      In
        addition to the foregoing, Company shall provide to any supervisory agents
        or
        examiners that regulate Purchaser, including but not limited to, the FDIC
        and
        other similar entities, access, during normal business hours, upon reasonable
        advance notice to Company and without charge to Company or such supervisory
        agents or examiners, to any documentation regarding the Mortgage Loans that
        may
        be required by any applicable regulator.

      

      Section
        2.06. Transfer
        of Mortgage Loans.

      

      The
        Company shall keep at its servicing office books and records in which, subject
        to such reasonable regulations as it may prescribe, the Company shall note
        transfers of Mortgage Loans. No transfer of a Mortgage Loan may be made unless
        such transfer is in compliance with the terms hereof. For the purposes of
        this
        Agreement, the Company shall be under no obligation to deal with any person
        with
        respect to this Agreement or any Mortgage Loan unless a notice of the transfer
        of such Mortgage Loan has been delivered to the Company in accordance with
        this
        Section 2.06 and the books and records of the Company show such person as
        the
        owner of the Mortgage Loan. The Purchaser may, subject to the terms of this
        Agreement, sell and transfer one or more of the Mortgage Loans, provided,
        however, that the transferee will not be deemed to be a Purchaser hereunder
        binding upon the Company unless such transferee shall agree in writing to
        be
        bound by the terms of this Agreement and an original counterpart of the
        instrument of transfer in an Assignment and Assumption of this Agreement
        substantially in the form of Exhibit D hereto executed by the transferee
        shall
        have been delivered to the Company. The Purchaser also shall advise the Company
        of the transfer. Upon receipt of notice of the transfer, the Company shall
        mark
        its books and records to reflect the ownership of the Mortgage Loans of such
        assignee, and the previous Purchaser shall be released from its obligations
        hereunder with respect to the Mortgage Loans sold or transferred.

      

      Section
        2.07 Delivery
        of Mortgage Loan Documents.

      

      The
        Company shall deliver and release to the Purchaser or its designee the Mortgage
        Loan Documents in accordance with the terms of this Agreement and the related
        Term Sheet. The documents enumerated as items (1), (2), (3), (4), (5), (6),
        (7),
        (8), (9) and (16) in Exhibit A hereto shall be delivered by the Company to
        the
        Purchaser or its designee no later than three (3) Business Days prior to
        the
        related Closing Date pursuant to a bailee letter agreement. All other documents
        in Exhibit A hereto, together with all other documents executed in connection
        with the Mortgage Loan that Company may have in its possession, shall be
        retained by the Company in trust for the Purchaser. If the Company cannot
        deliver the original recorded Mortgage Loan Documents or the original policy
        of
        title insurance, including riders and endorsements thereto, on the related
        Closing Date, the Company shall, promptly upon receipt thereof and in any
        case
        not later than 120 days from the related Closing Date, deliver such original
        documents, including original recorded documents, to the Purchaser or its
        designee (unless the Company is delayed in making such delivery by reason
        of the
        fact that such documents shall not have been returned by the appropriate
        recording office). If delivery is not completed within 120 days solely due
        to
        delays in making such delivery by reason of the fact that such documents
        shall
        not have been returned by the appropriate recording office, Company shall
        deliver such document to Purchaser, or its designee, within such time period
        as
        specified in a Company's Officer's Certificate. In the event that documents
        have
        not been received by the date specified in the Company's Officer's Certificate,
        a subsequent Company's Officer's Certificate shall be delivered by such date
        specified in the prior Company's Officer's Certificate, stating a revised
        date
        for receipt of documentation. The procedure shall be repeated until the
        documents have been received and delivered. If
        delivery is not completed within 180 days solely due to delays in making
        such
        delivery by reason of the fact that such documents shall not have been returned
        by the appropriate recording office, the Company shall continue to use its
        best
        efforts to effect delivery as soon as possible thereafter, provided that
        if such
        documents are not delivered by the 270th day from the date of the related
        Closing Date, the Company shall repurchase the related Mortgage Loans at
        the
        Repurchase Price in accordance with Section 3.03 hereof.

      

      The
        Company shall pay all initial recording fees, if any, for the assignments
        of
        mortgage and any other fees in connection with the transfer of all original
        documents to the Purchaser or its designee. Company shall prepare, in recordable
        form, all assignments of mortgage necessary to assign the Mortgage Loans
        to
        Purchaser, or its designee. Company shall be responsible for recording the
        assignments of mortgage.

      

      Company
        shall provide an original or duplicate original of the title insurance policy
        to
        Purchaser or its designee within ninety (90) days of the receipt of the recorded
        documents (required for issuance of such policy) from the applicable recording
        office.

      

      Any
        review by the Purchaser, or its designee, of the Mortgage Files shall in
        no way
        alter or reduce the Company's obligations hereunder.

      

      If
        the
        Purchaser or its designee discovers any defect with respect to a Mortgage
        File,
        the Purchaser shall, or shall cause its designee to, give written specification
        of such defect to the Company which may be given in the exception report
        or the
        certification delivered pursuant to this Section 2.07, or otherwise in writing
        and the Company shall cure or repurchase such Mortgage Loan in accordance
        with
        Section 3.03.

      

      The
        Company shall forward to the Purchaser, or its designee, original documents
        evidencing an assumption, modification, consolidation or extension of any
        Mortgage Loan entered into in accordance with Section 4.01 or 6.01 within
        one
        week of their execution; provided, however, that the Company shall provide
        the
        Purchaser, or its designee, with a certified true copy of any such document
        submitted for recordation within one week of its execution, and shall provide
        the original of any document submitted for recordation or a copy of such
        document certified by the appropriate public recording office to be a true
        and
        complete copy of the original within sixty (60) days of its submission for
        recordation.

      

      From
        time
        to time the Company may have a need for Mortgage Loan Documents to be released
        from Purchaser, or its designee. Purchaser shall, or shall cause its designee,
        upon the written request of the Company, within ten (10) Business Days, deliver
        to the Company, any requested documentation previously delivered to Purchaser
        as
        part of the Mortgage File, provided that such documentation is promptly returned
        to Purchaser, or its designee, when the Company no longer requires possession
        of
        the document, and provided that during the time that any such documentation
        is
        held by the Company, such possession is in trust for the benefit of Purchaser.
        Company shall indemnify Purchaser, and its designee, from and against any
        and
        all losses, claims, damages, penalties, fines, forfeitures, costs and expenses
        (including court costs and reasonable attorney's fees) resulting from or
        related
        to the loss, damage, or misplacement of any documentation delivered to Company
        pursuant to this paragraph.

      

      Section
        2.08 Quality
        Control Procedures.

      

      The
        Company must have an internal quality control program that verifies, on a
        regular basis, the existence and accuracy of the legal documents, credit
        documents, property appraisals, and underwriting decisions. The program must
        be
        capable of evaluating and monitoring the overall quality of its loan production
        and servicing activities. The program is to ensure that the Mortgage Loans
        are
        originated and serviced in accordance with prudent mortgage banking practices
        and accounting principles; guard against dishonest, fraudulent, or negligent
        acts; and guard against errors and omissions by officers, employees, or other
        authorized persons.

      

      Section
        2.09 Near-term Principal Prepayments; Near Term Payment
        Defaults

      

      In
        the
        event any Principal Prepayment is made by a Mortgagor on or prior to sixty
        (60)
        days after the related Closing Date, the Company shall remit to the Purchaser
        an
        amount equal to the excess, if any, of the Purchase Price Percentage over
        par
        multiplied by the amount of such Principal Prepayment. Such remittance shall
        be
        made by the Company to Purchaser no later than the third Business Day following
        receipt of such Principal Prepayment by the Company.

      

      In
        the
        event any of the first two (2) scheduled Monthly Payments which are due under
        any Mortgage Loan after the related Cut-off Date are not made during the
        month
        in which such Monthly Payments are due, then not later than five (5) Business
        Days after notice to the Company by Purchaser (and at Purchaser’s sole option),
        the Company, shall repurchase such Mortgage Loan from the Purchaser pursuant
        to
        the repurchase provisions contained in this Subsection 3.03.

       

       

      
 

      ARTICLE
        III

      

      REPRESENTATIONS
        AND WARRANTIES OF

      THE
        COMPANY; REPURCHASE; REVIEW OF MORTGAGE LOANS

      

      Section
        3.01 Representations
        and Warranties of the Company. 

      

      The
        Company represents, warrants and covenants to the Purchaser that, as of the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a) The
        Company is a corporation, duly organized, validly existing and in good standing
        under the laws of the State of Ohio and has all licenses necessary to carry
        out
        its business as now being conducted, and is licensed and qualified to transact
        business in and is in good standing under the laws of each state in which
        any
        Mortgaged Property is located or is otherwise exempt under applicable law
        from
        such licensing or qualification or is otherwise not required under applicable
        law to effect such licensing or qualification and no demand for such licensing
        or qualification has been made upon such Company by any such state, and in
        any
        event such Company is in compliance with the laws of any such state to the
        extent necessary to ensure the enforceability of each Mortgage Loan and the
        servicing of the Mortgage Loans in accordance with the terms of this
        Agreement;

       

      (b)
        The
        Company has the full power and authority and legal right to hold, transfer
        and
        convey each Mortgage Loan, to sell each Mortgage Loan and to execute, deliver
        and perform, and to enter into and consummate all transactions contemplated
        by
        this Agreement and the related Term Sheet and to conduct its business as
        presently conducted, has duly authorized the execution, delivery and performance
        of this Agreement and the related Term Sheet and any agreements contemplated
        hereby, has duly executed and delivered this Agreement and the related Term
        Sheet, and any agreements contemplated hereby, and this Agreement and the
        related Term Sheet and each Assignment to the Purchaser and any agreements
        contemplated hereby, constitutes a legal, valid and binding obligation of
        the
        Company, enforceable against it in accordance with its terms, and all requisite
        corporate action has been taken by the Company to make this Agreement and
        the
        related Term Sheet and all agreements contemplated hereby valid and binding
        upon
        the Company in accordance with their terms; 

      

      (c)
        Neither the execution and delivery of this Agreement and the related Term
        Sheet,
        nor the origination or purchase of the Mortgage Loans by the Company, the
        sale
        of the Mortgage Loans to the Purchaser, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Company's charter or by-laws
        or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions of any legal restriction or any agreement or instrument
        to which the Company is now a party or by which it is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing, or result
        in
        the material violation of any law, rule, regulation, order, judgment or decree
        to which the Company or its properties are subject, or impair the ability
        of the
        Purchaser to realize on the Mortgage Loans.

      

      (d)
        There
        is no litigation, suit, proceeding or investigation pending or, to the best
        of
        Company’s knowledge, threatened, or any order or decree outstanding, with
        respect to the Company which, either in any one instance or in the aggregate,
        is
        reasonably likely to have a material adverse effect on the sale of the Mortgage
        Loans, the execution, delivery, performance or enforceability of this Agreement
        and the related Term Sheet, or which is reasonably likely to have a material
        adverse effect on the financial condition of the Company.

      

      (e)
        No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Company
        of
        or compliance by the Company with this Agreement or the related Term Sheet,
        or
        the sale of the Mortgage Loans and delivery of the Mortgage Files to the
        Purchaser or the consummation of the transactions contemplated by this Agreement
        or the related Term Sheet, except for consents, approvals, authorizations
        and
        orders which have been obtained;

      

      (f)
        The
        consummation of the transactions contemplated by this Agreement or the related
        Term Sheet is in the ordinary course of business of the Company and Company,
        and
        the transfer, assignment and conveyance of the Mortgage Notes and the Mortgages
        by the Company pursuant to this Agreement or the related Term Sheet are not
        subject to bulk transfer or any similar statutory provisions in effect in
        any
        applicable jurisdiction;

      

      (g)
        The
        origination and servicing practices used by the Company and any prior originator
        or servicer with respect to each Mortgage Note and Mortgage have been legal
        and
        in accordance with applicable laws and regulations and the Mortgage Loan
        Documents, and in all material respects proper and prudent in the mortgage
        origination and servicing business. Each Mortgage Loan has been serviced
        in all
        material respects with Accepted Servicing Practices. With respect to escrow
        deposits and payments that the Company, on behalf of an investor, is entitled
        to
        collect, all such payments are in the possession of, or under the control
        of,
        the Company, and there exist no deficiencies in connection therewith for
        which
        customary arrangements for repayment thereof have not been made. All escrow
        payments have been collected in full compliance with state and federal law
        and
        the provisions of the related Mortgage Note and Mortgage. As to any Mortgage
        Loan that is the subject of an escrow, escrow of funds is not prohibited
        by
        applicable law and has been established in an amount sufficient to pay for
        every
        escrowed item that remains unpaid and has been assessed but is not yet due
        and
        payable. No escrow deposits or other charges or payments due under the Mortgage
        Note have been capitalized under any Mortgage or the related Mortgage
        Note;

      

      (h)
        The
        Company used no selection procedures that identified the Mortgage Loans as
        being
        less desirable or valuable than other comparable mortgage loans in the Company's
        portfolio at the related Cut-off Date; 

      

      (i) The
        Company will treat the sale of the Mortgage Loans to the Purchaser as a sale
        for
        reporting and accounting purposes and, to the extent appropriate, for federal
        income tax purposes; 

      

      (j) Company
        is an approved seller/servicer of residential mortgage loans for Fannie Mae,
        FHLMC and HUD, with such facilities, procedures and personnel necessary for
        the
        sound servicing of such mortgage loans. The Company is duly qualified, licensed,
        registered and otherwise authorized under all applicable federal, state and
        local laws, and regulations, if applicable, meets the minimum capital
        requirements set forth by the OCC, and is in good standing to sell mortgage
        loans to and service mortgage loans for Fannie Mae and FHLMC and no event
        has
        occurred which would make Company unable to comply with eligibility requirements
        or which would require notification to either Fannie Mae or FHLMC; 

      

      (k) The
        Company does not believe, nor does it have any cause or reason to believe,
        that
        it cannot perform each and every covenant contained in this Agreement or
        the
        related Term Sheet. The Company is solvent and the sale of the Mortgage Loans
        will not cause the Company to become insolvent. The sale of the Mortgage
        Loans
        is not undertaken with the intent to hinder, delay or defraud any of the
        Company's creditors;

      

      (l) No
        statement, tape, diskette, form, report or other document prepared by, or
        on
        behalf of, Company pursuant to this Agreement or the related Term Sheet or
        in
        connection with the transactions contemplated hereby, contains or will contain
        any statement that is or will be inaccurate or misleading in any material
        respect;

      

      (m)
         The
        Company acknowledges and agrees that the Servicing Fee represents reasonable
        compensation for performing such services and that the entire Servicing Fee
        shall be treated by the Company, for accounting and tax purposes, as
        compensation for the servicing and administration of the Mortgage Loans pursuant
        to this Agreement. In the opinion of Company, the consideration received
        by
        Company upon the sale of the Mortgage Loans to Purchaser under this Agreement
        and the related Term Sheet constitutes fair consideration for the Mortgage
        Loans
        under current market conditions. 

      

      (n)
         Company
        has delivered to the Purchaser financial statements of its parent, for its
        last
        two complete fiscal years. All such financial information fairly presents
        the
        pertinent results of operations and financial position for the period identified
        and has been prepared in accordance with GAAP consistently applied throughout
        the periods involved, except as set forth in the notes thereto. There has
        been
        no change in the business, operations, financial condition, properties or
        assets
        of the Company since the date of the Company’s financial information that would
        have a material adverse effect on its ability to perform its obligations
        under
        this Agreement;

      

      (o)
         The
        Company has not dealt with any broker, investment banker, agent or other
        person
        that may be entitled to any commission or compensation in connection with
        the
        sale of the Mortgage Loans; 

      

      Section
        3.02 Representations
        and Warranties as to Individual
        Mortgage Loans.

      

      References
        in this Section to percentages of Mortgage Loans refer in each case to the
        percentage of the aggregate Stated Principal Balance of the Mortgage Loans
        as of
        the related Cut-off Date, based on the outstanding Stated Principal Balances
        of
        the Mortgage Loans as of the related Cut-off Date, and giving effect to
        scheduled Monthly Payments due on or prior to the related Cut-off Date, whether
        or not received. References to percentages of Mortgaged Properties refer,
        in
        each case, to the percentages of expected aggregate Stated Principal Balances
        of
        the related Mortgage Loans (determined as described in the preceding sentence).
        The Company hereby represents and warrants to the Purchaser, as to each Mortgage
        Loan, as of the related Closing Date as follows:

      

      (a)
        The
        information set forth in the Mortgage Loan Schedule attached to the related
        Term
        Sheet is true, complete and correct in all material respects as of the related
        Cut-Off Date;

      

      (b) The
        Mortgage creates a valid, subsisting and enforceable first lien or a first
        priority ownership interest in an estate in fee simple in real property securing
        the related Mortgage Note subject to principles of equity, bankruptcy,
        insolvency and other laws of general application affecting the rights of
        creditors;

      

      (c)
        All
        payments due prior to the related Cut-off Date for such Mortgage Loan have
        been
        made as of the related Closing Date; the Mortgage Loan has not been dishonored;
        there are no material defaults under the terms of the Mortgage Loan; the
        Company
        has not advanced its own funds, or induced, solicited or knowingly received
        any
        advance of funds from a party other than the owner of the Mortgaged Property
        subject to the Mortgage, directly or indirectly, for the payment of any amount
        required by the Mortgage Loan. As
        of the
        related Closing Date, all of the Mortgage Loans will have an actual Interest
        Paid to Date of their related Cut-off Date(or later) and will be due for
        the
        scheduled monthly payment next succeeding the Cut-off Date (or later), as
        evidenced by a posting to Company's servicing collection system. No payment
        under any Mortgage Loan is delinquent as of the related Closing Date nor
        has any
        scheduled payment been delinquent at any time during the twelve (12) months
        prior to the month of the related Closing Date. For purposes of this paragraph,
        a Mortgage Loan will be deemed delinquent if any payment due thereunder was
        not
        paid by the Mortgagor in the month such payment was due;

      

      (d)
        There
        are no defaults by Company in complying with the terms of the Mortgage, and
        all
        taxes, governmental assessments, insurance premiums, water, sewer and municipal
        charges, leasehold payments or ground rents which previously became due and
        owing have been paid, or escrow funds have been established in an amount
        sufficient to pay for every such escrowed item which remains unpaid and which
        has been assessed but is not yet due and payable;

      

      (e)
        The
        terms of the Mortgage Note and the Mortgage have not been impaired, waived,
        altered or modified in any respect, except by written instruments which have
        been recorded to the extent any such recordation is required by law, or,
        necessary to protect the interest of the Purchaser. No instrument of waiver,
        alteration or modification has been executed except in connection with a
        modification agreement and which modification agreement is part of the Mortgage
        File and the terms of which are reflected in the related Mortgage Loan Schedule,
        and no Mortgagor has been released, in whole or in part, from the terms thereof
        except in connection with an assumption agreement and which assumption agreement
        is part of the Mortgage File and the terms of which are reflected in the
        related
        Mortgage Loan Schedule; the substance of any such waiver, alteration or
        modification has been approved by the issuer of any related Primary Mortgage
        Insurance Policy, Lender Primary Mortgage Insurance Policy and title insurance
        policy, to the extent required by the related policies;

      

      (f)
        The
        Mortgage Note and the Mortgage are not subject to any right of rescission,
        set-off, counterclaim or defense, including, without limitation, the defense
        of
        usury, nor will the operation of any of the terms of the Mortgage Note or
        the
        Mortgage, or the exercise of any right thereunder, render the Mortgage Note
        or
        Mortgage unenforceable, in whole or in part, or subject to any right of
        rescission, set-off, counterclaim or defense, including the defense of usury,
        and no such right of rescission, set-off, counterclaim or defense has been
        asserted with respect thereto; and as of the related Closing Date the Mortgagor
        was not a debtor in any state or federal bankruptcy or insolvency
        proceeding;

      

      (g)
        All
        buildings or other customarily insured improvements upon the Mortgaged Property
        are insured by an insurer acceptable under the Fannie Mae or FHLMC Guides,
        against loss by fire, hazards of extended coverage and such other hazards
        as are
        provided for in the Fannie Mae or FHLMC Guide, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. All such standard
        hazard policies are in full force and effect and contain a standard mortgagee
        clause naming the Company and its successors in interest and assigns as loss
        payee and such clause is still in effect and all premiums due thereon have
        been
        paid. If required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Mortgage Loan is covered by a flood insurance policy meeting the requirements
        of
        the current guidelines of the Federal Insurance Administration which policy
        conforms to Fannie Mae or FHLMC requirements, as well as all additional
        requirements set forth in Section 4.10 of this Agreement. Such policy was
        issued
        by an insurer acceptable under Fannie Mae or FHLMC guidelines. The Mortgage
        obligates the Mortgagor thereunder to maintain all such insurance at the
        Mortgagor's cost and expense, and on the Mortgagor's failure to do so,
        authorizes the holder of the Mortgage to maintain such insurance at the
        Mortgagor's cost and expense and to seek reimbursement therefor from the
        Mortgagor.
        Neither
        the Company (nor any prior originator or servicer of any of the Mortgage
        Loans)
        nor any Mortgagor has engaged in any act or omission which has impaired or
        would
        impair the coverage of any such policy, the benefits of the endorsement provided
        for herein, or the validity and binding effect of either;

      

      (h)
        Any
        and all requirements of any federal, state or local law including, without
        limitation, usury, truth-in-lending, real estate settlement procedures, consumer
        credit protection, equal credit opportunity or disclosure laws applicable
        to the
        Mortgage Loan have been complied with in all material respects; the Company
        maintains, and shall maintain, evidence of such compliance as required by
        applicable law or regulation and shall make such evidence available for
        inspection at the Company's office during normal business hours upon reasonable
        advance notice;

      

      (i)
        The
        Mortgage has not been satisfied, canceled or subordinated, in whole or in
        part,
        or rescinded, and the Mortgaged Property has not been released from the lien
        of
        the Mortgage, in whole or in part nor has any instrument been executed that
        would effect any such release, cancellation, subordination or rescission.
        The
        Company has not waived the performance by the Mortgagor of any action, if
        the
        Mortgagor’s failure to perform such action would cause the Mortgage Loan to be
        in default, nor has the Company waived any default resulting from any action
        or
        inaction by the Mortgagor;

      

      (j) The
        Mortgage is a valid, subsisting, enforceable and perfected first lien on
        the
        Mortgaged Property, including all buildings on the Mortgaged Property and
        all
        installations and mechanical, electrical, plumbing, heating and air conditioning
        systems affixed to such buildings, and all additions, alterations and
        replacements made at any time with respect to the foregoing securing the
        Mortgage Note's original principal balance subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors. The Mortgage and the Mortgage Note do not contain any
        evidence of any security interest or other interest or right thereto. Such
        lien
        is free and clear of all adverse claims, liens and encumbrances having priority
        over the first lien of the Mortgage subject only to (1) the lien of
        non-delinquent current real property taxes and assessments not yet due and
        payable, (2) covenants, conditions and restrictions, rights of way, easements
        and other matters of the public record as of the date of recording which
        are
        acceptable to mortgage lending institutions generally and either (A) which
        are
        referred to in the lender’s title insurance policy delivered to the originator
        or otherwise considered in the appraisal made for the originator of the Mortgage
        Loan, or (B) which do not adversely affect the residential use or Appraised
        Value of the Mortgaged Property as set forth in such appraisal, and (3) other
        matters to which like properties are commonly subject which do not individually
        or in the aggregate materially interfere with the benefits of the security
        intended to be provided by the Mortgage or the use, enjoyment, value or
        marketability of the related Mortgaged Property. Any security agreement,
        chattel
        mortgage or equivalent document related to and delivered in connection with
        the
        Mortgage Loan establishes and creates a valid, subsisting, enforceable and
        perfected first lien and first priority security interest on the property
        described therein, and the Company has the full right to sell and assign
        the
        same to the Purchaser;

      

      (k)
        The
        Mortgage Note and the related Mortgage are original and genuine and each
        is the
        legal, valid and binding obligation of the maker thereof, enforceable in
        all
        respects in accordance with its terms subject to principles of equity,
        bankruptcy, insolvency and other laws of general application affecting the
        rights of creditors, and the Company has taken all action necessary to transfer
        such rights of enforceability to the Purchaser. All parties to the Mortgage
        Note
        and the Mortgage had the legal capacity to enter into the Mortgage Loan and
        to
        execute and deliver the Mortgage Note and the Mortgage. The Mortgage Loan
        Documents are on forms acceptable to Fannie Mae and FHLMC. The Mortgage Note
        and
        the Mortgage have been duly and properly executed by such parties. No fraud,
        error, omission, misrepresentation, negligence or similar occurrence with
        respect to a Mortgage Loan has taken place on the part of Company or the
        Mortgagor, or on the part of any other party involved in the origination
        or
        servicing of the Mortgage Loan. The proceeds of the Mortgage Loan have been
        fully disbursed and there is no requirement for future advances thereunder,
        and
        any and all requirements as to completion of any on-site or off-site
        improvements and as to disbursements of any escrow funds therefor have been
        complied with. All costs, fees and expenses incurred in making or closing
        the
        Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor
        is
        not entitled to any refund of any amounts paid or due under the Mortgage
        Note or
        Mortgage;

      

      (l)
        The
        Company is the sole owner and holder of the Mortgage Loan and the indebtedness
        evidenced by the Mortgage Note. Upon the sale of the Mortgage Loan to the
        Purchaser, the Company will retain the Mortgage File or any part thereof
        with
        respect thereto not delivered to the Purchaser or the Purchaser’s designee in
        trust only for the purpose of servicing and supervising the servicing of
        the
        Mortgage Loan. Immediately prior to the transfer and assignment to the
        Purchaser, the Mortgage Loan, including the Mortgage Note and the Mortgage,
        were
        not subject to an assignment, sale or pledge to any person other than Purchaser,
        and the Company had good and marketable title to and was the sole owner thereof
        and had full right to transfer and sell the Mortgage Loan to the Purchaser
        free
        and clear of any encumbrance, equity, lien, pledge, charge, claim or security
        interest and has the full right and authority subject to no interest or
        participation of, or agreement with, any other party, to sell and assign
        the
        Mortgage Loan pursuant to this Agreement and following the sale of the Mortgage
        Loan, the Purchaser will own such Mortgage Loan free and clear of any
        encumbrance, equity, participation interest, lien, pledge, charge, claim
        or
        security interest. The Company intends to relinquish all rights to possess,
        control and monitor the Mortgage Loan, except for the purposes of servicing
        the
        Mortgage Loan as set forth in this Agreement. After the related Closing Date,
        the Company will not have any right to modify or alter the terms of the sale
        of
        the Mortgage Loan and the Company will not have any obligation or right to
        repurchase the Mortgage Loan or substitute another Mortgage Loan, except
        as
        provided in this Agreement, or as otherwise agreed to by the Company and
        the
        Purchaser;

      

      (m)
        Each
        Mortgage Loan is covered by an ALTA lender's title insurance policy or other
        generally acceptable form of policy or insurance acceptable to Fannie Mae
        or
        FHLMC (including adjustable rate endorsements), issued by a title insurer
        acceptable to Fannie Mae or FHLMC and qualified to do business in the
        jurisdiction where the Mortgaged Property is located, insuring (subject to
        the
        exceptions contained in (j)(1), (2) and (3) above) the Company, its successors
        and assigns, as to the first priority lien of the Mortgage in the original
        principal amount of the Mortgage Loan and against any loss by reason of the
        invalidity or unenforceability of the lien resulting from the provisions
        of the
        Mortgage providing for adjustment in the Mortgage Interest Rate and Monthly
        Payment. Where required by state law or regulation, the Mortgagor has been
        given
        the opportunity to choose the carrier of the required mortgage title insurance.
        The Company, its successors and assigns, is the sole insured of such lender's
        title insurance policy, such title insurance policy has been duly and validly
        endorsed to the Purchaser or the assignment to the Purchaser of the Company's
        interest therein does not require the consent of or notification to the insurer
        and such lender's title insurance policy is in full force and effect and
        will be
        in full force and effect upon the consummation of the transactions contemplated
        by this Agreement. No claims have been made under such lender's title insurance
        policy, and no prior holder or servicer of the related Mortgage, including
        the
        Company, nor any Mortgagor, has done, by act or omission, anything which
        would
        impair the coverage of such lender's title insurance policy;

      

      (n)
        There
        is no default, breach, violation or event of acceleration existing under
        the
        Mortgage or the related Mortgage Note and no event which, with the passage
        of
        time or with notice and the expiration of any grace or cure period, would
        constitute a default, breach, violation or event permitting acceleration;
        and
        neither the Company, nor any prior mortgagee has waived any default, breach,
        violation or event permitting acceleration;

      

      (o)
        There
        are no mechanics' or similar liens or claims which have been filed for work,
        labor or material (and no rights are outstanding that under law could give
        rise
        to such liens) affecting the related Mortgaged Property which are or may
        be
        liens prior to or equal to the lien of the related Mortgage;

      

      (p)
        All
        improvements subject to the Mortgage which were considered in determining
        the
        appraised value of the Mortgaged Property lie wholly within the boundaries
        and
        building restriction lines of the Mortgaged Property (and wholly within the
        project with respect to a condominium unit) and no improvements on adjoining
        properties encroach upon the Mortgaged Property except those which are insured
        against by the title insurance policy referred to in clause (m) above and
        all
        improvements on the property comply with all applicable zoning and subdivision
        laws and ordinances;

      

      (q)
        Each
        Mortgage Loan was originated by or for the Company pursuant to, and conforms
        with, the Company’s underwriting guidelines attached as Exhibit H hereto. The
        Mortgage Loan bears interest at an adjustable rate (if applicable) as set
        forth
        in the related Mortgage Loan Schedule, and Monthly Payments under the Mortgage
        Note are due and payable on the first day of each month. The Mortgage contains
        the usual and enforceable provisions of the Company at the time of origination
        for the acceleration of the payment of the unpaid principal amount of the
        Mortgage Loan if the related Mortgaged Property is sold without the prior
        consent of the mortgagee thereunder;

      

      (r)
        The
        Mortgaged Property is not subject to any material damage. At origination
        of the
        Mortgage Loan there was not, since origination of the Mortgage Loan there
        has
        not been, and there currently is no proceeding pending for the total or partial
        condemnation of the Mortgaged Property. The Company has not received
        notification that any such proceedings are scheduled to commence at a future
        date;

      

      (s)
        The
        related Mortgage contains customary and enforceable provisions such as to
        render
        the rights and remedies of the holder thereof adequate for the realization
        against the Mortgaged Property of the benefits of the security provided thereby,
        including, (1) in the case of a Mortgage designated as a deed of trust, by
        trustee's sale, and (2) otherwise by judicial foreclosure. There is no homestead
        or other exemption available to the Mortgagor which would interfere with
        the
        right to sell the Mortgaged Property at a trustee's sale or the right to
        foreclose the Mortgage;

      

      (t)
        If
        the Mortgage constitutes a deed of trust, a trustee, authorized and duly
        qualified if required under applicable law to act as such, has been properly
        designated and currently so serves and is named in the Mortgage, and no fees
        or
        expenses, except as may be required by local law, are or will become payable
        by
        the Purchaser to the trustee under the deed of trust, except in connection
        with
        a trustee's sale or attempted sale after default by the Mortgagor;

      

      (u)
        The
        Mortgage File contains an appraisal of the related Mortgaged Property signed
        prior to the final approval of the mortgage loan application by a Qualified
        Appraiser, approved by the Company, who had no interest, direct or indirect,
        in
        the Mortgaged Property or in any loan made on the security thereof, and whose
        compensation is not affected by the approval or disapproval of the Mortgage
        Loan, and the appraisal and appraiser both satisfy the requirements of Fannie
        Mae or FHLMC and Title XI of the Federal Institutions Reform, Recovery, and
        Enforcement Act of 1989 and the regulations promulgated thereunder, all as
        in
        effect on the date the Mortgage Loan was originated. The appraisal is in
        a form
        acceptable to Fannie Mae or FHLMC;

      

      (v)
        All
        parties which have had any interest in the Mortgage, whether as mortgagee,
        assignee, pledgee or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (A) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located, and (B) (1) organized under the laws of such state,
        or (2)
        qualified to do business in such state, or (3) federal savings and loan
        associations or national banks or a Federal Home Loan Bank or savings bank
        having principal offices in such state, or (4) not doing business in such
        state;

      

      (w)
        The
        related Mortgage Note is not and has not been secured by any collateral except
        the lien of the corresponding Mortgage and the security interest of any
        applicable security agreement or chattel mortgage referred to above and such
        collateral does not serve as security for any other obligation;

      

      (x)
        The
        Mortgagor has received and has executed, where applicable, all disclosure
        materials required by applicable law with respect to the making of such mortgage
        loans;

      

      (y)
        The
        Mortgage Loan does not contain balloon or "graduated payment" features; No
        Mortgage Loan is subject to a buydown agreement or contains any buydown
        provision;

      

      (z)
        The
        Mortgagor is not in bankruptcy and, the Mortgagor is not insolvent and the
        Company has no knowledge of any circumstances or conditions with respect
        to the
        Mortgage, the Mortgaged Property, the Mortgagor or the Mortgagor's credit
        standing that could reasonably be expected to cause investors to regard the
        Mortgage Loan as an unacceptable investment, cause the Mortgage Loan to become
        delinquent, or materially adversely affect the value or marketability of
        the
        Mortgage Loan;

      

      (aa)
        Each
        Mortgage Loan bears interest based upon a thirty (30) day month and a three
        hundred and sixty (360) day year. The Mortgage Loans have an original term
        to
        maturity of not more than thirty (30) years, with interest payable in arrears
        on
        the first day of each month. As to each adjustable rate Mortgage Loan, on
        each
        applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to
        equal
        the sum of the Index, plus the applicable Margin; provided, that the Mortgage
        Interest Rate, on each applicable Adjustment Date, will not increase by more
        than the Initial Rate Cap or Periodic Rate Cap, as applicable. Over the term
        of
        each adjustable rate Mortgage Loan, the Mortgage Interest Rate will not exceed
        such Mortgage Loan's Lifetime Rate Cap. None of the Mortgage Loans are
“interest-only” Mortgage Loans or “negative amortization” Mortgage Loans. With
        the respect to each adjustable rate Mortgage Loan, each Mort-gage Note requires
        a monthly payment which is suffi-cient (a) during the period prior to the
        first
        adjust-ment to the Mortgage Interest Rate, to fully amortize the original
        principal balance over the original term thereof and to pay interest at the
        related Mortgage Interest Rate, and (b) during the period following each
        Adjust-ment Date, to fully amortize the outstanding principal balance as
        of the
        first day of such period over the then remaining term of such Mortgage Note
        and
        to pay interest at the related Mortgage Interest Rate. With the respect to
        each
        adjustable rate Mortgage Loan, the Mortgage Note provides that when the Mortgage
        Interest Rate changes on an Adjustment Date, the then outstanding principal
        balance will be reamortized over the remaining life of the Mortgage Loan.
        No
        Mortgage Loan contains terms or provi-sions which would result in negative
        amortization. None of the Mortgage Loans contain a conversion feature which
        would cause the Mortgage Loan interest rate to convert to a fixed interest
        rate.
        None of the Mortgage Loans are considered agricultural loans; 

      

      (bb)
         
        (INTENTIONALLY LEFT BLANK)

      

      (cc)
        (INTENTIONALLY LEFT BLANK)

      

      (dd)
        (INTENTIONALLY LEFT BLANK)

       

      (ee)
        (INTENTIONALLY LEFT BLANK) 

      

      (ff)
        (INTENTIONALLY LEFT BLANK)

      

      (gg) 
        (INTENTIONALLY LEFT BLANK)

      

      (hh) Unless
        set forth in the related Term Sheet, in the event the Mortgage Loan had an
        LTV
        at origination greater than 80.00%, either (i) the excess of the principal
        balance of the Mortgage Loan over 75.0% of the Appraised Value of the Mortgaged
        Property with respect to a Refinanced Mortgage Loan, or the lesser of the
        Appraised Value or the purchase price of the Mortgaged Property with respect
        to
        a purchase money Mortgage Loan was insured as to payment defaults by a Primary
        Mortgage Insurance Policy issued by a Qualified Insurer or (ii) the Mortgage
        Loan was insured as to payment defaults by a Lender Primary Mortgage Insurance
        Policy issued by a Qualified Insurer. No Mortgage Loan has an LTV over 95%.
        All
        provisions of such Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy, as applicable, have been and are being complied with, such
        policy is in full force and effect, and all premiums due thereunder have
        been
        paid. No Mortgage Loan requires payment of such premiums, in whole or in
        part,
        by the Purchaser. No action, inaction, or event has occurred and no state
        of
        facts exists that has, or will result in the exclusion from, denial of, or
        defense to coverage. Any Mortgage Loan subject to a Primary Mortgage Insurance
        Policy obligates the Mortgagor thereunder to maintain the Primary Mortgage
        Insurance Policy, subject to state and federal law, and to pay all premiums
        and
        charges in connection therewith. Any Mortgage Loan subject to a Lender Primary
        Mortgage Insurance Policy obligates the Company to maintain the Lender Primary
        Mortgage Insurance Policy and to pay all premiums and charges in connection
        therewith. No action has been taken or failed to be taken, on or prior to
        the
        Closing Date which has resulted or will result in an exclusion from, denial
        of,
        or defense to coverage under any Primary Mortgage Insurance Policy or Lender
        Primary Mortgage Insurance Policy (including, without limitation, any
        exclusions, denials or defenses which would limit or reduce the availability
        of
        the timely payment of the full amount of the loss otherwise due thereunder
        to
        the insured) whether arising out of actions, representations, errors, omissions,
        negligence, or fraud of the Company or the Mortgagor, or for any other reason
        under such coverage; With respect to any Primary Mortgage Insurance Policy,
        the
        mortgage interest rate for the Mortgage Loan as set forth on the related
        Mortgage Loan Schedule is net of any such insurance premium;

      

      (ii) The
        Assignment is in recordable form and is acceptable for recording under the
        laws
        of the jurisdiction in which the Mortgaged Property is located;

      

      (jj) Unless
        otherwise specified in the related Term Sheet, none of the Mortgage Loans
        are
        secured by an interest in a leasehold estate. The Mortgaged Property is located
        in the state identified in the related Mortgage Loan Schedule and consists
        of a
        single parcel of real property with a detached single family residence erected
        thereon, or a townhouse, or a two-to four-family dwelling, or an individual
        condominium unit in a condominium project, or an individual unit in a planned
        unit development or a de minimis planned unit development, provided, however,
        that no residence or dwelling is a single parcel of real property with a
        manufactured home not affixed to a permanent foundation, or a mobile home.
        Any
        condominium unit or planned unit development conforms with the Company’s
        underwriting guidelines. As
        of the
        date of origination, no portion of any Mortgaged Property is used for commercial
        purposes, and since the Origination Date, no portion of any Mortgaged Property
        has been, or currently is, used for commercial purposes;

      

      (kk) Payments
        on the Mortgage Loan commenced no more than sixty (60) days after the funds
        were
        disbursed in connection with the Mortgage Loan. The Mortgage Note is payable
        on
        the first day of each month in monthly installments of principal and interest,
        which installments are subject to change due to the adjustments to the Mortgage
        Interest Rate on each Adjustment Date, with interest calculated and payable
        in
        arrears. Each of the Mortgage Loans will amortize fully by the stated maturity
        date, over an original term of not more than thirty years from commencement
        of
        amortization;

      

      (ll) As
        of the
        Closing Date of the Mortgage Loan, the Mortgage Property was lawfully occupied
        under applicable law, and all inspections, licenses and certificates required
        to
        be made or issued with respect to all occupied portions of the Mortgaged
        Property and, with respect to the use and occupancy of the same, including
        but
        not limited to certificates of occupancy and fire underwriting certificates,
        have been made or obtained from the appropriate authorities;

      

      (mm) There
        is
        no pending action or proceeding directly involving the Mortgaged Property
        in
        which compliance with any environmental law, rule or regulation is an issue;
        there is no violation of any environmental law, rule or regulation with respect
        to the Mortgaged Property; and the Company has not received any notice of
        any
        environmental hazard on the Mortgaged Property and nothing further remains
        to be
        done to satisfy in full all requirements of each such law, rule or regulation
        constituting a prerequisite to use and enjoyment of said property;

      

      (nn) The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Soldiers' and Sailors'
        Civil Relief Act of 1940;

      

      (oo)
        No
        Mortgage Loan is a construction or rehabilitation Mortgage Loan or was made
        to
        facilitate the trade-in or exchange of a Mortgaged Property;

      

      (pp) The
        Mortgagor for each Mortgage Loan is a natural person;

      

      (qq) None
        of
        the Mortgage Loans are Co-op Loans; 

      

      (rr)
         With
        respect to each Mortgage Loan that has a prepayment penalty feature, each
        such
        prepayment penalty is enforceable and will be enforced by the Company and
        each
        prepayment penalty is permitted pursuant to federal, state and local law.
        No
        Mortgage Loan will impose a prepayment penalty for a term in excess of five
        years from the date such Mortgage Loan was originated. Except as otherwise
        set
        forth on the Mortgage Loan Schedule, with respect to each Mortgage Loan that
        contains a prepayment penalty, such prepayment penalty is at least equal
        to the
        lesser of (A) the maximum amount permitted under applicable law and (B) six
        months interest at the related Mortgage Interest Rate on the amount prepaid
        in
        excess of 20% of the original principal balance of such Mortgage
        Loan;

      

      (ss)
         With
        respect to each Mortgage Loan either (i) the fair market value of the Mortgaged
        Property securing such Mortgage Loan was at least equal to 80 percent of
        the
        original principal balance of such Mortgage Loan at the time such Mortgage
        Loan
        was originated or (ii) (a) the Mortgage Loan is only secured by the Mortgage
        Property and (b) substantially all of the proceeds of such Mortgage Loan
        were
        used to acquire or to improve or protect the Mortgage Property. For the purposes
        of the preceding sentence, if the Mortgage Loan has been significantly modified
        other than as a result of a default or a reasonable foreseeable default,
        the
        modified Mortgage Loan will be viewed as having been originated on the date
        of
        the modification;

      

      (tt)
        The
        Mortgage Loan was originated by a mortgagee approved by the Secretary of
        Housing
        and Urban Development pursuant to sections 203 and 211 of the National Housing
        Act, a savings and loan association, a savings bank, a commercial bank, credit
        union, insurance company or similar institution which is supervised and examined
        by a federal or state authority; 

      

      (uu)
        None
        of the Mortgage Loans are simple interest Mortgage Loans and none of the
        Mortgaged Properties are timeshares; 

      

      (vv)
        All
        of the terms of the Mortgage pertaining to interest rate adjustments, payment
        adjustments and adjustments of the outstanding principal balance are
        enforceable, all such adjustments have been properly made, including the
        mailing
        of required notices, and such adjustments do not and will not affect the
        priority of the Mortgage lien. With respect to each Mortgage Loan which has
        passed its initial Adjustment Date, Company has performed an audit of the
        Mortgage Loan to determine whether all interest rate adjustments have been
        made
        in accordance with the terms of the Mortgage Note and Mortgage; and

      

      (ww)
        Each
        Mortgage Note, each Mortgage, each Assignment and any other documents required
        pursuant to this Agreement to be delivered to the Purchaser or its designee,
        or
        its assignee for each Mortgage Loan, have been, on or before the related
        Closing
        Date, delivered to the Purchaser or its designee, or its assignee.

      

      Section
        3.03 Repurchase;
        Substitution.

      

      It
        is
        understood and agreed that the representations and warranties set forth in
        Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery
        of the Mortgage Loan Documents to the Purchaser, or its designee, and shall
        inure to the benefit of the Purchaser, notwithstanding any restrictive or
        qualified endorsement on any Mortgage Note or Assignment or the examination,
        or
        lack of examination, of any Mortgage File. Upon discovery by either the Company
        or the Purchaser of a breach of any of the foregoing representations and
        warranties which materially and adversely affects the value of the Mortgage
        Loans or the interest of the Purchaser in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other. The
        Company shall have a period of sixty (60) days from the earlier of its discovery
        or its receipt of notice of any such breach within which to correct or cure
        such
        breach. The Company hereby covenants and agrees that if any such breach is
        not
        corrected or cured within such sixty day period, the Company shall, at the
        Purchaser's option and not later than ninety (90) days of its discovery or
        its
        receipt of notice of such breach, repurchase such Mortgage Loan at the
        Repurchase Price or, with the Purchaser's prior consent and at Purchaser’s sole
        option, substitute a Mortgage Loan as provided below. In the event that any
        such
        breach shall involve any representation or warranty set forth in Section
        3.01,
        and such breach is not cured within sixty (60) days of the earlier of either
        discovery by or notice to the Company of such breach, all Mortgage Loans
        shall,
        at the option of the Purchaser, be repurchased by the Company at the Repurchase
        Price. Any such repurchase shall be accomplished by wire transfer of immediately
        available funds to Purchaser in the amount of the Repurchase Price.

      

      If
        the
        Company is required to repurchase any Mortgage Loan pursuant to this Section
        3.03, the Company may, with the Purchaser's prior consent and at Purchaser’s
        sole option, within ninety (90) days from the related Closing Date, remove
        such
        defective Mortgage Loan from the terms of this Agreement and substitute another
        mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such
        defective Mortgage Loan. Any substitute Mortgage Loan is subject to Purchaser
        acceptability. Any substituted Loans will comply with the representations
        and
        warranties set forth in this Agreement as of the substitution date

      

      The
        Company shall amend the related Mortgage Loan Schedule to reflect the withdrawal
        of the removed Mortgage Loan from this Agreement and the substitution of
        such
        substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall
        review the Mortgage File delivered to it relating to the substitute Mortgage
        Loan. In the event of such a substitution, accrued interest on the substitute
        Mortgage Loan for the month in which the substitution occurs and any Principal
        Prepayments made thereon during such month shall be the property of the
        Purchaser and accrued interest for such month on the Mortgage Loan for which
        the
        substitution is made and any Principal Prepayments made thereon during such
        month shall be the property of the Company. The principal payment on a
        substitute Mortgage Loan due on the Due Date in the month of substitution
        shall
        be the property of the Company and the principal payment on the Mortgage
        Loan
        for which the substitution is made due on such date shall be the property
        of the
        Purchaser.

      

      It
        is
        understood and agreed that the obligation of the Company set forth in this
        Section 3.03 to cure, repurchase or substitute for a defective Mortgage Loan,
        and to indemnify Purchaser pursuant to Section 8.01, constitute the sole
        remedies of the Purchaser respecting a breach of the foregoing representations
        and warranties. If the Company fails to repurchase or substitute for a defective
        Mortgage Loan in accordance with this Section 3.03, or fails to cure a defective
        Mortgage Loan to Purchaser's reasonable satisfaction in accordance with this
        Section 3.03, or to indemnify Purchaser pursuant to Section 8.01, that failure
        shall be an Event of Default and the Purchaser shall be entitled to pursue
        all
        remedies available in this Agreement as a result thereof. No provision of
        this
        paragraph shall affect the rights of the Purchaser to terminate this Agreement
        for cause, as set forth in Sections 10.01 and 11.01.

      

      Any
        cause
        of action against the Company relating to or arising out of the breach of
        any
        representations and warranties made in Sections 3.01 and 3.02 shall accrue
        as to
        any Mortgage Loan upon (i) the earlier of discovery of such breach by the
        Company or notice thereof by the Purchaser to the Company, (ii) failure by
        the
        Company to cure such breach or repurchase such Mortgage Loan as specified
        above,
        and (iii) demand upon the Company by the Purchaser for compliance with this
        Agreement.

      

      In
        the
        event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary
        provision of this Agreement, with respect to any Mortgage Loan that is not
        in
        default or as to which no default is imminent, no substitution pursuant to
        Subsection 3.03 shall be made after the applicable REMIC's "start up day"
        (as
        defined in Section 860G(a) (9) of the Code), unless the Company has obtained
        an
        Opinion of Counsel to the effect that such substitution will not (i) result
        in
        the imposition of taxes on "prohibited transactions" of such REMIC (as defined
        in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii)
        cause the REMIC to fail to qualify as a REMIC at any time.

      

      Section
        3.04 Representations
        and Warranties of the Purchaser.

       

      The
        Purchaser represents, warrants and convenants to the Company that, as of
        the
        related Closing Date or as of such date specifically provided
        herein:

      

      (a)  The
        Purchaser is a corporation, dully organized validly existing and in good
        standing under the laws of the State of Delaware and is qualified to transact
        business in, is in good standing under the laws of, and possesses all licenses
        necessary for the conduct of its business in, each state in which any Mortgaged
        Property is located or is otherwise except or not required under applicable
        law
        to effect such qualification or license;

      

      (b)  The
        Purchaser has full power and authority to hold each Mortgage Loan, to purchase
        each Mortgage Loan pursuant to this Agreement and the related Term Sheet
        and to
        execute, deliver and perform, and to enter into and consummate all transactions
        contemplated by this Agreement and the related Term Sheet and to conduct
        its
        business as presently conducted, has duly authorized the execution, delivery
        and
        performance of this Agreement and the related Term Sheet, has duly executed
        and
        delivered this Agreement and the related Term Sheet;

      

      (c) None
        of
        the execution and delivery of this Agreement and the related Term Sheet,
        the
        purchase of the Mortgage Loans, the consummation of the transactions
        contemplated hereby, or the fulfillment of or compliance with the terms and
        conditions of this Agreement and the related Term Sheet will conflict with
        any
        of the terms, conditions or provisions of the Purchaser’s charter or by-laws or
        materially conflict with or result in a material breach of any of the terms,
        conditions or provisions
        of any legal restriction or any agreement or instrument to which the Purchaser
        is now a party or by which it is bound, or constitute a default or result
        in an
        acceleration under any of the foregoing, or result in the material violation
        of
        any law, rule, regulation, order, judgment or decree to which the Purchaser
        or
        its property is subject;

      

      (d) There
        is
        no litigation pending or to the best of the Purchaser’s knowledge, threatened
        with respect to the Purchaser which is reasonably likely to have a material
        adverse effect on the purchase of the related Mortgage Loans, the execution,
        delivery or enforceability of this Agreement and the related Term Sheet,
        or
        which is reasonably likely to have a material adverse effect on the financial
        condition of the Purchaser;

      

      (e) No
        consent, approval, authorization or order of any court or governmental agency
        or
        body is required for the execution, delivery and performance by the Purchaser
        of
        or compliance by the Purchaser with this Agreement and the related Term Sheet,
        the purchase of the Mortgage Loans or the consummation of the transactions
        contemplated by this Agreement and the related Term Sheet except for consents,
        approvals, authorizations and orders which have been obtained;

      

      (f) The
        consummation of the transactions contemplated by this Agreement and the related
        Term Sheet is in the ordinary course of business of the Purchaser;

      

      (h) The
        Purchaser will treat the purchase of the Mortgage Loans from the Company
        as a
        purchase for reporting, tax and accounting purposes; and

      

      (i) The
        Purchaser does not believe, nor does it have any cause or reason to believe,
        that it cannot perform each and every of its covenants contained in this
        Agreement and the related Term Sheet.

      

      The
        Purchaser shall indemnify the Company and hold it harmless against any claims,
        proceedings, losses, damages, penalties, fines, forfeitures, reasonable and
        necessary legal fees and related costs, judgments, and other costs and expenses
        resulting from a breach by the Purchaser of the representations and warranties
        contained in this Section 3.04. It is understood and agreed that the obligations
        of the Purchaser set forth in this Section 3.04 to indemnify the Seller as
        provided herein constitute the sole remedies of the Seller respecting a breach
        of the foregoing representations and warranties.

      

      

      ARTICLE
        IV

      

      ADMINISTRATION
        AND SERVICING OF MORTGAGE LOANS

      

      Section
        4.01 Company
        to Act as Servicer.

      

      The
        Company, as independent contract servicer, shall service and administer the
        Mortgage Loans in accordance with this Agreement and the related Term Sheet
        and
        with Accepted Servicing Practices, and shall have full power and authority,
        acting alone, to do or cause to be done any and all things in connection
        with
        such servicing and administration which the Company may deem necessary or
        desirable and consistent with the terms of this Agreement and the related
        Term
        Sheet and with Accepted Servicing Practices and exercise the same care that
        it
        customarily employs for its own account. Except as set forth in this Agreement
        and the related Term Sheet, the Company shall service the Mortgage Loans
        in
        strict compliance with the servicing provisions of the Fannie Mae Guides
        (special servicing option), which include, but are not limited to, provisions
        regarding the liquidation of Mortgage Loans, the collection of Mortgage Loan
        payments, the payment of taxes, insurance and other charges, the maintenance
        of
        hazard insurance with a Qualified Insurer, the maintenance of mortgage
        impairment insurance, the maintenance of fidelity bond and errors and omissions
        insurance, inspections, the restoration of Mortgaged Property, the maintenance
        of Primary Mortgage Insurance Policies and Lender Primary Mortgage Insurance
        Policies, insurance claims, the title, management and disposition of REO
        Property, permitted withdrawals with respect to REO Property, liquidation
        reports, and reports of foreclosures and abandonments of Mortgaged Property,
        the
        transfer of Mortgaged Property, the release of Mortgage Files, annual
        statements, and examination of records and facilities. In the event of any
        conflict, inconsistency or discrepancy between any of the servicing provisions
        of this Agreement and the related Term Sheet and any of the servicing provisions
        of the Fannie Mae Guides, the provisions of this Agreement and the related
        Term
        Sheet shall control and be binding upon the Purchaser and the Company.

      

      Consistent
        with the terms of this Agreement and the related Term Sheet, the Company
        may
        waive, modify or vary any term of any Mortgage Loan or consent to the
        postponement of any such term or in any manner grant indulgence to any Mortgagor
        if in the Company's reasonable and prudent determination such waiver,
        modification, postponement or indulgence is not materially adverse to the
        Purchaser, provided, however, that unless the Company has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate,
        defer for more than ninety days or forgive any payment of principal or interest,
        reduce or increase the outstanding principal balance (except for actual payments
        of principal) or change the final maturity date on such Mortgage Loan. In
        the
        event of any such modification which has been agreed to in writing by the
        Purchaser and which permits the deferral of interest or principal payments
        on
        any Mortgage Loan, the Company shall, on the Business Day immediately preceding
        the Remittance Date in any month in which any such principal or interest
        payment
        has been deferred, deposit in the Custodial Account from its own funds, in
        accordance with Section 4.04, the difference between (a) such month's principal
        and one month's interest at the Mortgage Loan Remittance Rate on the unpaid
        principal balance of such Mortgage Loan and (b) the amount paid by the
        Mortgagor. The Company shall be entitled to reimbursement for such advances
        to
        the same extent as for all other advances pursuant to Section 4.05. Without
        limiting the generality of the foregoing, the Company shall continue, and
        is
        hereby authorized and empowered, to prepare, execute and deliver, all
        instruments of satisfaction or cancellation, or of partial or full release,
        discharge and all other comparable instruments, with respect to the Mortgage
        Loans and with respect to the Mortgaged Properties. Notwithstanding anything
        herein to the contrary, the Company may not enter into a forbearance agreement
        or similar arrangement with respect to any Mortgage Loan which runs more
        than
        180 days after the first delinquent Due Date. Any such agreement shall be
        approved by Purchaser and, if required, by the Primary Mortgage Insurance
        Policy
        insurer and Lender Primary Mortgage Insurance Policy insurer, if required.
        

      

      Notwithstanding
        anything in this Agreement to the contrary, if any Mortgage Loan becomes
        subject
        to a Pass-Through Transfer, the Company (a) with respect to such Mortgage
        Loan,
        shall not permit any modification with respect to such Mortgage Loan that
        would
        change the Mortgage Interest Rate and (b) shall not (unless the Mortgagor
        is in
        default with respect to such Mortgage Loan or such default is, in the judgment
        of the Company, reasonably foreseeable) make or permit any modification,
        waiver
        or amendment of any term of such Mortgage Loan that would both (i) effect
        an
        exchange or reissuance of such Mortgage Loan under Section 1001 of the Code
        (or
        Treasury regulations promulgated thereunder) and (ii) cause any REMIC to
        fail to
        qualify as a REMIC under the Code or the imposition of any tax on “prohibited
        transactions” or “contriburions” after the startup date under the REMIC
        Provisions.

      

      Prior
        to
        taking any action with respect to the Mortgage Loans subject to a Pass-Through
        Transfer, which is not contemplated under the terms of this Agreement, the
        Company will obtain an Opinion of Counsel acceptable to the trustee in such
        Pass-Through Transfer with respect to whether such action could result in
        the
        imposition of a tax upon any REMIC (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”), and the Company shall not take any such
        actions as to which it has been advised that an Adverse REMIC Event could
        occur.

      

      The
        Company shall not permit the creation of any “interests” (within the meaning of
        Section 860G of the Code) in any REMIC. The Company shall not enter into
        any
        arrangement by which a REMIC will receive a fee or other compensation for
        services nor permit a 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.

      

      In
        servicing and administering the Mortgage Loans, the Company shall employ
        Accepted Servicing Practices, giving due consideration to the Purchaser's
        reliance on the Company. Unless a different time period is stated in this
        Agreement or the related Term Sheet, Purchaser shall be deemed to have given
        consent in connection with a particular matter if Purchaser does not
        affirmatively grant or deny consent within five (5) Business Days from the
        date
        Purchaser receives a second written request for consent for such matter from
        Company as servicer. 

      

      The
        Mortgage Loans may be subserviced by a Subservicer on behalf of the Company
        provided that the Subservicer is an entity that engages in the business of
        servicing loans, and in either case shall be authorized to transact business,
        and licensed to service mortgage loans, in the state or states where the
        related
        Mortgaged Properties it is to service are situated, if and to the extent
        required by applicable law to enable the Subservicer to perform its obligations
        hereunder and under the Subservicing Agreement, and in either case shall
        be a
        FHLMC or Fannie Mae approved mortgage servicer in good standing, and no event
        has occurred, including but not limited to a change in insurance coverage,
        which
        would make it unable to comply with the eligibility requirements for lenders
        imposed by Fannie Mae or for seller/servicers imposed by Fannie Mae or FHLMC,
        or
        which would require notification to Fannie Mae or FHLMC. In addition, each
        Subservicer will obtain and preserve its qualifications to do business as
        a
        foreign corporation and its licenses to service mortgage loans, in each
        jurisdiction in which such qualifications and/or licenses are or shall be
        necessary to protect the validity and enforceability of this Agreement, or
        any
        of the Mortgage Loans and to perform or cause to be performed its duties
        under
        the related Subservicing Agreement. The Company may perform any of its servicing
        responsibilities hereunder or may cause the Subservicer to perform any such
        servicing responsibilities on its behalf, but the use by the Company of the
        Subservicer shall not release the Company from any of its obligations hereunder
        and the Company shall remain responsible hereunder for all acts and omissions
        of
        the Subservicer as fully as if such acts and omissions were those of the
        Company. The Company shall pay all fees and expenses of the Subservicer from
        its
        own funds, and the Subservicer's fee shall not exceed the Servicing Fee.
        Company
        shall notify Purchaser promptly in writing upon the appointment of any
        Subservicer.

      

      At
        the
        cost and expense of the Company, without any right of reimbursement from
        the
        Custodial Account, the Company shall be entitled to terminate the rights
        and
        responsibilities of the Subservicer and arrange for any servicing
        responsibilities to be performed by a successor subservicer meeting the
        requirements in the preceding paragraph, provided, however, that nothing
        contained herein shall be deemed to prevent or prohibit the Company, at the
        Company's option, from electing to service the related Mortgage Loans itself.
        In
        the event that the Company's responsibilities and duties under this Agreement
        are terminated pursuant to Section 4.13, 8.04, 9.01 or 10.01 and if requested
        to
        do so by the Purchaser, the Company shall at its own cost and expense terminate
        the rights and responsibilities of the Subservicer effective as of the date
        of
        termination of the Company. The Company shall pay all fees, expenses or
        penalties necessary in order to terminate the rights and responsibilities
        of the
        Subservicer from the Company's own funds without reimbursement from the
        Purchaser.

      

      Notwithstanding
        any of the provisions of this Agreement relating to agreements or arrangements
        between the Company and the Subservicer or any reference herein to actions
        taken
        through the Subservicer or otherwise, the Company shall not be relieved of
        its
        obligations to the Purchaser and shall be obligated to the same extent and
        under
        the same terms and conditions as if it alone were servicing and administering
        the Mortgage Loans. The Company shall be entitled to enter into an agreement
        with the Subservicer for indemnification of the Company by the Subservicer
        and
        nothing contained in this Agreement shall be deemed to limit or modify such
        indemnification. The Company will indemnify and hold Purchaser harmless from
        any
        loss, liability or expense arising out of its use of a Subservicer to perform
        any of its servicing duties, responsibilities and obligations
        hereunder.

      

      Any
        Subservicing Agreement and any other transactions or services relating to
        the
        Mortgage Loans involving the Subservicer shall be deemed to be between the
        Subservicer and Company alone, and the Purchaser shall have no obligations,
        duties or liabilities with respect to the Subservicer including no obligation,
        duty or liability of Purchaser to pay the Subservicer's fees and expenses.
        For
        purposes of distributions and advances by the Company pursuant to this
        Agreement, the Company shall be deemed to have received a payment on a Mortgage
        Loan when the Subservicer has received such payment.

      

      Section
        4.02 Collection
        of Mortgage Loan Payments.

      

      Continuously
        from the date hereof until the date each Mortgage Loan ceases to be subject
        to
        this Agreement, the Company will proceed diligently to collect all payments
        due
        under each Mortgage Loan when the same shall become due and payable and shall,
        to the extent such procedures shall be consistent with this Agreement, Accepted
        Servicing Practices, and the terms and provisions of any related Primary
        Mortgage Insurance Policy and Lender Primary Mortgage Insurance Policy, follow
        such collection procedures as it follows with respect to mortgage loans
        comparable to the Mortgage Loans and held for its own account. Further, the
        Company will take special care in ascertaining and estimating annual escrow
        payments, and all other charges that, as provided in the Mortgage, will become
        due and payable, so that the installments payable by the Mortgagors will
        be
        sufficient to pay such charges as and when they become due and
        payable.

      

      In
        no
        event will the Company waive its right to any prepayment penalty or premium
        without the prior written consent of Purchaser and Company will use diligent
        efforts to collect same when due except as otherwise provided in the prepayment
        penalty rider to the Mortgage. 

      

      Section
        4.03 Realization
        Upon Defaulted Mortgage

      

      The
        Company shall use its best efforts, consistent with the procedures that the
        Company would use in servicing loans for its own account, consistent with
        Accepted Servicing Practices, any Primary Mortgage Insurance Policies and
        Lender
        Primary Mortgage Insurance Policies and the best interest of Purchaser, 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 4.01. Foreclosure or comparable proceedings shall
        be initiated or a notice of default sent within ninety (90) days of default
        for
        Mortgaged Properties for which no satisfactory arrangements can be made for
        collection of delinquent payments, subject to state and federal law and
        regulation. The Company shall use its best efforts to realize upon defaulted
        Mortgage Loans in such manner as will maximize the receipt of principal and
        interest by the Purchaser, taking into account, among other things, the timing
        of foreclosure proceedings. The foregoing is subject to the provisions that,
        in
        any case in which a Mortgaged Property shall have suffered damage, the Company
        shall not be required to expend its own funds toward the restoration of such
        property unless it shall determine in its discretion (i) that such restoration
        will increase the proceeds of liquidation of the related Mortgage Loan to
        the
        Purchaser after reimbursement to itself for such expenses, and (ii) that
        such
        expenses will be recoverable by the Company through Insurance Proceeds or
        Liquidation Proceeds from the related Mortgaged Property, as contemplated
        in
        Section 4.05. Company shall obtain prior approval of Purchaser as to repair
        or
        restoration expenses in excess of ten thousand dollars ($10,000). The Company
        shall notify the Purchaser in writing of the commencement of foreclosure
        proceedings. The Company shall be responsible for all costs and expenses
        incurred by it in any such proceedings or functions; provided, however, that
        it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 4.05. Notwithstanding anything to the contrary contained
        herein, in connection with a foreclosure or acceptance of a deed in lieu
        of
        foreclosure, in the event the Company has reasonable cause to believe that
        a
        Mortgaged Property is contaminated by hazardous or toxic substances or wastes,
        or if the Purchaser otherwise requests an environmental inspection or review
        of
        such Mortgaged Property, such an inspection or review is to be conducted
        by a
        qualified inspector at the Purchaser's expense. Upon completion of the
        inspection, the Company shall promptly provide the Purchaser with a written
        report of the environmental inspection. After reviewing the environmental
        inspection report, the Purchaser shall determine how the Company shall proceed
        with respect to the Mortgaged Property. 

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any Mortgage Loan which
        becomes ninety (90) days or greater delinquent in payment of a scheduled
        Monthly
        Payment, without payment of any termination fee with respect thereto, provided
        that the Company shall on the date said termination takes effect be reimbursed
        for any unreimbursed advances of the Company's funds made pursuant to Section
        5.03 and any unreimbursed Servicing Advances and Servicing Fees in each case
        relating to the Mortgage Loan underlying such delinquent Mortgage Loan
        notwithstanding anything to the contrary set forth in Section 4.05. In the
        event
        of any such termination, the provisions of Section 11.01 hereof shall apply
        to
        said termination and the transfer of servicing responsibilities with respect
        to
        such delinquent Mortgage Loan to the Purchaser or its designee.

      

      In
        the
        event that a Mortgage Loan becomes part of a REMIC, and becomes REO Property,
        such property shall be disposed of by the Company, with the consent of Purchaser
        as required pursuant to this Agreement, before the close of the third taxable
        year following the taxable year in which the Mortgage Loan became an REO
        Property, unless the Company provides to the trustee under such REMIC an
        opinion
        of counsel to the effect that the holding of such REO Property subsequent
        to the
        close of the third taxable year following the taxable year in which the Mortgage
        Loan became an REO Property, will not result in the imposition of taxes on
        "prohibited transactions" as defined in Section 860F of the Code, or cause
        the
        transaction to fail to qualify as a REMIC at any time that certificates are
        outstanding. Company shall manage, conserve, protect and operate each such
        REO
        Property for the certificateholders solely for the purpose of its prompt
        disposition and sale in a manner which does not cause such property to fail
        to
        qualify as "foreclosure property" within the meaning of Section 860F(a)(2)(E)
        of
        the Code, or any "net income from foreclosure property" which is subject
        to
        taxation under the REMIC provisions of the Code. Pursuant to its efforts
        to sell
        such property, the Company shall either itself or through an agent selected
        by
        Company, protect and conserve such property in the same manner and to such
        an
        extent as is customary in the locality where such property is located.

      

      Section
        4.04 Establishment
        of Custodial Accounts; Deposits in
        Custodial Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan separate and apart from any of its own funds and general
        assets and shall establish and maintain one or more Custodial Accounts. The
        Custodial Account shall be an Eligible Account. Funds
        deposited in the Custodial Account, which shall be deposited within 24 hours
        of
        receipt, shall at all times be insured by the FDIC up to the FDIC insurance
        limits, or must be invested in Permitted Investments for the benefit of the
        Purchaser. Funds
        deposited in the Custodial Account may be drawn on by the Company in accordance
        with Section 4.05. The creation of any Custodial Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit B hereto. The original of such
        letter agreement shall be furnished to the Purchaser on the Closing Date,
        and
        upon the request of any subsequent Purchaser.

      

      The
        Company shall deposit in the Custodial Account on a daily basis, and retain
        therein the following payments and collections received or made by it subsequent
        to the Cut-off Date, or received by it prior to the Cut-off Date but allocable
        to a period subsequent thereto, other than in respect of principal and interest
        on the Mortgage Loans due on or before 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 on the Mortgage Loans adjusted to the Mortgage
        Loan Remittance Rate;

      

      (iii)
        all
        Liquidation Proceeds;

      

      (iv)
        any
        amounts required to be deposited by the Company in connection with any REO
        Property pursuant to Section 4.13 and in connection therewith, the Company
        shall
        provide the Purchaser with written detail itemizing all of such
        amounts;

      

      (v)
        all
        Insurance Proceeds including amounts required to be deposited pursuant to
        Sections 4.08, 4.10 and 4.11, other than proceeds to be held in the Escrow
        Account and applied to the restoration or repair of the Mortgaged Property
        or
        released to the Mortgagor in accordance with Accepted Servicing Practices,
        the
        Mortgage Loan Documents or applicable law;

      

      (vi)
        all
        Condemnation Proceeds affecting any Mortgaged Property which are not released
        to
        the Mortgagor in accordance with Accepted Servicing Practices, the loan
        documents or applicable law;

      

      (vii)
        any
        Monthly Advances;

      

      (viii)
        with
        respect to each full or partial Principal Prepayment, any Prepayment Interest
        Shortfalls, to the extent of the Company’s aggregate Servicing Fee received with
        respect to the related Prepayment Period;

      

      (ix)
        any
        amounts required to be deposited by the Company pursuant to Section 4.10
        in
        connection with the deductible clause in any blanket hazard insurance policy,
        such deposit shall be made from the Company's own funds, without reimbursement
        therefor; and

      

      (x)
        any
        amounts required to be deposited in the Custodial Account pursuant to Section
        4.01, 4.13 or 6.02.

      

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive,
        it being understood and agreed that, without limiting the generality of the
        foregoing, payments in the nature of late payment charges and assumption
        fees,
        to the extent permitted by Section 6.01, need not be deposited by the Company
        in
        the Custodial Account. Any interest paid on funds deposited in the Custodial
        Account by the depository institution shall accrue to the benefit of the
        Company
        and the Company shall be entitled to retain and withdraw such interest from
        the
        Custodial Account pursuant to Section 4.05 (iv). The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Custodial Account.

       

      Section
        4.05 Permitted
        Withdrawals From the Custodial Account.

      

      The
        Company may, from time to time, withdraw from the Custodial Account for the
        following purposes:

      

      (i) to
        make
        payments to the Purchaser in the amounts and in the manner provided for in
        Section 5.01;

      

      (ii)
        to
        reimburse itself for Monthly Advances, the Company's right to reimburse itself
        pursuant to this subclause (ii) being limited to amounts received on the
        related
        Mortgage Loan which represent late collections (net of the related Servicing
        Fees) of principal and/or interest respecting which any such advance was
        made,
        it being understood that, in the case of such reimbursement, the Company's
        right
        thereto shall be prior to the rights of the Purchaser, except that, where
        the
        Company is required to repurchase a Mortgage Loan, pursuant to Section 3.03,
        the
        Company's right to such reimbursement shall be subsequent to the payment
        to the
        Purchaser of the Repurchase Price pursuant to such Section and all other
        amounts
        required to be paid to the Purchaser with respect to such Mortgage
        Loan;

      

      (iii)
        to
        reimburse itself for unreimbursed Servicing Advances and any unpaid Servicing
        Fees(or REO administration fees described in Section 4.13), the Company's
        right
        to reimburse itself pursuant to this subclause (iii) with respect to any
        Mortgage Loan being limited to related proceeds from Liquidation Proceeds,
        Condemnation Proceeds and Insurance Proceeds in accordance with the relevant
        provisions of the Fannie Mae Guides or as otherwise set forth in this Agreement;
        any recovery shall be made upon liquidation of the REO Property; 

      

      (iv) to
        pay to
        itself as part of its servicing compensation (a) any interest earned on funds
        in
        the Custodial Account (all such interest to be withdrawn monthly not later
        than
        each Remittance Date), and (b) the Servicing Fee from that portion of any
        payment or recovery as to interest with respect to a particular Mortgage
        Loan;

      

      (v) to
        pay to
        itself with respect to each Mortgage Loan that has been repurchased pursuant
        to
        Section 3.03 all amounts received thereon and not distributed as of the date
        on
        which the related repurchase price is determined,

      

      (vi) to
        transfer funds to another Eligible Account in accordance with Section 4.09
        hereof;

      

      (vii) to
        remove
        funds inadvertently placed in the Custodial Account by the Company;
        and

      

      (vi) to
        clear
        and terminate the Custodial Account upon the termination of this
        Agreement.

      

      

      Section
        4.06 Establishment
        of Escrow Accounts; Deposits
        in Escrow Accounts.

      

      The
        Company shall segregate and hold all funds collected and received pursuant
        to
        each Mortgage Loan which constitute Escrow Payments separate and apart from
        any
        of its own funds and general assets and shall establish and maintain one
        or more
        Escrow Accounts. The Escrow Account shall be an Eligible Account. Funds
        deposited in each Escrow Account shall at all times be insured in a manner
        to
        provide maximum insurance under the insurance limitations of the FDIC, or
        must
        be invested in Permitted Investments. Funds
        deposited in the Escrow Account may be drawn on by the Company in accordance
        with Section 4.07. The creation of any Escrow Account shall be evidenced
        by a
        letter agreement in the form shown in Exhibit C. The original of such letter
        agreement shall be furnished to the Purchaser on the Closing Date, and upon
        request to any subsequent purchaser.

      

      The
        Company shall deposit in the Escrow Account or Accounts on a daily basis,
        and
        retain therein:

      

      (i) all
        Escrow Payments collected on account of the Mortgage Loans, for the purpose
        of
        effecting timely payment of any such items as required under the terms of
        this
        Agreement;

      

      (ii) all
        Insurance Proceeds which are to be applied to the restoration or repair of
        any
        Mortgaged Property; and

      

      (iii) all
        Servicing Advances for Mortgagors whose Escrow Payments are insufficient
        to
        cover escrow disbursements.

      

      The
        Company shall make withdrawals from the Escrow Account only to effect such
        payments as are required under this Agreement, and for such other purposes
        as
        shall be as set forth or in accordance with Section 4.07. The Company shall
        be
        entitled to retain any interest paid on funds deposited in the Escrow Account
        by
        the depository institution other than interest on escrowed funds required
        by law
        to be paid to the Mortgagor and, to the extent required by law, the Company
        shall pay interest on escrowed funds to the Mortgagor notwithstanding that
        the
        Escrow Account is non-interest bearing or that interest paid thereon is
        insufficient for such purposes. The
        Purchaser shall not be responsible for any losses suffered with respect to
        investment of funds in the Escrow Account.

      

      

      Section
        4.07 Permitted
        Withdrawals From Escrow Account.

      

      Withdrawals
        from the Escrow Account may be made by Company only:

      

      (i) to
        effect
        timely payments of ground rents, taxes, assessments, water rates, Primary
        Mortgage Insurance Policy premiums, if applicable, fire and hazard insurance
        premiums, condominium assessments and comparable items;

      

      (ii) to
        reimburse Company for any Servicing Advance made by Company with respect
        to a
        related Mortgage Loan but only from amounts received on the related Mortgage
        Loan which represent late payments or collections of Escrow Payments
        thereunder;

      

      (iii) to
        refund
        to the Mortgagor any funds as may be determined to be overages;

      

      (iv) for
        transfer to the Custodial Account in accordance with the terms of this
        Agreement;

      

      (v) for
        application to restoration or repair of the Mortgaged Property;

      

      (vi) to
        pay to
        the Company, or to the Mortgagor to the extent required by law, any interest
        paid on the funds deposited in the Escrow Account;

      

      (vii)
         to
        clear
        and terminate the Escrow Account on the termination of this Agreement. As
        part
        of its servicing duties, the Company shall pay to the Mortgagors interest
        on
        funds in Escrow Account, to the extent required by law, and to the extent
        that
        interest earned on funds in the Escrow Account is insufficient, shall pay
        such
        interest from its own funds, without any reimbursement therefor;
        and

      

      (viii)
        to
        pay to the Mortgagors or other parties Insurance Proceeds deposited in
        accordance with Section 4.06.

      

      Section
        4.08 Payment
        of Taxes, Insurance and Other Charges; Maintenance of Primary
Mortgage
        Insurance
        Policies; Collections Thereunder.

       

      With
        respect to each Mortgage Loan, the Company shall maintain accurate records
        reflecting the status of ground rents, taxes, assessments, water rates and
        other
        charges which are or may become a lien upon the Mortgaged Property and the
        status of primary mortgage insurance premiums and fire and hazard insurance
        coverage and shall obtain, from time to time, all bills for the payment of
        such
        charges, including renewal premiums and shall effect payment thereof prior
        to
        the applicable penalty or termination date and at a time appropriate for
        securing maximum discounts allowable, employing for such purpose deposits
        of the
        Mortgagor in the Escrow Account which shall have been estimated and accumulated
        by the Company in amounts sufficient for such purposes, as allowed under
        the
        terms of the Mortgage or applicable law. To the extent that the Mortgage
        does
        not provide for Escrow Payments, the Company shall determine that any such
        payments are made by the Mortgagor at the time they first become due. The
        Company assumes full responsibility for the timely payment of all such bills
        and
        shall effect timely 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 advances from its own funds to effect such payments.

      

      The
        Company will maintain in full force and effect Primary Mortgage Insurance
        Policies and Lender Primary Mortgage Insurance Policies issued by a Qualified
        Insurer with respect to each Mortgage Loan for which such coverage is herein
        required. Such coverage will be terminated only with the approval of Purchaser,
        or as required by applicable law or regulation. The Company will not cancel
        or
        refuse to renew any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy in effect on the Closing Date that is required to be kept
        in
        force under this Agreement unless a replacement Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy for such canceled or
        nonrenewed policy is obtained from and maintained with a Qualified Insurer.
        The
        Company shall not take any action which would result in non-coverage under
        any
        applicable Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy of any loss which, but for the actions of the Company would
        have been covered thereunder. In connection with any assumption or substitution
        agreement entered into or to be entered into pursuant to Section 6.01, the
        Company shall promptly notify the insurer under the related Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if any, of
        such
        assumption or substitution of liability in accordance with the terms of such
        policy and shall take all actions which may be required by such insurer as
        a
        condition to the continuation of coverage under the Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy. If such Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy is terminated
        as a
        result of such assumption or substitution of liability, the Company shall
        obtain
        a replacement Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy as provided above.

      

      In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the insurer under
        any
        Primary Mortgage Insurance Policy or Lender Primary Mortgage Insurance Policy
        in
        a timely fashion in accordance with the terms of such Primary Mortgage Insurance
        Policy or Lender Primary Mortgage Insurance Policy and, in this regard, to
        take
        such action as shall be necessary to permit recovery under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy respecting a
        defaulted Mortgage Loan. Pursuant to Section 4.04, any amounts collected
        by the
        Company under any Primary Mortgage Insurance Policy or Lender Primary Mortgage
        Insurance Policy shall be deposited in the Custodial Account, subject to
        withdrawal pursuant to Section 4.05.

      

      Section
        4.09 Transfer
        of Accounts.

      

      The
        Company may transfer the Custodial Account or the Escrow Account to a different
        Eligible Account from time to time. Such transfer shall be made only upon
        obtaining the prior written consent of the Purchaser, which consent will
        not be
        unreasonably withheld.

      

      Section
        4.10 Maintenance
        of Hazard Insurance.

      

      The
        Company shall cause to be maintained for each Mortgage Loan fire and hazard
        insurance with extended coverage as is acceptable to Fannie Mae or FHLMC
        and
        customary in the area where the Mortgaged Property is located in an amount
        which
        is equal to the lesser of (i) the maximum insurable value of the improvements
        securing such Mortgage Loan or (ii) the greater of (a) the outstanding principal
        balance of the Mortgage Loan, and (b) an amount such that the proceeds thereof
        shall be sufficient to prevent the Mortgagor and/or the mortgagee from becoming
        a co-insurer. If required by the Flood Disaster Protection Act of 1973, as
        amended, each Mortgage Loan shall be covered by a flood insurance policy
        meeting
        the requirements of the current guidelines of the Federal Insurance
        Administration in effect with an insurance carrier acceptable to Fannie Mae
        or
        FHLMC, in an amount representing coverage not less than the least of (i)
        the
        outstanding principal balance of the Mortgage Loan, (ii) the maximum insurable
        value of the improvements securing such Mortgage Loan or (iii) the maximum
        amount of insurance which is available under the Flood Disaster Protection
        Act
        of 1973, as amended. If at any time during the term of the Mortgage Loan,
        the
        Company determines in accordance with applicable law and pursuant to the
        Fannie
        Mae Guides that a Mortgaged Property is located in a special flood hazard
        area
        and is not covered by flood insurance or is covered in an amount less than
        the
        amount required by the Flood Disaster Protection Act of 1973, as amended,
        the
        Company shall notify the related Mortgagor that the Mortgagor must obtain
        such
        flood insurance coverage, and if said Mortgagor fails to obtain the required
        flood insurance coverage within forty-five (45) days after such notification,
        the Company shall immediately force place the required flood insurance on
        the
        Mortgagor’s behalf. The Company shall also maintain on each REO Property, fire
        and hazard insurance with extended coverage in an amount which is at least
        equal
        to the maximum insurable value of the improvements which are a part of such
        property, and, to the extent required and available under the Flood Disaster
        Protection Act of 1973, as amended, flood insurance in an amount as provided
        above. Any amounts collected by the Company under any such policies other
        than
        amounts to be deposited in the Escrow Account and applied to the restoration
        or
        repair of the Mortgaged Property or REO Property, or released to the Mortgagor
        in accordance with Accepted Servicing Practices, shall be deposited in the
        Custodial Account, subject to withdrawal pursuant to Section 4.05. It is
        understood and agreed that no other additional insurance need be required
        by the
        Company of the Mortgagor or maintained on property acquired in respect of
        the
        Mortgage Loan, other than pursuant to this Agreement, the Fannie Mae Guides
        or
        such applicable state or federal laws and regulations as shall at any time
        be in
        force and as shall require such additional insurance. All such policies shall
        be
        endorsed with standard mortgagee clauses with loss payable to the Company
        and
        its successors and/or assigns and shall provide for at least thirty days
        prior
        written notice of any cancellation, reduction in the amount or material change
        in coverage to the Company. The Company shall not interfere with the Mortgagor's
        freedom of choice in selecting either his insurance carrier or agent, provided,
        however, that the Company shall not accept any such insurance policies from
        insurance companies unless such companies are Qualified Insurers.

      

      Section
        4.11 Maintenance
        of Mortgage Impairment Insurance
        Policy.

      

      In
        the
        event that the Company shall obtain and maintain a blanket policy issued
        by an
        insurer acceptable to Fannie Mae or FHLMC insuring against hazard losses
        on all
        of the Mortgage Loans, then, to the extent such policy provides coverage
        in an
        amount equal to the amount required pursuant to Section 4.10 and otherwise
        complies with all other requirements of Section 4.10, it shall conclusively
        be
        deemed to have satisfied its obligations as set forth in Section 4.10, it
        being
        understood and agreed that such policy may contain a deductible clause, in
        which
        case the Company shall, in the event that there shall not have been maintained
        on the related Mortgaged Property or REO Property a policy complying with
        Section 4.10, and there shall have been a loss which would have been covered
        by
        such policy, deposit in the Custodial Account the amount not otherwise payable
        under the blanket policy because of such deductible clause. In connection
        with
        its activities as servicer of the Mortgage Loans, the Company agrees to prepare
        and present, on behalf of the Purchaser, claims under any such blanket policy
        in
        a timely fashion in accordance with the terms of such policy. Upon request
        of
        the Purchaser, the Company shall cause to be delivered to the Purchaser a
        certified true copy of such policy and shall use its best efforts to obtain
        a
        statement from the insurer thereunder that such policy shall in no event
        be
        terminated or materially modified without thirty (30) days' prior written
        notice
        to the Purchaser.

      

      Section
        4.12 Fidelity
        Bond, Errors and Omissions Insurance.

      

      The
        Company shall maintain, at its own expense, a blanket fidelity bond and an
        errors and omissions insurance policy, with broad coverage with responsible
        companies on all officers, employees or other persons acting in any capacity
        with regard to the Mortgage Loan to handle funds, money, documents and papers
        relating to the Mortgage Loan. The Fidelity Bond shall be in the form of
        the
        Mortgage Banker's Blanket Bond and shall protect and insure the Company against
        losses, including forgery, theft, embezzlement and fraud of such persons.
        The
        errors and omissions insurance shall protect and insure the Company against
        losses arising out of errors and omissions and negligent acts of such persons.
        Such errors and omissions insurance shall also protect and insure the Company
        against losses in connection with the failure to maintain any insurance policies
        required pursuant to this Agreement and the release or satisfaction of a
        Mortgage Loan without having obtained payment in full of the indebtedness
        secured thereby. No provision of this Section 4.12 requiring the Fidelity
        Bond
        or errors and omissions insurance shall diminish or relieve the Company from
        its
        duties and obligations as set forth in this Agreement. The minimum coverage
        under any such bond and insurance policy shall be at least equal to the
        corresponding amounts required by Fannie Mae in the Fannie Mae Guides. Upon
        request by the Purchaser, the Company shall deliver to the Purchaser a
        certificate from the surety and the insurer as to the existence of the Fidelity
        Bond and errors and omissions insurance policy and shall obtain a statement
        from
        the surety and the insurer that such Fidelity Bond or insurance policy shall
        in
        no event be terminated or materially modified without thirty (30) days' prior
        written notice to the Purchaser. The Company shall notify the Purchaser within
        five (5) business days of receipt of notice that such Fidelity Bond or insurance
        policy will be, or has been, materially modified or terminated. The Purchaser
        (or any party having the status of Purchaser hereunder) and any subsidiary
        thereof and their successors or assigns as their interests may appear must
        be
        named as loss payees on the Fidelity Bond and as additional insured on the
        errors and omissions policy. Upon request by Purchaser, Company shall provide
        Purchaser with an insurance certificate certifying coverage under this Section
        4.12, and will provide an update to such certificate upon request, or upon
        renewal or material modification of coverage.

      

      Section
        4.13 Title,
        Management and Disposition of REO Property.

      

      In
        the
        event that title to the Mortgaged Property is acquired in foreclosure or
        by deed
        in lieu of foreclosure, the deed or certificate of sale shall be taken in
        the
        name of the Purchaser or its designee, or in the event the Purchaser or its
        designee is not authorized or permitted to hold title to real property in
        the
        state where the REO Property is located, or would be adversely affected under
        the "doing business" or tax laws of such state by so holding title, the deed
        or
        certificate of sale shall be taken in the name of such Person or Persons
        as
        shall be consistent with an opinion of counsel obtained by the Company from
        an
        attorney duly licensed to practice law in the state where the REO Property
        is
        located. Any Person or Persons holding such title other than the Purchaser
        shall
        acknowledge in writing that such title is being held as nominee for the benefit
        of the Purchaser.

      

      The
        Company shall notify the Purchaser in accordance with the Fannie Mae Guides
        of
        each acquisition of REO Property upon such acquisition (and, in any event,
        shall
        provide notice of the consummation of any foreclosure sale within three (3)
        Business Days of the date Company receives notice of such consummation),
        together with a copy of the drive by appraisal or brokers price opinion of
        the
        Mortgaged Property obtained in connection with such acquisition, and thereafter
        assume the responsibility for marketing such REO property in accordance with
        Accepted Servicing Practices. Thereafter, the Company shall continue to provide
        certain administrative services to the Purchaser relating to such REO Property
        as set forth in this Section 4.13. The fee for such administrative services
        shall be $2,000 to be paid upon liquidation of the REO Property. No Servicing
        Fee shall be assessed or otherwise accrue on any REO Property from and after
        the
        date on which it becomes an REO Property. 

      

      The
        Company shall, either itself or through an agent selected by the Company,
        and in
        accordance with the Fannie Mae Guides manage, conserve, protect and operate
        each
        REO Property in the same manner that it manages, conserves, protects and
        operates other foreclosed property for its own account, and in the same manner
        that similar property in the same locality as the REO Property is managed.
        The
        Company shall cause each REO Property to be inspected promptly upon the
        acquisition of title thereto and shall cause each REO Property to be inspected
        at least monthly thereafter or more frequently as required by the circumstances.
        The Company shall make or cause to be made a written report of each such
        inspection. Such reports shall be retained in the Mortgage File and copies
        thereof shall be forwarded by the Company to the Purchaser.

      

      The
        Company shall use its best efforts to dispose of the REO Property as soon
        as
        possible and shall sell such REO Property in any event within one year after
        title has been taken to such REO Property, unless the Company determines,
        and
        gives an appropriate notice to the Purchaser to such effect, that a longer
        period is necessary for the orderly liquidation of such REO Property. If
        a
        longer period than one (1) year is permitted under the foregoing sentence
        and is
        necessary to sell any REO Property, the Company shall report monthly to the
        Purchaser as to the progress being made in selling such REO Property. No
        REO
        Property shall be marketed for less than the Appraised Value, without the
        prior
        consent of Purchaser. No REO Property shall be sold for less than ninety
        five
        percent (95%) of its Appraised Value, without the prior consent of Purchaser.
        All requests for reimbursement of Servicing Advances shall be in accordance
        with
        the Fannie Mae Guides. The disposition of REO Property shall be carried out
        by
        the Company at such price, and upon such terms and conditions, as the Company
        deems to be in the best interests of the Purchaser (subject to the above
        conditions) only with the prior written consent of the Purchaser. Company
        shall
        provide monthly reports to Purchaser in reference to the status of the marketing
        of the REO Properties.

      

      Notwithstanding
        anything to the contrary contained herein, the Purchaser may, at the Purchaser's
        sole option, terminate the Company as servicer of any such REO Property without
        payment of any termination fee with respect thereto, provided that the Company
        shall on the date said termination takes effect be reimbursed for any
        unreimbursed advances of the Company's funds made pursuant to Section 5.03
        and
        any unreimbursed Servicing Advances and Servicing Fees in each case relating
        to
        the Mortgage Loan underlying such REO Property notwithstanding anything to
        the
        contrary set forth in Section 4.05. In the event of any such termination,
        the
        provisions of Section 11.01 hereof shall apply to said termination and the
        transfer of servicing responsibilities with respect to such REO Property
        to the
        Purchaser or its designee. Within five Business Days of any such termination,
        the Company shall, if necessary convey such property to the Purchaser and
        shall
        further provide the Purchaser with the following information regarding the
        subject REO Property: the related drive by appraisal or brokers price opinion,
        and copies of any related Mortgage Impairment Insurance Policy claims. In
        addition, within five Business Days, the Company shall provide the Purchaser
        with the following information regarding the subject REO Property: the related
        trustee’s deed upon sale and copies of any related hazard insurance claims, or
        repair bids.

      

      Section
        4.14 Notification
        of Maturity Date.

      

      With
        respect to each Mortgage Loan, the Company shall execute and deliver to the
        Mortgagor any and all necessary notices required under applicable law and
        the
        terms of the related Mortgage Note and Mortgage regarding the maturity date
        if
        required under applicable law.

      

      ARTICLE
        V

      

      PAYMENTS
        TO THE PURCHASER

      

      Section
        5.01 Distributions.

      

      On
        each
        Remittance Date, the Company shall distribute by wire transfer of immediately
        available funds to the Purchaser (i) all amounts credited to the Custodial
        Account as of the close of business on the preceding Determination Date,
        net of
        charges against or withdrawals from the Custodial Account pursuant to Section
        4.05, plus (ii) all Monthly Advances, if any, which the Company is obligated
        to
        distribute pursuant to Section 5.03, plus, (iii) interest at the Mortgage
        Loan
        Remittance Rate on any Principal Prepayment from the date of such Principal
        Prepayment through the end of the month for which disbursement is made provided
        that the Company’s obligation as to payment of such interest shall be limited to
        the Servicing Fee earned during the month of the distribution, plus (iv)
        unless
        otherwise stated in the related Confirmation or related Term Sheet, any amount
        received by the Company that represents a prepayment penalty with respect
        to a
        Mortgage Loan, minus (v) any amounts attributable to Monthly Payments collected
        but due on a Due Date or Dates subsequent to the preceding Determination
        Date,
        which amounts shall be remitted on the Remittance Date next succeeding the
        Due
        Period for such amounts. It is understood that, by operation of Section 4.04,
        the remittance on the first Remittance Date with respect to Mortgage Loans
        purchased pursuant to the related Term Sheet is to include principal collected
        after the Cut-off Date through the preceding Determination Date plus interest,
        adjusted to the Mortgage Loan Remittance Rate collected through such
        Determination Date exclusive of any portion thereof allocable to the period
        prior to the Cut-off Date, with the adjustments specified in clauses (ii),
        (iii)
        and (iv) above.

      

      With
        respect to any remittance received by the Purchaser after the Remittance
        Date,
        the Company shall pay to the Purchaser interest on any such late payment
        at an
        annual rate equal to the Prime Rate, adjusted as of the date of each change,
        plus three (3) percentage points, but in no event greater than the maximum
        amount permitted by applicable law. Such interest shall cover the period
        commencing with the day following the Business Day such payment was due and
        ending with the Business Day on which such payment is made to the Purchaser,
        both inclusive. The payment by the Company of any such interest shall not
        be
        deemed an extension of time for payment or a waiver of any Event of Default
        by
        the Company. On each Remittance Date, the Company shall provide a remittance
        report detailing all amounts being remitted pursuant to this Section
        5.01.

      

      Section
        5.02 Statements
        to the Purchaser.

      

      The
        Company shall furnish to Purchaser an individual loan accounting report,
        as of
        the last Business Day of each month, in the Company's assigned loan number
        order
        to document Mortgage Loan payment activity on an individual Mortgage Loan
        basis.
        With respect to each month, the corresponding individual loan accounting
        report
        shall be received by the Purchaser no later than the fifth Business Day of
        the
        following month on a disk or tape or other computer-readable format in such
        format as may be mutually agreed upon by both Purchaser and Company, and
        no
        later than the fifth Business Day of the following month in hard copy, and
        shall
        contain the following:

      

      (i)
        With
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        principal (including a separate breakdown of any Principal Prepayment, including
        the date of such prepayment, and any prepayment penalties or premiums, along
        with a detailed report of interest on principal prepayment amounts remitted
        in
        accordance with Section 4.04);

      

      (ii)
        with
        respect to each Monthly Payment, the amount of such remittance allocable
        to
        interest;

      

      (iii)
        the
        amount of servicing compensation received by the Company during the prior
        distribution period;

      

      (iv)
        the
        aggregate Stated Principal Balance of the Mortgage Loans;

      

      (v)
        the
        aggregate of any expenses reimbursed to the Company during the prior
        distribution period pursuant to Section 4.05; 

      

      (vi)
        The
        number and aggregate outstanding principal balances of Mortgage Loans (a)
        delinquent (1) 30 to 59 days, (2) 60 to 89 days, (3) 90 days or more; (b)
        as to
        which foreclosure has commenced; and (c) as to which REO Property has been
        acquired; and

      

      The
        Company shall also provide a trial balance, sorted in Purchaser's assigned
        loan
        number order, in the form of Exhibit E hereto, with each such
        Report.

      

      The
        Company shall prepare and file any and all information statements or other
        filings required to be delivered to any governmental taxing authority or
        to
        Purchaser pursuant to any applicable law with respect to the Mortgage Loans
        and
        the transactions contemplated hereby.

      

      Section
        5.03 Monthly
        Advances by the Company.

      

      Not
        later
        than the close of business on the Business Day preceding each Remittance
        Date,
        the Company shall deposit in the Custodial Account an amount equal to all
        payments not previously advanced by the Company, whether or not deferred
        pursuant to Section 4.01, of principal (due after the Cut-off Date) and interest
        not allocable to the period prior to the Cut-off Date, adjusted to the Mortgage
        Loan Remittance Rate, which were due on a Mortgage Loan and delinquent at
        the
        close of business on the related Determination Date.

      

      The
        Company's obligation to make such Monthly Advances as to any Mortgage Loan
        will
        continue through the last Monthly Payment due prior to the payment in full
        of
        the Mortgage Loan, or through the Remittance Date prior to the date on which
        the
        Mortgaged Property liquidates (including Insurance Proceeds, proceeds from
        the
        sale of REO Property or Condemnation Proceeds) with respect to the Mortgage
        Loan
        unless the Company deems such advance to be nonrecoverable. In such event,
        the
        Company shall deliver to the Purchaser an Officer's Certificate of the Company
        to the effect that an officer of the Company has reviewed the related Mortgage
        File and has made the reasonable determination that any additional advances
        are
        nonrecoverable. 

      

      Section
        5.04 Liquidation
        Reports.

      

      Upon
        the
        foreclosure sale of any Mortgaged Property or the acquisition thereof by
        the
        Purchaser pursuant to a deed-in-lieu of foreclosure, the Company shall submit
        to
        the Purchaser a liquidation report with respect to such Mortgaged Property
        in a
        form mutually acceptable to Company and Purchaser. The Company shall also
        provide reports on the status of REO Property containing such information
        as
        Purchaser may reasonably require.

       

      ARTICLE
        VI

      

      GENERAL
        SERVICING PROCEDURES

      

      Section
        6.01 Assumption
        Agreements.

      

      The
        Company will, to the extent it has knowledge of any conveyance or prospective
        conveyance by any Mortgagor of the Mortgaged Property (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 any "due-on-sale"
        clause to the extent permitted by law; provided, however, that the Company
        shall
        not exercise any such rights if prohibited by law or the terms of the Mortgage
        Note from doing so or if the exercise of such rights would impair or threaten
        to
        impair any recovery under the related Primary Mortgage Insurance Policy or
        Lender Primary Mortgage Insurance Policy, if any. If the Company reasonably
        believes it is unable under applicable law to enforce such "due-on-sale"
        clause,
        the Company, with the approval of the Purchaser, will enter into an assumption
        agreement with the person to whom the Mortgaged 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. Where an assumption is allowed pursuant
        to
        this Section 6.01, the Company, with the prior consent of the Purchaser and
        the
        primary mortgage insurer, if any, is authorized to enter into a substitution
        of
        liability agreement with the person to whom the Mortgaged Property has been
        conveyed or is proposed to be conveyed pursuant to which the original mortgagor
        is released from liability and such Person is substituted as mortgagor and
        becomes liable under the related Mortgage Note. Any such substitution of
        liability agreement shall be in lieu of an assumption agreement. 

      

      In
        connection with any such assumption or substitution of liability, the Company
        shall follow the underwriting practices and procedures of the Company. With
        respect to an assumption or substitution of liability, the Mortgage Interest
        Rate borne by the related Mortgage Note, the amount of the Monthly Payment
        and
        the maturity date may not be changed (except pursuant to the terms of the
        Mortgage Note). If the credit of the proposed transferee does not meet such
        underwriting criteria, the Company diligently shall, to the extent permitted
        by
        the Mortgage or the Mortgage Note and by applicable law, accelerate the maturity
        of the Mortgage Loan. The Company shall notify the Purchaser that any such
        substitution of liability or assumption agreement has been completed by
        forwarding to the Purchaser the original of any such substitution of liability
        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. All fees collected by the Company for entering into an assumption
        or
        substitution of liability agreement shall belong to the Company.

      

      Notwithstanding
        the foregoing paragraphs of this Section or any other provision of this
        Agreement, the Company 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 any assumption which the Company may be restricted
        by law from preventing, for any reason whatsoever. For purposes of this Section
        6.01, 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
        6.02 Satisfaction
        of Mortgages and Release of Mortgage
        Files.

      

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Company of a
        notification that payment in full will be escrowed in a manner customary
        for
        such purposes, the Company will immediately notify the Purchaser by a
        certification, 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 Custodial Account pursuant to Section 4.04
        have
        been or will be so deposited, of a Servicing Officer and shall request delivery
        to it of the portion of the Mortgage File held by the Purchaser. The Purchaser
        shall no later than five Business Days after receipt of such certification
        and
        request, release or cause to be released to the Company, the related Mortgage
        Loan Documents and, upon its receipt of such documents, the Company shall
        promptly prepare and deliver to the Purchaser the requisite satisfaction
        or
        release. No later than five (5) Business Days following its receipt of such
        satisfaction or release, the Purchaser shall deliver, or cause to be delivered,
        to the Company the release or satisfaction properly executed by the owner
        of
        record of the applicable mortgage or its duly appointed attorney in fact.
        No
        expense incurred in connection with any instrument of satisfaction or deed
        of
        reconveyance shall be chargeable to the Custodial Account.

      

      In
        the
        event the Company satisfies or releases a Mortgage without having obtained
        payment in full of the indebtedness secured by the Mortgage or should it
        otherwise prejudice any right the Purchaser may have under the mortgage
        instruments, the Company, upon written demand, shall remit within two (2)
        Business Days to the Purchaser the then outstanding principal balance of
        the
        related Mortgage Loan by deposit thereof in the Custodial Account. The Company
        shall maintain the Fidelity Bond and errors and omissions insurance insuring
        the
        Company against any loss it may sustain with respect to any Mortgage Loan
        not
        satisfied in accordance with the procedures set forth herein.

      

      From
        time
        to time and as appropriate for the servicing or foreclosure of the Mortgage
        Loan, including for the purpose of collection under any Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, the Purchaser
        shall, upon request of the Company and delivery to the Purchaser of a servicing
        receipt signed by a Servicing Officer, release the portion of the Mortgage
        File
        held by the Purchaser to the Company. Such servicing receipt shall obligate
        the
        Company to return the related Mortgage documents to the Purchaser when the
        need
        therefor by the Company no longer exists, unless the Mortgage Loan has been
        liquidated and the Liquidation Proceeds relating to the Mortgage Loan have
        been
        deposited in the Custodial 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 Company has delivered to the Purchaser 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, the servicing receipt shall be released
        by
        the Purchaser to the Company.

      

      Section
        6.03 Servicing
        Compensation.

      

      As
        compensation for its services hereunder, the Company shall be entitled to
        withdraw from the Custodial Account (to the extent of interest payments
        collected on the Mortgage Loans) or to retain from interest payments collected
        on the Mortgage Loans, the amounts provided for as the Company's Servicing
        Fee,
        subject to payment of compensating interest on Principal Prepayments as capped
        by the Servicing Fee pursuant to Section 5.01 (iii). Additional servicing
        compensation in the form of assumption fees, as provided in Section 6.01,
        and
        late payment charges or otherwise shall be retained by the Company to the
        extent
        not required to be deposited in the Custodial Account. No Servicing Fee shall
        be
        payable in connection with partial Monthly Payments. The Company 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 for.

      

      Section
        6.04 Annual
        Statement as to Compliance.

      

      The
        Company will deliver to the Purchaser not later than 90 days following the
        end
        of each fiscal year of the Company beginning in March 2002,
        an
        Officers' Certificate stating, as to each signatory thereof, that (i) a review
        of the activities of the Company during the preceding calendar year and of
        performance under this Agreement has been made under such officers' supervision,
        and (ii) to the best of such officers' knowledge, based on such review, the
        Company has fulfilled all of its obligations under this Agreement throughout
        such year, or, if there has been a default in the fulfillment of any such
        obligation, specifying each such default known to such officers and the nature
        and status of cure provisions thereof. Copies of such statement shall be
        provided by the Company to the Purchaser upon request.

      

      Section
        6.05 Annual
        Independent Certified Public Accountants'
        Servicing Report.

      

      Within
        ninety (90) days of Company's fiscal year end beginning in March 2002 the
        Company at its expense shall cause a firm of independent public accountants
        which is a member of the American Institute of Certified Public Accountants
        to
        furnish a statement to the Purchaser to the effect that such firm has examined
        certain documents and records relating to the Company's servicing of mortgage
        loans of the same type as the Mortgage Loans pursuant to servicing agreements
        substantially similar to this Agreement, which agreements may include this
        Agreement, and that, on the basis of such an examination, conducted
        substantially in the uniform single audit program for mortgage bankers, such
        firm is of the opinion that the Company's servicing has been conducted in
        compliance with the agreements examined pursuant to this Section 6.05, except
        for (i) such exceptions as such firm shall believe to be immaterial, and
        (ii)
        such other exceptions as shall be set forth in such statement. Copies of
        such
        statement shall be provided by the Company to the Purchaser. In addition,
        on an
        annual basis, Company shall provided Purchaser with copies of its audited
        financial statements. 

      

      Section
        6.06 Purchaser's
        Right to Examine Company Records.

      

      The
        Purchaser shall have the right to examine and audit upon reasonable notice
        to
        the Company, during business hours or at such other times as might be reasonable
        under applicable circumstances, any and all of the books, records, documentation
        or other information of the Company, or held by another for the Company or
        on
        its behalf or otherwise, which relates to the performance or observance by
        the
        Company of the terms, covenants or conditions of this Agreement.

      

      The
        Company shall provide to the Purchaser and any supervisory agents or examiners
        representing a state or federal governmental agency having jurisdiction over
        the
        Purchaser, including but not limited to FDIC and other similar entities,
        access
        to any documentation regarding the Mortgage Loans in the possession of the
        Company which may be required by any applicable regulations. Such access
        shall
        be afforded without charge, upon reasonable request, during normal business
        hours and at the offices of the Company, and in accordance with the federal
        government, FDIC, or any other similar regulations.

      

      ARTICLE
        VII

      

      REPORTS
        TO BE PREPARED BY SERVICER

      

      Section
        7.01 Company
        Shall Provide Information as Reasonably
        Required.

      

      The
        Company shall furnish to the Purchaser during the term of this Agreement
        such
        periodic, special or other reports, information or documentation, not provided
        for herein, as shall be necessary, reasonable or appropriate in respect to
        the
        Purchaser, or otherwise in respect to the Mortgage Loans and the performance
        of
        the Company under this Agreement, including any reports, information or
        documentation reasonably required to comply with any regulations regarding
        any
        supervisory agents or examiners of the Purchaser all such reports or information
        to be as provided by and in accordance with such applicable instructions
        and
        directions as the Purchaser may reasonably request in relation to this Agreement
        or the performance of the Company under this Agreement. Such periodic, special
        or other reports, information or documentation furnished to the Purchaser
        at the
        Purchaser’s request pursuant to the preceding sentence shall be at the expense
        of the Purchaser. The Company agrees to execute and deliver all such instruments
        and take all such action as the Purchaser, from time to time, may reasonably
        request in order to effectuate the purpose and to carry out the terms of
        this
        Agreement.

      

      In
        connection with marketing the Mortgage Loans, the Purchaser may make available
        to a prospective purchaser audited financial statements of the Company for
        the
        most recently completed two (2) fiscal years for which such statements are
        available, as well as a Consolidated Statement of Condition at the end of
        the
        last two (2) fiscal years covered by any Consolidated Statement of Operations.
        If it has not already done so, the Company shall furnish promptly to the
        Purchaser or a prospective purchaser copies of the statements specified
        above.

      

      The
        Company shall make reasonably available to the Purchaser or any prospective
        Purchaser a knowledgeable financial or accounting officer for the purpose
        of
        answering questions and to permit any prospective purchaser to inspect the
        Company’s servicing facilities for the purpose of satisfying such prospective
        purchaser that the Company has the ability to service the Mortgage Loans
        as
        provided in this Agreement.

       

      
 

      

      ARTICLE
        VIII

      

      THE
        SERVICER

      

      Section
        8.01 Indemnification;
        Third Party Claims.

      

      The
        Company agrees to indemnify the Purchaser and hold it harmless against any
        and
        all claims, losses, damages, penalties, fines, forfeitures, legal fees and
        related costs, judgments, and any other costs, fees and expenses that the
        Purchaser may sustain in any way related to the failure of the Company to
        observe and perform its duties, obligations, covenants, and agreements to
        service the Mortgage Loans in strict compliance with the terms of this
        Agreement. The Company agrees to indemnify the Purchaser and hold it harmless
        against any and all claims, losses, damages, penalties, fines, forfeitures,
        legal fees and related costs, judgments, and any other costs, fees and expenses
        that the Purchaser may sustain in any way related to the breach of a
        representation or warranty set forth in Sections 3.01 or 3.02 of this Agreement.
        The Company shall immediately notify the Purchaser if a claim is made by
        a third
        party against Company with respect to this Agreement or the Mortgage Loans,
        assume (with the consent of the Purchaser) the defense of any such claim
        and pay
        all expenses in connection therewith, including counsel fees, whether or
        not
        such claim is settled prior to judgment, and promptly pay, discharge and
        satisfy
        any judgment or decree which may be entered against it or the Purchaser in
        respect of such claim. The Company shall follow any written instructions
        received from the Purchaser in connection with such claim. The Purchaser
        shall
        promptly reimburse the Company for all amounts advanced by it pursuant to
        the
        two preceding sentences except when the claim relates to the failure of the
        Company to service and administer the Mortgages in strict compliance with
        the
        terms of this Agreement, the breach of representation or warranty set forth
        in
        Sections 3.01 or 3.02, or the gross negligence, bad faith or willful misconduct
        of Company. The provisions of this Section 8.01 shall survive termination
        of
        this Agreement.

      

      Section
        8.02 Merger
        or Consolidation of the Company.

      

      The
        Company will keep in full effect its existence, rights and franchises as
        a
        corporation under the laws of the state of its incorporation except as permitted
        herein, and 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,
        or
        any of the Mortgage Loans and to perform its duties under this
        Agreement.

      

      Any
        Person into which the Company may be merged or consolidated, or any corporation
        resulting from any merger, conversion or consolidation to which the Company
        shall be a party, or any Person succeeding to the business of the Company
        whether or not related to loan servicing, shall be the successor of the Company
        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
        shall
        be an institution (i) having a GAAP net worth of not less than $25,000,000,
        (ii)
        the deposits of which are insured by the FDIC and/or BIF, and which is a
        HUD-approved mortgagee whose primary business is in origination and servicing
        of
        first lien mortgage loans, and (iii) who is a Fannie Mae or FHLMC approved
        seller/servicer in good standing; provided, further, however, that the Company
        shall give sixty (60) days written notice to the Purchaser of any merger,
        conversion or consolidation to which the Company shall be a party, or of
        any
        Person succeeding to the business of the Company, and the Purchaser, at it
        sole
        option, shall make the determination as to whether such successor of the
        Company
        shall continue to service the Mortgage Loans hereunder.

      

      Section
        8.03 Limitation
        on Liability of the Company and Others.

      

      Neither
        the Company nor any of the officers, employees or agents of the Company shall
        be
        under any liability to the Purchaser 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 made in good faith; provided, however, that this provision shall
        not
        protect the Company or any such person against any breach of warranties or
        representations made herein, or failure to perform its obligations in strict
        compliance with any standard of care set forth in this Agreement, or any
        liability which would otherwise be imposed by reason of negligence, bad faith
        or
        willful misconduct, or any breach of the terms and conditions of this Agreement.
        The Company and any officer, employee or agent of the Company may rely in
        good
        faith on any document of any kind prima facie properly executed and submitted
        by
        the Purchaser respecting any matters arising hereunder. The Company 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 Agreement and which in its reasonable opinion may involve it in any
        expenses or liability; provided, however, that the Company may, with the
        consent
        of the Purchaser, undertake any such action which it may deem necessary or
        desirable in respect to this Agreement and the rights and duties of the parties
        hereto. In such event, the reasonable legal expenses and costs of such action
        and any liability resulting therefrom shall be expenses, costs and liabilities
        for which the Purchaser will be liable, and the Company shall be entitled
        to be
        reimbursed therefor from the Purchaser upon written demand.

      

      Section
        8.04 Company
        Not to Assign or Resign.

      

      The
        Company shall not assign this Agreement or resign from the obligations and
        duties hereby imposed on it except by mutual consent of the Company and the
        Purchaser or upon the determination that its duties hereunder are no longer
        permissible under applicable law and such incapacity cannot be cured by the
        Company. Any such determination permitting the resignation of the Company
        shall
        be evidenced by an Opinion of Counsel to such effect delivered to the Purchaser
        which Opinion of Counsel shall be in form and substance acceptable to the
        Purchaser. No such resignation shall become effective until a successor shall
        have assumed the Company's responsibilities and obligations hereunder in
        the
        manner provided in Section 11.01.

      

      Section
        8.05 No
        Transfer of Servicing.

      

      With
        respect to the retention of the Company to service the Mortgage Loans hereunder,
        the Company acknowledges that the Purchaser has acted in reliance upon the
        Company's independent status, the adequacy of its servicing facilities, plan,
        personnel, records and procedures, its integrity, reputation and financial
        standing and the continuance thereof. Without in any way limiting the generality
        of this Section, the Company shall not either assign this Agreement or the
        servicing hereunder or delegate its rights or duties hereunder or any portion
        thereof, or sell or otherwise dispose of all or substantially all of its
        property or assets, without the prior written approval of the Purchaser,
        which
        consent shall be granted or withheld in the Purchaser's sole
        discretion.

      

      Without
        in any way limiting the generality of this Section 8.05, in the event that
        the
        Company either shall assign this Agreement or the servicing responsibilities
        hereunder or delegate its duties hereunder or any portion thereof without
        (i)
        satisfying the requirements set forth herein or (ii) the prior written consent
        of the Purchaser, then the Purchaser shall have the right to terminate this
        Agreement, without any payment of any penalty or damages and without any
        liability whatsoever to the Company (other than with respect to accrued but
        unpaid Servicing Fees and Servicing Advances remaining unpaid) or any third
        party. 

       

      
 

      

      ARTICLE
        IX

      

      DEFAULT

      

      Section
        9.01 Events
        of Default.

      

      In
        case
        one or more of the following Events of Default by the Company shall occur
        and be
        continuing, that is to say:

      

      (i)
        any
        failure by the Company to remit to the Purchaser any payment required to
        be made
        under the terms of this Agreement which continues unremedied for a period
        of one
        (1) Business Day; or

      

      (ii)
        failure on the part of the Company duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Company
        set
        forth in this Agreement which continues unremedied for a period of thirty
        (30)
        days after the date on which written notice of such failure, requiring the
        same
        to be remedied, shall have been given to the Company by the Purchaser;
        or

      

      (iii)
        a
        decree or order of a court or agency or supervisory authority having
        jurisdiction for the appointment of a conservator or receiver or liquidator
        in
        any insolvency, bankruptcy, 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 Company and such decree or order
        shall have remained in force undischarged or unstayed for a period of sixty
        days; or

      

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

      

      (v)
        the
        Company 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)
        Company ceases to be approved by either Fannie Mae or FHLMC as a mortgage
        loan
        seller or servicer for more than thirty days; or

      

      (vii)
        the
        Company attempts to assign its right to servicing compensation hereunder
        or the
        Company attempts, without the consent of the Purchaser, to sell or otherwise
        dispose of all or substantially all of its property or assets or to assign
        this
        Agreement or the servicing responsibilities hereunder or to delegate its
        duties
        hereunder or any portion thereof; or

      

      (viii)
        the Company ceases to be (a) licensed to service first lien residential mortgage
        loans in any jurisdiction in which a Mortgaged Property is located and such
        licensing is required, and (b) qualified to transact business in any
        jurisdiction where it is currently so qualified, but only to the extent such
        non-qualification materially and adversely affects the Company's ability
        to
        perform its obligations hereunder; or

      

      (ix)
        the
        Company fails to meet the eligibility criteria set forth in the last sentence
        of
        Section 8.02.

      

      Then,
        and
        in each and every such case, so long as an Event of Default shall not have
        been
        remedied, the Purchaser, by notice in writing to the Company (except in the
        case
        of an Event of Default under clauses (iii), (iv) or (v) above, in which case,
        automatically and without notice) Company may, in addition to whatever rights
        the Purchaser may have under Sections 3.03 and 8.01 and at law or equity
        or to
        damages, including injunctive relief and specific performance, terminate
        all the
        rights and obligations of the Company under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Company
        for the
        same. On or after the receipt by the Company of such written notice (or,
        in the
        case of an Event of Default under clauses (iii), (iv) or (v) above, in which
        case, automatically and without notice), all authority and power of the Company
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the successor appointed pursuant to Section
        11.01. Upon written request from the Purchaser, the Company shall prepare,
        execute and deliver, any and all documents and other instruments, place in
        such
        successor's possession all Mortgage Files, and 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, at the Company's
        sole
        expense. The Company agrees to cooperate with the Purchaser and such successor
        in effecting the termination of the Company's responsibilities and rights
        hereunder, including, without limitation, the transfer to such successor
        for
        administration by it of all cash amounts which shall at the time be credited by
        the Company to the Custodial Account or Escrow Account or thereafter received
        with respect to the Mortgage Loans or any REO Property.

      

      Section
        9.02 Waiver
        of Defaults.

      

      The
        Purchaser may waive only by written notice any default by the Company in
        the
        performance of its obligations hereunder and its consequences. Upon any such
        waiver of a past default, such default shall cease to exist, and any Event
        of
        Default arising therefrom shall be deemed to have been remedied for every
        purpose of this Agreement. No such waiver shall extend to any subsequent
        or
        other default or impair any right consequent thereon except to the extent
        expressly so waived in writing.

      

       

      ARTICLE
        X

      

      TERMINATION

      

      Section
        10.01 Termination.

       

      The
        respective obligations and responsibilities of the Company shall terminate
        upon:
        (i) the later of the final payment or other liquidation (or any advance with
        respect thereto) of the last Mortgage Loan and the disposition of all remaining
        REO Property and the remittance of all funds due hereunder; or (ii) by mutual
        consent of the Company and the Purchaser in writing; or (iii) termination
        with
        cause under the terms of this Agreement.

      

       

      ARTICLE
        XI

      

      MISCELLANEOUS
        PROVISIONS

      

      Section
        11.01 Successor
        to the Company.

      

      Prior
        to
        termination of Company's responsibilities and duties under this Agreement
        pursuant to Sections 4.13, 8.04, 9.01, 10.01 (ii) or (iii), the Purchaser
        shall
        (i) succeed to and assume all of the Company's responsibilities, rights,
        duties
        and obligations under this Agreement, or (ii) appoint a successor having
        the
        characteristics set forth in Section 8.02 hereof and which shall succeed
        to all
        rights and assume all of the responsibilities, duties and liabilities of
        the
        Company under this Agreement prior to the termination of Company's
        responsibilities, duties and liabilities under this Agreement. In connection
        with such appointment and assumption, the Purchaser may make such arrangements
        for the compensation of such successor out of payments on Mortgage Loans
        as the
        Purchaser and such successor shall agree. In the event that the Company's
        duties, responsibilities and liabilities under this Agreement should be
        terminated pursuant to the aforementioned Sections, the Company shall discharge
        such duties and responsibilities during the period from the date it acquires
        knowledge of such termination until the effective date thereof with the same
        degree of diligence and prudence which it is obligated to exercise under
        this
        Agreement, and shall take no action whatsoever that might impair or prejudice
        the rights or financial condition of its successor. The resignation or removal
        of Company pursuant to the aforementioned Sections shall not become effective
        until a successor shall be appointed pursuant to this Section and shall in
        no
        event relieve the Company of the representations and warranties made pursuant
        to
        Sections 3.01, 3.02 and 3.03 and the remedies available to the Purchaser
        thereunder and under Section 8.01, it being understood and agreed that the
        provisions of such Sections 3.01, 3.02, 3.03 and 8.01 shall be applicable
        to the
        Company notwithstanding any such resignation or termination of the Company,
        or
        the termination of this Agreement.

      

      Any
        successor appointed as provided herein shall execute, acknowledge and deliver
        to
        the Company and to the Purchaser an instrument accepting such appointment,
        whereupon such successor shall become fully vested with all the rights, powers,
        duties, responsibilities, obligations and liabilities of the Company, with
        like
        effect as if originally named as a party to this Agreement. Any termination
        or
        resignation of the Company or this Agreement pursuant to Section 4.13, 8.04,
        9.01 or 10.01 shall not affect any claims that the Purchaser may have against
        the Company arising prior to any such termination or resignation.

      

      The
        Company shall promptly deliver to the successor the funds in the Custodial
        Account and the Escrow Account and the Mortgage Files and related documents
        and
        statements held by it hereunder and the Company shall account for all funds.
        The
        Company shall execute and deliver such instruments and do such other things
        all
        as may reasonably be required to more fully and definitely vest and confirm
        in
        the successor all such rights, powers, duties, responsibilities, obligations
        and
        liabilities of the Company. The successor shall make arrangements as it may
        deem
        appropriate to reimburse the Company for unrecovered Servicing Advances which
        the successor retains hereunder and which would otherwise have been recovered
        by
        the Company pursuant to this Agreement but for the appointment of the successor
        servicer.

      

      Upon
        a
        successor's acceptance of appointment as such, the Company shall notify by
        mail
        the Purchaser of such appointment.

      

      Section
        11.02 Amendment.

      

      This
        Agreement may be amended from time to time by the Company and the Purchaser
        by
        written agreement signed by the Company and the Purchaser.

      

      Section
        11.03 Recordation
        of Agreement.

      

      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 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 Company at the Company's
        expense on direction of the Purchaser accompanied by an opinion of counsel
        to
        the effect that such recordation materially and beneficially affects the
        interest of the Purchaser or is necessary for the administration or servicing
        of
        the Mortgage Loans.

      

      Section
        11.04 Governing
        Law.

      

      This
        Agreement and the related Term Sheet shall be governed by and construed in
        accordance with the laws of the State of New York except to the extent preempted
        by Federal law. The obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

      

      Section
        11.05 Notices.

      

      Any
        demands, notices or other communications permitted or required hereunder
        shall
        be in writing and shall be deemed conclusively to have been given if personally
        delivered at or mailed by registered mail, postage prepaid, and return receipt
        requested or certified mail, return receipt requested, or transmitted by
        telex,
        telegraph or telecopier and confirmed by a similar mailed writing, as
        follows:

      

      (i)            
        if
        to the
        Company:

       

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        Sheila N. Hansford

      Telecopier
        No.: (937) 910-4137

      

      Servicing
        contact:

      

      National
        City Mortgage Company

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        T. Jackson Case

      

       

      (ii)        
          if
        to the
        Purchaser:

       

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II, 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      With
        a
        copy to:

      

      Bear
        Stearns Mortgage Capital Corporation

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        Mary Haggerty

      

      or
        such
        other address as may hereafter be furnished to the other party by like notice.
        Any such demand, notice or communication hereunder shall be deemed to have
        been
        received on the date delivered to or received at the premises of the addressee
        (as evidenced, in the case of registered or certified mail, by the date noted
        on
        the return receipt).

      

      Section
        11.06 Severability
        of Provisions.

      

      Any
        part,
        provision, representation or warranty of this Agreement and the related Term
        Sheet which is prohibited or which is held to be void or unenforceable shall
        be
        ineffective to the extent of such prohibition or unenforceability without
        invalidating the remaining provisions hereof. Any part, provision,
        representation or warranty of this Agreement which is prohibited or
        unenforceable or is held to be void or unenforceable in any jurisdiction
        shall
        be ineffective, as to such jurisdiction, to the extent of such prohibition
        or
        unenforceability without invalidating the remaining provisions hereof, and
        any
        such prohibition or unenforceability in any jurisdiction as to any Mortgage
        Loan
        shall not invalidate or render unenforceable such provision in any other
        jurisdiction. To the extent permitted by applicable law, the parties hereto
        waive any provision of law that prohibits or renders void or unenforceable
        any
        provision hereof. If the invalidity of any part, provision, representation
        or
        warranty of this Agreement shall deprive any party of the economic benefit
        intended to be conferred by this Agreement, the parties shall negotiate,
        in good
        faith, to develop a structure the economic effect of which is nearly as possible
        the same as the economic effect of this Agreement without regard to such
        invalidity.

      

      Section
        11.07 Exhibits.

      

      The
        exhibits to this Agreement are hereby incorporated and made a part hereof
        and
        are an integral part of this Agreement.

      

      Section
        11.08 General
        Interpretive Principles.

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (i)
         the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

      

      (ii)
         accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (iii)
         references
        herein to "Articles", "Sections", Subsections", "Paragraphs", and other
        subdivisions without reference to a document are to designated Articles,
        Sections, Subsections, Paragraphs and other subdivisions of this
        Agreement;

      

      (iv)
         a
        reference to a Subsection without further reference to a Section is a reference
        to such Subsection as contained in the same Section in which the reference
        appears, and this rule shall also apply to Paragraphs and other
        subdivisions;

      

      (v)
         the
        words
        "herein", "hereof ", "hereunder" and other words of similar import refer
        to this
        Agreement as a whole and not to any particular provision; 

      

      (vi)
         the
        term
        "include" or "including" shall mean without limitation by reason of enumeration;
        and

      

      (viii)
         headings
        of the Articles and Sections in this Agreement are for reference purposes
        only
        and shall not be deemed to have any substantive effect.

      

      Section
        11.09 Reproduction
        of Documents.

      

      This
        Agreement and all documents relating thereto, including, without limitation,
        (i)
        consents, waivers and modifications which may hereafter be executed, (ii)
        documents received by any party at the closing, and (iii) financial statements,
        certificates and other information previously or hereafter furnished, may
        be
        reproduced by any photographic, photostatic, microfilm, micro-card, miniature
        photographic or other similar process. The parties agree that any such
        reproduction shall be admissible in evidence as the original itself in any
        judicial or administrative proceeding, whether or not the original is in
        existence and whether or not such reproduction was made by a party in the
        regular course of business, and that any enlargement, facsimile or further
        reproduction of such reproduction shall likewise be admissible in
        evidence.

      

      Section
        11.10 Confidentiality
        of Information.

      

      Each
        party recognizes that, in connection with this Agreement, it may become privy
        to
        non-public information regarding the financial condition, operations and
        prospects of the other party. Each party agrees to keep all non-public
        information regarding the other party strictly confidential, and to use all
        such
        information solely in order to effectuate the purpose of the Agreement, provided
        that each party may provide confidential information to its employees, agents
        and affiliates who have a need to know such information in order to effectuate
        the transaction, provided further that such information is identified as
        confidential non-public information. In addition, confidential information
        may
        be provided to a regulatory authority with supervisory power over Purchaser,
        provided such information is identified as confidential non-public
        information.

      

      Section
        11.11 Recordation
        of Assignments of Mortgage.

      

      To
        the
        extent permitted by applicable law, each of the Assignments 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
        Mortgaged Properties are situated, and in any other appropriate public recording
        office or elsewhere, such recordation to be effected by and at the Company’s
        expense in the event recordation is either necessary under applicable law
        or
        requested by the Purchaser at its sole option.

      

      Section
        11.12 Assignment
        by Purchaser.

      

      The
        Purchaser shall have the right, without the consent of the Company, to assign,
        in whole or in part, its interest under this Agreement with respect to some
        or
        all of the Mortgage Loans, and designate any person to exercise any rights
        of
        the Purchaser hereunder, by executing an Assignment and Assumption Agreement
        substantially in the form of Exhibit D hereto and the assignee or designee
        shall
        accede to the rights and obligations hereunder of the Purchaser with respect
        to
        such Mortgage Loans. In no event shall Purchaser sell a partial interest
        in any
        Mortgage Loan without the written consent of Company, which consent shall
        not be
        unreasonably denied. All references to the Purchaser in this Agreement shall
        be
        deemed to include its assignee or designee. 

      

      Section
        11.13 No
        Partnership.

      

      Nothing
        herein contained shall be deemed or construed to create a co-partnership
        or
        joint venture between the parties hereto and the services of the Company
        shall
        be rendered as an independent contractor and not as agent for
        Purchaser.

      

      Section
        11.14 Execution:
        Successors and Assigns.

      

      This
        Agreement may be executed in one or more counterparts and by the different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original; such counterparts, together, shall constitute
        one
        and the same agreement. Subject to Section 8.04, this Agreement shall inure
        to
        the benefit of and be binding upon the Company and the Purchaser and their
        respective successors and assigns.

      

      Section
        11.15 Entire
        Agreement.

      

      The
        Company acknowledges that no representations, agreements or promises were
        made
        to the Company by the Purchaser or any of its employees other than those
        representations, agreements or promises specifically contained herein and
        in the
        Confirmation. The Confirmation and this Agreement and the related Term Sheet
        sets forth the entire understanding between the parties hereto; provided,
        however, only this Agreement and the related Term Sheet shall be binding
        upon
        all successors of both parties. In the event of any inconsistency between
        the
        Confirmation and this Agreement, this Agreement and the related Term Sheet
        shall
        control.

      

      Section
        11.16. No
        Solicitation.

      

      From
        and
        after the Closing Date, the Company agrees that it will not take any action
        or
        permit or cause any action to be taken by any of its agents or affiliates,
        to
        personally, by telephone or mail, solicit the borrower or obligor under any
        Mortgage Loan to refinance the Mortgage Loan, in whole or in part, without
        the
        prior written consent of the Purchaser. Notwithstanding the foregoing, it
        is
        understood and agreed that (i) promotions undertaken by the Company or any
        affiliate of the Company which are directed to the general public at large,
        or
        segments thereof, provided that no segment shall consist primarily of the
        Mortgage Loans, including, without limitation, mass mailing based on
        commercially acquired mailing lists, newspaper, radio and television
        advertisements, and customer portfolio and (ii) responses to unsolicited
        requests or inquiries made by a Mortgagor or an agent of a Mortgagor, shall
        not
        constitute solicitation under this Section 11.16. This Section 11.16 shall
        not
        be deemed to preclude the Company or any of its affiliates from soliciting
        any
        Mortgagor for any other financial products or services. From and after the
        Closing Date, the Purchaser agrees that it will not take any action or permit
        or
        cause any action to be taken by any of its agents or affiliates, or by any
        independent contractors on the Purchaser’s behalf, to personally by telephone or
        mail, solicit the borrower or obligor under any Mortgage Loan to refinance
        the
        Mortgage Loan, in whole or in part, without the prior written consent of
        the
        Company,. In addition, the Purchaser or any of its affiliates shall not solicit
        any Mortgagor for any other financial products or services. Notwithstanding
        the
        foregoing, it is understood and agreed that (i) promotions undertaken by
        the
        Purchasr or any affiliate of the Purchaser which are directed to the general
        public at large, or segments thereof, provided that no segment shall consist
        primarily of the Mortgage Loans, including, without limitation, mass mailing
        based on commercially acquired mailing lists, newspaper, radio and television
        advertisements and (ii) responses to unsolicited requests or inquiries made
        by a
        Mortgagor or an agent of a Mortgagor, shall not constitute solicitation under
        this Section 11.16 The Company shall use its best efforts to prevent the
        sale of
        the name of any Mortgagor to any Person who is not affiliate of the
        Company.

      

      Section
        11.17. Closing.

      

      The
        closing for the purchase and sale of the Mortgage Loans shall take place
        on the
        related Closing Date. The closing shall be either: by telephone, confirmed
        by
        letter or wire as the parties shall agree, or conducted in person, at such
        place
        as the parties shall agree.

      

      The
        closing for the Mortgage Loans to be purchased on the related Closing Date
        shall
        be subject to each of the following conditions:

      

      (a) at
        least
        one (1) Business Day prior to the related Closing Date, the Company shall
        deliver to the Purchaser a magnetic diskette, or transmit by modem, a listing
        on
        a loan-level basis of the information contained in the related Mortgage Loan
        Schedule attached to the related Term Sheet;

      

      (b) all
        of
        the representations and warranties of the Company under this Agreement shall
        be
        materially true and correct as of the related Closing Date and no event shall
        have occurred which, with notice or the passage of time, would constitute
        a
        material default under this Agreement;

      

      (c) the
        Purchaser shall have received, or the Purchaser's attorneys shall have received
        in escrow, all documents required pursuant to this Agreement, the related
        Term
        Sheet, an opinion of counsel and an officer's certificate, all in such forms
        as
        are agreed upon and acceptable to the Purchaser, duly executed by all
        signatories other than the Purchaser as required pursuant to the terms
        hereof;

      

      (d) the
        Company shall have delivered and released to the Purchaser (or its designee)
        on
        or prior to the related Closing Date all documents required pursuant to the
        terms of this Agreement and the related Term Sheet; and

      

      (e) all
        other
        terms and conditions of this Agreement, the related Term Sheet and the
        Confirmation shall have been materially complied with.

      

      Subject
        to the foregoing conditions, the Purchaser shall pay to the Company on the
        related Closing Date the Purchase Price, plus accrued interest pursuant to
        Section 2.02 of this Agreement, by wire transfer of immediately available
        funds
        to the account designated by the Company.

      

      Section
        11.18. Cooperation
        of Company with a Reconstitution.

      

      The
        Company and the Purchaser agree that with respect to some or all of the Mortgage
        Loans, on or after the related Closing Date, on one or more dates (each a
        "Reconstitution Date") at the Purchaser's sole option, the Purchaser may
        effect
        a sale (each, a "Reconstitution") of some or all of the Mortgage Loans then
        subject to this Agreement, without recourse, to:

      

      (a) 
        one or
        more third party purchasers in one or more in whole loan transfers (each,
        a
        "Whole Loan Transfer"); or

      

      (b) one
        or
        more trusts or other entities to be formed as part of one or more pass-through
        transfers (each, a "Pass-Through Transfer").

      

      The
        Company agrees to execute in connection with any agreements among the Purchaser,
        the Company, and any servicer in connection with a Whole Loan Transfer, an
        Assignment, Assumption and Recognition Agreement substantially in the form
        of
        Exhibit D hereto, or, at Purchaser’s request, a seller's warranties and
        servicing agreement or a participation and servicing agreement or similar
        agreement in form and substance reasonably acceptable to the parties, and
        in
        connection with a Pass-Through Transfer, a pooling and servicing agreement
        in
        form and substance reasonably acceptable to the parties, (collectively the
        agreements referred to herein are designated, the "Reconstitution Agreements").
        It is understood that any such Reconstitution Agreements will not contain
        any
        greater obligations on the part of Company than are contained in this
        Agreement.

      

      With
        respect to each Whole Loan Transfer and each Pass-Through Transfer entered
        into
        by the Purchaser, the Company agrees (1) to cooperate fully with the Purchaser
        and any prospective purchaser with respect to all reasonable requests and
        due
        diligence procedures; (2) to execute, deliver and perform all Reconstitution
        Agreements required by the Purchaser; (3) to restate the representations
        and
        warranties set forth in this Agreement as of the settlement or closing date
        in
        connection with such Reconstitution (each, a "Reconstitution Date"). In that
        connection, the Company shall provide to such servicer or issuer, as the
        case
        may be, and any other participants in such Reconstitution: (i) any and all
        information (including servicing portfolio information) and appropriate
        verification of information (including servicing portfolio information) which
        may be reasonably available to the Company, whether through letters of its
        auditors and counsel or otherwise, as the Purchaser or any such other
        participant shall request upon reasonable demand; and (ii) such additional
        representations, warranties, covenants, opinions of counsel, letters from
        auditors, and certificates of public officials or officers of the Company
        as are
        reasonably agreed upon by the Company and the Purchaser or any such other
        participant. In connection with each Pass-Through Transfer, the Company agrees
        to provide reasonable and customary indemnification to the Purchaser and
        its
        affiliates for disclosure contained in any offering document relating to
        the
        Company or its affiliates, the Mortgage Loans and the underwriting standards
        of
        the Mortgage Loans. The Purchaser shall be responsible for the costs relating
        to
        the delivery of such information. With respect to each Pass-Through Transfer,
        the Purchaser shall provide thirty (30) days notice of such transfer, unless
        otherwise agreed by the parties in the related Confirmation. With respect
        to
        each Whole Loan Transfer, limits on frequency of Reconstitution may be provided
        in the related Confirmation or related Term Sheet for the related Mortgage
        Loans. 

       

      All
        Mortgage Loans not sold or transferred pursuant to a Reconstitution shall
        remain
        subject to, and serviced in accordance with the terms of, this Agreement
        and the
        related Term Sheet, and with respect thereto this Agreement and the related
        Term
        Sheet shall remain in full force and effect.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company and the Purchaser have caused their names to
        be
        signed hereto by their respective officers thereunto duly authorized as of
        the
        day and year first above written.

       

      
        	 	 	 
	 	EMC
                MORTGAGE CORPORATION
	 	
                Purchaser

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                Name:   

              	 
	 	Title:	 

      

       

      
         

        
          	 	 	 
	 	NATIONAL
                  CITY MORTGAGE
                  COMPANY
	 	
                  Company

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

         

         

         

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        A

       

      CONTENTS
        OF MORTGAGE FILE

      

      With
        respect to each Mortgage Loan, the Mortgage File shall include each of the
        following items, which shall be available for inspection by the Purchaser,
        and
        which shall be retained by the Company in the Servicing File or delivered
        to the
        Purchaser or its designee pursuant to Sections 2.04 and 2.05 of the Purchase,
        Warranties and Servicing Agreement.

      

      1.
        The
        original Mortgage Note endorsed "Pay to the order of
        ____________________________________________________, without recourse,"
        and
        signed via original signature in the name of the Company by an authorized
        officer, with all intervening endorsements showing a complete chain of title
        from the originator to the Company, together with any applicable riders.
        In no
        event may an endorsement be a facsimile endorsement. If the Mortgage Loan
        was
        acquired by the Company in a merger, the endorsement must be by "[Company],
        successor by merger to the [name of predecessor]". If the Mortgage Loan was
        acquired or originated by the Company while doing business under another
        name,
        the endorsement must be by "[Company] formerly known as [previous name]".
        Mortgage Notes may be in the form of a lost note affidavit subject to Purchaser
        acceptability. 

      

      2.
        The
        original Mortgage (together with a standard adjustable rate mortgage rider)
        with
        evidence of recording thereon, or a copy thereof certified by the public
        recording office in which such mortgage has been recorded or, if the original
        Mortgage has not been returned from the applicable public recording office,
        a
        true certified copy, certified by the Company.

      

      3.
        The
        original or certified copy, certified by the Company, of the Primary Mortgage
        Insurance Policy or Lender Primary Mortgage Insurance Policy, if
        required.

      

      4. The
        original Assignment, from the Company to _____________________________________,
        or in accordance with Purchaser's instructions, which assignment shall, but
        for
        any blanks requested by Purchaser, be in form and substance acceptable for
        recording. If the Mortgage Loan was acquired or originated by the Company
        while
        doing business under another name, the Assignment must be by "[Company] formerly
        known as [previous name]". If the Mortgage Loan was acquired by the Company
        in a
        merger, the endorsement must be by "[Company], successor by merger to the
        [name
        of predecessor]". None of the Assignments are blanket assignments of
        mortgage.

      

      5. The
        original policy of title insurance, including riders and endorsements thereto,
        or if the policy has not yet been issued, a written commitment or interim
        binder
        or preliminary report of title issued by the title insurance or escrow
        company.

      

      6. Originals
        of all recorded intervening Assignments, or copies thereof, certified by
        the
        public recording office in which such Assignments have been recorded showing
        a
        complete chain of title from the originator to the Company, with evidence
        of
        recording thereon, or a copy thereof certified by the public recording office
        in
        which such Assignment has been recorded or, if the original Assignment has
        not
        been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      7. Originals,
        or copies thereof certified by the public recording office in which such
        documents have been recorded, of each assumption, extension, modification,
        written assurance or substitution agreements, if applicable, or if the original
        of such document has not been returned from the applicable public recording
        office, a true certified copy, certified by the Company. 

      

      8. If
        the
        Mortgage Note or Mortgage or any other material document or instrument relating
        to the Mortgage Loan has been signed by a person on behalf of the Mortgagor,
        the
        original or copy of power of attorney or other instrument that authorized
        and
        empowered such person to sign bearing evidence that such instrument has been
        recorded, if so required in the appropriate jurisdiction where the Mortgaged
        Property is located, or a copy thereof certified by the public recording
        office
        in which such instrument has been recorded or, if the original instrument
        has
        not been returned from the applicable public recording office, a true certified
        copy, certified by the Company.

      

      9. reserved.

      

      10. Mortgage
        Loan closing statement (Form HUD-1) and any other truth-in-lending or real
        estate settlement procedure forms required by law.

      

      11.
        Residential loan application.

      

      12. Uniform
        underwriter and transmittal summary (Fannie Mae Form 1008) or reasonable
        equivalent.

      

      13. Credit
        report on the mortgagor.

      

      14. Business
        credit report, if applicable.

      

      15. Residential
        appraisal report and attachments thereto.

      

      16. The
        original of any guarantee executed in connection with the Mortgage
        Note.

      

      17. Verification
        of employment and income except for Mortgage Loans originated under a limited
        documentation program, all in accordance with Company's underwriting
        guidelines.

      

      18. Verification
        of acceptable evidence of source and amount of down payment, in accordance
        with
        Company's underwriting guidelines.

      

      19. Photograph
        of the Mortgaged Property (may be part of appraisal).

      

      20. Survey
        of
        the Mortgaged Property, if any.

      

      21. Sales
        contract, if applicable.

      

      22. If
        available, termite report, structural engineer’s report, water portability and
        septic certification.

      

      23. Any
        original security agreement, chattel mortgage or equivalent executed in
        connection with the Mortgage.

      

      24. Name
        affidavit, if applicable.

      

      Notwithstanding
        anything to the contrary herein, Company may provide one certificate for
        all of
        the Mortgage Loans indicating that the documents were delivered for
        recording.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      

      CUSTODIAL
        ACCOUNT LETTER AGREEMENT

      

      ______________,
        2001

      

      To: [_______________________]
        

      (the
        "Depository")

      

      As
        "Company" under the Purchase, Warranties and Servicing Agreement, dated as
        of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as a Custodial Account pursuant to Section 4.04 of
        the
        Agreement, to be designated as " National City Mortgage Company, in trust
        for
        the [Purchaser], Owner of Mortgage Loans". All deposits in the account shall
        be
        subject to withdrawal therefrom by order signed by the Company. This letter
        is
        submitted to you in duplicate. Please execute and return one original to
        us.

      

      NATIONAL
        CITY MORTGAGE COMPANY

       

      By:____________________________

       

      Name:__________________________

       

      Title:___________________________

       

       

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number [__________], at the office of
        the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      [___________________________]

       

      By:____________________________

       

      Name:__________________________

       

      Title:___________________________

       

       

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      ESCROW
        ACCOUNT LETTER AGREEMENT

      _____________,
        2001

      

      To: [_______________________]

      (the
        "Depository")

      

      As
        “Company” under the Purchase Warranties and Servicing Agreement, dated as of
        October 1, 2001 (the "Agreement"), we hereby authorize and request you to
        establish an account, as an Escrow Account pursuant to Section 4.06 of the
        Agreement, to be designated as "National City Mortgage Company, in trust
        for the
        [Purchaser], Owner of Mortgage Loans, and various Mortgagors." All deposits
        in
        the account shall be subject to withdrawal therefrom by order signed by the
        Company. This letter is submitted to you in duplicate. Please execute and
        return
        one original to us.

       

      
        NATIONAL
          CITY MORTGAGE COMPANY

         

        By:____________________________

         

        Name:__________________________

         

        Title:___________________________

         

      

      

      The
        undersigned, as "Depository", hereby certifies that the above described account
        has been established under Account Number __________, at the office of the
        depository indicated above, and agrees to honor withdrawals on such account
        as
        provided above. The full amount deposited at any time in the account will
        be
        insured up to applicable limits by the Federal Deposit Insurance Corporation
        through the Bank Insurance Fund or the Savings Association Insurance Fund
        or
        will be invested in Permitted Investments as defined in the
        Agreement.

      

      
        [___________________________]

         

        By:____________________________

         

        Name:__________________________

         

        Title:___________________________

      

       

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      EXHIBIT
        D

      

      FORM
        OF
        ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

      

      This
        is a
        Purchase, Assignment, Assumption and Recognition Agreement (this “PAAR
        Agreement”) made as of __________, 200__, among EMC Mortgage Corporation (the
“Assignor”), ___________________ (the “Assignee”), and _______________________
        (the “Company”).

      

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") now serviced by Company for
        Assignor and its successors and assigns pursuant to the Purchase, Warranties
        and
        Servicing Agreement, dated as of _________, 200__, between Assignor and Company
        (the “Purchase Agreement”) shall be subject to the terms of this PAAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Purchase Agreement.

      

      Purchase,
        Assignment and Assumption

      

      1. Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Purchase
        Agreement.

      

      2. Simultaneously
        with the execution hereof, (i) Assignee shall pay to Assignor the “Funding
        Amount” as set forth in that certain letter agreement, dated as of _________
        ____, between Assignee and Assignor (the “Confirmation”) and (ii) Assignor, at
        its expense, shall have caused to be delivered to Assignee or its designee
        the
        Mortgage File for each Assigned Loan in Assignor's or its custodian's
        possession, as set forth in the Purchase Agreement, along with, for each
        Assigned Loan, an endorsement of the Mortgage Note from the applicable Company,
        in blank, and an assignment of mortgage in recordable form from the applicable
        Company, in blank. Assignee shall pay the Funding Amount by wire transfer
        of
        immediately available funds to the account specified by Assignor. Assignee
        shall
        be entitled to all scheduled payments due on the Assigned Loans after
        ___________, 200__ and all unscheduled payments or other proceeds or other
        recoveries on the Assigned Loans received on and after _____________,
        200__.

      

      Representations,
        Warranties and Covenants

      

      3. Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

      

      (b) Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

      

      (c) There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d) Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

      

      (e) Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

      

      (f) Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignor’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignor’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignor is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignor or its property is subject. The execution, delivery
        and performance by Assignor of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignor. This PAAR Agreement has been duly executed
        and delivered by Assignor and, upon the due authorization, execution and
        delivery by Assignee and Company, will constitute the valid and legally binding
        obligation of Assignor enforceable against Assignor in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and

      

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto.

      

       

      4. Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      

      (a) Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        acquire, own and purchase the Assigned Loans;

      

      (b) Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this PAAR Agreement, and to consummate the transactions
        set
        forth herein. The consummation of the transactions contemplated by this PAAR
        Agreement is in the ordinary course of Assignee’s business and will not conflict
        with, or result in a breach of, any of the terms, conditions or provisions
        of
        Assignee’s charter or by-laws or any legal restriction, or any material
        agreement or instrument to which Assignee is now a party or by which it is
        bound, or result in the violation of any law, rule, regulation, order, judgment
        or decree to which Assignee or its property is subject. The execution, delivery
        and performance by Assignee of this PAAR Agreement and the consummation by
        it of
        the transactions contemplated hereby, have been duly authorized by all necessary
        corporate action on part of Assignee. This PAAR Agreement has been duly executed
        and delivered by Assignee and, upon the due authorization, execution and
        delivery by Assignor and Company, will constitute the valid and legally binding
        obligation of Assignee enforceable against Assignee in accordance with its
        terms
        except as enforceability may be limited by bankruptcy, reorganization,
        insolvency, moratorium or other similar laws now or hereafter in effect relating
        to creditors’ rights generally, and by general principles of equity regardless
        of whether enforceability is considered in a proceeding in equity or at law;
        

      

      (c) No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this PAAR Agreement, or the consummation by it of the transactions
        contemplated hereby; and 

      

      (d) Assignee
        agrees to be bound as “Purchaser” by all of the terms, covenants and conditions
        of the Purchase Agreement with respect to the Assigned Loans, and from and
        after
        the date hereof, Assignee assumes for the benefit of each of Assignor and
        Company all of Assignor's obligations as “Purchaser” thereunder but solely with
        respect to such Assigned Loans.

       

      5. Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

      

      (a) Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder; 

      

      (b)
         Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

      

      
        (c)
          Company
          has full corporate power and authority to execute, deliver and perform
          its
          obligations under this PAAR Agreement, and to consummate the transactions
          set
          forth herein. The consummation of the transactions contemplated by this
          PAAR
          Agreement is in the ordinary course of Company’s business and will not conflict
          with, or result in a breach of, any of the terms, conditions or provisions
          of
          Company’s charter or by-laws or any legal restriction, or any material agreement
          or instrument to which Company is now a party or by which it is bound,
          or result
          in the violation of any law, rule, regulation, order, judgment or decree
          to
          which Company or its property is subject. The execution, delivery and
          performance by Company of this PAAR Agreement and the consummation by it
          of the
          transactions contemplated hereby, have been duly authorized by all necessary
          corporate action on part of Company. This PAAR Agreement has been duly
          executed
          and delivered by Company, and, upon the due authorization, execution and
          delivery by Assignor and Assignee, will constitute the valid and legally
          binding
          obligation of Company, enforceable against Company in accordance with its
          terms
          except as enforceability may be limited by bankruptcy, reorganization,
          insolvency, moratorium or other similar laws now or hereafter in effect
          relating
          to creditors’ rights generally, and by general principles of equity regardless
          of whether enforceability is considered in a proceeding in equity or at
          law;

      

      

      
        (d)
          No
          consent, approval, order or authorization of, or declaration, filing or
          registration with, any governmental entity is required to be obtained or
          made by
          Assignee in connection with the execution, delivery or performance by Company
          of
          this PAAR Agreement, or the consummation by it of the transactions contemplated
          hereby; and

      

      

      
        (e)
          No
          event
          has occurred
          from the
          Closing Date to the date hereof which would render the representations
          and
          warranties as to the related Assigned Loans made by the Company in Sections
          3.01
          and 3.02 of the Purchase Agreement to be untrue in any material
          respect.

      

      

      Recognition
        of Assignee

      

      6. From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans in accordance with the Purchase
        Agreement. It is the intention of Assignor, Company and Assignee that this
        PAAR
        Agreement shall be binding upon and for the benefit of the respective successors
        and assigns of the parties hereto. Neither Company nor Assignor shall amend
        or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Purchase Agreement which amendment, modification, waiver
        or
        other alteration would in any way affect the Assigned Loans without the prior
        written consent of Assignee.

      

       

      Miscellaneous

      

      7. All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this PAAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered at or mailed by registered mail,
        postage prepaid, as follows:

       

      

      (a)        
         In
        the
        case of Company,

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________

       

      With
        a
        copy to ______________________________________.

      

      
        	(b)  	
                In
                  the case of Assignor,

              

      

      

      ____________________

      ____________________

      ____________________

      ____________________

      ____________________ 

      

      (c)         
         In
        the
        case of Assignee,

      

      EMC
        Mortgage Corporation 

      Mac
        Arthur Ridge II 

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        Texas 75038

      Attention:
        Mr. Edward Raice

      Telecopier
        No.: (972) 444-2810

      

      with
        a
        copy to:

      

      ___________________

      245
        Park
        Avenue

      New
        York,
        New York 10167

      Attention:
        ___________

      Telecopier
        No.: (212) 272-____

      

      8. Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this PAAR Agreement. 

      

      9. This
        PAAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

      

      10. No
        term
        or provision of this PAAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

      

      11. This
        PAAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall, without the requirement for any further writing,
        be deemed Assignor, Assignee or Company, respectively, hereunder.

      

      12. This
        PAAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

      

      13. This
        PAAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

      

      14. In
        the
        event that any provision of this PAAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        PAAR Agreement shall control. In the event that any provision of this PAAR
        Agreement conflicts with any provision of the Confirmation with respect to
        the
        Assigned Loans, the terms of this PAAR Agreement shall control.

      

      

      [Modification
        of Purchase Agreement

      

      
        15.
          The
          Company and Assignor hereby amend the Purchase Agreement as
          follows:

      

      

      (a) The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

      

      Securities
        Administrator: ________________________

      

      Supplemental
        PMI Insurer: ________________________

      

      Supplemental
        PMI Policy: The
        primary guarantee insurance policy of the Supplemental PMI Insurer attached
        hereto as Exhibit J, or any successor Supplemental PMI Policy given to the
        Servicer by the Assignee.

      

      Trustee:
         ________________________

      

      (b) The
        following definition is amended and restated:

      

      Insurance
        Proceeds: Proceeds
        of any Primary Mortgage Insurance Policy
        or
        Lender Primary Mortgage Insurance Policy,
        the
        Supplemental PMI Policy, any title policy, any hazard insurance policy or
        any
        other insurance policy covering a Mortgage Loan or other related Mortgaged
        Property, including any amounts required to be deposited in the Custodial
        Account pursuant to Section 4.04, 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 Accepted Servicing Practices.

      

      (c) The
        following are added as the fourth, fifth and sixth paragraphs of Section
        4.08:

      

      “In
        connection with its activities as servicer, the Company agrees to prepare
        and
        present, on behalf of itself and the Purchaser, claims to the Supplemental
        PMI
        Insurer with respect to the Supplemental PMI Policy and, in this regard,
        to take
        such action as shall be necessary to permit recovery under any Supplemental
        PMI
        Policy respecting a defaulted Mortgage Loan. Pursuant to Section 4.04, any
        amounts collected by the Company under any Supplemental PMI Policy shall
        be
        deposited in the Custodial Account, subject to withdrawal pursuant to Section
        4.05.

      

      In
        accordance with the Supplemental PMI Policy, the Company shall provide to
        the
        Supplemental PMI Insurer any required information regarding the Mortgage
        Loans.

      

      The
        Company shall provide to the [Securities Administrator] on a monthly basis
        via
        computer tape, or other mutually acceptable format, the unpaid principal
        balance, insurer certificate number, lender loan number, and premium due
        the
        Supplemental PMI Insurer for each Mortgage Loan covered by the Supplemental
        PMI
        Policy. In addition, the Company agrees to forward to the Purchaser and the
        [Securities Administrator] any statements or other reports given by the
        Supplemental PMI Insurer to the Servicer in connection with a claim under
        the
        Supplemental PMI Policy.”

      

      (d) Clause
        (vi) of Section 6.1 is amended to read as follows:

      

      “Company
        ceases to be approved by either Fannie Mae or FHLMC as a mortgage loan seller
        or
        servicer for more than thirty days, or the Company fails to meet the servicer
        eligibility requirements of the Supplemental PMI Insurer; or”]

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this PAAR Agreement as
        of the
        day and year first above written.

      
         

        
          	 	 	 
	 	EMC
                  MORTGAGE
                  CORPORATION
	 	
                  Assignor

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

         

      

       

      
         

        
          	 	 	 
	 	 
	 	
                  Assignee

                
	 
 	 
 	 
 
	 	By:  	 
	 	
                  Name:   

                	 
	 	Title:	 

        

      

       

      
        
           

          
            	 	 	 
	 	 
	 	
                    Company

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 

          

        

         

        
 

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      ATTACHMENT
        1

      

      ASSIGNED
        LOAN SCHEDULE

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ATTACHMENT
        2

      

      PURCHASE,
        WARRANTIES AND SERVICING AGREEMENT

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        E

      

      FORM
        OF
        TRIAL BALANCE

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        G

      

      REQUEST
        FOR RELEASE OF DOCUMENTS AND RECEIPT

      

      RE: Mortgage
        Loan #___________________________________

      BORROWER:__________________________________________________

      PROPERTY:
        __________________________________________________

      

      

      Pursuant
        to a Purchase, Warranties and Servicing Agreement (the "Agreement") between
        the
        Company and the Purchaser, the undersigned hereby certifies that he or she
        is an
        officer of the Company requesting release of the documents for the reason
        specified below. The undersigned further certifies that:

      

      (Check
        one of the items below)

      

      _____ On
        _________________, the above captioned mortgage loan was paid in full or
        that
        the Company has been notified that payment in full has been or will be escrowed.
        The Company hereby certifies that all amounts with respect to this loan which
        are required under the Agreement have been or will be deposited in the Custodial
        Account as required.

      

      _____ The
        above
        captioned loan is being repurchased pursuant to the terms of the Agreement.
        The
        Company hereby certifies that the repurchase price has been credited to the
        Custodial Account as required under the Agreement.

      

      _____ The
        above
        captioned loan is being placed in foreclosure and the original documents
        are
        required to proceed with the foreclosure action. The Company hereby certifies
        that the documents will be returned to the Purchaser in the event of
        reinstatement.

      

      _____ Other
        (explain)

      

      _______________________________________________________

      _______________________________________________________

      

      All
        capitalized terms used herein and not defined shall have the meanings assigned
        to them in the Agreement.

      

      Based
        on
        this certification and the indemnities provided for in the Agreement, please
        release to the Company all original mortgage documents in your possession
        relating to this loan.

      

      Dated:_________________

      

      By:________________________________

      Signature

      ___________________________________

      Title

      

      Send
        documents to: _____________________________________________

      _____________________________________________

      _____________________________________________

      

      Acknowledgement:

      

      Purchaser
        hereby acknowledges that all original documents previously released on the
        above
        captioned mortgage loan have been returned and received by the
        Purchaser.

      

      

      Dated:________________

      

      By:________________________________

      Signature

      

      _______________________________

      Title

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      EXHIBIT
        H

      

      COMPANY’S
        UNDERWRITING GUIDELINES

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        I

       

      TERM
        SHEET

      

      This
        TERM
        SHEET (the "Term Sheet") dated _____________, between National City Mortgage
        Company, a ________ corporation, located at 3232 Newmark Drive, Miamisburg,
        Ohio
        45342 (the “Company”) and EMC Mortgage Corporation, a Delaware corporation,
        located at ______________ (the "Purchaser") is made pursuant to the terms
        and
        conditions of that certain Purchase, Warranties and Servicing Agreement (the
        "Agreement") dated as of October 1, 2001, between the Company and the Purchaser,
        the provisions of which are incorporated herein as if set forth in full herein,
        as such terms and conditions may be modified or supplemented hereby. All
        initially capitalized terms used herein unless otherwise defined shall have
        the
        meanings ascribed thereto in the Agreement. 

      

      The
        Purchaser hereby purchases from the Company and the Company hereby sells
        to the
        Purchaser, all of the Company’s right, title and interest in and to the Mortgage
        Loans described on the Mortgage Loan Schedule annexed hereto as Schedule
        I,
        pursuant to and in accordance with the terms and conditions set forth in
        the
        Agreement, as same may be supplemented or modified hereby. Hereinafter, the
        Company shall service the Mortgage Loans for the benefit of the Purchaser
        and
        all subsequent transferees of the Mortgage Loans pursuant to and in accordance
        with the terms and conditions set forth in the Agreement. 

      

      1. Definitions

      

      For
        purposes of the Mortgage Loans to be sold pursuant to this Term Sheet, the
        following terms shall have the following meanings:

      

      Aggregate
        Principal Balance

      (as
        of
        the Cut-Off Date):    

      

      Closing
        Date:    

      

      Custodian:    

      

      Cut-off
        Date:    

      

      Initial
        Weighted Average

      Mortgage
        Loan Remittance Rate:  

      

      Mortgage
        Loan:    

      

      Purchase
        Price Percentage:   

      

      Servicing
        Fee Rate:   

      

      Additional
        Closing Conditions: 

      

      In
        addition to the conditions specified in the Agreement, the obligation of
        each of
        the Company and the Purchaser is subject to the fulfillment, on or prior
        to the
        applicable Closing Date, of the following additional conditions: [None].
        

      

      Additional
        Loan Documents: 

      

      In
        addition to the contents of the Mortgage File specified in the Agreement,
        the
        following documents shall be delivered with respect to the Mortgage Loans:
        [None]

      

      [Additional]
        [Modification] of Representations and Warranties:

       

      [In
        addition to the representations and warranties set forth in the Agreement,
        as of
        the date hereof, the Company makes the following additional representations
        and
        warranties with respect to the Mortgage Loans: [None]. [Notwithstanding anything
        to the contrary set forth in the Agreement, with respect to each Mortgage
        Loan
        to be sold on the Closing Date, the representation and warranty set forth
        in
        Section ______ of the Agreement shall be modified to read as
        follows:]

      

      Except
        as
        modified herein, Section ______ of the Agreement shall remain in full force
        and
        effect as of the date hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective duly authorized officers as of the date first above
        written.

       

      
        
           

          
            	 	 	 
	 	NATIONAL
                    CITY
                    MORTGAGE COMPANY
	 	
                     

                  
	 
 	 
 	 
 
	 	By:  	 
	 	
                    Name:   

                  	 
	 	Title:	 

          

           

          
            
               

              
                	 	 	 
	 	
                        EMC
                          MORTGAGE CORPORATION

                      
	 	
                         

                      
	 
 	 
 	 
 
	 	By:  	 
	 	
                        Name:   

                      	 
	 	Title:	 

              

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

      

      
SCHEDULE
        I

      

      MORTGAGE
        LOAN SCHEDULE

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      AMENDMENT
        REG AB

       

      TO
        THE PURCHASE, WARRANTIES AND SERVICING AGREEMENT

       

      This
        is
        Amendment Reg AB (the “Amendment
        Reg AB”),
        dated
        as of March 1, 2006 (the “Amendment
        Date”),
        by
        and between EMC Mortgage Corporation (the “Purchaser”), and
        National City Mortgage, Co. (the “Company”)
        to
        that certain Seller’s Purchase, Warranties and Servicing Agreement dated as of
        October 1, 2001 between the Company and the Purchaser (the “Agreement”).

       

      W
        I T N E S S E T H

       

      WHEREAS,
        the Company and the Purchaser have agreed, subject to the terms and conditions
        of this Amendment Reg AB that the Agreement be amended to reflect certain
        agreed
        upon revisions to the terms of the Agreement.

       

      Accordingly,
        the Company and the Purchaser hereby agree, in consideration of the mutual
        premises and mutual obligations set forth herein, that the Agreement is hereby
        amended as follows:

       

      DEFINED
        TERMS

      

      [Capitalized
        terms not defined are presumed to be defined in the applicable
        Agreement.]

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      Company
        Information:
        As
        defined in Section 7(a).

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

      Exchange
        Act.
        The
        Securities Exchange Act of 1934, as amended.

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

      Qualified
        Correspondent:
        Any
        Person from which the Company purchased Mortgage Loans, provided that the
        following conditions are satisfied: (i) such Mortgage Loans were originated
        pursuant to an agreement between the Company and such Person that contemplated
        that such Person would underwrite mortgage loans from time to time, for sale
        to
        the Company, in accordance with underwriting guidelines designated by the
        Company (“Designated Guidelines”) or guidelines that do not vary materially from
        such Designated Guidelines; (ii) such Mortgage Loans were in fact underwritten
        as described in clause (i) above and were acquired by the Company within
        180
        days after origination; (iii) either (x) the Designated Guidelines were,
        at the
        time such Mortgage Loans were originated, used by the Company in origination
        of
        mortgage loans of the same type as the Mortgage Loans for the Company’s own
        account or (y) the Designated Guidelines were, at the time such Mortgage
        Loans
        were underwritten, designated by the Company on a consistent basis for use
        by
        lenders in originating mortgage loans to be purchased by the Company; and
        (iv)
        the Company employed, at the time such Mortgage Loans were acquired by the
        Company, pre-purchase or post-purchase quality assurance procedures (which
        may
        involve, among other things, review of a sample of mortgage loans purchased
        during a particular time period or through particular channels) designed
        to
        ensure that Persons from which it purchased mortgage loans properly applied
        the
        underwriting criteria designated by the Company. For the avoidance of doubt,
        a
“Qualified Correspondent” includes a “table broker” or mortgage lender that
        originates loans underwritten and funded by the Company or an Affiliate of
        the
        Company.

      

      Reconstitution:
        Any
        Securitization Transaction or Whole Loan Transfer.

      

      Reconstitution
        Agreement: Any servicing agreement relating to a Reconstitution.

      

      Regulation
        AB:
        Subpart
        229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed
        Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
        (Jan.
        7, 2005)) or by the staff of the Commission, or as may be provided by the
        Commission or its staff from time to time.

      

      Securities
        Act:
        The Securities Act of 1933, as amended.

      

      Securitization
        Transaction.
        Any
        transaction involving either (1) a sale or other transfer of some or all
        of the
        Mortgage Loans directly or indirectly to an issuing entity in connection
        with an
        issuance of publicly offered or privately placed, rated or unrated
        mortgage-backed securities or (2) an issuance of publicly offered or privately
        placed, rated or unrated securities, the payments on which are determined
        primarily by reference to one or more portfolios of residential mortgage
        loans
        consisting, in whole or in part, of some or all of the Mortgage
        Loans.

      

      Servicer:
        As
        defined in Section 3(c).

      

      Servicing
        Criteria:
        The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
        amended from time to time.

      

      Static
        Pool Information:
        Static
        pool information as described in Item 1105(a)(1)-(3) and 1105(c) of Regulation
        AB.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete material functions identified in Item 1122(d) of Regulation AB with
        respect to Mortgage Loans under the direction or authority of the Company
        or a
        Subservicer.

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB;
        provided, however, that the term “Subservicer” shall not include any master
        servicer, or any special servicer other than the Company engaged at the request
        of a Depositor, Purchaser or investor in a Securitization Transaction, nor
        any
“back-up servicer” or trustee performing servicing functions on behalf of a
        Securitization Transaction.

      

      Third-Party
        Originator:
        Each
        Person, other than a Qualified Correspondent, that originated Mortgage Loans
        acquired by the Company and shall not include a mortgage broker that does
        not
        fund loans.

      

      Whole
        Loan Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans, other than a
        Securitization Transaction.

       

      ARTICLE
        1

      COMPLIANCE
        WITH REGULATION AB

      

      Section
        1
Intent
        of the Parties.

      

      The
        Purchaser and the Company acknowledge and agree that the purpose of Article
        1 of
        this Agreement is to facilitate compliance by the Purchaser and any Depositor
        with the provisions of Regulation AB and related rules and regulations of
        the
        Commission. Although Regulation AB is applicable by its terms only to offerings
        of asset-backed securities that are registered under the Securities Act,
        the
        Company acknowledges that investors in privately offered securities may require
        that the Purchaser or any Depositor provide comparable disclosure in
        unregistered offerings and will provide such comparable disclosure in
        unregistered offerings to the extent such disclosure becomes consistent with
        industry practice. References in this Agreement to compliance with Regulation
        AB
        include provision of comparable disclosure in private offerings. Neither
        the
        Purchaser nor any Depositor shall exercise its right to request (if any request
        is required) delivery of information or other performance under these provisions
        other than in good faith, or for purposes other than compliance with the
        provisions of the Securities Act, the Exchange Act and the rules and regulations
        of the Commission thereunder (or the provision in a private offering of
        disclosure comparable to that required under the Securities Act). The Company
        acknowledges that interpretations of the requirements of Regulation AB may
        change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed
        securities markets, advice of counsel, or otherwise, and agrees to comply
        with
        reasonable requests made by the Purchaser, any Master Servicer or any Depositor
        in good faith for delivery of information under these provisions on the basis
        of
        evolving interpretations of Regulation AB. In connection
        with any Securitization Transaction, the Company shall cooperate as set forth
        herein with the Purchaser to deliver to the Purchaser (including any of its
        assignees or designees) and any Depositor, any and all statements, reports,
        certifications, records and any other information necessary in the good faith
        determination of the Purchaser or any Depositor to permit the Purchaser or
        such
        Depositor to comply with the provisions of Regulation AB, together with such
        disclosures relating to the Company, any Subservicer, any Third-Party Originator
        and the Mortgage Loans, or the servicing of the Mortgage Loans, reasonably
        believed by the Purchaser or any Depositor to be necessary in order to effect
        such compliance.

      

      Section
        2
        Additional Representations and Warranties of the Company.

      

      (a) The
        Company shall be deemed to represent to the Purchaser and to any Depositor,
        as
        of the date on which information is first provided to the Purchaser or any
        Depositor under Section 3 that, except as disclosed in writing to the Purchaser
        or such Depositor prior to such date and unless otherwise disclosed in such
        information provided under Section 3: (i)
        the Company is not aware and has not received notice that any default, early
        amortization or other performance triggering event has occurred as to any
        other
        securitization due to any act or failure to act of the Company; (ii)
the
        Company has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; (iii) no
        material noncompliance
        with the applicable servicing criteria with respect to other securitizations
        of
        residential mortgage loans involving the Company as servicer
        has been disclosed or reported by the Company; (iv) no material
        changes to the Company’s policies or procedures with respect to the servicing
        function it will perform under this Agreement and any Reconstitution Agreement
        for mortgage loans of a type similar to the Mortgage Loans
        have occurred during the three-year period immediately preceding the
scheduled
        closing date of the related
        Securitization Transaction; (v) there are no aspects of the Company’s financial
        condition that could have a material adverse effect on the performance by
        the
        Company of its servicing obligations under this Agreement or any Reconstitution
        Agreement;
        (v) there are no material
        legal or governmental proceedings pending (or known to be contemplated by
        Government authorities) against the Company, or to the knowledge of the Company,
        any Subservicer or any Third-Party Originator;
        and (vi) there are no affiliations, relationships or transactions relating
        to
        the Company, any Subservicer or any Third-Party Originator with respect to
        any
        Securitization Transaction and any party thereto identified by the related
        Depositor of a type described in Item 1119 of Regulation AB.

      

      (b) If
        so requested by the Purchaser or any Depositor on any date following
the
        date
        on which information is first provided to the Purchaser or any Depositor
        under
        Section 3,
        the Company shall, within five business days following such request, confirm
        in
        writing the accuracy of the representations and warranties set forth in
        paragraph (a) of this Section or, if any such representation and warranty
        is not
        accurate as of the date of such request, provide reasonably adequate disclosure
        of the pertinent facts, in writing, to the requesting party.

      

      Section
        3
Information
        to Be Provided by the Company.

      

      In
        connection with any Securitization Transaction the Company shall (i)
within
        five business days
        following request by the Purchaser or any Depositor, provide to the Purchaser
        and such Depositor (or, as applicable, cause each Third-Party Originator
        and
        each Subservicer to provide), in writing, or in a mutually agreed upon
        electronic format, and in form and substance reasonably satisfactory to the
        Purchaser and such Depositor, the information and materials specified in
        paragraphs (a), (b), (c) and (f) of this Section, and (ii) as promptly as
        practicable following notice to or discovery by the Company, provide to the
        Purchaser and any Depositor (in writing, or in a mutually agreed upon electronic
        format, and in form and substance reasonably satisfactory to the Purchaser
        and
        such Depositor) the information specified in paragraph (d) of this
        Section.

      

      (a) If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or
        cause
        each Third-Party Originator or Subservicer, as applicable, to provide) such
        information, as mutually agreed upon by the Purchaser or any Depositor and
        the
        Company (or such Third-Party Originator or Subservicer, as applicable),
        regarding (i) the Company, as originator of the Mortgage Loans (including
        as an
        acquirer of Mortgage Loans from a Qualified Correspondent), or (ii) each
        Third-Party Originator, and (iii) as applicable, each Subservicer, as is
        requested for the purpose of compliance with Items 1103(a)(1), 1105, 1110,
        1117
        and 1119 of Regulation AB. Such information shall include, at a
        minimum:

      

      (A)   
        the
        originator’s form of organization;

      

      (B)   
        a
        description of the originator’s origination program and how long the originator
        has been engaged in originating residential mortgage loans, which description
        shall include a discussion of the originator’s experience in originating
        mortgage loans of a similar type as the Mortgage Loans; information regarding
        the size and composition of the originator’s origination portfolio; and
        information that may be materialin the good faith judgment of the Purchaser
        or
        any Depositor, to an analysis of the performance of the Mortgage Loans,
        including the originators’ credit-granting or underwriting criteria for mortgage
        loans of similar type(s) as the Mortgage Loans and such other information
        as the
        Purchaser or any Depositor may reasonably request for the purpose of compliance
        with Item 1110(b)(2) of Regulation AB;

      

      (C)   
        a
        description of any material legal proceedings pending (or known to be
        contemplated by governmental authorities) against the Company, or to the
        knowledge of the Company, each Third-Party Originator and each Subservicer;
        and

      

      (D)   
        a
        description of any affiliation or relationship between the Company, each
        Third-Party Originator, each Subservicer and any of the following parties
        to a
        Securitization Transaction, as such parties are identified and noticed to
        the
        Company by the Purchaser or any Depositor in writing in advance of such
        Securitization Transaction:

      

      (1)  the
        sponsor;

      (2)  the
        depositor;

      (3)  the
        issuing entity;

      (4)  any
        servicer;

      (5)  any
        trustee;

      (6)  any
        originator;

      (7)  any
        significant obligor;

      (8)  any
        enhancement or support provider; and

      (9)  any
        other
        material transaction party.

      

      (b) If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide) Static Pool
        Information with respect to the mortgage loans (of a similar type as the
        Mortgage Loans, as reasonably identified by the Purchaser as provided below)
        originated by (i) the Company, if the Company is an originator of Mortgage
        Loans
        (including as an acquirer of Mortgage Loans from a Qualified Correspondent),
        and/or (ii) each Third-Party Originator. Such Static Pool Information shall
        be
        prepared by the Company (or Third-Party Originator) on the basis of its
        reasonable, good faith interpretation of the requirements of Item 1105(a)(1)-(3)
        of Regulation AB. To the extent that there is reasonably available to the
        Company (or Third-Party Originator) Static Pool Information with respect
        to more
        than one mortgage loan type, the Purchaser or any Depositor shall be entitled
        to
        specify whether some or all of such information shall be provided pursuant
        to
        this paragraph. The content of such Static Pool Information may be in the
        form
        customarily provided by the Company, and need not be customized for the
        Purchaser or any Depositor. Such Static Pool Information for each vintage
        origination year or prior securitized pool, as applicable, shall be presented
        in
        increments no less frequently than quarterly over the life of the mortgage
        loans
        included in the vintage origination year or prior securitized pool. The most
        recent periodic increment must be as of a date no later than 135 days prior
        to
        the date of the prospectus or other offering document in which the Static
        Pool
        Information is to be included or incorporated by reference. The Static Pool
        Information shall be provided in an electronic format that provides a permanent
        record of the information provided, such as a portable document format (.pdf)
        file, or other such electronic format as mutually agreed upon by the Purchaser
        or the Depositor and the Company, as applicable.

      

      Promptly
        following notice or discovery of a material error in Static Pool Information
        provided pursuant to the immediately preceding paragraph (including an omission
        to include therein information required to be provided pursuant to such
        paragraph), the Company shall provide corrected Static Pool Information to
        the
        Purchaser or any Depositor, as applicable, in the same format in which Static
        Pool Information was previously provided to such party by the
        Company.

      

      If
        so
        requested by the Purchaser or any Depositor, the Company shall provide (or,
        as
        applicable, cause each Third-Party Originator to provide), at the expense
        of the
        Purchaser or Depositor, as applicable (to the extent of any additional
        incremental expense associated with delivery pursuant to this Agreement),
        such
        agreed-upon procedures letters of certified public accountants reasonably
        acceptable to the Purchaser or Depositor, as applicable, pertaining
        to Static Pool Information relating to prior securitized pools for
        securitizations closed on or after January 1, 2006 or, in the case of Static
        Pool Information with respect to the Company’s or Third-Party Originator’s
        originations or purchases, to calendar months commencing January 1,
        2006,
        as the
        Purchaser or such Depositor shall reasonably request. Such statements and
        letters shall be addressed to and be for the benefit of such parties as the
        Purchaser or such Depositor shall designate, which may include, by way of
        example, any Sponsor, any Depositor and any broker dealer acting as underwriter,
        placement agent or initial purchaser with respect to a Securitization
        Transaction[, and shall also be addressed to and for the benefit of the Company,
        its assignees and such Third-Party Originator. Any such statement or letter
        may
        take the form of a standard, generally applicable document accompanied by
        a
        reliance letter authorizing reliance by the addressees designated by the
        Purchaser or such Depositor.

      

      (c) If
        so
        requested by the Purchaser or any Depositor, the Company shall provide such
        information regarding the Company, as servicer of the Mortgage Loans, and
        cause
        each Subservicer to so provide such information (each of the Company and
        each
        Subservicer, for purposes of this paragraph, a “Servicer”), as is requested for
        the purpose of compliance with Item 1108 of Regulation AB. Such information
        shall include, at a minimum:

      

      (A) the
        Servicer’s form of organization;

       

      (B) a
        description of how long the Servicer has been servicing residential mortgage
        loans; a general discussion of the Servicer’s experience in servicing assets of
        any type as well as a more detailed discussion of the Servicer’s experience in,
        and procedures for, the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Servicer’s portfolio of residential mortgage loans of a type
        similar to the Mortgage Loans and information on factors related to the Servicer
        that may be material, in the good faith judgment of the Purchaser or any
        Depositor, to any analysis of the servicing of the Mortgage Loans or the
        related
        asset-backed securities, as applicable, including, without
        limitation:

       

      (1) whether
        any prior securitizations of mortgage loans of a type similar to the Mortgage
        Loans involving the Servicer have defaulted or experienced an early amortization
        or other performance triggering event because of servicing during the three-year
        period immediately preceding the scheduled closing date of the related
        Securitization Transaction;

      (2) the
        extent of outsourcing the Servicer utilizes;

      (3) whether
        there has been previous disclosure of material noncompliance with the applicable
        servicing criteria with respect to other securitizations of residential mortgage
        loans involving the Servicer as a servicer during the three-year period
        immediately preceding the scheduled closing date of the related Securitization
        Transaction; and

      (4) whether
        the Servicer has been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; and

      (5) such
        other information as the Purchaser or any Depositor may reasonably request
        for
        the purpose of compliance with Item 1108(b)(2) of Regulation AB;

       

      (C) a
        description of any material changes during the three-year period immediately
        preceding the scheduled closing date of the related Securitization Transaction
        to the Servicer’s policies or procedures with respect to the servicing function
        it will perform under this Agreement and any Reconstitution Agreements for
        mortgage loans of a type similar to the Mortgage Loans;

       

      (D) information
        regarding the Servicer’s financial condition, to the extent that there is a
        material risk that the effect on one or more aspects of servicing resulting
        from
        such financial condition would have a material impact on pool performance
        or on
        the performance by the Company of its servicing obligations under this Agreement
        or any Reconstitution Agreement;

       

      (E) information
        regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
        overall servicing portfolio of residential mortgage loans for the three-year
        period immediately preceding the scheduled closing date of the related
        Securitization Transaction, which may be limited to a statement by an authorized
        officer of the Servicer to the effect that the Servicer has made all advances
        required to be made on residential mortgage loans serviced by it during such
        period, or, if such statement would not be accurate, information regarding
        the
        percentage and type of advances not made as required, and the reasons for
        such
        failure to advance;

       

      (F) a
        description of the Servicer’s processes and procedures designed to address any
        special or unique factors involved in servicing loans of a similar type as
        the
        Mortgage Loans;

      

      (G) a
        description of the Servicer’s processes for handling delinquencies, losses,
        bankruptcies and recoveries, such as through liquidation of mortgaged
        properties, sale of defaulted mortgage loans or workouts; and

      

      (H) information
        as to how the Servicer defines or determines delinquencies and charge-offs,
        including the effect of any grace period, re-aging, restructuring, partial
        payments considered current or other practices with respect to delinquency
        and
        loss experience.

      

      (d) For
        the
        purpose of satisfying the reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, at the time the Company
        knows
        or should have known of any of the circumstances in subsection (i) of this
        paragraph, the Company shall (or shall cause each Subservicer and Third-Party
        Originator to) (i) immediately notify the Purchaser, any Master Servicer
        and any
        Depositor in writing of (A) any material litigation proceedings pending or
        governmental proceedings known to be contemplated against the Company, any
        Subservicer or any Third-Party Originator, as applicable, (B) any affiliations
        or relationships that develop following the closing date of a Securitization
        Transaction between the Company, any Subservicer or any Third-Party Originator
        and any of the parties specified in clause (D) of paragraph (a) of this Section
        (and any other parties identified in writing by the requesting party) with
        respect to such Securitization Transaction, (C) any Event of Default under
        the
        terms of this Agreement or any Reconstitution Agreement, (D) any merger,
        consolidation or sale of substantially all of the assets of the Company,
        and (E)
        the Company’s entry into an agreement with a Subservicer to perform or assist in
        the performance of any of the Company’s obligations under this Agreement or any
        Reconstitution Agreement and (ii) provide to the Purchaser and any Depositor
        a
        description of such proceedings, affiliations or relationships.

      

      All
        notification pursuant to this Section 3(d) should
        be
        sent to EMC by e-mail to regABnotifications@bear.com.
        In
        addition, each
        such
        notice
        other
        than those pursuant to Section 3(d)(i)(A), should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      Notifications
        pursuant to Section 3(d)(i)(A) should be sent to: 

      

      EMC
        Mortgage Corporation

      Two
        Mac
        Arthur Ridge

      909
        Hidden Ridge Drive, Suite 200

      Irving,
        TX 75038

      Attention:
        Associate General Counsel for Loan Administration

      Facsimile:
        (972) 831-2555

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:
        Global Credit Administration

      Facsimile:
        (212) 272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        Conduit Seller Approval Dept.

      Facsimile:
        (214) 626-3751

      Email:
        sellerapproval@bear.com

      

      (e) As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any Reconstitution Agreement by any Person
        (i) into which the Company or such Subservicer may be merged or consolidated,
        or
        (ii) which may be appointed as a successor to the Company or any Subservicer,
        the Company shall provide to the Purchaser, any Master Servicer and any
        Depositor, at least fifteen calendar days prior to the effective date of
        such
        succession or appointment, (x) written notice to the Purchaser and any Depositor
        of such succession or appointment and (y) in writing and in form and substance
        reasonably satisfactory to the Purchaser and such Depositor, all information
        reasonably requested by the Purchaser or any Depositor in order to comply
        with
        its reporting obligation under Item 6.02 of Form 8-K with respect to the
        related
        Securitization Transaction.

      

      (f) In
        addition to such information as the Company, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, if so requested by
        the
        Purchaser or any Depositor, the Company shall provide such information regarding
        the performance or servicing of the Mortgage Loans as is reasonably required
        to
        facilitate preparation of distribution reports in accordance with Item 1121
        of
        Regulation AB as applicable to the Company. The Company shall also provide
        a
        monthly report, in the form of Exhibit
        C
        hereto,
        or such other form as is mutually acceptable to the Company, the Purchaser
        and
        any Master Servicer, Exhibit
        D
        with
        respect to defaulted mortgage loans and Exhibit
        E,
        with
        respect to realized losses and gains, with each such report. Such information
        shall be provided concurrently with the monthly reports otherwise required
        to be
        delivered by the servicer under this Agreement, commencing with the first
        such
        report due not less than ten Business Days following such request. 

      

      (g)
        In
        addition to such information as the Company, as servicer, is obligated to
        provide pursuant to other provisions of this Agreement, not later than ten
        days
        prior to the deadline for the filing of any distribution report on Form 10-D
        in
        respect of any Securitization Transaction that includes any of the Mortgage
        Loans serviced by the Company or any Subservicer, the Company or such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        of the following events along with all information, data, and materials related
        thereto as may be required to be included in the related distribution report
        on
        Form 10-D (as specified in the provisions of Regulation AB referenced
        below):

      (i) any
        material modifications, extensions or waivers of pool asset terms, fees,
        penalties or payments during the distribution period or that have cumulatively
        become material over time (Item 1121(a)(11) of Regulation AB);

      

      (ii) material
        breaches of pool asset representations or warranties or transaction covenants
        (Item 1121(a)(12) of Regulation AB); and

      

      (iii) information
        regarding any pool asset changes (such as, additions, substitutions or
        repurchases), and any material changes in origination, underwriting or other
        criteria for acquisition or selection of pool assets (Item 1121(a)(14) of
        Regulation AB).

      

      (h)
        The
        Company shall provide, as may be reasonably requested by the Purchaser, any
        Master Servicer or any Depositor, evidence of the authorization of the person
        signing any certification or statement, copies or other evidence of Fidelity
        Bond Insurance and Errors and Omission Insurance policy, financial information
        and reports, and such other information related to the Company or any
        Subservicer or the Company or such Subservicer’s performance hereunder to the
        Purchaser, any Master Servicer and any Depositor.

      

      Section
        4
Servicer
        Compliance Statement.

      

      On
        or
        before March 1 of each calendar year, commencing in 2007, the Company shall
        deliver to the Purchaser, any Master Servicer and any Depositor a statement
        of
        compliance addressed to the Purchaser, such Master Servicer and such Depositor
        and signed by an authorized officer of the Company, to the effect that (i)
        a
        review of the Company’s activities as servicer during the immediately preceding
        calendar year (or applicable portion thereof) and of its performance under
        this
        Agreement and any applicable Reconstitution Agreement during such period
        has
        been made under such officer’s supervision, and (ii) to the best of such
        officers’ knowledge, based on such review, the Company has fulfilled all of its
        obligations under this Agreement and any applicable Reconstitution Agreement
        in
        all material respects throughout such calendar year (or applicable portion
        thereof) or, if there has been a failure to fulfill any such obligation in
        any
        material respect, specifically identifying each such failure known to such
        officer and the nature and the status thereof.

      

      

      Section
        5
Report
        on Assessment of Compliance and Attestation.

      

      (a) On
        or
        before March 1 of each calendar year, commencing in 2007, the 

      Company
        shall:

      

      (i) deliver
        to the Purchaser, any Master Servicer and any Depositor a report (in form
        and
        substance reasonably satisfactory to the Purchaser, such Master Servicer
        and
        such Depositor) regarding the Company’s assessment of compliance with the
        Servicing Criteria during the immediately preceding calendar year, as required
        under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
        AB. Such report shall be addressed to the Purchaser, such Master Servicer
        and
        such Depositor and signed by an authorized officer of the Company, and shall
        address each of the applicable Servicing Criteria specified on Exhibit B
        hereto;

      

      (ii) deliver
        to the Purchaser, any Master Servicer and any Depositor a report of a registered
        public accounting firm reasonably acceptable to the Purchaser, such Master
        Servicer and such Depositor that attests to, and reports on, the assessment
        of
        compliance made by the Company and delivered pursuant to the preceding
        paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
        and
        2-02(g) of Regulation S-X under the Securities Act and the Exchange
        Act;

      

      (iii) cause
        each Subservicer, and each Subcontractor determined by the Company pursuant
        to
        Section 6(b) to be “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, to deliver to the Purchaser, any Master Servicer
        and any Depositor an assessment of compliance and accountants’ attestation as
        and when provided in paragraphs (a) and (b) of this Section; and

      

      (iv) deliver
        and cause each Subservicer and Subcontractor described in clause (iii) to
        provide to the Purchaser, any Master Servicer any Depositor and any other
        Person
        that will be responsible for signing the certification (a “Sarbanes
        Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act
        (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of
        an
        asset-backed issuer with respect to a Securitization Transaction a certification
        signed by the appropriate officer of the Company in the form attached hereto
        as
        Exhibit A; provided that such certification delivered by the Company may
        not be
        filed as an exhibit to, or included in, any offering document or registration
        statement.

      

      The
        Company acknowledges that the parties identified in clause (a)(iv) above
        may
        rely on the certification provided by the Company pursuant to such clause
        in
        signing a Sarbanes Certification and filing such with the
        Commission.

      

      (b) Each
        assessment of compliance provided by a Subservicer pursuant to 

      Section
        5(a)(i) shall address each of the Servicing Criteria specified on Exhibit
        B
        hereto. An assessment of compliance provided by a Subcontractor pursuant
        to
        Section 5(a)(iii) need not address any elements of the Servicing Criteria
        other
        than those specified by the Company pursuant to Section 6.

      

      Section
        6
Use
        of
        Subservicers and Subcontractors.

      

      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any Reconstitution Agreement unless the Company complies with the provisions
        of paragraph (a) of this Section. The Company shall not hire or otherwise
        utilize the services of any Subcontractor, and shall not permit any Subservicer
        to hire or otherwise utilize the services of any Subcontractor, to fulfill
        any
        of the obligations of the Company as servicer under this Agreement or any
        Reconstitution Agreement unless the Company complies with the provisions
        of
        paragraph (b) of this Section.

      

      (a) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subservicer. The
        Company shall cause any Subservicer used by the Company (or by any Subservicer)
        for the benefit of the Purchaser and any Depositor to comply with the provisions
        of this Section and with Sections 2, 3(c), (e), (f) and (g), 4, 5, and 07
        of
        this Agreement to the same extent as if such Subservicer were the Company,
        and
        to provide the information required with respect to such Subservicer under
        Section 3(d) of this Agreement. The Company shall be responsible for obtaining
        from each Subservicer and delivering to the Purchaser and any Depositor any
        servicer compliance statement required to be delivered by such Subservicer
        under
        Section 4, any assessment of compliance and attestation required to be delivered
        by such Subservicer under Section 5 and any certification required to be
        delivered to the Person that will be responsible for signing the Sarbanes
        Certification under Section 5 as and when required to be delivered.

      

      (b) It
        shall
        not be necessary for the Company to seek the consent of the Purchaser, any
        Master Servicer or any Depositor to the utilization of any Subcontractor.
        The
        Company shall promptly upon request provide to the Purchaser, any Master
        Servicer and any Depositor (or any designee of the Depositor, such as a master
        servicer or administrator) a written description (in form and substance
        satisfactory to the Purchaser, any Master Servicer and such Depositor) of
        the
        role and function of each Subcontractor utilized by the Company or any
        Subservicer, specifying (i) the identity of each such Subcontractor, (ii)
        which
        (if any) of such Subcontractors are “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, and (iii) which elements
        of
        the Servicing Criteria will be addressed in assessments of compliance provided
        by each Subcontractor identified pursuant to clause (ii) of this
        paragraph.

      

      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Purchaser and any
        Depositor to comply with the provisions of Sections 5 and 7 of this Agreement
        to
        the same extent as if such Subcontractor were the Company. The Company shall
        be
        responsible for obtaining from each Subcontractor and delivering to the
        Purchaser and any Depositor any assessment of compliance and attestation
        and the
        other certifications required to be delivered by such Subcontractor under
        Section 5, in each case as and when required to be delivered.

      

      Section
        7
Indemnification;
        Remedies.
        

      

      (a) The
        Company
        shall
        indemnify the Purchaser and each of the following parties participating
        in a Securitization Transaction: each
        sponsor and issuing entity; each Person (including, but not limited to, any
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission with respect to such
        Securitization Transaction, or for execution of a certification pursuant
        to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction; each broker dealer acting as underwriter, placement
        agent or initial purchaser,
        each
        Person who controls any of such parties or the Depositor (within
        the meaning of Section 15 of the Securities Act and Section 20 of the Exchange
        Act);
        and the
        respective present and former directors, officers, employees, agents and
        affiliates of each of the foregoing and the Depositor (each, an “Indemnified
        Party”), and shall hold each of them (each, an “Indemnified Party”) harmless
        from and against any claims, losses, damages, penalties, fines, forfeitures,
        legal fees and expenses and related costs, judgments, and any other costs,
        fees
        and expenses that any of them may sustain arising out of or based
        upon:

      

      (i)(A) any
        untrue statement of a material fact contained or alleged to be contained
        in
any
        information, report, certification, accountants’ letter or other
        material
        provided
under
        this Article 1 by
        or on
        behalf of the Company,
        or provided under this Article 1 by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”),
        or (B)
        the omission or alleged omission to state in the Company Information a material
        fact required to be stated in the Company Information or necessary in order
        to
        make the statements therein, in the light of the circumstances under which
        they
        were made, not misleading; provided,
        by way of clarification,
        that
        clause (B) of this paragraph shall be construed solely by reference to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;

      

      (ii) any
        breach by the Company of its obligations under this Article I, including
        particularly the failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, including
        any failure by the Company to identify pursuant to Section 6(b) any
        Subcontractor “participating in the servicing function” within the meaning of
        Item 1122 of Regulation AB; or

      

      (iii) any
        breach by the Company of a representation or warranty set forth in Section
        2(a)
        or in a writing furnished pursuant to Section 2(b) and made as of a date
        prior
        to the closing date of the related Securitization Transaction, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        2(b)
        to the extent made as of a date subsequent to such closing date; or

      

      (iv) if
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      

      In
        the
        case of any failure of performance described in clause (a)(ii) of this Section,
        the Company shall promptly reimburse the Purchaser, any Depositor, as
        applicable, and each Person responsible for the preparation, execution or
        filing
        of any report required to be filed with the Commission with respect to such
        Securitization Transaction, or for execution of a certification pursuant
        to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction, for all costs reasonably incurred by each such
        party
        in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any
        Subservicer, any Subcontractor or any Third-Party
        Originator.

      

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

      

      (b) (i) Any
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator to deliver any information, report, certification, accountants’
letter or other material when and as required under this Article I, or any
        breach by the Company of a representation or warranty set forth in Section
        2(a)
        or in a writing furnished pursuant to Section 2(b) and made as of a date
        prior
        to the closing date of the related Securitization Transaction, to the extent
        that such breach is not cured by such closing date, or any breach by the
        Company
        of a representation or warranty in a writing furnished pursuant to Section
        2(b)
        to the extent made as of a date subsequent to such closing date, shall, except
        as provided in clause (ii) of this paragraph, immediately and automatically,
        without notice or grace period, constitute an Event of Default with respect
        to
        the Company under this Agreement and any applicable Reconstitution Agreement,
        if
        such failure or breach is not cured within two (2) Business Days after the
        Company receives written notice of such failure or breach (which may be provided
        by e-mail), and shall entitle the Purchaser or any Depositor, as applicable,
        in
        its sole discretion to terminate the rights and obligations of the Company
        as
        servicer under this Agreement and/or any applicable Reconstitution Agreement
        without payment (notwithstanding anything in this Agreement or any applicable
        Reconstitution Agreement to the contrary) of any compensation to the Company
        except for reimbursing
        the Company for any servicing advances that the Company actually made as
        servicer pursuant to this Agreement and rights
        arising
        prior to such termination (and if the Company is servicing any of the Mortgage
        Loans in a Securitization Transaction, appoint a successor servicer reasonably
        acceptable to any Master Servicer for such Securitization Transaction);
provided
        that to
        the extent that any provision of this Agreement and/or any applicable
        Reconstitution Agreement expressly provides for the survival of certain rights
        or obligations following termination of the Company as servicer, such provision
        shall be given effect.

       

      (ii) Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountants’ letter when and as required
        under Section 4 or 5, including any failure by the Company to identify pursuant
        to Section 6(b) any Subcontractor “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, which continues unremedied
        for
        ten calendar days after the date of written notice from the Master Servicer
        shall constitute an Event of Default (notwithstanding any other provision
        in
        this Agreement or any Reconstitution Agreement to the contrary) with respect
        to
        the Company under this Agreement and any applicable Reconstitution Agreement,
        and shall entitle the Purchaser, any Master Servicer or any Depositor, as
        applicable, in its sole discretion to terminate the rights and obligations
        of
        the Company as servicer under this Agreement and/or any applicable
        Reconstitution Agreement without payment (notwithstanding anything in this
        Agreement to the contrary) of any compensation to the Company except for
        reimbursing
        the Company for any servicing advances that the Company actually made as
        servicer pursuant to this Agreement and rights
        arising
        prior to such termination; provided
        that to
        the extent that any provision of this Agreement and/or any applicable
        Reconstitution Agreement expressly provides for the survival of certain rights
        or obligations following termination of the Company as servicer, such provision
        shall be given effect. 

       

      (iii) The
        Company shall promptly reimburse the Purchaser (or any designee of the
        Purchaser, such as a master servicer) and any Depositor, as applicable, for
        all
        reasonable expenses incurred by the Purchaser (or such designee) or such
        Depositor, as such are incurred, in connection with the termination of the
        Company as servicer and the transfer of servicing of the Mortgage Loans to
        a
        successor servicer. The provisions of this paragraph shall not limit whatever
        rights the Purchaser or any Depositor may have under other provisions of
        this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

       

      (c) Notification
        and Cooperation.
        The parties hereto further agree, and any Indemnified Party not a party hereto
        is deemed to agree, as a condition to its reliance on such indemnification,
        that
        the Company’s indemnification obligations under this Section 7 are subject to
        the following terms and conditions:

      

      (i) An
        Indemnified Party seeking indemnification hereunder shall give written notice
        to
        the Company within a reasonable time after the Indemnified Party receives
        notice
        of an indemnifiable claim provided that failure to give such notice within
        a
        reasonable time shall not invalidate the Company’s obligations to indemnify such
        Indemnified Party except if, and then only to the extent that, such failure
        materially prejudices the Indemnifying Party or its ability to defend such
        claim, and the Indemnifying Party shall have the burden of proving such material
        prejudice;

      (ii) The
        Company shall undertake the defense of the action or claim with counsel or
        other
        representatives of its own choosing and reasonably acceptable to the Indemnified
        Party (which counsel shall not, except with the consent of the Indemnified
        Party, be counsel to the Indemnifying Party);

      (iii) The
        Indemnified Party shall have the right to participate and assist in, but
        not
        control, the defense of such claim and employ separate counsel in any action
        or
        claim, at the expense of the Indemnified Party (i.e., at its own expense),
        provided that if the interests of the Company and the Indemnified Party diverge,
        the Indemnified Party shall be entitled to separate counsel at the Company’s
        expense, provided
        such expense is reasonable;
        and

      (iv) The
        Company shall not settle or compromise any claim suit or action against the
        Indemnified Party without the express prior written consent of the Indemnified
        Party.

      

      (d) Exclusive
        Remedy.
        Except for remedies under the Agreement and remedies that cannot be waived
        as a
        matter of law and injunctive relief, the rights under this Section 7 shall
        be
        the exclusive remedy for breaches of this Section 7 (including any covenant,
        obligation, representation or warranty contained herein or
        therein).

      

      (e) Limitations. Notwithstanding
        anything in this Agreement to the contrary, in no event shall the Company
        be
        obligated under this Section 7 to indemnify an Indemnified Party otherwise
        entitled to indemnity hereunder in respect of any indemnifiable claims or
        losses
        to the extent that such claims or losses result directly from the willful
        misconduct, bad faith or negligent acts of the Indemnified Party.

      

      (f) The
        parties hereto agree that any written notice under this Section 7 may be
        made
        via email.

      

      Section
        8
Third
        Party Beneficiary.

       

      For
        purposes of this Article I and any related provisions thereto, each Master
        Servicer shall be considered a third-party beneficiary of this Agreement,
        entitled to all the rights and benefits hereof as if it were a direct party
        to
        this Agreement.

       

      IN
        WITNESS WHEREOF, the Seller and the Purchaser have caused this Amendment
        to be
        executed and delivered by their duly authorized officers as of the day and
        year
        first above written.

      

      
        	 	 	 
	 	
                NATIONAL
                  CITY MORTGAGE CO.

                (Seller)

              
	 
 	 
 	 
 
	 	 	By:__________________________
	 	Name: Kelly
                C.
                Johnson                        
                
	 	Title: Senior
                Vice
                President                   
                

      

       

      
        
          	 	 	 
	 	
                  
                    EMC
                      MORTGAGE CORPORATION

                    (Purchaser)

                  

                
	 
 	 
 	 
 
	 	 	By:
                  __________________________
	 	Name: ________________________
	 	Title:
                  _________________________

      

      EXHIBIT
        A

       

      FORM
        OF
        ANNUAL CERTIFICATION

       

      
        	
              	Re:	
                The
                  [       ]
                  agreement dated as of
                  [     ],
                  200[  ] (the “Agreement”), 

                              among
                  [IDENTIFY
                  PARTIES]

              

      

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY] (the “Company”), certify to [the Purchaser], [the Depositor], and the
        [Master Servicer] [Securities Administrator] [Trustee], and their officers,
        with
        the knowledge and intent that they will rely upon this certification,
        that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee] pursuant to the Agreement
        (collectively, the “Company Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made , not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement; and

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by any Subservicer and Subcontractor “participating
        in the servicing function” pursuant to the Agreement, have been provided to the
        [Depositor] [Master Servicer]. Any material instances of noncompliance described
        in such reports have been disclosed to the [Depositor] [Master Servicer].
        Any
        material instance of noncompliance with the Servicing Criteria has been
        disclosed in such reports.

      
        	 	 	 
	 	
                 

              
	 
 	 
 	
                Date: _________________________

              
	 	 	By:  _________________________
	 	
              
	 	
                Name:  _________________________

                 

                Title:  _________________________

              

      

       

       

      EXHIBIT
        B

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by the Company [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                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

              
	
                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

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans 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

              
	
                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

              
	
                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

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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

              
	
                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 (A) are mathematically accurate;
                  (B) were
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  were 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

              
	
                 

              	
                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 mortgage loans serviced by the
                  Servicer.

              	
                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

              
	
                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

              
	
                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

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                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

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans 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 mortgage loans
                  (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

              
	
                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

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  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.

              	 
	
                 

              	
                 

              	
                 

              

      

      
 

      EXHIBIT
        C

      

      REPORTING
        DATA FOR MONTHLY REPORT

      

      
        	
                Standard
                  File Layout - Master Servicing

              
	
                Column
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              	
                Max
                  Size

              
	
                SER_INVESTOR_NBR

              	
                A
                  value assigned by the Servicer to define a group of loans.

              	 	
                Text
                  up to 10 digits

              	
                20

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the investor.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR.

              	 	
                Text
                  up to 10 digits

              	
                10

              
	
                BORROWER_NAME

              	
                The
                  borrower name as received in the file. It is not separated by first
                  and
                  last name.

              	 	
                Maximum
                  length of 30 (Last, First)

              	
                30

              
	
                SCHED_PAY_AMT

              	
                Scheduled
                  monthly principal and scheduled interest payment that a borrower
                  is
                  expected to pay, P&I constant.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NOTE_INT_RATE

              	
                The
                  loan interest rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                NET_INT_RATE

              	
                The
                  loan gross interest rate less the service fee rate as reported
                  by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_RATE

              	
                The
                  servicer's fee rate for a loan as reported by the
                  Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                SERV_FEE_AMT

              	
                The
                  servicer's fee amount for a loan as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_PAY_AMT

              	
                The
                  new loan payment amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NEW_LOAN_RATE

              	
                The
                  new loan rate as reported by the Servicer.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ARM_INDEX_RATE

              	
                The
                  index the Servicer is using to calculate a forecasted
                  rate.

              	
                4

              	
                Max
                  length of 6

              	
                6

              
	
                ACTL_BEG_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the beginning of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_END_PRIN_BAL

              	
                The
                  borrower's actual principal balance at the end of the processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date at the end of processing cycle that the borrower's next payment
                  is
                  due to the Servicer, as reported by Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                SERV_CURT_AMT_1

              	
                The
                  first curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_1

              	
                The
                  curtailment date associated with the first curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_1

              	
                The
                  curtailment interest on the first curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_2

              	
                The
                  second curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_2

              	
                The
                  curtailment date associated with the second curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_
                  AMT_2

              	
                The
                  curtailment interest on the second curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_AMT_3

              	
                The
                  third curtailment amount to be applied.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SERV_CURT_DATE_3

              	
                The
                  curtailment date associated with the third curtailment
                  amount.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                CURT_ADJ_AMT_3

              	
                The
                  curtailment interest on the third curtailment amount, if
                  applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_AMT

              	
                The
                  loan "paid in full" amount as reported by the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PIF_DATE

              	
                The
                  paid in full date as reported by the Servicer.

              	 	
                MM/DD/YYYY

              	
                10

              
	 	 	 	
                Action
                  Code Key: 15=Bankruptcy, 30=Foreclosure, , 60=PIF, 63=Substitution,
                  65=Repurchase,70=REO

              	
                2

              
	
                ACTION_CODE

              	
                The
                  standard FNMA numeric code used to indicate the default/delinquent
                  status
                  of a particular loan.

              
	
                INT_ADJ_AMT

              	
                The
                  amount of the interest adjustment as reported by the
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SOLDIER_SAILOR_ADJ_AMT

              	
                The
                  Soldier and Sailor Adjustment amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                NON_ADV_LOAN_AMT

              	
                The
                  Non Recoverable Loan Amount, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                LOAN_LOSS_AMT

              	
                The
                  amount the Servicer is passing as a loss, if applicable.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_BEG_PRIN_BAL

              	
                The
                  scheduled outstanding principal amount due at the beginning of
                  the cycle
                  date to be passed through to investors.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_END_PRIN_BAL

              	
                The
                  scheduled principal balance due to investors at the end of a processing
                  cycle.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_PRIN_AMT

              	
                The
                  scheduled principal amount as reported by the Servicer for the
                  current
                  cycle -- only applicable for Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                SCHED_NET_INT

              	
                The
                  scheduled gross interest amount less the service fee amount for
                  the
                  current cycle as reported by the Servicer -- only applicable for
                  Scheduled/Scheduled Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_PRIN_AMT

              	
                The
                  actual principal amount collected by the Servicer for the current
                  reporting cycle -- only applicable for Actual/Actual
                  Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                ACTL_NET_INT

              	
                The
                  actual gross interest amount less the service fee amount for the
                  current
                  reporting cycle as reported by the Servicer -- only applicable
                  for
                  Actual/Actual Loans.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  AMT

              	
                The
                  penalty amount received when a borrower prepays on his loan as
                  reported by
                  the Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                PREPAY_PENALTY_
                  WAIVED

              	
                The
                  prepayment penalty amount for the loan waived by the
                  servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              
	
                MOD_DATE

              	
                The
                  Effective Payment Date of the Modification for the loan.

              	 	
                MM/DD/YYYY

              	
                10

              
	
                MOD_TYPE

              	
                The
                  Modification Type.

              	 	
                Varchar
                  - value can be alpha or numeric

              	
                30

              
	
                DELINQ_P&I_ADVANCE_AMT

              	
                The
                  current outstanding principal and interest advances made by
                  Servicer.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              	
                11

              

      

      

       

      EXHIBIT
        D

      

      REPORTING
        DATA FOR DEFAULTED LOANS

       

      
        	
                Standard
                  File Layout - Delinquency
                  Reporting

              

      

       

      
        	
                Column/Header
                  Name

              	
                Description

              	
                Decimal

              	
                Format
                  Comment

              
	
                SERVICER_LOAN_NBR

              	
                A
                  unique number assigned to a loan by the Servicer. This may be different
                  than the LOAN_NBR

              	 	
                 

              
	
                LOAN_NBR

              	
                A
                  unique identifier assigned to each loan by the originator.

              	 	
                 

              
	
                CLIENT_NBR

              	
                Servicer
                  Client Number

              	 	 
	
                SERV_INVESTOR_NBR

              	
                Contains
                  a unique number as assigned by an external servicer to identify
                  a group of
                  loans in their system.

              	 	
                 

              
	
                BORROWER_FIRST_NAME

              	
                First
                  Name of the Borrower.

              	 	 
	
                BORROWER_LAST_NAME

              	
                Last
                  name of the borrower.

              	 	 
	
                PROP_ADDRESS

              	
                Street
                  Name and Number of Property

              	 	
                 

              
	
                PROP_STATE

              	
                The
                  state where the property located.

              	 	
                 

              
	
                PROP_ZIP

              	
                Zip
                  code where the property is located.

              	 	
                 

              
	
                BORR_NEXT_PAY_DUE_DATE

              	
                The
                  date that the borrower's next payment is due to the servicer at
                  the end of
                  processing cycle, as reported by Servicer.

              	 	
                MM/DD/YYYY

              
	
                LOAN_TYPE

              	
                Loan
                  Type (i.e. FHA, VA, Conv)

              	 	
                 

              
	
                BANKRUPTCY_FILED_DATE

              	
                The
                  date a particular bankruptcy claim was filed.

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_CHAPTER_CODE

              	
                The
                  chapter under which the bankruptcy was filed.

              	 	
                 

              
	
                BANKRUPTCY_CASE_NBR

              	
                The
                  case number assigned by the court to the bankruptcy
                  filing.

              	 	
                 

              
	
                POST_PETITION_DUE_DATE

              	
                The
                  payment due date once the bankruptcy has been approved by the
                  courts

              	 	
                MM/DD/YYYY

              
	
                BANKRUPTCY_DCHRG_DISM_DATE

              	
                The
                  Date The Loan Is Removed From Bankruptcy. Either by Dismissal,
                  Discharged
                  and/or a Motion For Relief Was Granted. 

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_APPR_DATE

              	
                The
                  Date The Loss Mitigation Was Approved By The Servicer

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_TYPE

              	
                The
                  Type Of Loss Mitigation Approved For A Loan Such As;

              	 	 
	
                LOSS_MIT_EST_COMP_DATE

              	
                The
                  Date The Loss Mitigation /Plan Is Scheduled To End/Close

              	 	
                MM/DD/YYYY

              
	
                LOSS_MIT_ACT_COMP_DATE

              	
                The
                  Date The Loss Mitigation Is Actually Completed

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_APPROVED_DATE

              	
                The
                  date DA Admin sends a letter to the servicer with instructions
                  to begin
                  foreclosure proceedings.

              	 	
                MM/DD/YYYY

              
	
                ATTORNEY_REFERRAL_DATE

              	
                Date
                  File Was Referred To Attorney to Pursue Foreclosure

              	 	
                MM/DD/YYYY

              
	
                FIRST_LEGAL_DATE

              	
                Notice
                  of 1st legal filed by an Attorney in a Foreclosure Action

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_EXPECTED_DATE

              	
                The
                  date by which a foreclosure sale is expected to occur.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_DATE

              	
                The
                  actual date of the foreclosure sale.

              	 	
                MM/DD/YYYY

              
	
                FRCLSR_SALE_AMT

              	
                The
                  amount a property sold for at the foreclosure sale.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                EVICTION_START_DATE

              	
                The
                  date the servicer initiates eviction of the borrower.

              	 	
                MM/DD/YYYY

              
	
                EVICTION_COMPLETED_DATE

              	
                The
                  date the court revokes legal possession of the property from the
                  borrower.

              	 	
                MM/DD/YYYY

              
	
                LIST_PRICE

              	
                The
                  price at which an REO property is marketed.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                LIST_DATE

              	
                The
                  date an REO property is listed at a particular price.

              	 	
                MM/DD/YYYY

              
	
                OFFER_AMT

              	
                The
                  dollar value of an offer for an REO property.

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                OFFER_DATE_TIME

              	
                The
                  date an offer is received by DA Admin or by the Servicer.

              	 	
                MM/DD/YYYY

              
	
                REO_CLOSING_DATE

              	
                The
                  date the REO sale of the property is scheduled to close.

              	 	
                MM/DD/YYYY

              
	
                REO_ACTUAL_CLOSING_DATE

              	
                Actual
                  Date Of REO Sale

              	 	
                MM/DD/YYYY

              
	
                OCCUPANT_CODE

              	
                Classification
                  of how the property is occupied.

              	 	
                 

              
	
                PROP_CONDITION_CODE

              	
                A
                  code that indicates the condition of the property.

              	 	
                 

              
	
                PROP_INSPECTION_DATE

              	
                The
                  date a property inspection is performed.

              	 	
                MM/DD/YYYY

              
	
                APPRAISAL_DATE

              	
                The
                  date the appraisal was done.

              	 	
                MM/DD/YYYY

              
	
                CURR_PROP_VAL

              	
                 The
                  current "as is" value of the property based on brokers price opinion
                  or
                  appraisal.

              	
                2

              	
                 

              
	
                REPAIRED_PROP_VAL

              	
                The
                  amount the property would be worth if repairs are completed pursuant
                  to a
                  broker's price opinion or appraisal.

              	
                2

              	
                 

              
	
                If
                  applicable:

              	
                 

              	 	
                 

              
	
                DELINQ_STATUS_CODE

              	
                FNMA
                  Code Describing Status of Loan

              	 	 
	
                DELINQ_REASON_CODE

              	
                The
                  circumstances which caused a borrower to stop paying on a loan.
                  Code
                  indicates the reason why the loan is in default for this
                  cycle.

              	 	 
	
                MI_CLAIM_FILED_DATE

              	
                Date
                  Mortgage Insurance Claim Was Filed With Mortgage Insurance
                  Company.

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT

              	
                Amount
                  of Mortgage Insurance Claim Filed

              	 	
                No
                  commas(,) or dollar signs ($)

              
	
                MI_CLAIM_PAID_DATE

              	
                Date
                  Mortgage Insurance Company Disbursed Claim Payment

              	 	
                MM/DD/YYYY

              
	
                MI_CLAIM_AMT_PAID

              	
                Amount
                  Mortgage Insurance Company Paid On Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_FILED_DATE

              	
                Date
                  Claim Was Filed With Pool Insurance Company

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT

              	
                Amount
                  of Claim Filed With Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                POOL_CLAIM_PAID_DATE

              	
                Date
                  Claim Was Settled and The Check Was Issued By The Pool
                  Insurer

              	 	
                MM/DD/YYYY

              
	
                POOL_CLAIM_AMT_PAID

              	
                Amount
                  Paid On Claim By Pool Insurance Company

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_FILED_DATE

              	
                 Date
                  FHA Part A Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_AMT

              	
                 Amount
                  of FHA Part A Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_A_CLAIM_PAID_DATE

              	
                 Date
                  HUD Disbursed Part A Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_A_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part A Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_FILED_DATE

              	
                  Date
                  FHA Part B Claim Was Filed With HUD

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_AMT

              	
                  Amount
                  of FHA Part B Claim Filed

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                FHA_PART_B_CLAIM_PAID_DATE

              	
                   Date
                  HUD Disbursed Part B Claim Payment

              	 	
                MM/DD/YYYY

              
	
                FHA_PART_B_CLAIM_PAID_AMT

              	
                 Amount
                  HUD Paid on Part B Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              
	
                VA_CLAIM_FILED_DATE

              	
                 Date
                  VA Claim Was Filed With the Veterans Admin

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_DATE

              	
                 Date
                  Veterans Admin. Disbursed VA Claim Payment

              	 	
                MM/DD/YYYY

              
	
                VA_CLAIM_PAID_AMT

              	
                 Amount
                  Veterans Admin. Paid on VA Claim

              	
                2

              	
                No
                  commas(,) or dollar signs ($)

              

      

      
 

      
        	Exhibit 2: Standard
                File Codes - Delinquency
                Reporting

      

       

      The
        Loss
        Mit Type
        field
        should show the approved Loss Mitigation Code as follows: 

      
        	
              	·	
                ASUM-Approved
                  Assumption

              

      

      
        	
              	·	
                BAP-Borrower
                  Assistance Program

              

      

      
        	
              	·	
                CO-
                  Charge Off

              

      

      
        	
              	·	
                DIL-
                  Deed-in-Lieu

              

      

      
        	
              	·	
                FFA-
                  Formal Forbearance Agreement

              

      

      
        	
              	·	
                MOD-
                  Loan Modification

              

      

      
        	
              	·	
                PRE-
                  Pre-Sale

              

      

      
        	
              	·	
                SS-
                  Short Sale

              

      

      
        	
              	·	
                MISC-Anything
                  else approved by the PMI or Pool
                  Insurer

              

      

       

      NOTE:
        Wells Fargo Bank will accept alternative Loss Mitigation Types to those above,
        provided that they are consistent with industry standards. If Loss Mitigation
        Types other than those above are used, the Servicer must supply Wells Fargo
        Bank
        with a description of each of the Loss Mitigation Types prior to sending
        the
        file.

       

      The
        Occupant
        Code
        field should show the current status of the property code as
        follows:

      
        	
              	·	
                Mortgagor

              

      

      
        	
              	·	
                Tenant

              

      

      
        	
              	·	
                Unknown
                  

              

      

      
        	
              	·	
                Vacant

              

      

       

      The
        Property
        Condition
        field should show the last reported condition of the property as follows:
        

      
        	
              	·	
                Damaged

              

      

      
        	
              	·	
                Excellent

              

      

      
        	
              	·	
                Fair

              

      

      
        	
              	·	
                Gone

              

      

      
        	
              	·	
                Good

              

      

      
        	
              	·	
                Poor

              

      

      
        	
              	·	
                Special
                  Hazard

              

      

      
        	
              	·	
                Unknown

              

      

       

       

      
        	Exhibit 2: Standard
                File Codes - Delinquency Reporting, Continued

      

       

      The
        FNMA
        Delinquent Reason Code
        field should show the Reason for Delinquency as follows: 

       

      
        	
                Delinquency
                  Code

              	
                Delinquency
                  Description

              
	
                001

              	
                FNMA-Death
                  of principal mortgagor

              
	
                002

              	
                FNMA-Illness
                  of principal mortgagor

              
	
                003

              	
                FNMA-Illness
                  of mortgagor’s family member

              
	
                004

              	
                FNMA-Death
                  of mortgagor’s family member

              
	
                005

              	
                FNMA-Marital
                  difficulties

              
	
                006

              	
                FNMA-Curtailment
                  of income

              
	
                007

              	
                FNMA-Excessive
                  Obligation

              
	
                008

              	
                FNMA-Abandonment
                  of property

              
	
                009

              	
                FNMA-Distant
                  employee transfer

              
	
                011

              	
                FNMA-Property
                  problem

              
	
                012

              	
                FNMA-Inability
                  to sell property

              
	
                013

              	
                FNMA-Inability
                  to rent property

              
	
                014

              	
                FNMA-Military
                  Service

              
	
                015

              	
                FNMA-Other

              
	
                016

              	
                FNMA-Unemployment

              
	
                017

              	
                FNMA-Business
                  failure

              
	
                019

              	
                FNMA-Casualty
                  loss

              
	
                022

              	
                FNMA-Energy
                  environment costs

              
	
                023

              	
                FNMA-Servicing
                  problems

              
	
                026

              	
                FNMA-Payment
                  adjustment

              
	
                027

              	
                FNMA-Payment
                  dispute

              
	
                029

              	
                FNMA-Transfer
                  of ownership pending

              
	
                030

              	
                FNMA-Fraud

              
	
                031

              	
                FNMA-Unable
                  to contact borrower

              
	
                INC

              	
                FNMA-Incarceration

              

      

      
 

      Exhibit
        2: Standard
        File Codes - Delinquency Reporting, Continued

       

      The
        FNMA
        Delinquent Status Code
        field should show the Status of Default as follows: 

       

      
        	
                Status
                  Code

              	
                Status
                  Description

              
	
                09

              	
                Forbearance

              
	
                17

              	
                Pre-foreclosure
                  Sale Closing Plan Accepted

              
	
                24

              	
                Government
                  Seizure

              
	
                26

              	
                Refinance

              
	
                27

              	
                Assumption

              
	
                28

              	
                Modification

              
	
                29

              	
                Charge-Off

              
	
                30

              	
                Third
                  Party Sale

              
	
                31

              	
                Probate

              
	
                32

              	
                Military
                  Indulgence

              
	
                43

              	
                Foreclosure
                  Started

              
	
                44

              	
                Deed-in-Lieu
                  Started

              
	
                49

              	
                Assignment
                  Completed

              
	
                61

              	
                Second
                  Lien Considerations

              
	
                62

              	
                Veteran’s
                  Affairs-No Bid

              
	
                63

              	
                Veteran’s
                  Affairs-Refund

              
	
                64

              	
                Veteran’s
                  Affairs-Buydown

              
	
                65

              	
                Chapter
                  7 Bankruptcy

              
	
                66

              	
                Chapter
                  11 Bankruptcy

              
	
                67

              	
                Chapter
                  13 Bankruptcy

              

      

       

       

      EXHIBIT
        E

      

      REPORTING
        DATA FOR REALIZED LOSSES AND GAINS

      

      Calculation
        of Realized Loss/Gain Form 332- Instruction Sheet

      

      NOTE:
        Do not net or combine items. Show all expenses individually and all credits
        as
        separate line items. Claim packages are due on the remittance report date.
        Late
        submissions may result in claims not being passed until the following month.
        The
        Servicer is responsible to remit all funds pending loss approval and /or
        resolution of any disputed items. 

      1.  

       

      2.  The
        numbers on the 332 form correspond with the numbers listed below.

       

      Liquidation
        and Acquisition Expenses:

      
        	
              	1.	
                The
                  Actual Unpaid Principal Balance of the Mortgage Loan. For documentation,
                  an Amortization Schedule from date of default through liquidation
                  breaking
                  out the net interest and servicing fees advanced is
                  required.

              

      

       

      
        	
              	2.	
                The
                  Total Interest Due less the aggregate amount of servicing fee that
                  would
                  have been earned if all delinquent payments had been made as agreed.
                  For
                  documentation, an Amortization Schedule from date of default through
                  liquidation breaking out the net interest and servicing fees advanced
                  is
                  required.

              

      

       

      
        	
              	3.	
                Accrued
                  Servicing Fees based upon the Scheduled Principal Balance of the
                  Mortgage
                  Loan as calculated on a monthly basis. For documentation, an Amortization
                  Schedule from date of default through liquidation breaking out
                  the net
                  interest and servicing fees advanced is
                  required.

              

      

       

      
        	
              	4-12.	
                Complete
                  as applicable. Required
                  documentation:

              

      

       

      *
        For
        taxes and insurance advances - see page 2 of 332 form - breakdown required
        showing period

       

      of
        coverage, base tax, interest, penalty. Advances prior to default require
        evidence of servicer efforts to recover advances.

       

      *
        For
        escrow advances - complete payment history 

       

      (to
        calculate advances from last positive escrow balance forward)

       

      *
        Other
        expenses -  copies of corporate advance history showing all payments

       

      *
        REO
        repairs > $1500 require explanation

       

      *
        REO
        repairs >$3000 require evidence of at least 2 bids.

       

      *
        Short
        Sale or Charge Off require P&L supporting the decision and WFB’s approved
        Officer Certificate 

       

      *
        Unusual
        or extraordinary items may require further documentation. 

       

      
        	
              	13.	
                The
                  total of lines 1 through 12.

              

      

       

      3.  Credits:
        

       

      14-21. Complete
        as applicable. Required documentation:

       

      *
        Copy of
        the HUD 1 from the REO sale. If a 3rd
        Party
        Sale, bid instructions and Escrow Agent / Attorney

       

      Letter
        of
        Proceeds Breakdown.

       

      *
        Copy of
        EOB for any MI or gov't guarantee 

       

      *
        All
        other credits need to be clearly defined on the 332
        form      
     

       

      
        	 	
                22.

              	
                The
                  total of lines 14 through 21.

              

      

       

      
        	
              	Please
                Note:	
                For
                  HUD/VA loans, use line (18a) for Part A/Initial proceeds and line
                  (18b)
                  for Part B/Supplemental proceeds.

              

      

       

      Total
        Realized Loss (or Amount of Any Gain)

      
        	
              	23.	
                The
                  total derived from subtracting line 22 from 13. If the amount represents
                  a
                  realized gain, show
                  the amount in parenthesis ( ). 

              

      

      
        	
                 

                Calculation
                  of Realized Loss/Gain Form
                  332

              

      

       

      Prepared
        by: __________________   Date:
        _______________

      Phone:
        ______________________   Email
        Address:_____________________

      
        	 	 	 	 	 
	
                Servicer
                  Loan No.

                 

                 

              	 	
                Servicer
                  Name

              	 	
                Servicer
                  Address 

                 

              

      

       

      WELLS
        FARGO BANK, N.A. Loan No._____________________________

       

      Borrower's
        Name: _________________________________________________________

      Property
        Address: _________________________________________________________

       

      Liquidation
        Type:  REO Sale  
        3rd
        Party Sale  Short
        Sale     Charge
        Off 

      Was
        this loan granted a Bankruptcy deficiency or cramdown  Yes    No

      If
“Yes”,
        provide deficiency or cramdown amount
        _______________________________

       

      Liquidation
        and Acquisition Expenses:

      (1) Actual
        Unpaid Principal Balance of Mortgage Loan     $
        _______________  (1)

      (2) Interest
        accrued at Net Rate                 _______________   (2)

      (3) Accrued
        Servicing Fees                  
        ________________ (3)

      (4) Attorney's
        Fees                   
        ________________  (4)

      (5) Taxes
        (see page 2)               
        ________________  (5)

      (6) Property
        Maintenance                          
        ________________ 
        (6)

      (7) MI/Hazard
        Insurance Premiums (see page 2)                   
        ________________  (7)

      (8) Utility
        Expenses                ________________ 
        (8)

      (9) Appraisal/BPO             &#1
        60;        ________________ 
(9)

      (10) Property
        Inspections                     
        ________________ (10)

      (11) FC
        Costs/Other Legal Expenses                           
        ________________ (11)

      (12) Other
        (itemize)                                 ________________ 
        (12)

              Cash
        for
        Keys__________________________          ________________ (12)

              HOA/Condo
        Fees_______________________          
        ________________ (12)

              ______________________________________        ________________ (12)

       

      Total
        Expenses                            
        $
        _______________ (13)

      Credits:

      (14) Escrow
        Balance                            $
        _______________ (14)

      (15) HIP
        Refund                  ________________ (15)

      (16) Rental
        Receipts                                    
        ________________ (16)

      (17) Hazard
        Loss Proceeds                                
        ________________ (17)

      (18) Primary
        Mortgage Insurance / Gov’t Insurance             
        ________________ (18a)
        

      HUD
        Part
        A

                          ________________
        (18b) HUD Part B

      (19) Pool
        Insurance Proceeds                            
        ________________ (19)

      (20) Proceeds
        from Sale of Acquired Property               
        ________________ (20)

      (21) Other
        (itemize)                              
        ________________ (21)

      _________________________________________        
        ________________ (21)

       

      Total
        Credits                               
        $________________ (22)

      Total
        Realized Loss (or Amount of Gain)               $________________ (23)

       

      Escrow
        Disbursement Detail

      

      

      
        	
                Type

                (Tax
                  /Ins.)

              	
                Date
                  Paid

              	
                Period
                  of Coverage

              	
                Total
                  Paid

              	
                Base
                  Amount

              	
                Penalties

              	
                Interest

              
	
                 

                 

                 

              	
                 

                 

              	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 
	
                 

                 

                 

              	 	 	 	 	 	 

      

       

       

      
 

    

    EXHIBIT
      R-1

    

    FORM
      OF BANK OF AMERICA

    ASSIGNMENT
      AGREEMENT

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION
        AGREEMENT

       

      This
        is an Assignment, Assumption and
        Recognition Agreement (this “AAR Agreement”) made as of June 29, 2007, by and
        among EMC Mortgage Corporation (the “Assignor”), Wells Fargo Bank, National
        Association, not individually but solely as trustee for the holders of Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 (the “Assignee”) and Bank of America, National Association (the
“Company”).

       

      In
        consideration of the mutual promises
        contained herein the parties hereto agree that the residential mortgage loans
        (the “Assigned Loans”) listed on Exhibit A annexed hereto (the “Assigned Loan
        Schedule”) now serviced by Company for the Assignor and its successors and
        assigns pursuant to (a) the Second Amended and Restated Flow Mortgage Loan
        Sale
        and Servicing Agreement, dated February 1, 2006 as modified by the Regulation
        AB
        Compliance Addendum to Second Amended and Restated Flow Mortgage Loan Sale
        and
        Servicing Agreement (the “Reg AB Addendum”), dated February 1, 2006, each by and
        between the Assignor and the Company (collectively, the “Mortgage Loan Sale and
        Servicing Agreement”) and (b) that certain Term Sheet dated May 23, 2007, by and
        between the Assignor and Company (the “Term Sheet” and together with the
        Mortgage Loan Sale and Servicing Agreement, the “Agreements”) shall be subject
        to the terms of this AAR Agreement.  Capitalized terms used herein but
        not defined shall have the meanings ascribed to them in the Mortgage Loan
        Sale
        and Servicing Agreement.

       

      Assignment
        and
        Assumption

       

      1.  The
        Assignor hereby grants, transfers and assigns to the Assignee all of the
        right,
        title and interest of the Assignor in the Assigned Loans and all of its right,
        title and interest in, to and under the Mortgage Loan Sale and Servicing
        Agreement with respect to the Assigned Loans.  Notwithstanding
        anything to the contrary contained herein, the Assignor specifically reserves
        and does not assign to the Assignee any right, title and interest in, to
        or
        under the representations and warranties contained in Subsection 7.01 and
        Subsection 7.02 of the Mortgage Loan Sale and Servicing Agreement, and any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Subsection 7.03 of the Mortgage Loan Sale and
        Servicing Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections against the Company.  The Assignor specifically
        reserves and does not assign to the Assignee any right, title and interest
        in,
        to or under any Mortgage Loans subject to the Mortgage Loan Sale and Servicing
        Agreement other than those set forth on Exhibit A.

       

      Representations,
        Warranties and
        Covenants

       

      2.  The
        Assignor warrants and represents to the Assignee and Company as of the date
        hereof:

       

      
        	
                a.  

              	
                Attached
                  hereto as Exhibit B is a true and accurate copy of the Mortgage
                  Loan Sale
                  and Servicing Agreement, which agreement is in full force and effect
                  as of
                  the date hereof and the provisions of which have not been waived,
                  amended
                  or modified in any respect, nor has any notice of termination been
                  given
                  thereunder;

              

      

       

      
        	
                b.  

              	
                The
                  Assignor was the lawful owner of the Assigned Loans with full right
                  to
                  transfer the Assigned Loans and any and all of its interests, rights
                  and
                  obligations under the Mortgage Loan Sale and Servicing Agreement
                  as they
                  relate to the Assigned Loans, free and clear from any and all claims
                  and
                  encumbrances; and upon the transfer of the Assigned Loans to the
                  Assignee
                  as contemplated herein, the Assignee shall have good title to each
                  and
                  every Assigned Loan, as well as any and all of the Assignee’s interests,
                  rights and obligations under the Mortgage Loan Sale and Servicing
                  Agreement as they relate to the Assigned Loans, free and clear
                  of any and
                  all liens, claims and encumbrances;

              

      

       

      
        	
                c.  

              	
                There
                  are no offsets, counterclaims or other defenses available to Company
                  with
                  respect to the Assigned Loans or the Mortgage Loan Sale and Servicing
                  Agreement;

              

      

       

      
        	
                d.  

              	
                The
                  Assignor has no knowledge of, and has not received notice of, any
                  waivers
                  under, or any modification of, any Assigned
                  Loan;

              

      

       

      
        	
                e.  

              	
                The
                  Assignor is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Assigned
                  Loans;

              

      

       

      
        	
                f.  

              	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this AAR Agreement, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this AAR Agreement is in the ordinary
                  course
                  of the Assignor’s business and will not conflict with, or result in a
                  breach of, any of the terms, conditions or provisions of the Assignor’s
                  charter or by-laws or any legal restriction, or any material agreement
                  or
                  instrument to which the Assignor is now a party or by which it
                  is bound,
                  or result in the violation of any law, rule, regulation, order,
                  judgment
                  or decree to which the Assignor or its property is subject.  The
                  execution, delivery and performance by the Assignor of this AAR
                  Agreement
                  and the consummation by it of the transactions contemplated hereby,
                  have
                  been duly authorized by all necessary corporate action on part
                  of the
                  Assignor.  This AAR Agreement has been duly executed and
                  delivered by the Assignor and, upon the due authorization, execution
                  and
                  delivery by the Assignee and Company, will constitute the valid
                  and
                  legally binding obligation of the Assignor enforceable against
                  the
                  Assignor in accordance with its terms except as enforceability
                  may be
                  limited by bankruptcy, reorganization, insolvency, moratorium or
                  other
                  similar laws now or hereafter in effect relating to creditors’ rights
                  generally, and by general principles of equity regardless of whether
                  enforceability is considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                g.  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignor in connection with the execution, delivery
                  or
                  performance by the Assignor of this AAR Agreement, or the consummation
                  by
                  it of the transactions contemplated hereby.  Neither the
                  Assignor nor anyone acting on its behalf has offered, transferred,
                  pledged, sold or otherwise disposed of the Assigned Loans or any
                  interest
                  in the Assigned Loans, or solicited any offer to buy or accept
                  a transfer,
                  pledge or other disposition of the Assigned Loans, or any interest
                  in the
                  Assigned Loans or otherwise approached or negotiated with respect
                  to the
                  Assigned Loans, or any interest in the Assigned Loans with any
                  Person in
                  any manner, or made any general solicitation by means of general
                  advertising or in any other manner, or taken any other action which
                  would
                  constitute a distribution of the Assigned Loans under the Securities
                  Act
                  of 1933, as amended (the “1933 Act”) or which
                  would render
                  the disposition of the Assigned Loans a violation of Section 5
                  of the 1933
                  Act or require registration pursuant
                  thereto;

              

      

       

      
        	
                h.  

              	
                The
                  Assignor has received from Company, and has delivered to the Assignee,
                  all
                  documents required to be delivered to the Assignor by Company prior
                  to the
                  date hereof pursuant to Section 6.03 of the Mortgage Loan Sale
                  and
                  Servicing Agreement with respect to the Assigned Loans and has
                  not
                  received, and has not requested from Company, any additional documents;
                  and

              

      

       

      
        	
                i.  

              	
                No
                  event has occurred from the closing date to the date hereof which
                  would
                  render the representations and warranties as to the related Assigned
                  Loans
                  made by Company in Section 7.01 of the Mortgage Loan Sale and Servicing
                  Agreement to be untrue in any material
                  respect.

              

      

       

      3.  The
        Assignee warrants and represents to, and covenants with, the Assignor and
        Company as of the date hereof:

       

      
        	
                a.  

              	
                The
                  Assignee is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its organization and has all requisite
                  power and authority to hold the Mortgage Loans on behalf of the
                  holders of
                  Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
                  Certificates, Series 2007-AC5;

              

      

       

      
        	
                b.  

              	
                The
                  Assignee has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this AAR Agreement, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this AAR Agreement is in the ordinary
                  course
                  of the Assignee’s business and will not conflict with, or result in a
                  breach of, any of the terms, conditions or provisions of the Assignee’s
                  charter or by-laws or any legal restriction, or any material agreement
                  or
                  instrument to which the Assignee is now a party or by which it
                  is bound,
                  or result in the violation of any law, rule, regulation, order,
                  judgment
                  or decree to which the Assignee or its property is subject.  The
                  execution, delivery and performance by the Assignee of this AAR
                  Agreement
                  and the consummation by it of the transactions contemplated hereby,
                  have
                  been duly authorized by all necessary corporate action on part
                  of the
                  Assignee.  This AAR Agreement has been duly executed and
                  delivered by the Assignee and, upon the due authorization, execution
                  and
                  delivery by the Assignor and Company, will constitute the valid
                  and
                  legally binding obligation of the Assignee enforceable against
                  the
                  Assignee in accordance with its terms except as enforceability
                  may be
                  limited by bankruptcy, reorganization, insolvency, moratorium or
                  other
                  similar laws now or hereafter in effect relating to creditors’ rights
                  generally, and by general principles of equity regardless of whether
                  enforceability is considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                c.  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Assignee of this AAR Agreement, or the consummation
                  by
                  it of the transactions contemplated hereby;
                  and

              

      

       

      
        	
                d.  

              	
                The
                  Assignee assumes for the benefit of each of the Assignor and Company
                  all
                  of the Assignor’s rights as “Purchaser” thereunder but solely with respect
                  to such Assigned Loans.

              

      

       

      4.  Company
        warrants and represents to, and covenant with, the Assignor and the Assignee
        as
        of the date hereof:

       

      
        	
                a.  

              	
                Attached
                  hereto as Exhibit B is a true and accurate copy of the Mortgage
                  Loan Sale
                  and Servicing Agreement, which agreement is in full force and effect
                  as of
                  the date hereof and the provisions of which have not been waived,
                  amended
                  or modified in any respect, nor has any notice of termination been
                  given
                  to the Company thereunder;

              

      

       

      
        	
                b.  

              	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its organization, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Mortgage Loan Sale and Servicing
                  Agreement;

              

      

       

      
        	
                c.  

              	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein.  The consummation of the transactions
                  contemplated by this AAR Agreement is in the ordinary course of
                  Company’s
                  business and will not conflict with, or result in a breach of,
                  any of the
                  terms, conditions or provisions of Company’s articles of association or
                  by-laws or any legal restriction, or any material agreement or
                  instrument
                  to which Company is now a party or by which it is bound, or result
                  in the
                  violation of any law, rule, regulation, order, judgment or decree
                  to which
                  Company or its property is subject.  The execution, delivery and
                  performance by Company of this AAR Agreement and the consummation
                  by it of
                  the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action on part of Company.  This AAR
                  Agreement has been duly executed and delivered by Company, and,
                  upon the
                  due authorization, execution and delivery by the Assignor and the
                  Assignee, will constitute the valid and legally binding obligation
                  of
                  Company, enforceable against Company in accordance with its terms
                  except
                  as enforceability may be limited by bankruptcy, reorganization,
                  insolvency, moratorium or other similar laws now or hereafter in
                  effect
                  relating to creditors’ rights generally, and by general principles of
                  equity regardless of whether enforceability is considered in a
                  proceeding
                  in equity or at law;

              

      

       

      
        	
                d.  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Company in connection with the execution, delivery or performance
                  by Company of this AAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby, except such as has been obtained,
                  effected or taken prior to the date
                  hereof;

              

      

       

      
        	
                e.  

              	
                Company
                  shall establish a Custodial Account and an Escrow Account under
                  the
                  Mortgage Loan Sale and Servicing Agreement in favor of the Assignee
                  with
                  respect to the Assigned Loans separate from the Custodial Account
                  and
                  Escrow Account previously established under the Mortgage Loan Sale
                  and
                  Servicing Agreement in favor of the Assignor;
                  and

              

      

       

      
        	
                f.  

              	
                No
                  certification, statement, report or other agreement, document or
                  instrument furnished or to be furnished by the Company pursuant
                  to this
                  AAR Agreement contains or will contain any materially untrue statement
                  of
                  fact or omits or will omit to state a fact necessary to make the
                  statements contained therein not
                  misleading.

              

      

       

      5.  The
        Company hereby restates the representations and warranties set forth in Section
        2.02 of the Reg AB Addendum as of the date hereof.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify the Assignor and Bear Stearns
        Aasset Backed Securities I (“BSABS I”) in writing of (A) legal proceedings
        pending against the Company, or proceedings known to be contemplated by
        governmental authorities against the Company which in the judgment of the
        Company would be, in each case, material to purchasers of securities backed
        by
        the Assigned Loans, (B) any affiliations or relationships of the type described
        in Item 1119(b) of Regulation AB that develop following the date hereof between
        the Company and any of the above listed parties or other parties identified
        in
        writing by the Assignor or BSABS I with respect to the Securitization
        Transaction and (ii) provide to the Assignor and BSABS I a description of
        such
        proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:  mviner@bear.com

       

      With
        a copy to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New,
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

       

      Notifications
        pursuant to (i)(A) above
        should be sent to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:  General
        Counsel

      Facsimile:  (469)
759-4714

       

      With
        copies to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:  mviner@bear.com

       

      6.  The
        Assignor hereby agrees to indemnify and hold the Assignee (and its successors
        and assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that the Assignee (and its successors and assigns) may sustain
        in
        any way related to any breach of the representations or warranties of the
        Assignor set forth in this AAR Agreement or the breach of any covenant or
        condition contained herein.

       

      7.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of this AAR
        Agreement by the Assignee is solely in its capacity as trustee for Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5 and not individually, and any recourse against the Assignee in respect
        of any obligations it may have under or pursuant to the terms of this AAR
        Agreement shall be limited solely to the assets it may hold as trustee of
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5.

       

      Recognition
        of the
        Assignee

       

      8.  From
        and after the date hereof, Company
        shall recognize the Assignee as owner of the Assigned Loans, and acknowledges
        that the Assigned Loans will be part of a REMIC, and will service the Assigned
        Loans in accordance with the Mortgage Loan Sale and Servicing Agreement but
        in
        no event in a manner that would (i) cause any REMIC to fail to qualify as
        a
        REMIC or (ii) result in the imposition of a tax upon any REMIC (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).  It is the intention of the Assignor,
        Company and the Assignee that this AAR Agreement shall be binding upon and
        for
        the benefit of the respective successors and assigns of the parties
        hereto.  Neither Company nor the Assignor shall amend or agree to
        amend, modify, waive, or otherwise alter any of the terms or provisions of
        the
        Mortgage Loan Sale and Servicing Agreement which amendment, modification,
        waiver
        or other alteration would in any way affect the Assigned Loans without the
        prior
        written consent of the Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee or the Securities Administrator) to the effect that
        the
        holding by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 of such REO Property subsequent
        to
        such three-year period will not result in the imposition of taxes on “prohibited
        transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case the Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or
        allowed to continue to be rented) or otherwise used for the production of
        income
        by or on behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      The
        Company shall indemnify the Assignor, each affiliate of the Assignor, BSABS
        I,
        the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        any
        Master Servicer, if applicable) responsible for the preparation, execution
        or
        filing of any report required to be filed with the Commission, or for execution
        of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the
        Exchange Act, each broker dealer acting as underwriter, placement agent or
        initial purchaser, each Person who controls the Assignor, BSABS I, the Assignee
        or the Underwriter (within the meaning of Section 15 of the Securities Act
        and
        Section 20 of the Exchange Act); and the respective present and former
        directors, officers, employees, agents and affiliates of each of the foregoing
        (each, an “Indemnified Party”), and shall hold each of them harmless from and
        against any claims, losses, damages, penalties, fines, forfeitures, legal
        fees
        and expenses and related costs, judgments, and any other costs, fees and
        expenses that any of them may sustain arising out of or based upon:

       

      (i)(A)
        any untrue statement of a
        material fact contained or alleged to be contained in any information, report,
        certification, data, accountants’ letter or other material in written or
        electronice form provided under Section 2.07 of the Reg AB Addendum by or
        on
        behalf of the Assignor, or provided under Section 2.07 of the Reg AB Addendum
        by
        or on behalf of any Subservicer, Subcontractor or Third-Party Originator
        (collectively, the “Company Information”), or (B) the omission or alleged
        omission to state in the Company Information a material fact required to
        be
        stated in the Company Information or necessary in order to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided, by way of clarification, that clause (B) of this paragraph
        shall be construed solely by reference to the Company Information and not
        to any
        other information communicated in connection with a sale or purchase of
        securities, without regard to whether the Company Information or any portion
        thereof is presented together with or separately from such other
        information;

       

      (ii)
        any breach by the Company of its
        obligations under Section 2.07 of the Reg AB Addendum,
        including particularly any failure by
        the Company, any Subservicer, any Subcontractor or any Third-Party Originator
        to
        deliver any information, report, certification, accountants’ letter or other
        material when and as required under Section 2.07 of the Reg AB Addendum,
        including any failure by the Company
        to identify pursuant to Section 2.06(b) of the Reg AB Addendum any Subcontractor
        “participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB;

       

      (iii)
        any breach by the Company of a
        representation or warranty set forth in Section 2.02(a) of the Reg AB Addendum
        or in a writing furnished pursuant to Section 2.02(b) of the Reg AB Addendum
        and
        made as of a date prior to the date hereof, to the extent that such breach
        is
        not cured by the date hereof, or any breach by the Company of a representation
        or warranty in a writing furnished pursuant to Section 2.02(b) of the Reg
        AB
        Addendum to the extent made as of a date subsequent to the date hereof;
        or

       

      (iv)
        the negligence, bad faith or
        willful misconduct of the Company in connection with its performance under
        Section 2.07 of the Reg AB Addendum.

       

      If
        the indemnification provided for
        herein is unavailable or insufficient to hold harmless an Indemnified Party,
        the
        Company agrees that it shall contribute to the amount paid or payable by
        such
        Indemnified Party as a result of any claims, losses, damages or liabilities
        incurred by such Indemnified Party in such proportion as is appropriate to
        reflect the relative fault of such Indemnified Party on the one hand and
        the
        Company on the other.

       

      Modification
        of Mortgage Loan Sale
        and Servicing Agreement

       

      9.  The
        Company and the Assignor hereby amend the Mortgage Loan Sale and Servicing
        Agreement as follows:

       

      The
        following definitions are added to
        Section 1 of the Mortgage Loan Sale and Servicing Agreement:

       

      The
        Assignee: Wells Fargo Bank,
        National
        Association, as trustee for the holders of Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5.

       

      REMIC:
        A “real estate mortgage investment
        conduit” as defined in Section 860D of the Code.

       

      REMIC
        Provisions: The provisions
        of the federal income
        tax law relating to REMICs, which appear at Sections 860A through 860G of
        the
        Code, and related provisions and regulations promulgated thereunder, as the
        foregoing may be in effect from time to time.

       

      Eligible
        Account: Any of (i) an
        account or accounts
        maintained with a federal or state chartered depository institution or trust
        company, the long-term unsecured debt obligations and short-term unsecured
        debt
        obligations of which (or, in the case of a depository institution or trust
        company that is the principal subsidiary of a holding company, the debt
        obligations of such holding company, so long as Moody’s is not a Rating Agency)
        are rated by each Rating Agency in one of its two highest long-term and its
        highest short-term rating categories, respectively, at the time any amounts
        are
        held on deposit therein; provided, that following a downgrade, withdrawal,
        or
        suspension of such institution's rating  as set forth above, each
        account shall promptly (and in any case within not more than 30 calendar
        days)
        be moved to one or more segregated trust accounts in the trust department
        of
        such institution, or to an account at another institution that complies with
        the
        above requirements, or (ii) a trust account or accounts maintained with the
        corporate trust department of a federal or state chartered depository
        institution or trust company having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity or (iii) any other account
        acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts
        may bear interest, and may include, if otherwise qualified under this
        definition, accounts maintained with the Trustee.

       

      Master
        Servicer: EMC Mortgage
        Corporation, or its successors in
        interest who meet
        the qualifications of the Pooling and Servicing Agreement and this
        Agreement.

       

      Nonrecoverable
        Advance: Any
        advance previously made by the
Servicer
        pursuant to Section 11.17
        or any Servicing Advance
        which, in the good faith judgment of
        the Servicer,
        may not be ultimately recoverable by
        the Servicer
        from Liquidation Proceeds or otherwise.  The
        determination by the
Servicer that
        it has made a
        Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the
Servicer
        delivered to the Purchaser and
        the Master Servicer and detailing the reasons
        for such
        determination

       

      Pooling
        and Servicing
        Agreement:  That certain pooling
        and
        servicing agreement, dated as of June 1, 2007, among BSABS I, the Trustee,
        EMC
        Mortgage Corporation, as the master servicer, the seller and the
        company.

       

      Prepayment
        Penalty:  With respect to
        any
        Mortgage Loan, the charges or premiums, if any, due in connection with a
        full or
        partial prepayment of such Mortgage Loan in accordance with the terms
        thereof.

       

      Trustee:  Wells
        Fargo Bank, National
        Association, or its successor in interest, or any successor trustee appointed
        as
        provided in the Pooling and Servicing Agreement.

       

      The
        definition of Business Day in
        Section 1 of the Mortgage Loan Sale
        and Servicing
        Agreement is deleted in its
        entirety and replaced with the following definition:

       

      Business
        Day:  Any day other than
        a
        Saturday or Sunday, or a day on which banking and savings and loan institutions
        in the States of New York, California, Virginia, Maryland or Minnesota are
        authorized or obligated by law or executive order to be
        closed.

       

      The
        definition of Principal Prepayment in Section 1 of the Mortgage Loan Sale
        and
        Servicing Agreement is deleted in its entirety and replaced with the
        following:

       

      Principal
        Prepayment: Any
        payment or other recovery of
        principal on a Mortgage Loan which is received in advance of its scheduled
        Due
        Date that is not accompanied by an amount of interest representing scheduled
        interest due on any date or dates in any month or months subsequent to the
        month
        of prepayment.  Partial principal
        Prepayments shall be applied in accordance with the terms of the related
        Mortgage Note.

       

      The
        definition of Remittance Date in Section 1 of the Mortgage Loan Sale and
        Servicing Agreement is deleted in its entirety and replaced with the
        following:

       

      Remittance
        Date:  The 18th day (or
        if such
        18th day is not a Business Day, the first Business Day immediately preceding
        such 18th
        day) of any month, beginning with the
        First Remittance Date.

       

      The
        definition of Servicing Fee Rate in Section 1 of the Mortgage Loan Sale and
        Servicing Agreement is deleted in its entirety and replaced with the
        following:

       

      Servicing
        Fee Rate: A per annum rate equal to 0.250%.

       

      The
        following representations and
        warranties shall be added to Section 7.01 of the Mortgage Loan Sale and
        Servicing Agreement:

       

      (fff)           No
subprime Mortgage
        Loan originated on or
        after October 1,
        2002 will impose a prepayment premium for a term in excess of three
        years.  Any Mortgage Loans
        originated prior to such date, and any
        non-subprime Mortgage
        Loans,
        will not impose prepayment penalties
        in excess of five years.

       

      (ggg)        The
        Servicer for each Mortgage
        Loan has fully furnished,
        in accordance
        with the Fair Credit Reporting Act and its implementing regulations, accurate
        and complete information (i.e., favorable and unfavorable) on its Mortgagor credit
        files to Equifax, Experian, and
        Trans Union Credit Information Company (three of the credit repositories),
        on a
        monthly basis.

       

      Section
        11.01 of the Mortgage Loan Sale and Servicing Agreement is hereby amended
        by
        changing the first sentence of the fifth paragraph to the
        following:

       

      Consistent
        with and in addition to the
        terms set forth in this Agreement, if a Mortgage Loan is in default or such
        default is reasonably foreseeable, the Servicer may 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, including
        without limitation, to (1) capitalize any amounts owing on the Mortgage Loan
        by
        adding such amount to the outstanding principal balance of the Mortgage Loan,
        (2) defer such amounts to a later date or the final payment date of such
        Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend
        the
        related Mortgage Note to reduce the related Mortgage Interest Rate
        with respect to any Mortgage Loan,
        (5) convert the Mortgage Interest Rate
        on any Mortgage Loan from a fixed
        rate to an adjustable rate or vice versa, (6) with respect to a mortgage
        loan
        with an initial fixed rate period followed by an adjustable rate period,
        extend
        the fixed period and reduce the adjustable rate period, and/or (7) forgive
        the
        amount of any interest, principal or servicing advances owed by the related
        Mortgagor; provided that, in the Servicer's reasonable and prudent
        determination, such waiver, modification, postponement or indulgence: (A)
        is not
        materially adverse to the interests of the Purchaser on
        a present value basis using
        reasonable assumptions (including taking into account any estimated Realized
        Loss that might result absent such action); and (B) does not amend the related
        Mortgage Note to extend the maturity thereof later than the date of the
final maturity
date
        (as such term is defined in the
        related pooling and servicing agreement); provided, further,
        with respect to any
        Mortgage Loan that is not in default or if default is not reasonably
        foreseeable, unless the Servicer has provided to the Purchaser a
        certification addressed to
        the Purchaser,
        based on the advice of counsel or
        certified public accountants that have a national reputation with respect
        to
        taxation of REMICs that a modification of such Mortgage Loan will not result
        in
        the imposition of taxes on or disqualify from REMIC status
        any of
the REMICs and has
        obtained
        the prior written consent of the Purchaser,
        the Servicer shall not permit any
        modification with respect
        to any Mortgage Loan.  Notwithstanding the
foregoing,
        for any waiver, modification,
        postponement or
        indulgence (not including any partial releases, assumptions of mortgages
        or
        modifications of any Mortgage Loan that is done in connection with compliance
        with the Servicemembers
        Civil Relief Act)
which
the
        Servicer reasonably anticipates
may result in a realized
        loss of 20% or more of the outstanding principal balance of a Mortgage Loan,
        the
        Servicer shall present such proposed waiver, modification,
postponement
        or indulgence, together with any supporting
        documentation, to the Master Servicer for consideration and
        approval.  The
        Servicer shall submit all waivers, modifications or variances of the terms
        of
        any Mortgage Loan with respect to partial releases, assumptions of mortgages
        or
        for modifications done in furtherance of compliance with the Servicemembers Civil
        Relief
        Act, together with any
        supporting documentation, to the Master Servicer for consideration and
        approval.

       

      The
        following are added as the last
        three paragraphs of Subsection 11.01 of the Mortgage Loan Sale and Servicing
        Agreement:

       

      “Notwithstanding
        anything in this
        Agreement to the contrary, the Servicer (a) shall not permit any modification
        with respect to any Mortgage Loan that would change the Mortgage Interest
        Rate
        and (b) shall not (unless the Mortgagor is in default with respect to the
        Mortgage Loan or such default is, in the judgment of the Servicer, reasonably
        foreseeable) make or permit any modification, waiver or amendment of any
        term of
        any Mortgage Loan that would both (i) effect an exchange or reissuance of
        such
        Mortgage Loan under Section 1001 of the Code (or Treasury regulations
        promulgated thereunder) and (ii) cause any REMIC 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.

       

      Prior
        to taking any action with respect
        to the Mortgage Loans which is not contemplated under the terms of this
        Agreement, the Servicer will obtain an Opinion of Counsel acceptable to the
        Trustee with respect to whether such action could result in the imposition
        of a
        tax upon any REMIC (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”), and the Servicer shall not take any such
        action or cause the Trust Fund to take any such action as to which it has
        been
        advised that an Adverse REMIC Event could occur.

       

      The
        Servicer shall not permit the
        creation of any “interests” (within the meaning of Section 860G of the Code) in
        any REMIC. The Servicer shall not enter into any arrangement by which a REMIC
        will receive a fee or other compensation for services nor permit a 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
        11.02 of the Mortgage Loan Sale and Servicing Agreement is hereby amended
        by
        deleting the last sentence of the first paragraph in its entirety and replacing
        it with the following:

       

      “If
        the portion of any
        Liquidation Proceeds allocable as a recovery of interest on any Mortgage
        Loan is
        less than the full amount of accrued and unpaid interest on such Mortgage
        Loan
        as of the date such proceeds are received, then the applicable Servicing
        Fees
        with respect to such Mortgage Loan shall be paid first and any amounts remaining
        thereafter shall be distributed to the Purchaser; provided, however that
        prior
        to being reimbursed for such Servicing Fees, the Servicer shall remit such
        Servicing Fees and follow the procedures set forth in this
        Section.”

       

      Section
        11.02 of the Mortgage Loan Sale and Servicing Agreement is hereby amended
        by
        adding the following paragraph to the end of the section:

       

      On
        each Remittance Date, the Servicer
        shall remit to the Master Servicer all Liquidation Proceeds and Insurance
        Proceeds, along with any Servicing Advances and P&I Advances, such that the
        sum of the foregoing at least equals in the aggregate the outstanding Stated
        Principal Balance of the related Mortgage Loans.  The Master Servicer
        shall fully
        reimburse the Servicer for Servicing Advances and P&I Advances related to
        Liquidation Proceeds on the Remittance Date after such Servicing Advances
        and
        P&I Advances are approved; provided, however, the Servicer must provide
        documentation in the form of Exhibit 14 hereto to the Master Servicer seeking
        approval within 90 days of final liquidation of a Mortgage Loan.  The
        Master Servicer shall provide such approval or denial to the Servicer no
        later
        than thirty (30) days after receipt of such claim; provided, however, such
        claim
        must be complete with all supporting documentation.  The Servicer’s
        obligation to make such Servicing Advances and P&I Advances as to any
        Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Servicer deems such advance nonrecoverable and submits
        an
        Officer’s Certificate in accordance with Section 11.17.

       

      The
        following is added to the end of the
        first paragraph of Section 11.04 of the Mortgage Loan Sale and Servicing
        Agreement:

       

      “Each
        Custodial Account shall be an
        Eligible Account.”

       

      Section
        11.05(d) of the Mortgage Loan Sale and Servicing Agreement is hereby amended
        by
        deleting it in its entirety and replacing it with the following:

       

      (d)           to
        reimburse itself for unreimbursed
        Servicing Advances and for unreimbursed P&I Advances, to the extent that
        such amounts are nonrecoverable (as certified by the Servicer to the Purchaser
        in an Officer’s Certificate) by the Servicer pursuant to subclause (b) or
        (c) above, upon prior approval from the Master Servicer, provided that the
        Mortgage Loan for which such advances were made is not required to be
        repurchased by a Seller pursuant to Subsection 7.03; further
        provided, the Master Servicer shall provide such approval or denial to the
        Servicer no later than thirty (30) days after receipt of such claim; provided,
        however, such claim must be complete with all supporting
        documentation.

       

      The
        following is added as the last paragraph of Section 11.05:

       

      “Notwithstanding
        the foregoing, the
        Servicer’s right to reimbursement pursuant to clauses (b), (c) and (d) above
        shall be subject to the prior approval of the Master Servicer.  The
        Master Servicer shall provide such approval or denial to the Servicer no
        later
        than thirty (30) days after receipt of such claim; provided, however, the
        Servicer must submit such claim with all supporting documentation in order
        for
        the Master Servicer to approve or deny such claim within such time
        period.  Pending such approval, such funds shall be remitted by the
        Servicer to the Master Servicer to the extent such funds, in addition to
        any
        Servicing Advances and Advances, constitute an amount equal to the outstanding
        Stated Principal Balance of the related Mortgage Loan plus any accrued interest
        due and owing on such Mortgage Loan.”

       

      The
        following is added to the end of the
        first paragraph of Section 11.06 of the Mortgage Loan Sale and Servicing
        Agreement:

       

      “Each
        Escrow Account shall be an
        Eligible Account.”

       

      The
        following is added as paragraph (d)
        of Subsection 11.13 of the Mortgage Loan Sale and Servicing
        Agreement:

       

      “Any
        REO Property shall be disposed of
        by the Servicer before the close of the third taxable year following the
        taxable
        year in which the Mortgage Loan became an REO Property, unless the Servicer
        is
        otherwise directed by the Assignee.”

       

      The
        following is added as the second
        paragraph of Subsection 11.14 of the Mortgage Loan Sale and Servicing
        Agreement:

       

      "The
        Servicer shall not waive (or permit
        a subservicer to waive) any Prepayment Penalty unless: (i) the enforceability
        thereof shall have been limited by bankruptcy, insolvency, moratorium,
        receivership and other similar laws relating to creditors’ rights generally,
        (ii) the enforcement thereof is illegal, or any local, state or federal agency
        has threatened legal action if the prepayment penalty is enforced, (iii)
        the
        mortgage debt has been accelerated in connection with a foreclosure or other
        involuntary payment or (iv) such waiver is standard and customary in servicing
        similar Mortgage Loans and relates to a default or a reasonably foreseeable
        default and would, in the reasonable judgment of the Servicer, maximize recovery
        of total proceeds taking into account the value of such Prepayment Penalty
        and
        the related Mortgage Loan.  In no event will the Servicer waive a
        Prepayment Penalty in connection with a refinancing of a Mortgage Loan that
        is
        not related to a default or a reasonably foreseeable default.  If a
        Prepayment Penalty is waived, but does not meet the standards described above,
        then the Servicer is required to pay the amount of such waived Prepayment
        Penalty by depositing such amount into the Custodial Account by the immediately
        succeeding Remittance Date."

       

      Section
        11 of the Mortgage Loan Sale and Servicing Agreement is hereby amended by
        deleting Section 11.16 in its entirety and replacing it with the
        following:

       

      Section
        11.16      Statements to the
        Purchaser.

       

      The
Servicer
shall
        furnish to Purchaser an individual
        loan accounting report, as of the last Business Day of each month, in the
        Servicer's assigned loan number order to document Mortgage Loan payment activity
        on an individual Mortgage Loan basis.  With respect to each month, the
        corresponding individual loan accounting report shall be received by the
        Purchaser no later than the fifth Business Day of the following month on
        a disk
        or tape or other computer-readable format in such format as may be mutually
        agreed upon by both Purchaser and Servicer, and shall contain the
        following:

       

      (i)           with
        respect to each Mortgage Loan and
        each Monthly Payment, the amount of such remittance allocable to principal
        (including a separate breakdown of any Principal Prepayment, including the
        date
        of such prepayment, and any prepayment penalties or premiums, along with
        a
        detailed report of interest on principal prepayment amounts remitted in
        accordance with Section 11.04);

       

      (ii)           with
        respect to each Mortgage Loan and
        each Monthly Payment, the amount of such remittance allocable to
        interest;

       

      (iii)           with
        respect to each Mortgage Loan, the
        amount of servicing compensation received by the Servicer during the prior
        distribution period;

       

      (iv)           the
        Stated Principal Balance of each
        Mortgage Loan and the aggregate Stated Principal Balance of all Mortgage
        Loans
        as of the first day of the distribution period and the last day of the
        distribution period;

       

      (v)           with
        respect to each Mortgage Loan, the
        current Mortgage Interest Rate;

       

      (vi)           with
        respect to each Mortgage Loan, the
        aggregate amount of any Insurance Proceeds, Condemnation Proceeds, Liquidation
        Proceeds and REO Disposition Proceeds received during the prior distribution
        period;

       

      (vii)          with
        respect to each Mortgage Loan, the amount of any Prepayment Interest Shortfalls
        paid by the Servicer in accordance with Section 11.04(i) during the prior
        distribution period;

       

      (viii)         the
        beginning and ending balances of the
        Custodial Account and Escrow Account;

       

      (ix)           the
        number of Mortgage Loans as of the
        first day of the distribution period and the last day of the distribution
        period;

       

      (x)           with
        respect to each Mortgage Loan, the
        Stated Principal Balance of each Mortgage Loan (a) delinquent as grouped
        in the
        following intervals through final liquidation of such Mortgage Loan: 30 to
        59
        days, 60 to 89 days, 90 days or more; (b) as to which foreclosure has commenced;
        and (c) as to which REO Property has been acquired;

       

      (xi)           with
        respect to each Mortgage Loan, the
        amount and severity of any realized loss following liquidation of such Mortgage
        Loan;

       

      (xii)          with
        respect to each Mortgage Loan, and
        in the aggregate for all Mortgage Loans, the amount of any P&I Advances made
        by the Servicer during the prior distribution period;

       

      (xiii)         with
        respect to each Mortgage Loan, a
        description of any Servicing Advances made by the Servicer with respect to
        such
        Mortgage Loan including the amount, terms and general purpose of such Servicing
        Advances, and the aggregate amount of Servicing Advances for all Mortgage
        Loans
        during the prior distribution period;

       

      (xiv)         with
        respect to each Mortgage Loan, a
        description of any Nonrecoverable Advances made by the Servicer with respect
        to
        such Mortgage Loan including the amount, terms and general purpose of such
        Nonrecoverable Advances, and the aggregate amount of Nonrecoverable Advances
        for
        all Mortgage Loans during the prior distribution period;

       

      (xv)           with
        respect to each Mortgage Loan, a
        description of any P&I Advances, Servicing Advances and Nonrecoverable
        Advances reimbursed to the Servicer with respect to such Mortgage Loan during
        the prior distribution period pursuant to Section 11.05, and the source of
        funds
        for such reimbursement, and the aggregate amount of any P&I Advances,
        Servicing Advances and Nonrecoverable Advances reimbursed to the Servicer
        for
        all Mortgage Loans during the prior distribution period pursuant to Section
        11.05;

       

      (xvi)          with
        respect to any Mortgage Loan, a
        description of any material modifications, extensions or waivers to the terms,
        fees, penalties or payments of such Mortgage Loan during the prior distribution
        period or that have cumulatively become material over time;

       

      (xvii)          a
        description of any material breach of
        a representation or warranty set forth in Section 7.01 or Section 7.02 herein
        or
        of any other breach of a covenant or condition contained herein and the status
        of any resolution of such breach;

       

      (xviii)         with
        respect to each Mortgage Loan, the
        Stated Principal Balance of any substitute Mortgage Loan provided by the
        Servicer and the Stated Principal Balance of any Mortgage Loan that has been
        replaced by a substitute Mortgage Loan in accordance with Section 7.04
        herein;

       

      (xix)            with
        respect to each Mortgage Loan, the
        Stated Principal Balance of any Mortgage Loan that has been repurchased by
        the
        Servicer in accordance with Section 7.04 herein.

       

      The
        Servicer shall also provide a
        monthly report in the form of Exhibit 8 and Exhibit 9, with respect to
        remittances, Exhibit 10, with respect to realized losses and gains, Exhibit
        11
        and Exhibit 12, with respect to defaulted mortgage loans, Exhibit 13, with
        respect to modified mortgage loans, Exhibit 14, with respect to claims submitted
        and Exhibit 15, with respect to loss severity, with each such
        report.

       

      Section
        11 of the Mortgage Loan Sale and Servicing Agreement is hereby amended by
        deleting Sections 11.20 and 11.21 in their entirety.

       

      The
        following shall be added as Section
        11.26 of the Mortgage Loan
        Sale and Servicing Agreement:

       

      Section
        11.26           Fair Credit Reporting
        Act.

       

      The
        Servicer for each Mortgage
        Loan will fully furnish,
        in accordance
        with the Fair Credit Reporting Act and its implementing regulations, accurate
        and complete information (i.e., favorable and unfavorable) on its borrower
        credit files to Equifax, Experian, and Trans Union Credit Information Company
        (three of the credit repositories), on a monthly basis.

       

      The
        word “or” at the end of paragraph
        (f) of Subsection 13.01 is deleted and the word “or” is added following the
        semi-colon contained at the end of paragraph (g) of Subsection
        13.01.

       

      The
        first paragraph of Section 19 of the
        of the Mortgage Loan Sale and Servicing Agreement is hereby deleted and replaced
        with the following:

       

      This
        Agreement shall be governed by and
        construed in accordance with the laws of the State of New York without giving
        effect to principles of conflicts of laws and except to the extent preempted
        by
        Federal law and the obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

       

      The
        following is added as Section 32 of
        the Mortgage Loan Sale and Servicing Agreement:

       

      SECTION
        32.  Third Party
        Beneficiary.

       

      For
        purposes of this Agreement, any
        Master Servicer shall be considered a third party beneficiary to this Agreement
        entitled to all the rights and benefits accruing to any Master Servicer herein
        as if it were a direct party to this Agreement.

       

      Section
        2.03(e) of the Reg AB Addendum
        is hereby amended by changing the
        reference in Section 2.03(e) of the Reg AB Addendum
        from “15 calendar days” to “30 calendar
        days.”

       

      Section
        2.04 of Reg AB Addendum is hereby amended by adding the following paragraph
        to
        the end of the section:

       

      In
        the event the Servicer or any
        subservicer or subcontractor engaged by it is terminated, assigns its rights
        and
        obligations under, or resigns pursuant to the terms of this Agreement, or
        any
        other applicable agreement in the case of a subservicer or subcontractor,
        as the
        case may be, such party shall provide a statement of compliance pursuant
        to this
        Section 2.04 or to the related section of such other applicable agreement,
        as
        the case may be, as to the performance of its obligations with respect to
        the
        period of time it was subject to this Agreement or any other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      Section
        2.05 of Reg AB Addendum is hereby amended by adding the following paragraph
        to
        the end of the section:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 2.05 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      Section
        2.07(b)(ii) of Reg AB Addendum
        is hereby amended by deleting “, which continues unremedied for ten calendar
        days after the date on which such information, report, certification or
        accountants’ letter was required to be delivered” after “within the meaning of
        Item 1122 of Regulation AB.”

       

      The
        Mortgage Loan Sale and Servicing Agreement is hereby amended as of the date
        hereof by deleting Exhibit 5 in its entirety and inserting [Reserved] in
        its
        place.

       

      The
        Mortgage Loan Sale and Servicing Agreement is hereby amended as of the date
        hereof by inserting a new Exhibit 8 to the Mortgage Loan Sale and Servicing
        Agreement, a copy of which is annexed hereto as Exhibit C.

       

      The
        Mortgage Loan Sale and Servicing Agreement is hereby amended as of the date
        hereof by inserting a new Exhibit 9 to the Purchase Agreement, a copy of
        which
        is annexed hereto as Exhibit D.

       

      The
        Mortgage Loan Sale and Servicing Agreement is hereby amended as of the date
        hereof by inserting a new Exhibit 10 to the Mortgage Loan Sale and Servicing
        Agreement, a copy of which is annexed hereto as Exhibit E.

       

      The
        Mortgage Loan Sale and Servicing Agreement is hereby amended as of the date
        hereof by inserting a new Exhibit 11 to the Mortgage Loan Sale and Servicing
        Agreement, a copy of which is annexed hereto as Exhibit F.

       

      The
        Mortgage Loan Sale and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        12
        to the Mortgage Loan Sale and Servicing Agreement, a copy of which is annexed
        hereto as Exhibit G.

       

      The
        Mortgage Loan Sale and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        13
        to the Mortgage Loan Sale and Servicing Agreement, a copy of which is annexed
        hereto as Exhibit H.

       

      The
        Mortgage Loan Sale and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        14
        to the Mortgage Loan Sale and Servicing Agreement, a copy of which is annexed
        hereto as Exhibit I.

       

      The
        Mortgage Loan Sale and Servicing
        Agreement is hereby amended as of the date hereof by inserting a new Exhibit
        15
        to the Mortgage Loan Sale and Servicing Agreement, a copy of which is annexed
        hereto as Exhibit J.

       

      Miscellaneous

       

      10.  All
        demands, notices and communications related to the Assigned Loans, the Mortgage
        Loan Sale and Servicing Agreement and this AAR Agreement shall be in writing
        and
        shall be deemed to have been duly given if personally delivered at or mailed
        by
        registered mail, postage prepaid, as follows:

       

      
        	
                a.  

              	
                In
                  the case of Company,

              

      

       

      Bank
        of America, National Association

      201
        North Tryon
        Street

      Charlotte,
        North Carolina
        28255

      Attention:
        Secondary Marketing
        Manager

       

      
        	
                b.  

              	
                In
                  the case of the Assignor,

              

      

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:mviner@bear.com

       

      With
        a copy to:

      

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, New York
        10179

      Attention:
        Global Credit
        Administration

      Facsimile:
        (212)
        272-6564

      

      
        	
                c.  

              	
                In
                  the case of the Assignee,

              

      

       

      Wells
        Fargo Bank, National
        Association,

      as
        Trustee

      9062
        Old Annapolis
        Road

      Columbia,
        Maryland
        21045

      Attention:
        Client Manager BSABS I
        2007-AC5

      Telecopier
        No.: (410)
        715-2380

       

      11.  Each
        party will pay any commissions it has incurred and the Assignor shall pay
        the
        fees of its attorneys and the reasonable fees of the attorneys of the Assignee
        and the Company in connection with the negotiations for, documenting of and
        closing of the transactions contemplated by this AAR Agreement.

       

      12.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      13.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      14.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which the Assignor, the Assignee or
        Company may be merged or consolidated shall, without the requirement for
        any
        further writing, be deemed the Assignor, Assignee or Company, respectively,
        hereunder.

       

      15.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Mortgage Loan Sale and Servicing Agreement to the extent of the Assigned
        Loans by the Assignor to the Assignee and the termination of the Mortgage
        Loan
        Sale and Servicing Agreement.

       

      16.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      17.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Mortgage Loan Sale and Servicing Agreement with respect to the Assigned
        Loans, the terms of this AAR Agreement shall control.

       

      18.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master Servicer”
has been appointed as the Master Servicer of the Mortgage Loans pursuant
        to the
        Pooling and Servicing Agreement, dated as of June 1, 2007, among BSABS I,
        the
        Assignee, the Master Servicer and the Assignor and that the Master Servicer
        has
        the right to enforce all obligations of the Company under the Mortgage Loan
        Sale
        and Servicing Agreement with respect to the servicing of the Assigned
        Loans.  Such right will include, without limitation, the right to
        terminate the Company under the Mortgage Loan Sale and Servicing Agreement
        as
        provided therein, the right to receive all remittances required to be made
        by
        the Company under the Mortgage Loan Sale and Servicing Agreement, the right
        to
        receive all monthly reports and other data required to be delivered by the
        Company under the Mortgage Loan Sale and Servicing Agreement, the right to
        examine the books and records of the Company, indemnification rights, and
        the
        right to exercise certain rights of consent and approval relating to actions
        taken by the Company. The Company shall make all distributions under the
        Mortgage Loan Sale and Servicing Agreement to the Master Servicer by wire
        transfer of immediately available funds to:

       

      EMC
        Master Servicing
        Remittances

      Bank:
        Chase Bank of
        Texas

      Branch:
        Irving,
        Texas

      Account
        Name: EMC Mortgage Corporation

      ABA#
        113000609

      Account
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007 Remit for Bank of America, National
        Association

      Attention:
        LSBO
        Group-MS

       

      and
        the Company shall deliver all
        reports required to be delievered under the Mortgage Loan Sale
        and Servicing
        Agreement to the Assignee at the address set forth in Section 10 herein and
        to
        the Master Servicer at:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

       

      IN
        WITNESS WHEREOF, the parties hereto
        have executed this AAR Agreement as of the day and year first above
        written.

       

      EMC
        MORTGAGE CORPORATION,

      as
        the Assignor and Master
        Servicer

      
        	 	 	 
	
                By:
                  

              	 	 
	Name:	
              	 
	Title:	 	 
	 	 	 

      

      WELLS
        FARGO BANK, NATIONAL
        ASSOCIATION,

      not
        individually but solely as
        Trustee for the holders
        of
        Bear Stearns

      Asset
        Backed Securities I Trust
        2007-AC5, Asset-Backed Certificates,
        Series
        2007-AC5,

      as
the
Assignee

      
        	 	 	 
	
                By:
                  

              	 	 
	Name:	
              	 
	Title:	 	 
	 	 	 

      BANK
        OF AMERICA, NATIONAL ASSOCIATION,

      as
Company

      
        	 	 	 
	
                By:
                  

              	 	 
	Name:	
              	 
	Title:	 	 
	 	 	 

      

       

      ACKNOWLEDGED:

       

      BEAR
        STEARNS ASSET BACKED SECURITIES
        LLC

      
        	 	 	 
	
                By:
                  

              	 	 
	Name:	
              	 
	Title:	 	 
	 	 	 

      

       

      EXHIBIT
        A TO THE AAR

       

      Mortgage
        Loan
        Schedule

       

      [Provided
        Upon
        Request]

       

       

      EXHIBIT
        B TO THE AAR

      

      PURCHASE
        AGREEMENT

       

      TERM
        SHEET

       

      EXHIBIT
        C TO THE AAR

      Exhibit
        8 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        D TO THE AAR

      Exhibit
        9 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      EXHIBIT
        E TO THE AAR

      Exhibit
        10 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

      Date:                                

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                                                                                                            Yes                                No

      Has
        this loan been crammed down in a
        bankruptcy?                                                                                       Yes                               
No

       

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

       

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

       

      EXHIBIT
        F TO THE AAR

      Exhibit
        11 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
– DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        G TO THE AAR

      Exhibit
        12 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
– DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:  Provides summary data at the servicer investor
        level regarding loan performance that will be submitted to EMC Master Servicing
        and contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

                 

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

                 

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

                 

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

                 

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

                 

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

                 

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

                 

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        H TO THE AAR

      Exhibit
        13 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      EXHIBIT
        I TO THE AAR

      Exhibit
        14 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        J TO THE AAR

       

      Exhibit
        15 to the Second Amended and
        Restated Flow Mortgage Loan Sale and Servicing Agreement

       

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

    

     

    EXHIBIT
      R-2

    

    FORM
      OF BRANCH BANKING ASSIGNMENT AGREEMENT

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION
        AGREEMENT

       

      THIS
        ASSIGNMENT, ASSUMPTION AND
        RECOGNITION AGREEMENT (the “Assignment”) is dated as of June 29, 2007, by and
        among EMC Mortgage
        Corporation (the “Assignor”), Wells Fargo Bank, National Association,
        as trustee for
        the holders of Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 (the “Assignee”) and Branch Banking
        and
        Trust Company (the “Company”).

      

      In
        consideration of the mutual promises
        and agreements contained herein, and for other good and valuable consideration,
        the receipt and sufficiency of which hereby are acknowledged, the parties
        hereto
        agree that the residential mortgage loans (the “Mortgage Loans”) listed on
        Exhibit A annexed hereto purchased by the Assignor from the Company and now
        serviced by Company for the Assignor and its successors and assigns pursuant
        to (a) that certain
        Purchase, Warranties and Servicing Agreement, dated as of March 1, 2007,
        between
        the Company and the Assignor (the “Purchase Agreement”) and (b) the term sheet
        dated May 11, 2007, between the Company and the Assignor, (the “Term Sheet” and
        together with the Purchase Agreement, the “Agreements”) shall be subject to the
        terms of this Assignment.  Capitalized terms used herein but not
        defined shall have the meanings ascribed to them in the
        Agreements.

       

      Assignment
        and Assumption

       

      1.  Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Mortgage Loans and (b) the Agreements with respect to the Mortgage Loans;
        provided, however, that the Assignor is not assigning to the Assignee any
        of its
        right, title or interest, in, to and under the Agreements with respect to
        any
        mortgage loan other than the Mortgage Loans listed on Exhibit
        A.  Notwithstanding anything to the contrary contained herein, the
        Assignor specifically reserves and does not assign to the Assignee any right,
        title and interest in, to or under the representations and warranties contained
        in Section 3.01 and Section 3.02 of the Purchase Agreement and in the Term
        Sheet, and any obligation of the Company to cure, repurchase or substitute
        for a
        mortgage loan and to indemnify the Assignor with respect to a breach of such
        representations and warranties pursuant to Section 3.03 and Section 8.01
        of the
        Purchase Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections and in the Term Sheet against the Company.  In
        addition, the Assignor specifically reserves and does not assign to the Assignee
        any right, title and interest in, to or under Section 4.03 and Section 4.13
        of
        the Purchase Agreement (but only insofar as such Sections grant to the Purchaser
        the right to terminate the servicing of defaulted Mortgage Loans and/or REO
        Properties by the Company).  In addition, the Assignor specifically
        reserves and does not assign to the Assignee any right, title and interest
        in,
        to or under, Section 2.09 of the Purchase Agreement. Except as is otherwise
        expressly provided herein, the Assignor makes no representations, warranties
        or
        covenants to the Assignee and the Assignee acknowledges that the Assignor
        has no
        obligations to the Assignee under the terms of the Agreements or otherwise
        relating to the transaction contemplated herein (including, but not limited
        to,
        any obligation to indemnify the Assignee).

       

      2.  The
        Assignor warrants and represents to the Assignee and to the Company as of
        the
        date hereof:

       

      
        	
                (a)  

              	
                Attached
                  hereto as Exhibit B are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                (b)  

              	
                The
                  Assignor was the lawful owner of the Mortgage Loans with full right
                  to
                  transfer the Mortgage Loans and any and all of its interests, rights
                  and
                  obligations under the Agreements as they relate to the Mortgage
                  Loans,
                  free and clear from any and all claims and encumbrances; and upon
                  the
                  transfer of the Mortgage Loans to the Assignee as contemplated
                  herein, the
                  Assignee shall have good title to each and every Mortgage Loan,
                  as well as
                  any and all of the Assignor’s interests, rights and obligations under the
                  Agreements as they relate to the Mortgage Loans, free and clear
                  of any and
                  all liens, claims and encumbrances;

              

      

       

      
        	
                (c)  

              	
                There
                  are no offsets, counterclaims or other defenses available to the
                  Assignor
                  with respect to the Mortgage Loans or the
                  Agreements;

              

      

       

      
        	
                (d)  

              	
                The
                  Assignor has no knowledge of, and has not received notice of, any
                  waivers
                  under, or any modification of, any Mortgage
                  Loan;

              

      

       

      
        	
                (e)  

              	
                The
                  Assignor is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Mortgage
                  Loans;

              

      

       

      
        	
                (f)  

              	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this Assignment is in the ordinary
                  course of
                  the Assignor’s business and will not conflict with, or result in a breach
                  of, any of the terms, conditions or provisions of the Assignor’s charter
                  or by-laws or any legal restriction, or any material agreement
                  or
                  instrument to which the Assignor is now a party or by which it
                  is bound,
                  or result in the violation of any law, rule, regulation, order,
                  judgment
                  or decree to which the Assignor or its property is subject.  The
                  execution, delivery and performance by the Assignor of this Assignment
                  and
                  the consummation by it of the transactions contemplated hereby,
                  have been
                  duly authorized by all necessary corporate action on part of the
                  Assignor.  This Assignment has been duly executed and delivered
                  by the Assignor and, upon the due authorization, execution and
                  delivery by
                  the Assignee, and the Company, will constitute the valid and legally
                  binding obligation of the Assignor enforceable against the Assignor
                  in
                  accordance with its terms except as enforceability may be limited
                  by
                  bankruptcy, reorganization, insolvency, moratorium or other similar
                  laws
                  now or hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                (g)  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignor in connection with the execution, delivery
                  or
                  performance by the Assignor of this Assignment, or the consummation
                  by it
                  of the transactions contemplated hereby.  Neither the Assignor
                  nor anyone acting on its behalf has offered, transferred, pledged,
                  sold or
                  otherwise disposed of the Mortgage Loans or any interest in the
                  Mortgage
                  Loans, or solicited any offer to buy or accept a transfer, pledge
                  or other
                  disposition of the Mortgage Loans, or any interest in the Mortgage
                  Loans
                  or otherwise approached or negotiated with respect to the Mortgage
                  Loans,
                  or any interest in the Mortgage Loans with any Person in any manner,
                  or
                  made any general solicitation by means of general advertising or
                  in any
                  other manner, or taken any other action which would constitute
                  a
                  distribution of the Mortgage Loans under the Securities Act of
                  1933, as
                  amended (the “1933 Act”) or which would render the disposition of the
                  Mortgage Loans a violation of Section 5 of the 1933 Act or require
                  registration pursuant thereto; and

              

      

       

      
        	
                (h)  

              	
                The
                  Assignor has received from the Company, and has delivered to the
                  Assignee,
                  all documents required to be delivered to the Company prior to
                  the date
                  hereof pursuant to Section 2.07 of the Purchase Agreement with
                  respect to
                  the Mortgage Loans and has not received, and has not requested
                  from the
                  Company, any additional documents.

              

      

       

      3.  The
        Assignee represents, warrants and covenants with the Assignor and the Company
        that:

       

      
        	
                (a)  

              	
                The
                  Assignee is a national banking association, duly organized, validly
                  existing and in good standing under the laws of the United States,
                  and has
                  all requisite power and authority to acquire, own and purchase
                  the
                  Mortgage Loans;

              

      

       

      
        	
                (b)  

              	
                The
                  Assignee has full power and authority to execute, deliver and perform
                  under this Assignment, and to consummate the transactions set forth
                  herein.  The consummation of the transactions contemplated by
                  this Assignment is in the ordinary course of the Assignee’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of the Assignee’s charter or bylaws, or any legal
                  restriction, or any material agreement or instrument to which the
                  Assignee
                  is now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which the Assignee
                  or
                  its property is subject.  The execution, delivery and
                  performance by the Assignee of this Assignment and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action of the Assignee.  This Assignment has
                  been duly executed and delivered by the Assignee and, upon the
                  due
                  authorization, execution and delivery by the Assignor and the Company,
                  will constitute the valid and legally binding obligation of the
                  Assignee
                  enforceable against the Assignee in accordance with its terms,
                  except as
                  enforceability thereof may be limited by bankruptcy, insolvency,
                  or
                  reorganization or other similar laws now or hereinafter in effect
                  relating
                  to creditor’s rights generally and by general principles of equity,
                  regardless of whether such enforceability is considered in a proceeding
                  in
                  equity or in law;

              

      

       

      
        	
                (c)  

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by the Assignee in connection with the execution,
                  delivery or performance by the Assignee of this Assignment, or
                  the
                  consummation by it of the transactions contemplated
                  hereby;

              

      

       

      
        	
                (d)  

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  the Assignee’s knowledge, threatened, which either in any instance or in
                  the aggregate, if determined adversely to the Assignee, would adversely
                  affect the Assignee’s execution or delivery of, or the enforceability of,
                  this Assignment, or the Assignee’s ability to perform its obligations
                  under this Assignment; and

              

      

       

      
        	
                (e)  

              	
                The
                  Assignee assumes for the benefit of the Trust, all of the rights
                  of the
                  Purchaser under the Agreements with respect to the Mortgage Loans
                  listed
                  on Exhibit A, other than the right to enforce the obligations of
                  the Company under the Agreements.

              

      

       

      4.  The
        Company warrants and represents to, and covenants with, the Assignor and
        the
        Assignee as of the date hereof:

       

      
        	
                (a)  

              	
                Attached
                  hereto as Exhibit B are true and accurate copy of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                (b)  

              	
                The
                  Company is duly organized, validly existing and in good standing
                  under the
                  laws of the jurisdiction of its incorporation, and has all requisite
                  power
                  and authority to service the Mortgage Loans and to perform its
                  obligations
                  under the Agreements;

              

      

       

      
        	
                (c)  

              	
                The
                  Company has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this Assignment is in the ordinary
                  course of
                  the Company’s business and will not conflict with, or result in a breach
                  of, any of the terms, conditions or provisions of its charter or
                  by-laws
                  or any legal restriction, or any material agreement or instrument
                  to which
                  it is now a party or by which it is bound, or result in the violation
                  of
                  any law, rule, regulation, order, judgment or decree to which the
                  Company
                  or its property is subject.  The execution, delivery and
                  performance by the Company of this Assignment and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action on the part of the Company.  This
                  Assignment has been duly executed and delivered by the Company,
                  and, upon
                  the due authorization, execution and delivery by the Assignor and
                  the
                  Assignee, will constitute the valid and legally binding obligation
                  of the
                  Company, enforceable against it in accordance with its terms except
                  as
                  enforceability may be limited by bankruptcy, reorganization, insolvency,
                  moratorium or other similar laws now or hereafter in effect relating
                  to
                  creditors’ rights generally, and by general principles of equity
                  regardless of whether enforceability is considered in a proceeding
                  in
                  equity or at law;

              

      

       

      
        	
                (d)  

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Company of this Assignment, or the consummation
                  by it
                  of the transactions contemplated
                  hereby;

              

      

       

      
        	
                (e)  

              	
                The
                  Company shall establish a Custodial Account and an Escrow Account
                  under
                  the Agreements in favor of Assignee with respect to the Mortgage
                  Loans
                  separate from the Custodial Account and Escrow Account previously
                  established under the Agreements in favor of the Assignor;
                  and

              

      

       

      
        	
                (f)  

              	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheet with respect to the Company
                  and
                  the Mortgage Loans as of the date
                  hereof.

              

      

       

      5.  The
        Company warrants and represents to, and covenants with, the Assignor and
        Bear
        Stearns Asset Backed Securities I LLC  (“BSABS I”) as of the date
        hereof:

       

      
        	
                a.  

              	
                The
                  Company is not aware and has not received notice that any default,
                  early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	
                b.  

              	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	
                c.  

              	
                The
                  Company has not been terminated as servicer in a residential mortgage
                  loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	
                d.  

              	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Agreements and
                  this
                  Assignment for mortgage loans of a type similar to the Mortgage
                  Loans have
                  occurred during the three-year period immediately preceding the
                  date
                  hereof;

              

      

       

      
        	
                e.  

              	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Agreements and this
                  Assignment;

              

      

       

      
        	
                f.  

              	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	
                g.  

              	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Purchase Agreement, the Company shall (or
        shall
        cause any Third-Party Originator to) (i) immediately notify the Assignor
        and
        BSABS I in writing of (A) legal proceedings pending against the Company,
        or
        proceedings known to be contemplated by governmental authorities against
        the
        Company which in the judgment of the Company would be, in each case, material
        to
        purchasers of securities backed by the Mortgage Loans, (B) any affiliations
        or
        relationships of the type described in Item 1119(b) of Regulation AB that
        develop following the date hereof between the Company and any of the above
        listed parties or other parties identified in writing by the Assignor or
        BSABS I
        with respect to the Securitization Transaction and (ii) provide to the Assignor
        and BSABS I a description of such proceedings, affiliations or
        relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a copy to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

       

      Notifications
        pursuant to (i)(A)
above should be sent
        to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:
        General
        Counsel

      Facsimile:  (469)
        759-4714

      

      With
        copies to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      6.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Mortgage Loans
        pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2007,
        among
        BSABS I, the Assignee, the Master Servicer and the Assignor (the “Pooling
        Agreement”).  The Company shall deliver all reports required to be
        delivered under the Agreements to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

       

      Recognition
        of
        Assignee

       

      7.  From
        and
        after the date hereof the Company shall recognize the Assignee as owner of
        the
        Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
        a
        REMIC.  The Company will service the Mortgage Loans in accordance with
        the Agreements, but in no event in a manner that would (i) cause the REMIC
        to
        fail to qualify as a REMIC or (ii) result in the imposition of a tax upon
        the
        REMIC (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).  It is the intention
        of the Assignor, the Company and the Assignee that this Assignment shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto.  Neither the Company nor the Assignor shall amend or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Agreements, which amendment, modification, waiver or other
        alteration would in any way affect the Mortgage Loans without the prior written
        consent of the Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee or the Securities Administrator) to the effect that
        the
        holding by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 of such REO Property subsequent
        to
        such three-year period will not result in the imposition of taxes on “prohibited
        transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case the Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or
        allowed to continue to be rented) or otherwise used for the production of
        income
        by or on behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      The
        Company shall indemnify the Assignor, each affiliate of the Assignor, BSABS
        I,
        the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      (i)(A)
        any untrue statement of a
        material fact contained in any information, report, certification, data,
        accountants’ letter or other material provided under Section 11.18 of the
        Purchase Agreement by or on behalf of the Company, or provided under Section
        11.18 of the Purchase Agreement by or on behalf of any Subservicer,
        Subcontractor or Third-Party Originator (collectively, the “Company
        Information”), or (B) the omission or alleged omission to state in the Company
        Information a material fact required to be stated in the Company Information
        or
        necessary in order to make the statements therein, in the light of the
        circumstances under which they were made, not misleading; provided, by way
        of
        clarification, that clause (B) of this paragraph shall be construed solely
        by
        reference to the Company Information and not to any other information
        communicated in connection with a sale or purchase of securities, without
        regard
        to whether the Company Information or any portion thereof is presented together
        with or separately from such other information;

       

      (ii)
        any breach by the Company of its
        obligations under Section 11.18 of the Purchase Agreement, including
        particularly any failure by the Company, any Subservicer, any Subcontractor
        or
        any Third-Party Originator to deliver any information, report, certification,
        accountants’ letter or other material when and as required under Section 11.18
        of the Purchase Agreement, including any failure by the Company to identify
        any
        Subcontractor “participating in the servicing function” within the meaning of
        Item 1122 of Regulation AB;

       

      (iii)
        any breach by the Company of a
        representation or warranty set forth in Section 3.01 of the Purchase Agreement
        or in a writing furnished pursuant to Section 3.01(q) of the Purchase Agreement
        and made as of a date prior to the date hereof, to the extent that such breach
        is not cured by the date hereof, or any breach by the Company of a
        representation or warranty in a writing furnished pursuant to Section 3.01(q)
        of
        the Purchase Agreement to the extent made as of a date subsequent to the
        date
        hereof; or

       

                   If
        the indemnification provided for
        herein is unavailable or insufficient to hold harmless an Indemnified Party,
        then the Company agrees that it shall contribute to the amount paid or payable
        by such Indemnified Party as a result of any claims, losses, damages or
        liabilities incurred by such Indemnified Party in such proportion as is
        appropriate to reflect the relative fault of such Indemnified Party on the
        one
        hand and the Company on the other.  

        

                 In
        the case of any failure of
        performance described in Section 11.18 of the Purchase Agreement, the Company
        shall promptly reimburse the Assignor, BSABS I and each Person responsible
        for
        the preparation, execution or filing of any report required to be filed with
        the
        Commission, or for execution of a certification pursuant to Rule 13a-14(d)
        or
        Rule 15d-14(d) under the Exchange Act, for all costs reasonably incurred
        by each
        such party in order to obtain the information, report, certification,
        accountants’ letter or other material not delivered as required by the Company,
        any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      In
        addition, the Company hereby acknowledges that from and after the date hereof,
        the Mortgage Loans will be subject to the terms and conditions of the Pooling
        Agreement pursuant to which the Master Servicer is required to monitor the
        performance by the Company of its servicing obligations under the Agreements
        and
        has the right to enforce the obligations of the Company under the Purchase
        Sale
        and Servicing Agreement with respect to the servicing of the Mortgage
        Loans.  Such right will include, without limitation, the right to
        terminate the Company under the Agreements upon the occurrence of an event
        of
        default thereunder, the right to receive all remittances required to be made
        by
        the Company under the Agreements, the right to receive all monthly reports
        and
        other data required to be delivered by the Company under the Agreements,
        the
        right to examine the books and records of the Company, indemnification rights,
        and the right to exercise certain rights of consent and approval relating
        to
        actions taken by the Company.  In connection therewith, the Company
        hereby agrees to make all remittances required under the Agreements with
        respect
        to the Mortgage Loans to the Master Servicer for the benefit of the Assignee
        in
        accordance with the following wire transfer instructions:

       

      EMC
        Master Servicing
        Remittances

      Bank:  Chase
        Bank of
        Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage
        Corporation

      ABA
        # 113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007
        Remit for Branch Banking and Trust Company

      Attention:  LSBO
        Group-MS

       

      It
        is the intention of the Assignor, the
        Company and the Assignee that this Assignment will be a separate and distinct
        servicing agreement between the Assignee and the Company, to the extent of
        the
        Mortgage Loans, and shall be binding upon and for the benefit of the respective
        successors and assigns of the parties hereto.  Neither the Company nor
        the Assignor shall amend or agree to amend, modify, waive, or otherwise alter
        any of the terms or provisions of the Agreements which amendment, modification,
        waiver or other alteration would in any way affect the Mortgage Loans without
        the prior written consent of the Assignee.

       

      8.  Modification
        of the Purchase Agreement :

       

      The
        Company and the Assignor hereby
        amend the Purchase Agreement as follows:

       

      (a)  The
        following definition is added to Section 1.01 of the Purchase
        Agreement:

       

      Trustee:
        Wells Fargo Bank, National
        Association.

       

      (b)  The
        definition of “Master Servicer” in Section 1.01 of the Purchase Agreement is
        deleted in its entirety and replaced with the following definition:

       

      Master
        Servicer: EMC Mortgage
        Corporation.

       

      (c)  The
        definition of “Business Day” in Section 1.01 of the Purchase Agreement is
        deleted in its entirety and replaced with the following definition:

       

      Business
        Day:  Any day other than:
        (i) a
        Saturday or Sunday, or (ii) a legal holiday in the States
        of Maryland, Minnesota,
New
        York, Texas
        or North Carolina,
        or (iii) a day on which banks in the
        States
        of Maryland, Minnesota,
New
        York, Texas
        or North Carolina
        are authorized or obligated by law or
        executive order to be closed.

       

      (d)  The
        definition of Eligible Account in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Eligible
        Account: Any of (i) an
        account or accounts
        maintained with a federal or state chartered depository institution or trust
        company, the long-term unsecured debt obligations and short-term unsecured
        debt
        obligations of which (or, in the case of a depository institution or trust
        company that is the principal subsidiary of a holding company, the debt
        obligations of such holding company, so long as Moody’s is not a Rating Agency)
        are rated by each Rating Agency in one of its two highest long-term and its
        highest short-term rating categories respectively, at the time any amounts
        are
        held on deposit therein, or (ii) an account or accounts in a depository
        institution or trust company in which such accounts are insured by the FDIC
        (to
        the limits established by the FDIC) and the uninsured deposits in which accounts
        are otherwise secured such that, as evidenced by an Opinion of Counsel delivered
        to the Trustee and to each Rating Agency, the Certificateholders have a claim
        with respect to the funds in such account or a perfected first priority security
        interest against any collateral (which shall be limited to Permitted
        Investments) securing such funds that is superior to claims of any other
        depositors or creditors of the depository institution or trust company in
        which
        such account is maintained, or (iii) a trust account or accounts maintained
        with
        the corporate trust department of a federal or state chartered depository
        institution or trust company having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity or (iv) any other account
        acceptable to the Rating Agencies. Eligible Accounts may bear interest, and
        may
        include, if otherwise qualified under this definition, accounts maintained
        with
        the Trustee.

       

      (e)  The
        definition of Principal Prepayment in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Principal
        Prepayment: Any payment or
        other recovery of
        principal on a Mortgage Loan full or partial which is received in advance
        of its
        scheduled Due Date, including any Prepayment Charge and which is not accompanied
        by an amount of interest representing scheduled interest due on any date
        or
        dates in any month or months subsequent to the month of
        prepayment.  Partial principal Prepayments shall be applied in
        accordance with the terms of the related Mortgage Note.

       

      (f)  The
        definition of Servicing Fee Rate in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Servicing
        Fee Rate: A per annum rate equal to 0.250%.

       

      (g)  Section
        3.01(s) of the Purchase Agreement is hereby amended by changing the reference
        in
        Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
        calendar days”.

       

      (h)  Section
        4.01 of the Purchase Agreement is hereby amended by deleting the first sentence
        of the second paragraph and replacing with the following:

       

      Consistent
        with and in addition to the
        terms set forth in this Agreement and the related Term Sheet, if a Mortgage
        Loan
        is in default or such default is reasonably foreseeable, the Company may
        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, including without limitation, to (1) capitalize any amounts owing
        on
        the Mortgage Loan by adding such amount to the outstanding principal balance
        of
        the Mortgage Loan, (2) defer such amounts to a later date or the final payment
        date of such Mortgage Loan, (3) extend the maturity of any such Mortgage
        Loan,
        (4) amend the related Mortgage Note to reduce the related Mortgage Interest
        Rate
        with respect to any Mortgage Loan, (5) convert the Mortgage Interest Rate
        on any
        Mortgage Loan from a fixed rate to an adjustable rate or vice versa, (6)
        with
        respect to a Mortgage Loan with an initial fixed rate period followed by
        an
        adjustable rate period, extend the fixed period and reduce the adjustable
        rate
        period, and/or (7) forgive the amount of any interest, principal or servicing
        advances owed by the related Mortgagor; provided that, in the Company's
        reasonable and prudent determination, such waiver, modification, postponement
        or
        indulgence: (A) is not materially adverse to the interests of the Purchaser
        on a
        present value basis using reasonable assumptions (including taking into account
        any estimated Realized Loss that might result absent such action); and (B)
        does
        not amend the related Mortgage Note to extend the maturity thereof later
        than
        the date of the Latest Possible Maturity Date (as such term is defined in
        the
        related pooling and servicing agreement); provided, further, with respect
        to any
        Mortgage Loan that is not in default or if default is not reasonably
        foreseeable, unless the Company has provided to the Purchaser a certification
        addressed to the Purchaser, based on the advice of counsel or certified public
        accountants that have a national reputation with respect to taxation of REMICs
        that a modification of such Mortgage Loan will not result in the imposition
        of
        taxes on or disqualify from REMIC status any of the REMICs and has obtained
        the
        prior written consent of the Purchaser, the Company shall not permit any
        modification with respect to any Mortgage Loan.  Notwithstanding the
        foregoing, for any waiver, modification, postponement or indulgence (not
        including any partial releases, assumptions of mortgages or modifications
        of any
        Mortgage Loan that is done in connection with compliance with the Relief
        Act)
        which the Company reasonably anticipates may result in a realized loss of
        20% or
        more of the outstanding principal balance of a Mortgage Loan, the Company
        shall
        present such proposed waiver, modification, postponement or indulgence, together
        with any supporting documentation, to the Master Servicer for consideration
        and
        approval.  The Company shall submit all waivers, modifications or
        variances of the terms of any Mortgage Loan with respect to partial releases,
        assumptions of mortgages or for modifications done in furtherance of compliance
        with the Relief Act, together with any supporting documentation, to the Master
        Servicer for consideration and approval.

       

      (i)  Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      On
        each Remittance Date, the Company
        shall remit to the Master Servicer all Liquidation Proceeds and Insurance
        Proceeds, along with any Servicing Advances and Advances, such that the sum
        of
        the foregoing at least equals in the aggregate the outstanding Stated Principal
        Balance of the related Mortgage Loans.  The Master Servicer
        shall fully
        reimburse the Company for Servicing Advances and Monthly Advances related
        to
        Liquidation Proceeds on the Remittance Date after such Servicing Advances
        and
        Monthly Advances are approved; provided, however, the Company must provide
        documentation in the form of Exhibit P hereto to the Master Servicer seeking
        approval within 90 days of final liquidation of a Mortgage Loan.  The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, such
        claim
        must be complete with all supporting documentation.  The Company’s
        obligation to make such Servicing Advances and Monthly Advances as to any
        Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        Officer’s Certificate in accordance with Section 5.03.

       

      (j)  Sections
        4.05(vi), 4.05(vii), 4.05(vi) and 4.05(vii) are hereby renumbered as Sections
        4.05(vi), 4.05(vii), 4.05(viii) and 4.05(ix), and the following is added
        as
        Section 4.05(ix).

       

      (k)  Section
        4.05 of the Purchase Agreement is hereby amended by deleting Subsection 4.05(ix)
        and replacing it with the following:

       

      (ix)           to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, such claim must be complete with all supporting
        documentation.

       

      (l)  The
        following is added as the last paragraph of Section 4.05:

       

      Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, the Company must submit such claim with all supporting
        documentation in order for the Master Servicer to approve or deny such claim
        within such time period.  Pending such approval, such funds shall be
        remitted by the Company to the Master Servicer to the extent such funds,
        in
        addition to any Servicing Advances and Advances, constitute an amount equal
        to
        the outstanding Stated Principal Balance of the related Mortgage Loan plus
        any
        accrued interest due and owing on such Mortgage Loan.

       

      (m)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and Company, and” in the first
        paragraph.

       

      (n)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby amended by deleting and replacing it with the
        following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit E and
        Exhibit
        F, with respect to remittances, Exhibit P, with respect to realized losses
        and
        gains, Exhibit Q and Exhibit R, with respect to defaulted mortgage loans,
        Exhibit S, with respect to modified mortgage loans, Exhibit T, with respect
        to
        claims submitted and Exhibit U, with respect to loss severity, with each
        such
        report.

       

      (o)  Section
        6.04 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (p)  Section
        6.07 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 6.07 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (q)  The
        first
        paragraph of Section 11.04 of the of the Purchase Agreement is hereby amended
        by
        deleting and replacing it with the following:

       

      This
        Agreement and the related Term
        Sheet shall be governed by and construed in accordance with the laws of the
        State of New York without giving effect to principles of conflicts of laws
        and
        except to the extent preempted by Federal law and the obligations, rights
        and
        remedies of the parties hereunder shall be determined in accordance with
        such
        laws.

       

      (r)  Section
        11.19 of the of the Purchase Agreement is hereby amended by deleting and
        replacing it with the following:

       

      As
        long as the Company continues to
        service Mortgage Loans, the Company agrees that with respect to any Mortgage
        Loan sold or transferred pursuant to a Reconstitution as described in Section
        11.18 of this Agreement (a “Reconstituted Mortgage Loan”), the Company, at its
        expense, shall provide the Purchaser with the information set forth in
Exhibits E, F, P, Q,
        R, S, T & U attached
        hereto for each Reconstituted Mortgage Loan in Excel or such electronic
        delimited file format as may be mutually agreed upon by both Purchaser and
        Company.  Such information shall be provided monthly for all
        Reconstituted Mortgage Loans on the fifth (5th) Business Day of each month
        for
        the immediately preceding monthly period, and shall be posted to
        emcmortgagecorp.com or other such means as mutually agreed upon. 

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit E to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit C.

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit F to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit D.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit P to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit E.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit F.

       

      (w)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit G.

       

      (x)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit H.

       

      (y)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit I.

       

      (z)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit J.

       

      9.  Notice
        Addresses.

       

      If
        to the Assignee:

      

      Wells
        Fargo Bank, National
        Association

      as
        Trustee

      9062
        Old Annapolis
        Road

      Columbia,
        Maryland
        21045

      Attention:
        Client Manager BSABS I
        2007-AC5

      Telecopier
        No.: (410)
        715-2380

      

      If
        to the Assignor:

      

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a copy to:

      

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

      If
        to the Company:

      

      Branch
        Banking and Trust
        Company

      2713
        Forest Hills
        Road

      Wilson,
        North Carolina
        27894-2305

      Attention:
        Andrew
        Ball

      Email:
        aball@bbandt.com

      

      

      10.  This
        Assignment shall be construed in accordance with the substantive laws of
        the
        State of New York (without regard to conflict of laws principles other than
        Section 5-1401 of the New York General Obligations Law) and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws, except to the extent preempted by federal law.

       

      11.  From
        and
        after the date hereof, the Company, as servicer shall recognize the Assignee
        as
        the owner of the Mortgage Loans, the Company will service the Mortgage Loans
        in
        accordance with the Agreements for the benefit of the Assignee, and shall
        look
        solely to the Assignee for performance of the obligations of Purchaser under
        the
        Agreements with respect to the Mortgage Loans.  From and after the
        date hereof, the Assignee shall recognize the Company as the seller and servicer
        of the Mortgage Loans, and shall look solely to the Company for performance
        of
        the obligations of the Seller under the Agreements with respect to the Mortgage
        Loans.

       

      12.  This
        Assignment shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which the Company, the Assignor or
        the Assignee may be merged or consolidated shall, without the requirement
        for
        any further writing, be deemed the Company, the Assignor or the Assignee,
        respectively, hereunder.

       

      13.  No
        term
        or provision of this Assignment may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

       

      14.  This
        Assignment shall survive the conveyance of the Mortgage Loans and the assignment
        of the Agreements to the extent of the Mortgage Loans by the Assignor to
        the
        Assignee and the termination of the Agreements.

       

      15.  This
        Assignment 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 and be one and the same instrument.

       

      

       

      [SIGNATURE
        PAGE
        FOLLOWS]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties have
        caused this Assignment, Assumption and Recognition Agreement to be executed
        by
        their duly authorized officers as of the date first above
        written.

       

      
        	
                EMC
                  MORTGAGE
                  CORPORATION

                the
                  Assignor and Master
                  Servicer

              	 	
                WELLS
                  FARGO BANK, NATIONAL
                  ASSOCIATION, the Trustee for the holders of Bear Stearns Asset
                  Backed
                  Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
                  2007-AC5

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	
                Name:

              	 
	
                Title:

              	 	 	
                Title:

              	 
	 	 	 
	 	 	 
	
                BRANCH
                  BANKING AND TRUST
                  COMPANY

                the
                  Company

              	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 
	 	 	 
	 	 	 
	
                Acknowledged
                  and
                  Agreed:

                BEAR
                  STEARNS ASSET
                  BACKED

                SECURITIES
                  I
                  LLC

              	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	 	 	 	 
	
                Name:

              	 	 	 	 
	
                Title:

              	 	 	 	 

      

      

       

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        A TO THE AAR

       

      Mortgage
        Loan
        Schedule

       

      [Provided
        Upon
        Request]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      EXHIBIT
        B TO THE AAR

       

      

      PURCHASE
        AGREEMENT

       

      TERM
        SHEET

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        C TO THE AAR

      Exhibit
        E to the Purchase
        Agreement

       

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        D TO THE AAR

      Exhibit
        F to the Purchase
        Agreement

       

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

       

      

       

      EXHIBIT
        E TO THE AAR

      Exhibit
        P to the Purchase
        Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

       

      Date:        
        ___________________________________

       

      

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      

       

       

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      

       

      
        	
                Has
                  this loan been previously modified?

              	
                Yes

              	
                No

              
	
                Has
                  this loan been crammed down in a bankruptcy?

              	
                Yes

              	
                No

              

      

      If
“Yes”,
        provide amount _______________________________

       

       

      Liquidation
        and Acquisition Expenses:

       

       

      Amounts
        requiring Amortization Schedule for backup:

       

       

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

       

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

       

      Credits
        to Loan:

       

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

      

      

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        F TO THE AAR

      Exhibit
        Q to the Purchase
        Agreement

       

      EMC
        FORM
– DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        G TO THE AAR

      Exhibit
        R to the Purchase
        Agreement

       

      EMC
        FORM
– DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:  Provides summary data at the servicer investor
        level regarding loan performance that will be submitted to EMC Master Servicing
        and contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

                 

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

                 

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

                 

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

                 

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

                 

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

                 

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

                 

              	
                NUMERIC
                  (12,2)

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        H TO THE AAR

      Exhibit
        S to the Purchase
        Agreement

       

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      EXHIBIT
        I TO THE AAR

      Exhibit
        T to the Purchase
        Agreement

       

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        J TO THE AAR

       

      Exhibit
        U to the Purchase
        Agreement

       

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

      

    

     

    EXHIBIT
      R-3

    

    FORM
      OF FIFTH THIRD

    ASSIGNMENT
      AGREEMENT

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION
        AGREEMENT

       

      THIS
        ASSIGNMENT, ASSUMPTION AND
        RECOGNITION AGREEMENT (the “Assignment”) is dated as of June 29, 2007, by and
        among EMC Mortgage
        Corporation (the “Assignor”), Wells Fargo Bank, National Association,
        as trustee for
        the holders of Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 (the “Assignee”) and Fifth
        Third Mortgage Company (the “Company”).

      

      In
        consideration of the mutual promises
        and agreements contained herein, and for other good and valuable consideration,
        the receipt and sufficiency of which hereby are acknowledged, the parties
        hereto
        agree that the residential mortgage loans (the “Mortgage Loans”) listed on
        Exhibit A annexed hereto purchased by the Assignor from the Company and now
        serviced by Company for the Assignor and its successors and assigns pursuant
        to (a) that certain
        Purchase, Warranties and Servicing Agreement, dated as of September 1, 2002,
        between the Company and the Assignor, as amended by Amendment Number One,
        dated
        as of April 1, 2006, between the Company and the Assignor (the “Purchase
        Agreement”) and (b) the term sheet dated February 28, 2007, between the Company
        and the Assignor, (the “Term Sheet” and together with the Purchase Agreement,
        the “Agreements”) shall be subject to the terms of this
        Assignment.  Capitalized terms used herein but not defined shall have
        the meanings ascribed to them in the Agreements.

       

      Assignment
        and Assumption

       

      1.  Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Mortgage Loans and (b) the Agreements with respect to the Mortgage Loans;
        provided, however, that the Assignor is not assigning to the Assignee any
        of its
        right, title or interest, in, to and under the Agreements with respect to
        any
        mortgage loan other than the Mortgage Loans listed on Exhibit
        A.  Notwithstanding anything to the contrary contained herein, the
        Assignor specifically reserves and does not assign to the Assignee any right,
        title and interest in, to or under the representations and warranties contained
        in Section 3.01 and Section 3.02 of the Purchase Agreement and in the Term
        Sheet, and any obligation of the Company to cure, repurchase or substitute
        for a
        mortgage loan and to indemnify the Assignor with respect to a breach of such
        representations and warranties pursuant to Section 3.03 and Section 8.01
        of the
        Purchase Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections and in the Term Sheet against the Company.  In
        addition, the Assignor specifically reserves and does not assign to the Assignee
        any right, title and interest in, to or under Section 4.03 and Section 4.13
        of
        the Purchase Agreement (but only insofar as such Sections grant to the Purchaser
        the right to terminate the servicing of defaulted Mortgage Loans and/or REO
        Properties by the Company).  Except as is otherwise expressly provided
        herein, the Assignor makes no representations, warranties or covenants to
        the
        Assignee and the Assignee acknowledges that the Assignor has no obligations
        to
        the Assignee under the terms of the Agreements or otherwise relating to the
        transaction contemplated herein (including, but not limited to, any obligation
        to indemnify the Assignee).

       

      2.  The
        Assignor warrants and represents to the Assignee and to the Company as of
        the
        date hereof:

       

      
        	
                (a)      
                   

              	
                Attached
                  hereto as Exhibit B are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                (b)        
                  

              	
                The
                  Assignor was the lawful owner of the Mortgage Loans with full right
                  to
                  transfer the Mortgage Loans and any and all of its interests, rights
                  and
                  obligations under the Agreements as they relate to the Mortgage
                  Loans,
                  free and clear from any and all claims and encumbrances; and upon
                  the
                  transfer of the Mortgage Loans to the Assignee as contemplated
                  herein, the
                  Assignee shall have good title to each and every Mortgage Loan,
                  as well as
                  any and all of the Assignor’s interests, rights and obligations under the
                  Agreements as they relate to the Mortgage Loans, free and clear
                  of any and
                  all liens, claims and encumbrances;

              

      

       

      
        	
                (c)        

              	
                There
                  are no offsets, counterclaims or other defenses available to the
                  Assignor
                  with respect to the Mortgage Loans or the
                  Agreements;

              

      

       

      
        	
                (d)      
                   

              	
                The
                  Assignor has no knowledge of, and has not received notice of, any
                  waivers
                  under, or any modification of, any Mortgage
                  Loan;

              

      

       

      
        	
                (e)        

              	
                The
                  Assignor is duly organized, validly existing and in good standing
                  under
                  the laws of the jurisdiction of its incorporation, and has all
                  requisite
                  power and authority to acquire, own and sell the Mortgage
                  Loans;

              

      

       

      
        	
                (f)        

              	
                The
                  Assignor has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this Assignment is in the ordinary
                  course of
                  the Assignor’s business and will not conflict with, or result in a breach
                  of, any of the terms, conditions or provisions of the Assignor’s charter
                  or by-laws or any legal restriction, or any material agreement
                  or
                  instrument to which the Assignor is now a party or by which it
                  is bound,
                  or result in the violation of any law, rule, regulation, order,
                  judgment
                  or decree to which the Assignor or its property is subject.  The
                  execution, delivery and performance by the Assignor of this Assignment
                  and
                  the consummation by it of the transactions contemplated hereby,
                  have been
                  duly authorized by all necessary corporate action on part of the
                  Assignor.  This Assignment has been duly executed and delivered
                  by the Assignor and, upon the due authorization, execution and
                  delivery by
                  the Assignee, and the Company, will constitute the valid and legally
                  binding obligation of the Assignor enforceable against the Assignor
                  in
                  accordance with its terms except as enforceability may be limited
                  by
                  bankruptcy, reorganization, insolvency, moratorium or other similar
                  laws
                  now or hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                (g)        

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignor in connection with the execution, delivery
                  or
                  performance by the Assignor of this Assignment, or the consummation
                  by it
                  of the transactions contemplated hereby.  Neither the Assignor
                  nor anyone acting on its behalf has offered, transferred, pledged,
                  sold or
                  otherwise disposed of the Mortgage Loans or any interest in the
                  Mortgage
                  Loans, or solicited any offer to buy or accept a transfer, pledge
                  or other
                  disposition of the Mortgage Loans, or any interest in the Mortgage
                  Loans
                  or otherwise approached or negotiated with respect to the Mortgage
                  Loans,
                  or any interest in the Mortgage Loans with any Person in any manner,
                  or
                  made any general solicitation by means of general advertising or
                  in any
                  other manner, or taken any other action which would constitute
                  a
                  distribution of the Mortgage Loans under the Securities Act of
                  1933, as
                  amended (the “1933 Act”) or which would render the disposition of the
                  Mortgage Loans a violation of Section 5 of the 1933 Act or require
                  registration pursuant thereto; and

              

      

       

      
        	
                (h)        

              	
                The
                  Assignor has received from the Company, and has delivered to the
                  Assignee,
                  all documents required to be delivered to the Company prior to
                  the date
                  hereof pursuant to Section 2.07 of the Purchase Agreement with
                  respect to
                  the Mortgage Loans and has not received, and has not requested
                  from the
                  Company, any additional documents.

              

      

       

      3.  The
        Assignee represents, warrants and covenants with the Assignor and the Company
        that:

       

      
        	
                (a)         

              	
                The
                  Assignee is a national banking association, duly organized, validly
                  existing and in good standing under the laws of the United States,
                  and has
                  all requisite power and authority to acquire, own and purchase
                  the
                  Mortgage Loans;

              

      

       

      
        	
                (b)         

              	
                The
                  Assignee has full power and authority to execute, deliver and perform
                  under this Assignment, and to consummate the transactions set forth
                  herein.  The consummation of the transactions contemplated by
                  this Assignment is in the ordinary course of the Assignee’s business and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of the Assignee’s charter or bylaws, or any legal
                  restriction, or any material agreement or instrument to which the
                  Assignee
                  is now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which the Assignee
                  or
                  its property is subject.  The execution, delivery and
                  performance by the Assignee of this Assignment and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action of the Assignee.  This Assignment has
                  been duly executed and delivered by the Assignee and, upon the
                  due
                  authorization, execution and delivery by the Assignor and the Company,
                  will constitute the valid and legally binding obligation of the
                  Assignee
                  enforceable against the Assignee in accordance with its terms,
                  except as
                  enforceability thereof may be limited by bankruptcy, insolvency,
                  or
                  reorganization or other similar laws now or hereinafter in effect
                  relating
                  to creditor’s rights generally and by general principles of equity,
                  regardless of whether such enforceability is considered in a proceeding
                  in
                  equity or in law;

              

      

       

      
        	
                (c)         

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by the Assignee in connection with the execution,
                  delivery or performance by the Assignee of this Assignment, or
                  the
                  consummation by it of the transactions contemplated
                  hereby;

              

      

       

      
        	
                (d)         

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  the Assignee’s knowledge, threatened, which either in any instance or in
                  the aggregate, if determined adversely to the Assignee, would adversely
                  affect the Assignee’s execution or delivery of, or the enforceability of,
                  this Assignment, or the Assignee’s ability to perform its obligations
                  under this Assignment; and

              

      

       

      
        	
                (e)         

              	
                The
                  Assignee assumes for the benefit of the Trust, all of the rights
                  of the
                  Purchaser under the Agreements with respect to the Mortgage Loans
                  listed
                  on Exhibit A, other than the right to enforce the obligations of
                  the Company under the Agreements.

              

      

       

      4.  The
        Company warrants and represents to, and covenants with, the Assignor and
        the
        Assignee as of the date hereof:

       

      
        	
                (a)         

              	
                Attached
                  hereto as Exhibit B are true and accurate copy of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                (b)         

              	
                The
                  Company is duly organized, validly existing and in good standing
                  under the
                  laws of the jurisdiction of its incorporation, and has all requisite
                  power
                  and authority to service the Mortgage Loans and to perform its
                  obligations
                  under the Agreements;

              

      

       

      
        	
                (c)         

              	
                The
                  Company has full corporate power and authority to execute, deliver
                  and
                  perform its obligations under this Assignment, and to consummate
                  the
                  transactions set forth herein.  The consummation of the
                  transactions contemplated by this Assignment is in the ordinary
                  course of
                  the Company’s business and will not conflict with, or result in a breach
                  of, any of the terms, conditions or provisions of its charter or
                  by-laws
                  or any legal restriction, or any material agreement or instrument
                  to which
                  it is now a party or by which it is bound, or result in the violation
                  of
                  any law, rule, regulation, order, judgment or decree to which the
                  Company
                  or its property is subject.  The execution, delivery and
                  performance by the Company of this Assignment and the consummation
                  by it
                  of the transactions contemplated hereby, have been duly authorized
                  by all
                  necessary corporate action on the part of the Company.  This
                  Assignment has been duly executed and delivered by the Company,
                  and, upon
                  the due authorization, execution and delivery by the Assignor and
                  the
                  Assignee, will constitute the valid and legally binding obligation
                  of the
                  Company, enforceable against it in accordance with its terms except
                  as
                  enforceability may be limited by bankruptcy, reorganization, insolvency,
                  moratorium or other similar laws now or hereafter in effect relating
                  to
                  creditors’ rights generally, and by general principles of equity
                  regardless of whether enforceability is considered in a proceeding
                  in
                  equity or at law;

              

      

       

      
        	
                (d)         

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by the Assignee in connection with the execution, delivery
                  or
                  performance by the Company of this Assignment, or the consummation
                  by it
                  of the transactions contemplated
                  hereby;

              

      

       

      
        	
                (e)         

              	
                The
                  Company shall establish a Custodial Account and an Escrow Account
                  under
                  the Agreements in favor of Assignee with respect to the Mortgage
                  Loans
                  separate from the Custodial Account and Escrow Account previously
                  established under the Agreements in favor of the Assignor;
                  and

              

      

       

      
        	
                (f)         

              	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheet with respect to the Company
                  and
                  the Mortgage Loans as of the date
                  hereof.

              

      

       

      5.  The
        Company warrants and represents to, and covenants with, the Assignor and
        Bear
        Stearns Asset Backed Securities I LLC  (“BSABS I”) as of the date
        hereof:

       

      
        	
                a.  

              	
                The
                  Company is not aware and has not received notice that any default,
                  early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	
                b.  

              	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	
                c.  

              	
                The
                  Company has not been terminated as servicer in a residential mortgage
                  loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	
                d.  

              	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Agreements and
                  this
                  Assignment for mortgage loans of a type similar to the Mortgage
                  Loans have
                  occurred during the three-year period immediately preceding the
                  date
                  hereof;

              

      

       

      
        	
                e.  

              	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Agreements and this
                  Assignment;

              

      

       

      
        	
                f.  

              	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	
                g.  

              	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify the Assignor and BSABS
        I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Mortgage Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a copy to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

       

      Notifications
        pursuant to (i)(A)
above should be sent
        to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:
        General
        Counsel

      Facsimile:  (469)
        759-4714

      

      With
        copies to:

       

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      6.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Mortgage Loans
        pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2007,
        among
        BSABS I, the Assignee, the Master Servicer and the Assignor.  The
        Company shall deliver all reports required to be delivered under the Agreements
        to:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

       

      Recognition
        of
        Assignee

       

      7.  From
        and
        after the date hereof the Company shall recognize the Assignee as owner of
        the
        Mortgage Loans, and acknowledges that the Mortgage Loans will be part of
        a
        REMIC.  The Company will service the Mortgage Loans in accordance with
        the Agreements, but in no event in a manner that would (i) cause the REMIC
        to
        fail to qualify as a REMIC or (ii) result in the imposition of a tax upon
        the
        REMIC (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).  It is the intention
        of the Assignor, the Company and the Assignee that this Agreement shall be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto.  Neither the Company nor the Assignor shall amend or
        agree to amend, modify, waiver, or otherwise alter any of the terms or
        provisions of the Agreements, which amendment, modification, waiver or other
        alteration would in any way affect the Mortgage Loans without the prior written
        consent of the Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee or the Securities Administrator) to the effect that
        the
        holding by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 of such REO Property subsequent
        to
        such three-year period will not result in the imposition of taxes on “prohibited
        transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case the Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or
        allowed to continue to be rented) or otherwise used for the production of
        income
        by or on behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      In
        addition, the Company hereby acknowledges that from and after the date hereof,
        the Mortgage Loans will be subject to the terms and conditions of the Pooling
        Agreement pursuant to which the Master Servicer is required to monitor the
        performance by the Company of its servicing obligations under the Agreements
        and
        has the right to enforce the obligations of the Company under the Agreements
        with respect to the servicing of the Mortgage Loans.  Such right will
        include, without limitation, the right to terminate the Company under the
        Agreements upon the occurrence of an event of default thereunder, the right
        to
        receive all remittances required to be made by the Company under the Agreements,
        the right to receive all monthly reports and other data required to be delivered
        by the Company under the Agreements, the right to examine the books and records
        of the Company, indemnification rights, and the right to exercise certain
        rights
        of consent and approval relating to actions taken by the Company.  In
        connection therewith, the Company hereby agrees to make all remittances required
        under the Agreements with respect to the Mortgage Loans to the Master Servicer
        for the benefit of the Assignee in accordance with the following wire transfer
        instructions:

       

      EMC
        Master Servicing
        Remittances

      Bank:  Chase
        Bank of
        Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage
        Corporation

      ABA
        # 113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007
        Remit for Fifth Third Mortgage Company

      Attention:  LSBO
        Group-MS

       

      It
        is the intention of the Assignor, the
        Company and the Assignee that this Agreement will be a separate and distinct
        servicing agreement between the Assignee and the Company, to the extent of
        the
        Mortgage Loans, and shall be binding upon and for the benefit of the respective
        successors and assigns of the parties hereto.  Neither the Company nor
        the Assignor shall amend or agree to amend, modify, waive, or otherwise alter
        any of the terms or provisions of the Agreements which amendment, modification,
        waiver or other alteration would in any way affect the Mortgage Loans without
        the prior written consent of the Assignee.

       

      8.  Modification
        of the Purchase Agreement :

       

      The
        Company and the Assignor hereby
        amend the Purchase Agreement as follows:

       

      (a)  The
        following definitions are added to Section 1.01 of the Purchase
        Agreement:

       

      REMIC
        Provisions: The provisions
        of the federal income
        tax law relating to REMICs, which appear at Sections 860A through 860G of
        the
        Code, and related provisions and regulations promulgated thereunder, as the
        foregoing may be in effect from time to time.

       

      Master
        Servicer: EMC Mortgage
        Corporation.

       

      Nonrecoverable
        Advance: Any advance
        previously made by the Company pursuant to Section 5.03 or any Servicing
        Advance
        which, in the good faith judgment of the Company, may not be ultimately
        recoverable by the Company from Liquidation Proceeds or
        otherwise.  The determination by the Company that it has made a
        Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the
        Company delivered to the Purchaser and the Master Servicer and detailing
        the
        reasons for such determination.

       

      Trustee:
        Wells Fargo Bank, National
        Association.

       

      (b)  The
        definition of “Business Day” in Section 1.01 of the Purchase Agreement is
        deleted in its entirety and replaced with the following definition:

       

      Business
        Day:  Any day other than:
        (i) a
        Saturday or Sunday, or (ii) a legal holiday in the States
        of Maryland, Minnesota,
New
        York or Ohio, or (iii) a day on
        which banks in the States
        of Maryland, Minnesota,
New
        York or Ohio are authorized or
        obligated by law or executive order to be closed.

       

      (c)  The
        definition of Eligible Account in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Eligible
        Account: Any of (i) an
        account or accounts
        maintained with a federal or state chartered depository institution or trust
        company, the long-term unsecured debt obligations and short-term unsecured
        debt
        obligations of which (or, in the case of a depository institution or trust
        company that is the principal subsidiary of a holding company, the debt
        obligations of such holding company, so long as Moody’s is not a Rating Agency)
        are rated by each Rating Agency in one of its two highest long-term and its
        highest short-term rating categories, respectively, at the time any amounts
        are
        held on deposit therein; provided, that following a downgrade, withdrawal,
        or
        suspension of such institution's rating  as set forth above, each
        account shall promptly (and in any case within not more than 30 calendar
        days)
        be moved to one or more segregated trust accounts in the trust department
        of
        such institution, or to an account at another institution that complies with
        the
        above requirements, or (ii) a trust account or accounts maintained with the
        corporate trust department of a federal or state chartered depository
        institution or trust company having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity or (iii) any other account
        acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts
        may bear interest, and may include, if otherwise qualified under this
        definition, accounts maintained with the Trustee.

       

      (d)  The
        definition of Principal Prepayment in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Principal
        Prepayment: Any payment or
        other recovery of
        principal on a Mortgage Loan full or partial which is received in advance
        of its
        scheduled Due Date, including any Prepayment Charge and which is not accompanied
        by an amount of interest representing scheduled interest due on any date
        or
        dates in any month or months subsequent to the month of
        prepayment.  Partial principal Prepayments shall be applied in
        accordance with the terms of the related Mortgage Note.

       

      (e)  The
        definition of Servicing Fee Rate in Section 1.01 of the Purchase Agreement
        is
        deleted in its entirety and replaced with the following:

       

      Servicing
        Fee Rate: A per annum rate equal to 0.625%.

       

      (f)  Section
        3.01(s) of the Purchase Agreement is hereby amended by changing the reference
        in
        Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
        calendar days”.

       

      (g)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the
        terms set forth in this Agreement, if a Mortgage Loan is in default or such
        default is reasonably foreseeable, the Company may 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, including
        without limitation, to (1) capitalize any amounts owing on the Mortgage Loan
        by
        adding such amount to the outstanding principal balance of the Mortgage Loan,
        (2) defer such amounts to a later date or the final payment date of such
        Mortgage Loan, (3) extend the maturity of any such Mortgage Loan, (4) amend
        the
        related Mortgage Note to reduce the related Mortgage Interest Rate with respect
        to any Mortgage Loan, (5) convert the Mortgage Interest Rate on any Mortgage
        Loan from a fixed rate to an adjustable rate or vice versa, (6) with respect
        to
        a mortgage loan with an initial fixed rate period followed by an adjustable
        rate
        period, extend the fixed period and reduce the adjustable rate period, and/or
        (7) forgive the amount of any interest, principal or servicing advances owed
        by
        the related Mortgagor; provided that, in the Company's reasonable and prudent
        determination, such waiver, modification, postponement or indulgence: (A)
        is not
        materially adverse to the interests of the Purchaser on a present value basis
        using reasonable assumptions (including taking into account any estimated
        Realized Loss that might result absent such action); and (B) does not amend
        the
        related Mortgage Note to extend the maturity thereof later than the date
        of the
        Latest Possible Maturity Date (as such term is defined in the related pooling
        and servicing agreement); provided, further, with respect to any Mortgage
        Loan
        that is not in default or if default is not reasonably foreseeable, unless
        the
        Company has provided to the Purchaser a certification addressed to the
        Purchaser, based on the advice of counsel or certified public accountants
        that
        have a national reputation with respect to taxation of REMICs that a
        modification of such Mortgage Loan will not result in the imposition of taxes
        on
        or disqualify from REMIC status any of the REMICs and has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan.  Notwithstanding the foregoing, for
        any waiver, modification, postponement or indulgence (not including any partial
        releases, assumptions of mortgages or modifications of any Mortgage Loan
        that is
        done in connection with compliance with the Relief Act) which the Company
        reasonably anticipates may result in a realized loss of 20% or more of the
        outstanding principal balance of a Mortgage Loan, the Company shall present
        such
        proposed waiver, modification, postponement or indulgence, together with
        any
        supporting documentation, to the Master Servicer for consideration and
        approval.  The Company shall submit all waivers, modifications or
        variances of the terms of any Mortgage Loan with respect to partial releases,
        assumptions of mortgages or for modifications done in furtherance of compliance
        with the Relief Act, together with any supporting documentation, to the Master
        Servicer for consideration and approval.

       

      (h)  Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      The
        Master Servicer shall fully
        reimburse the Company for Servicing Advances and Monthly Advances related
        to
        Liquidation Proceeds on the Remittance Date after such Servicing Advances
        and
        Monthly Advances are approved; provided, however, the Company must provide
        documentation in the form of Exhibit T hereto to the Master Servicer seeking
        approval within 90 days of final liquidation of a Mortgage Loan.  The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, such
        claim
        must be complete with all supporting documentation.  The Company’s
        obligation to make such Servicing Advances and Monthly Advances as to any
        Mortgage Loan shall continue through the final liquidation of the Mortgaged
        Property, unless the Company deems such advance nonrecoverable and submits
        an
        Officer’s Certificate in accordance with Section 5.03.

       

      (i)  Section
        4.05 of the Purchase Agreement is hereby amended by adding the following
        as
        Subsection 4.05(ix):

       

      (vii)   
to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, such claim must be complete with all supporting
        documentation.

       

      (j)  The
        following is added as the last paragraph of Section 4.05:

       

      Notwithstanding
        the foregoing, the
        Company’s right to reimbursement pursuant to clauses (ii), (iii) and (ix) above
        shall be subject to the prior approval of the Master Servicer.  The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, the
        Company must submit such claim with all supporting documentation in order
        for
        the Master Servicer to approve or deny such claim within such time
        period.  Pending such approval, such funds shall be remitted by the
        Company to the Master Servicer to the extent such funds, in addition to any
        Servicing Advances and Advances, constitute an amount equal to the outstanding
        Stated Principal Balance of the related Mortgage Loan plus any accrued interest
        due and owing on such Mortgage Loan.

       

      (k)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and Company, and” in the first
        paragraph.

       

      (l)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit J and Exhibit
        K, with respect to remittances, Exhibit Q, with respect to realized losses
        and
        gains, Exhibit R and Exhibit S, with respect to defaulted mortgage loans,
        Exhibit T, with respect to modified mortgage loans, Exhibit U, with respect
        to
        claims submitted and Exhibit V, with respect to loss severity, with each
        such
        report.

       

      (m)  Section
        6.04 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (n)  Section
        6.07 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 6.07 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (o)  The
        first
        paragrpah of Section 11.04 of the of the Purchase Agreement is hereby deleted
        and replaced with the following:

       

      This
        Agreement shall be governed by and
        construed in accordance with the laws of the State of New York without giving
        effect to principles of conflicts of laws and except to the extent preempted
        by
        Federal law and the obligations, rights and remedies of the parties hereunder
        shall be determined in accordance with such laws.

       

      (p)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit J to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit C.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit K to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit D.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting in
        its
        entirety and inserting a new Exhibit Q to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit E.

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit F.

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit G.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit H.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit I.

       

      (w)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit J.

       

      9.  Notice
        Addresses.

       

      If
        to the Assignee:

      

      Wells
        Fargo Bank, National
        Association

      as
        Trustee

      9062
        Old Annapolis
        Road

      Columbia,
        Maryland
        21045

      Attention:
        Client Manager BSABS I
        2007-AC5

      Telecopier
        No.: (410)
        715-2380

      

      If
        to the Assignor:

      

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle
        Viner

      Facsimile:
        (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a copy to:

      

      Bear,
        Stearns & Co.
        Inc.

      383
        Madison Avenue, 3rd
        Floor

      New
        York, NY 10179

      Attention:  Global
        Credit
        Administration

      Facsimile:  (212)
        272-6564

      

      If
        to the Company:

      

      Fifth
        Third Mortgage
        Company

      38
        Fountain Square
        Plaza

      MD
        1MOB2Y

      Cincinnatti,
        Ohio
        45263

      Attention:Stephen
        Johnson

      Telecopy:
        (513)
        358-0893

       

      10.  This
        Assignment shall be construed in accordance with the substantive laws of
        the
        State of New York (without regard to conflict of laws principles other than
        Section 5-1401 of the New York General Obligations Law) and the obligations,
        rights and remedies of the parties hereunder shall be determined in accordance
        with such laws, except to the extent preempted by federal law.

       

      11.  From
        and
        after the date hereof, the Company, as servicer shall recognize the Assignee
        as
        the owner of the Mortgage Loans, the Company will service the Mortgage Loans
        in
        accordance with the Agreements for the benefit of the Assignee, and shall
        look
        solely to the Assignee for performance of the obligations of Purchaser under
        the
        Agreements with respect to the Mortgage Loans.  From and after the
        date hereof, the Assignee shall recognize the Company as the seller and servicer
        of the Mortgage Loans, and shall look solely to the Company for performance
        of
        the obligations of the Seller under the Agreements with respect to the Mortgage
        Loans.

       

      12.  This
        Assignment shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which the Company, the Assignor or
        the Assignee may be merged or consolidated shall, without the requirement
        for
        any further writing, be deemed the Company, the Assignor or the Assignee,
        respectively, hereunder.

       

      13.  No
        term
        or provision of this Assignment may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced.

       

      14.  This
        Assignment shall survive the conveyance of the Mortgage Loans and the assignment
        of the Agreements to the extent of the Mortgage Loans by the Assignor to
        the
        Assignee and the termination of the Agreements.

       

      15.  This
        Assignment 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 and be one and the same instrument.

       

      [SIGNATURE
        PAGE
        FOLLOWS]

       

      IN
        WITNESS WHEREOF, the parties have
        caused this Assignment, Assumption and Recognition Agreement to be executed
        by
        their duly authorized officers as of the date first above
        written.

       

      
        	
                EMC
                  MORTGAGE
                  CORPORATION

                the
                  Assignor and Master
                  Servicer

              	 	WELLS
                FARGO BANK, NATIONAL
                ASSOCIATION, the Trustee for the holders of Bear Stearns Asset Backed
                Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
                2007-AC5	 
	 	 	 	the
                Assignee	 
	 	 	 	 	 
	By:	
                 

              	 	
                By:

              	
              	 
	Name:	
                 

              	 	Name:	
                 

              	 
	Title:	 	 	Title:	 	 
	 	 	 	 	 	 
	
                FIFTH
                  THIRD MORTGAGE
                  COMPANY

                the
                  Company

              	 	 	 	 
	 	 	 	 	 	 
	
                By:

              	
              	 	 	 	 
	
                Name:

              	
                 

              	 	 	 	 
	Title:	 	 	 	 	 
	 	 	 	 	 	 
	
                Acknowledged
                  and
                  Agreed:

                 

                BEAR
                  STEARNS ASSET
                  BACKEDSECURITIES
                  I
                  LLC

              	 	 	 	 
	 	 	 	 	 	 
	
                By:

              	
                 

              	 	 	 	 
	
                Name:

              	
                 

              	 	 	 	 
	
                Title:

              	 	 	 	 	 

      

       

       

      EXHIBIT
        A TO THE AAR

       

      Mortgage
        Loan
        Schedule

       

      [Provided
        Upon
        Request]

       

       

      EXHIBIT
        B TO THE AAR

      

      PURCHASE
        AGREEMENT

       

      TERM
        SHEET

       

       

       

      EXHIBIT
        C TO THE AAR

      Exhibit
        J to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        D TO THE AAR

      Exhibit
        K to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

       

      EXHIBIT
        E TO THE AAR

      Exhibit
        Q to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:                                

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      Has
        this loan been previously
        modified?                                                                                                            Yes                                No

       

      Has
        this loan been crammed down in a
        bankruptcy?                                                                                       Yes                                No

       

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

      Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

       

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

       

      EXHIBIT
        F TO THE AAR

      Exhibit
        R to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
– DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        G TO THE AAR

      Exhibit
        S to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
– DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:  Provides summary data at the servicer investor
        level regarding loan performance that will be submitted to EMC Master Servicing
        and contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

                 

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

                 

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

                 

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

                 

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

                 

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

                 

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

                 

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        H TO THE AAR

      Exhibit
        T to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

       

      EXHIBIT
        I TO THE AAR

      Exhibit
        U to the Purchase, Warranties
        and Servicing Agreement

       

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

       

      EXHIBIT
        J TO THE AAR

       

      Exhibit
        V to the Purchase, Warranties
        and Servicing Agreement

       

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

    

     

    EXHIBIT
      R-4

    

    FORM
      OF GREENPOINT

    ASSIGNMENT
      AGREEMENT

    
      

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of June 29, 2007 (the “Closing Date”), among EMC Mortgage Corporation (the
“Assignor”), Wells Fargo Bank, National Association, not individually but solely
        as trustee for the holders of the Bear Stearns Asset Backed Securities I
        Trust
        2007-AC5, Asset-Backed Certificates, Series 2007-AC5 (the “Assignee”) and
        GreenPoint Mortgage Funding, Inc. (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the "Assigned Loan Schedule") purchased by the Assignor
        from
        the Company and now serviced by Company for Assignor and its successors and
        assigns pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of September 1, 2003, between Assignor and Company, as amended by Amendment
        Number One, dated as of January 1, 2006 (the “Purchase Agreement”) and (b) the
        term sheets dated July 25, 2006 and October 11, 2006 between Assignor and
        Company, (the “Term Sheets” and together with the Purchase Agreement, the
“Agreements”) shall be subject to the terms of this AAR Agreement. Capitalized
        terms used herein but not defined shall have the meanings ascribed to them
        in
        the Purchase Agreement.

       

      Assignment
        and Assumption

      

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1.  Notwithstanding anything to the contrary contained herein, the
        Assignor specifically reserves and does not assign to the Assignee any right,
        title and interest in, to or under the representations and warranties contained
        in Section 3.01 and Section 3.02 of the Purchase Agreement and in the Term
        Sheets, and any obligation of the Company to cure, repurchase or substitute
        for
        a mortgage loan and to indemnify the Assignor with respect to a breach of
        such
        representations and warranties pursuant to Section 3.03 and Section 8.01
        of the
        Purchase Agreement and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections against the Company.  In addition, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under Section 2.09 of the Purchase Agreement and Section
        4.03
        and Section 4.13 of the Purchase Agreement (but only insofar as such Sections
        grant to the Purchaser the right to terminate the servicing of defaulted
        Assigned Loans and/or REO Properties by the Company).  Except as is
        otherwise expressly provided herein, the Assignor makes no representations,
        warranties or covenants to the Assignee and the Assignee acknowledges that
        the
        Assignor has no obligations to the Assignee under the terms of the Purchase
        Agreement or otherwise relating to the transaction contemplated herein
        (including, but not limited to, any obligation to indemnify the
        Assignee).

       

      Representations,
        Warranties and Covenants

       

      1.  Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
        and the Term Sheets which agreements are in full force and effect as of the
        date
        hereof and the provisions of which have not been waived, amended or modified
        in
        any respect, nor has any notice of termination been given
        thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignee’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Purchase Agreement;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignor’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignor’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignor is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignor or its property is subject.  The
        execution, delivery and performance by Assignor of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of
        Assignor.  This AAR Agreement has been duly executed and delivered by
        Assignor and, upon the due authorization, execution and delivery by Assignee
        and
        Company, will constitute the valid and legally binding obligation of Assignor
        enforceable against Assignor in accordance with its terms except as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from Company, and has delivered to the Assignee, all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignee’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignee’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignee is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignee or its property is subject.  The
        execution, delivery and performance by Assignee of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on part of Assignee. This AAR
        Agreement has been duly executed and delivered by Assignee and, upon the
        due
        authorization, execution and delivery by Assignor and Company, will constitute
        the valid and legally binding obligation of Assignee enforceable against
        Assignee in accordance with its terms except as enforceability may be limited
        by
        bankruptcy, reorganization, insolvency, moratorium or other similar laws
        now or
        hereafter in effect relating to creditors’ rights generally, and by general
        principles of equity regardless of whether enforceability is considered in
        a
        proceeding in equity or at law;

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans.

       

      3.  Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Purchase Agreement
        and the Term Sheets which agreements are in full force and effect as of the
        date
        hereof and the provisions of which have not been waived, amended or modified
        in
        any respect, nor has any notice of termination been given
        thereunder;

       

      (b)  Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Purchase Agreement;

       

      (c)  Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Company’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Company’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Company is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Company or its property is subject.  The
        execution, delivery and performance by Company of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of Company. This
        AAR
        Agreement has been duly executed and delivered by Company, and, upon the
        due
        authorization, execution and delivery by Assignor and Assignee, will constitute
        the valid and legally binding obligation of Company, enforceable against
        Company
        in accordance with its terms except as enforceability may be limited by
        bankruptcy, reorganization, insolvency, moratorium or other similar laws
        now or
        hereafter in effect relating to creditors’ rights generally, and by general
        principles of equity regardless of whether enforceability is considered in
        a
        proceeding in equity or at law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this AAR Agreement, or the consummation by it of the transactions contemplated
        hereby;

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event
        has occurred from the date of the Term Sheets to the date hereof which would
        render the representations and warranties as to the related Assigned Loans
        made
        by the Company in Sections 3.01 and 3.02 of the Purchase Agreement or in
        the
        Term Sheets to be untrue in any material respect;

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a material fact necessary to make the
        statements contained therein not misleading; and

       

      (h)  Pursuant
        to Section 11.18 of the Purchase Agreement, the Company hereby restates the
        representations and warranties set forth in Article III of the Purchase
        Agreement and in the Term Sheets with respect to the Company and the Assigned
        Loans as of the Closing Date.

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      (c)  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      (d)  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the Purchase Agreement and this
        AAR
        Agreement for mortgage loans of a type similar to the Assigned Loans have
        occurred during the three-year period immediately preceding the date
        hereof;

       

      (e)  There
        are
        no aspects of the Company’s financial condition that could have a material
        adverse effect on the performance by the Company of its servicing obligations
        under the Purchase Agreement and this AAR Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, any Subservicer or any third-party
        originator; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  General
        Counsel

      Facsimile:  (469)
        759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

       

      5.  Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

      

      6.  From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Purchase Agreement
        (as
        modified by this AAR Agreement) but in no event in a manner that would (i)
        cause
        any REMIC to fail to qualify as a REMIC or (ii) result in the imposition
        of a
        tax upon any REMIC (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). It is
        the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the Purchase
        Agreement which amendment, modification, waiver or other alteration would
        in any
        way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Master Servicer for the benefit
        of
        the Assignee a statement with respect to each mortgaged property acquired
        through foreclosure or deed-in-lieu of foreclosure in connection with a
        defaulted Assigned Loan (“REO Property”) that has been rented showing the
        aggregate rental income received and all expenses incurred in connection
        with
        the management and maintenance of such REO Property at such times as is
        necessary to enable the Assignee to comply with the reporting requirements
        of
        the REMIC provisions of the Code.  The net monthly rental income, if
        any, from such REO Property shall be deposited in the related collection
        account
        no later than the close of business on each determination date.  The
        Company shall perform, or cause to be performed, the tax reporting and
        withholding related to foreclosures, abandonments and cancellation of
        indebtedness income as specified by Sections 1445, 6050J and 6050P of the
        Code
        by preparing and filing such tax and information returns, as may be
        required.  In the event that Bear Stearns Asset Backed Securities I
        Trust, Asset-Backed Certificates, Series 2007-AC5 acquires any REO Property
        as
        aforesaid or otherwise in connection with a default or default becoming
        reasonably foreseeable on an Assigned Loan, the Company shall cause such
        REO
        Property to be disposed prior to three years after its acquisition by Bear
        Stearns Asset Backed Securities I Trust, Asset-Backed Certificates, Series
        2007-AC5 or, at the expense of Bear Stearns Asset Backed Securities I Trust,
        Asset-Backed Certificates, Series 2007-AC5, request more than 60 days prior
        to
        the day on which such three-year period would otherwise expire, an extension
        of
        the three-year grace period unless the Assignee shall have been supplied
        with an
        opinion of counsel addressed to the Assignee rendered by nationally recognized
        tax counsel specializing in such matters (such opinion not to be an expense
        of
        the Assignee) to the effect that the holding by Bear Stearns Asset Backed
        Securities I Trust, Asset-Backed Certificates, Series 2007-AC5 of such REO
        Property subsequent to such three-year period will not result in the imposition
        of taxes on “prohibited transactions” of any REMIC as defined in Section 860F of
        the Code or cause any REMIC to fail to qualify as a REMIC, in which case
        Bear
        Stearns Asset Backed Securities I Trust, Asset-Backed Certificates, Series
        2007-AC5 may continue to hold such REO Property (subject to any conditions
        contained in such opinion of counsel). Notwithstanding any other provision
        of
        the Servicing Agreement, no REO Property acquired by Bear Stearns Asset Backed
        Securities I Trust, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or allowed to continue to be rented) or otherwise used for the production
        of
        income by or on behalf of Bear Stearns Asset Backed Securities I Trust,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless Bear
        Stearns Asset Backed Securities I Trust, Asset-Backed Certificates, Series
        2007-AC5 with respect to the imposition of any such taxes.

       

      7.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2007-AC5 and not individually, and any recourse
        against the Assignee in respect of any obligations it may have under or pursuant
        to the terms of this AAR Agreement shall be limited solely to the assets
        it may
        hold as trustee of Bear Stearns Asset Backed Securities I Trust
        2007-AC5.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including , but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        losses, claims, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      
        	
                (i)  

              	
                (A)            any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any written information, written report, certification, data,
                  accountants’ letter or other material provided under Section 11.18 of the
                  Purchase Agreement by or on behalf of the Assignor, or provided
                  under
                  Section 11.18 of the Purchase Agreement by or on behalf of any
                  Subservicer, Subcontractor or Third-Party Originator (collectively,
                  the
                  “Company Information”), or (B) the omission or alleged omission to state
                  in the Company Information a material fact required to be stated
                  in the
                  Company Information or necessary in order to make the statements
                  therein,
                  in the light of the circumstances under which they were made, not
                  misleading; provided, by way of clarification, that clause (B) of
                  this paragraph shall be construed solely by reference to the Company
                  Information and not to any other information communicated in connection
                  with a sale or purchase of securities, without regard to whether
                  the
                  Company Information or any portion thereof is presented together
                  with or
                  separately from such other
                  information;

              

      

       

      
        	
                (ii)  

              	
                any
                  breach by the Company of its obligations under this section, including
                  particularly any failure by the Company, any Subservicer, any
                  Subcontractor or any Third-Party Originator to deliver any information,
                  report, certification, accountants’ letter or other material when and as
                  required under Section 11.18, including any failure by the Company
                  to
                  identify any Subcontractor “participating in the servicing function”
                  within the meaning of Item 1122 of Regulation
                  AB;

              

      

       

      
        	
                (iii)  

              	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  3.01 of the Purchase Agreement or in a writing furnished pursuant
                  to
                  Section 3.01(q) of the Purchase Agreement and made as of a date
                  prior to
                  the date hereof, to the extent that such breach is not cured by
                  the date
                  hereof, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 3.01(q) of the Purchaser
                  Agreement
                  to the extent made as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	
                (iv)  

              	
                the
                  negligence bad faith or willful misconduct of the Company in connection
                  with its performance under this
                  Section.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as is appropriate to reflect the relative fault of such
        Indemnified Party on the one hand and the Company on the other.

       

      In
        the
        case of any failure of performance described in Section 11.18 of the Purchase
        Agreement, the Company shall promptly reimburse the Assignor, BSABS I and
        each
        Person responsible for the preparation, execution or filing of any report
        required to be filed with the Commission, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for
        all
        costs reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator. 

       

      This
        indemnification shall survive the termination of this Agreement or the
        termination of any party to this Agreement.

       

      Modification
        of Purchase Agreement

       

      8.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Assignee:
        Wells Fargo Bank, National Association, as trustee for the holders of the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5.

       

      BSABS
        I: Bear Stearns Asset Backed Securities I LLC.

       

      Pooling
        and Servicing Agreement: That certain pooling and servicing agreement, dated
        as of June 1, 2007, among BSABS I, the Trustee, EMC Mortgage Corporation,
        as the
        master servicer, the seller and the company.

       

      Trustee:
        Wells Fargo Bank, National Association, or its successor in interest, or
        any
        successor trustee appointed as provided in the Pooling and Servicing
        Agreement.

       

      (b)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day: Any day other than: (i) a Saturday or Sunday, or (ii) a legal holiday
        in the States of California, New York, Maryland or Minnesota, or (iii) a
        day on
        which banks in the States of California, New York, Maryland or Minnesota
        are
        authorized or obligated by law or executive order to be closed.

       

      (c)  The
        definition of Eligible Account is deleted in its entirety and replaced with
        the
        following:

       

      Eligible
        Account: Any of (i) an account or accounts maintained with a federal or
        state chartered depository institution or trust company, the long-term unsecured
        debt obligations and short-term unsecured debt obligations of which (or,
        in the
        case of a depository institution or trust company that is the principal
        subsidiary of a holding company, the debt obligations of such holding company,
        so long as Moody's is not a Rating Agency) are rated at the time any amounts
        are
        held on deposit therein (a) not less than A-2 in its short-term rating category
        (or not less than BBB+ in its long-term rating category if it has no short-term
        rating) by S&P and (b) not less than Aa3 in its long term rating category or
        not less than P-1 in its short term rating category by Moody's; provided,
        that
        following a downgrade, withdrawal, or suspension of such institution's
        rating  as set forth above, each account shall promptly (and in any
        case within not more than 30 calendar days) be moved to one or more segregated
        trust accounts in the trust department of such institution, or to an account
        at
        another institution that complies with the above requirements, or (ii) a
        trust
        account or accounts maintained with the corporate trust department of a federal
        or state chartered depository institution or trust company having capital
        and
        surplus of not less than $50,000,000, acting in its fiduciary capacity or
        (iii)
        any other account acceptable to the Rating Agencies, as evidenced in writing.
        Eligible Accounts may bear interest, and may include, if otherwise qualified
        under this definition, accounts maintained with the
        Trustee.  Notwithstanding Section 11.01, this Agreement may be amended
        to reduce the rating requirements in clause (i) above, without the consent
        of
        any of the Certificateholders, provided that the Person requesting such
        amendment obtains a letter from each Rating Agency stating that such amendment
        would not result in the downgrading or withdrawal of the respective ratings
        then
        assigned to the Certificates.

       

      (d)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate:  A per annum rate equal to 0.250%.

       

      (e)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:  Any payment or other recovery of principal on a
        Mortgage Loan in full or partial which is received in advance of its scheduled
        Due Date and which is not accompanied by an amount of interest representing
        scheduled interest due on any date or dates in any month or months subsequent
        to
        the month of prepayment.  Partial principal Prepayments shall be
        applied in accordance with the terms of the related Mortgage Note.

       

      (f)  Section
        3.01(s) of the Purchase Agreement is hereby amended by changing the reference
        in
        Section 3.01(s) of the Purchase Agreement from “15 calendar days” to “30
        calendar days”.

       

      (g)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement and the
        related Term Sheets, if a Mortgage Loan is in default or such default is
        reasonably foreseeable, the Company may 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, including without
        limitation, to (1) capitalize any amounts owing on the Mortgage Loan by adding
        such amount to the outstanding principal balance of the Mortgage Loan, (2)
        defer
        such amounts to a later date or the final payment date of such Mortgage Loan,
        (3) extend the maturity of any such Mortgage Loan, (4) amend the related
        Mortgage Note to reduce the related Mortgage Interest Rate with respect to
        any
        Mortgage Loan, (5) convert the Mortgage Interest Rate on any Mortgage Loan
        from
        a fixed rate to an adjustable rate or vice versa, (6) with respect to a Mortgage
        Loan with an initial fixed rate period followed by an adjustable rate period,
        extend the fixed period and reduce the adjustable rate period, and/or (7)
        forgive the amount of any interest, principal or servicing advances owed by
        the related Mortgagor; provided that, in the Company's reasonable and
        prudent determination, such waiver, modification, postponement or indulgence:
        (A) is not materially adverse to the interests of the Purchaser on a
        present value basis using reasonable assumptions (including taking into account
        any estimated Realized Loss that might result absent such action); and (B)
        does
        not amend the related Mortgage Note to extend the maturity thereof later
        than
        the date of the Latest Possible Maturity Date (as such term is defined in
        the
        related pooling and servicing agreement); provided, further, with respect
        to any
        Mortgage Loan that is not in default or if default is not reasonably
        foreseeable, unless the Company has provided to the Purchaser a
        certification addressed to the Purchaser, based on the advice of counsel or
        certified public accountants that have a national reputation with respect
        to
        taxation of REMICs that a modification of such Mortgage Loan will not result
        in
        the imposition of taxes on or disqualify from REMIC status any of the REMICs
        and
        has obtained the prior written consent of the Purchaser, the Company shall
        not permit any modification with respect to any Mortgage
        Loan.  Notwithstanding the foregoing, for any waiver, modification,
        postponement or indulgence (not including any partial releases, assumptions
        of
        mortgages or modifications of any Mortgage Loan that is done in connection
        with
        compliance with the Relief Act) which the Company reasonably anticipates
        may
        result in a realized loss of 20% or more of the outstanding principal balance
        of
        a Mortgage Loan, the Company shall present such proposed waiver, modification,
        postponement or indulgence, together with any supporting documentation, to
        the
        Master Servicer for consideration and approval.  The Company shall
        submit all waivers, modifications or variances of the terms of any Mortgage
        Loan
        with respect to partial releases, assumptions of mortgages or for modifications
        done in furtherance of compliance with the Relief Act, together with any
        supporting documentation, to the Master Servicer for consideration and
        approval.

       

      (h)  Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      On
        each
        Remittance Date, the Company shall remit to the Master Servicer all Liquidation
        Proceeds and Insurance Proceeds, along with any Servicing Advances and Advances,
        such that the sum of the foregoing at least equals in the aggregate the
        outstanding Stated Principal Balance of the related Mortgage Loans. The Master
        Servicer shall fully reimburse the Company for Servicing Advances and Monthly
        Advances related to Liquidation Proceeds on the Remittance Date after such
        Servicing Advances and Monthly Advances are approved; provided, however,
        the
        Company must provide documentation in the form of Exhibit V hereto to the
        Master
        Servicer seeking approval within 90 days of final liquidation of a Mortgage
        Loan.   The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim
        and
        all required supporting documentation.  The Company’s obligation to
        make such Servicing Advances and Monthly Advances as to any Mortgage Loan
        shall
        continue through the final liquidation of the Mortgaged Property, unless
        the
        Company deems such advance nonrecoverable and submits an officer’s certificate
        in accordance with Section 5.03.

       

      (i)  Sections
        4.05(vi), 4.05(vii) and 4.05(vi) are hereby renumbered as Sections 4.05(vi),
        4.05(vii) and 4.05(viii), and the following is added as Section
        4.05(ix):

       

      “(ix)to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, such claim must be complete with all supporting
        documentation.”

       

      (j)  The
        following is added as the last paragraph of Section 4.05:

       

      “Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, the Company must submit such claim with all supporting
        documentation in order for the Master Servicer to approve or deny such claim
        within such time period.  Pending such approval, such funds shall be
        remitted by the Company to the Master Servicer to the extent such funds,
        in
        addition to any Servicing Advances and Advances, constitute an amount equal
        to
        the outstanding Stated Principal Balance of the related Mortgage Loan plus
        any
        accrued interest due and owing on such Mortgage Loan.”

       

      (k)  The
        following is added to the first sentence of the fourth paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (l)  The
        following is added as Section 4.13A of the Purchase Agreement:

       

      Section
        4.13A    REMIC
        Administration of REO Property.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee) to the effect that the holding by the Bear Stearns
        Asset
        Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5
        of such REO Property subsequent to such three-year period will not result
        in the
        imposition of taxes on “prohibited transactions” of any REMIC as defined in
        Section 860F of the Code or cause any REMIC to fail to qualify as a REMIC,
        in
        which case the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 may continue to hold such REO
        Property (subject to any conditions contained in such opinion of counsel).
        Notwithstanding any other provision of the Servicing Agreement, no REO Property
        acquired by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 shall be rented (or allowed to
        continue to be rented) or otherwise used for the production of income by
        or on
        behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      (m)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and Company, and” in the first
        paragraph.

       

      (n)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit Q and
Exhibit R, with respect to remittances, Exhibit J, with respect to
        realized losses and gains, Exhibit S and Exhibit T, with respect
        to defaulted mortgage loans, Exhibit U, with respect to modified mortgage
        loans, Exhibit V, with respect to claims submitted and Exhibit W,
        with respect to loss severity, with each such report.

       

      (o)  Section
        6.04 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 6.04 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (p)  Section
        6.07 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      In
        the
        event the Company or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to,
        the terms of this Agreement, or any other applicable agreement in the case
        of a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Assessment of Compliance and cause to be provided an Attestation Report pursuant
        to this Section 6.05 or to the related section of such other applicable
        agreement, as the case may be, notwithstanding any such termination, assignment
        or resignation.

       

      (q)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04    Governing
        Law.

       

      This
        Agreement and the related Term
        Sheets shall be governed by and construed in accordance with the laws of
        the
        State of New York without giving effect to principles of conflicts of laws
        (other than Section 5-1401 of the New York General Obligations Law) and except
        to the extent preempted by Federal law and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with such
        laws.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        E
        in its entirety and inserting a new Exhibit E as follows: EXHIBIT E
        [RESERVED].

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        F
        in its entirety and inserting a new Exhibit F as follows: EXHIBIT F
        [RESERVED].

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        P
        in its entirety and inserting a new Exhibit P as follows: EXHIBIT P
        [RESERVED].

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit J to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 1.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 2.

       

      (w)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 3.

       

      (x)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 4.

       

      (y)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 5.

       

      (z)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 6.

       

      (aa)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 7.

       

      (bb)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit W to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 8.

       

      (cc)  Exhibit
        O
        to the Purchase Agreement is hereby amended as of the date hereof by deleting
        in
        its entirety and inserting a new Exhibit O to the Purchase Agreement, a copy
        of
        which is annexed hereto as Exhibit 9.

       

      Miscellaneous

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	
                (a)  

              	
                In
                  the case of Company:

              

      

       

      GreenPoint
        Mortgage Funding, Inc.

      100
        Wood
        Hollow Drive

      Novato,
        California 94945

      Attention:
        Susan Davia

       

      With
        a copy to:

      
        	
                (b)  

              	
                In
                  the case of Assignor:

              

      

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      with
        a
        copy  to:

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Robert Durden

      Telecopier
        No.:  (212) 272-5591

      

      
        	
                (c)  

              	
                In
                  the case of Assignee:

              

      

      

      Wells
        Fargo Bank, National Association,

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS  I 2007-AC5

      Telecopier
        No.: (410) 715-2380

      

      10.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Assigned Loans
        pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2007,
        among
        the Assignor, the Assignee, BSABS I and the Master Servicer, and therefor
        has
        the right to enforce all obligations of the Company, as they relate to the
        Assigned Loans, under the Purchase Agreement.  Such right will
        include, without limitation, the right to terminate the Company under the
        Purchase Agreement upon the occurrence of an event of default thereunder,
        the
        right to receive all remittances required to be made by the Company under
        the
        Purchase Agreement, the right to receive all monthly reports and other data
        required to be delivered by the Company under the Purchase Agreement, the
        right
        to examine the books and records of the Company, indemnification rights,
        and the
        right to exercise certain rights of consent and approval relating to actions
        taken by the Company.  The Company shall make all distributions under
        the Purchase Agreement, as they relate to the Assigned Loans, to the Master
        Servicer by wire transfer of immediately available funds to:

       

      EMC
        Master Servicing Remittances

      Bank:  Chase
        Bank of Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007 Remit for GreenPoint Mortgage Funding,
        Inc.

      Attention:  LSBO
        Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 9 herein and to the Master Servicer at:

       

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

      

      11.  A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.  Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which Assignor, Assignee or Company
        may be merged or consolidated shall, without the requirement for any further
        writing, be deemed Assignor, Assignee or Company, respectively,
        hereunder.

       

      16.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Agreements to the extent of the Assigned Loans by Assignor to Assignee
        and
        the termination of the Agreements.

       

      17.  This
        AAR
        Agreement may be executed simultaneously in any number of
        counterparts.  Each counterpart shall be deemed to be an original and
        all such counterparts shall constitute one and the same instrument.

       

      18.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control.

       

      19.  The
        Custodian for this transaction is the following:

       

      Wells
        Fargo Bank, National Association

      as
        Custodian

      1015
        10th Avenue
        Southeast, MS 0031

      Minneapolis,
        MN 55414

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

       

      
        	
                EMC
                  MORTGAGE CORPORATION,

                as
                  Assignor and Master Servicer

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not individually but solely as
                  Trustee
                  for the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
                  Asset-Backed Certificates, Series 2007-AC5,

                as
                  Assignee

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                GREENPOINT
                  MORTGAGE FUNDING, INC.,

                as
                  Company

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                Acknowledged
                  and Agreed:

                 

                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      ATTACHMENT
        1

       

       

      ASSIGNED
        LOAN SCHEDULE

       

       

      (Available
        upon request)

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

       

      TERM
        SHEETS

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      Exhibit
        1

      EXHIBIT
        J to the Purchase
        Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:                                

       

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	
                 

                 

                 

              	 

      

       

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

       

      
        	
                Has
                  this loan been previously modified?

              	
                Yes

              	
                No

              
	
                Has
                  this loan been crammed down in a bankruptcy?

              	
                Yes

              	
                No

              

      

      If
“Yes”,
        provide amount _______________________________

       

       

      
        	
                   Liquidation
                  and Acquisition Expenses:

              

      

       

       

       Amounts
        requiring Amortization Schedule for backup:

       

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      
        	
                 

              	
                Credits
                  to Loan:

              

      

       

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

      

      

      

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
        2

      EXHIBIT
        Q to the Purchase Agreement

      

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      Exhibit
        3

      EXHIBIT
        R to the Purchase Agreement

      

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

      

      Exhibit
        4

      EXHIBIT
        S to the Purchase Agreement

      

      EMC
        FORM
– DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

       

       

      Exhibit
        5

      EXHIBIT
        T to the Purchase Agreement

      

      EMC
        FORM
– DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:  Provides summary data at the servicer investor
        level regarding loan performance that will be submitted to EMC Master Servicing
        and contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

                 

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

                 

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

                 

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

                 

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

                 

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

                 

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

                 

              	
                NUMERIC
                  (12,2)

              

      

      

      

      

      

       

      

      Exhibit
        6

      EXHIBIT
        U to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      

      

      Exhibit
        7

      EXHIBIT
        V to the Purchase Agreement

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

      

      

      Exhibit
        8

      EXHIBIT
        W to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

       

       

      Exhibit
        9

      EXHIBIT
        O to the Purchase Agreement

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Servicer] [Name of Subservicer]
        shall address, at a minimum, the criteria identified as below as “Applicable
        Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                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

              
	
                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

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans 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

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans 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

              
	
                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

              
	
                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

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, 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

              
	
                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

              
	
                 

              	
                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 mortgage loans serviced by the
                  Servicer.

              	
                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

              
	
                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

              
	
                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

              
	 	 	 
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                 Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                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

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan 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 mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans 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 mortgage loans
                  (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

              
	
                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

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan 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 mortgage loans 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 mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                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 mortgage loan
                  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 mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  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.

              	 
	
                 

              	
                 

              	
                 

              

      

      

    

    

    EXHIBIT
      R-5

    

    FORM
      OF HSBC

    ASSIGNMENT
      AGREEMENT

    
       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of June 29, 2007, among EMC Mortgage Corporation (the “Assignor”), Wells Fargo Bank, National
        Association, not individually but solely as trustee for the holders of
        Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5 (the “Assignee”), and HSBC Mortgage Corporation
        (USA) (the “Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        Company for Assignor and its successors and assigns pursuant to (a) the Amended
        and Restated Purchase, Warranties and Servicing Agreement, dated as of September
        1, 2005, as amended by Amendment No. 1, dated as of November 21, 2005, and
        Amendment Reg AB, dated as of November 7, 2005, by and between the Company
        and
        the Assignor (as amended, the “Purchase Agreement”) and (b) as to the Mortgage
        Loans specified therein, the term sheet dated May 1, 2007, between the Company
        and the Assignor, (the “Term Sheet” and together with the Purchase Agreement,
        the “Agreements”) shall be subject to the terms of this AAR Agreement.
        Capitalized terms used herein but not defined shall have the meanings ascribed
        to them in the Agreements.

       

      Assignment
        and Assumption

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Agreements with respect to the Assigned Loans;
        provided, however, that the Assignor is not assigning to the Assignee any
        of its
        right, title or interest, in, to and under the Agreements with respect to
        any
        mortgage loan other than the Assigned Loans listed on Attachment 1.
        Notwithstanding anything to the contrary contained herein, the Assignor
        specifically reserves and does not assign to the Assignee any right, title
        and
        interest in, to or under the representations and warranties contained in
        Section
        3.01 and Section 3.02 of the Purchase Agreement and in the Term Sheet, and
        any
        obligation of the Company to cure, repurchase or substitute for a mortgage
        loan
        and to indemnify the Assignor with respect to a breach of such representations
        and warranties pursuant to Section 3.03 and Section 8.01 of the Purchase
        Agreement, and the Assignor is retaining the right to enforce the
        representations and warranties and the obligations of the Company set forth
        in
        those sections and in the Term Sheet against the Company.  In
        addition, the Assignor specifically reserves and does not assign to the Assignee
        any right, title and interest in, to or under Section 2.09 of the Purchase
        Agreement. Except as is otherwise expressly provided herein, the Assignor
        makes
        no representations, warranties or covenants to the Assignee and the Assignee
        acknowledges that the Assignor has no obligations to the Assignee under the
        terms of the Agreements or otherwise relating to the transaction contemplated
        herein (including, but not limited to, any obligation to indemnify the
        Assignee).

       

      Representations,
        Warranties and Covenants

       

      1.  Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Agreements which
        agreements are in full force and effect as of the date hereof and the provisions
        of which have not been waived, amended or modified in any respect, nor has
        any
        notice of termination been given thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Agreements as they relate to the Assigned Loans, free and clear from
        any and
        all claims and encumbrances; and upon the transfer of the Assigned Loans
        to
        Assignee as contemplated herein, Assignee shall have good title to each and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Agreements as they relate to the Assigned Loans, free
        and
        clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to Company with respect
        to
        the Assigned Loans or the Agreements;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignor’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignor’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignor is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignor or its property is subject.  The
        execution, delivery and performance by Assignor of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of
        Assignor.  This AAR Agreement has been duly executed and delivered by
        Assignor and, upon the due authorization, execution and delivery by Assignee
        and
        Company, will constitute the valid and legally binding obligation of Assignor
        enforceable against Assignor in accordance with its terms except as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from Company, and has delivered to the Assignee, all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignee’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignee’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignee is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignee or its property is subject.  The
        execution, delivery and performance by Assignee of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on part of Assignee. This AAR
        Agreement has been duly executed and delivered by Assignee and, upon the
        due
        authorization, execution and delivery by Assignor and Company, will constitute
        the valid and legally binding obligation of Assignee enforceable against
        Assignee in accordance with its terms except as enforceability may be limited
        by
        bankruptcy, reorganization, insolvency, moratorium or other similar laws
        now or
        hereafter in effect relating to creditors’ rights generally, and by general
        principles of equity regardless of whether enforceability is considered in
        a
        proceeding in equity or at law;

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Agreements with respect to the Assigned
        Loans.

       

      3.  Company
        warrants and represents to, and covenant with, Assignor and Assignee as of
        the
        date hereof:

       

      (a)  Attached
        hereto as Attachment 2 are true and accurate copies of the Agreements, which
        agreements are in full force and effect as of the date hereof and the provisions
        of which have not been waived, amended or modified in any respect, nor has
        any
        notice of termination been given thereunder;

       

      (b)  Company
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        service the Assigned Loans and otherwise to perform its obligations under
        the
        Agreements;

       

      (c)  Company
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Company’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Company’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Company is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Company or its property is subject.  The
        execution, delivery and performance by Company of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of Company. This
        AAR
        Agreement has been duly executed and delivered by Company, and, upon the
        due
        authorization, execution and delivery by Assignor and Assignee, will constitute
        the valid and legally binding obligation of Company, enforceable against
        Company
        in accordance with its terms except as enforceability may be limited by
        bankruptcy, reorganization, insolvency, moratorium or other similar laws
        now or
        hereafter in effect relating to creditors’ rights generally, and by general
        principles of equity regardless of whether enforceability is considered in
        a
        proceeding in equity or at law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Company in connection with the execution, delivery or performance by Company
        of
        this AAR Agreement, or the consummation by it of the transactions contemplated
        hereby;

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Agreements in favor of the Assignee with respect to the Assigned Loans separate
        from the Custodial Account and Escrow Account previously established under
        the
        Agreements in favor of Assignor;

       

      (f)  Pursuant
        to Section 11.18 of the Purchase Agreement, the Company hereby restates the
        representations and warranties set forth in Sections 3.01 and 3.02 of the
        Purchase Agreement and in the Term Sheet with respect to the Company and
        the
        Assigned Loans; and

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading.

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Bear Stearns
        Asset
        Backed Securities I LLC (“BSABS I”) as of the date hereof:

       

      (a)  Company
        is not aware and has not received notice that any default, early amortization
        or
        other performance triggering event has occurred as to any other securitization
        due to any act or failure to act of the Company;

       

      (b)  No
        material noncompliance with the applicable servicing criteria with respect
        to
        other securitizations of residential mortgage loans involving the Company
        as
        servicer has been disclosed or reported by the Company;

       

      (c)  Company
        has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger;

       

      (d)  No
        material changes to the Company’s policies or procedures with respect to the
        servicing function it will perform under the Agreements and this AAR Agreement
        for mortgage loans of a type similar to the Assigned Loans have occurred
        during
        the three-year period immediately preceding the date hereof;

       

      (e)  There
        are
        no aspects of the Company’s financial condition that could have a material
        adverse effect on the performance by the Company of its servicing obligations
        under the Agreements and this AAR Agreement;

       

      (f)  There
        are
        no material legal or governmental proceedings pending (or known to be
        contemplated) against the Company, any Subservicer or any third-party
        originator; and

       

      (g)  There
        are
        no affiliations, relationships or transactions relating to the Company or
        any
        Subservicer with respect to this Securitization Transaction and any party
        thereto of a type described in Item 1119 of Regulation AB.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        New York 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  General
        Counsel

      Facsimile:  (469)
        759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

       

      5.  Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of Assignee

       

      6.  From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans, and acknowledges that the Assigned Loans will be part of a REMIC,
        and
        will service the Assigned Loans in accordance with the Agreements (as modified
        by this AAR Agreement) but in no event in a manner that would (i) cause any
        REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a
        tax
        upon any REMIC (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). It is the intention of
        Assignor, Company and Assignee that this AAR Agreement shall be binding upon
        and
        for the benefit of the respective successors and assigns of the parties hereto.
        Neither Company nor Assignor shall amend or agree to amend, modify, waive,
        or
        otherwise alter any of the terms or provisions of the Agreements, which
        amendment, modification, waiver or other alteration would in any way affect
        the
        Assigned Loans without the prior written consent of Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        a
        statement with respect to each mortgaged property acquired through foreclosure
        or deed-in-lieu of foreclosure in connection with a defaulted Assigned Loan
        (“REO Property”) that has been rented showing the aggregate rental income
        received and all expenses incurred in connection with the management and
        maintenance of such REO Property at such times as is necessary to enable
        the
        Assignee to comply with the reporting requirements of the REMIC provisions
        of
        the Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee shall have been supplied with
        an
        opinion of counsel addressed to the Assignee rendered by nationally recognized
        tax counsel specializing in such matters (such opinion not to be an expense
        of
        the Assignee) to the effect that the holding by Bear Stearns Asset Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 of
        such
        REO Property subsequent to such three-year period will not result in the
        imposition of taxes on “prohibited transactions” of any REMIC as defined in
        Section 860F of the Code or cause any REMIC to fail to qualify as a REMIC,
        in
        which case Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5 may continue to hold such REO Property (subject
        to
        any conditions contained in such opinion of counsel). Notwithstanding any
        other
        provision of the Servicing Agreement, no REO Property acquired by Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5 shall be rented (or allowed to continue to be rented) or otherwise
        used
        for the production of income by or on behalf of Bear Stearns Asset Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 in
        such
        a manner or pursuant to any terms that would (i) cause such REO Property
        to fail
        to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
        the Code or (ii) subject any REMIC to the imposition of any federal, state
        or
        local income taxes on the income earned from such REO Property under Section
        860G(c) of the Code or otherwise, unless the Company has agreed to indemnify
        and
        hold harmless Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 with respect to the imposition
        of any
        such taxes.

       

      7.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of the AAR Agreement
        by the Assignee is solely in its capacity as trustee for Bear Stearns Asset
        Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5
        and not individually, and any recourse against the Assignee in respect of
        any
        obligations it may have under or pursuant to the terms of this AAR Agreement
        shall be limited solely to the assets it may hold as trustee of Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      
        	(i)(A)       	
                any
                  untrue statement of a material fact contained or alleged to be
                  contained
                  in any information, report, certification, data, accountants’ letter or
                  other material provided in written or electronic form under Amendment
                  Reg
                  AB to the Amended and Restated Purchase, Warranties and Servicing
                  Agreement, dated as of November 7, 2005 by and between the Assignor
                  and
                  the Company (the “Reg AB Amendment”) by or on behalf of the Assignor, or
                  provided under the Reg AB Amendment by or on behalf of any Subservicer,
                  Subcontractor or Third-Party Originator (collectively, the “Company
                  Information”), or (B) the omission or alleged omission to state in the
                  Company Information a material fact required to be stated in the
                  Company
                  Information or necessary in order to make the statements therein,
                  in the
                  light of the circumstances under which they were made, not misleading;
                  provided, by way of clarification, that clause (B) of this
                  paragraph shall be construed solely by reference to the Company
                  Information and not to any other information communicated in connection
                  with a sale or purchase of securities, without regard to whether
                  the
                  Company Information or any portion thereof is presented together
                  with or
                  separately from such other
                  information;

              

      

       

      
        	(ii)            	
                any
                  breach by the Company of its obligations under the Reg AB Amendment,
                  including particularly any failure by the Company, any Subservicer,
                  any
                  Subcontractor or any Third-Party Originator to deliver any information,
                  report, certification, accountants’ letter or other material when and as
                  required under the Reg AB Amendment, including any failure by the
                  Company
                  to identify pursuant toSection 2(e)(ii) of the Reg AB Amendment
                  any
                  Subcontractor “participating in the servicing function” within the meaning
                  of Item 1122 of Regulation AB;

              

      

       

      
        	(iii)           	
                any
                  breach by the Company of a representation or warranty set forth
                  in Section
                  2(a)(i) of the Reg AB Amendment or in a writing furnished pursuant
                  to
                  Section 2(a)(ii) of the Reg AB Amendment and made as of a date
                  prior to
                  the date hereof, to the extent that such breach is not cured by
                  the date
                  hereof, or any breach by the Company of a representation or warranty
                  in a
                  writing furnished pursuant to Section 2(a)(ii) of the Reg AB Amendment
                  to
                  the extent made as of a date subsequent to the date hereof;
                  or

              

      

       

      
        	(iv)        
                  	
                the
                  negligence, bad faith or willful misconduct of the Company in connection
                  with its performance under the Reg AB
                  Amendment.

              

      

       

      If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless an Indemnified Party, then the Company agrees that it shall contribute
        to the amount paid or payable by such Indemnified Party as a result of any
        claims, losses, damages or liabilities incurred by such Indemnified Party
        in
        such proportion as determined by a court of competent jurisdiction or arbitrator
        appointed pursuant to the Purchase Agreement to reflect the relative fault
        of
        such Indemnified Party on the one hand and the Company on the
        other.

       

      In
        the
        case of any failure of performance described in clause (ii) above, the Company
        shall promptly reimburse the Assignor, the Underwriter, BSABS I and each
        Person
        responsible for the preparation, execution or filing of any report required
        to
        be filed with the Commission, or for execution of a certification pursuant
        to
        Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act, for all costs
        reasonably incurred by each such party in order to obtain the information,
        report, certification, accountants’ letter or other material not delivered as
        required by the Company, any Subservicer, any Subcontractor or any Third-Party
        Originator.

       

      Modification
        of Purchase Agreement

       

      8.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        following definitions are added to Article I of the Purchase
        Agreement:

       

      Assignee:
        Wells
        Fargo Bank, National Association, as trustee for the holders of the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5.

       

      Nonrecoverable
        Advance: Any advance previously made by the Company pursuant to Section 5.03
        or any Servicing Advance which, in the good faith judgment of the Company,
        may
        not be ultimately recoverable by the Company from Liquidation Proceeds or
        otherwise.  The determination by the Company that it has made a
        Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the
        Company delivered to the Purchaser and the Master Servicer and detailing
        the
        reasons for such determination.

       

      Pooling
        and Servicing Agreement: That certain pooling and servicing agreement, dated
        as of June 1, 2007, among BSABS I, the Trustee and EMC Mortgage Corporation
        as
        seller, company and master servicer.

       

      BSABS
        I: Bear Stearns Asset Backed Securities I LLC.

       

      Trustee:
        Wells
        Fargo Bank, National Association, or its successor in interest, or any
        successor trustee appointed as provided in the Pooling and Servicing
        Agreement.

       

      (b)  The
        definition of Business Day is deleted in its entirety and replaced with the
        following:

       

      Business
        Day: Any day other than: (i) a Saturday or Sunday, or (ii) a legal holiday
        in the States of New York, Maryland or Minnesota, or (iii) a day on which
        banks
        in the States of New York, Maryland or Minnesota are authorized or obligated
        by
        law or executive order to be closed.

       

      (c)  The
        definition of Custodial Account is deleted in its entirety and replaced with
        the
        following:

       

      Custodial
        Account: Each separate demand account or accounts created and maintained
        pursuant to Section 4.04 which shall be entitled "HSBC Mortgage Corporation
        (USA), as Servicer, in trust for Wells Fargo Bank, National
        Association, as trustee for the holders
        of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5”, and shall be established in an Eligible Account.

      

      (d)  The
        definition of Eligible Account is deleted in its entirety and replaced with
        the
        following:

       

      Eligible
        Account: Any of (i) an account or accounts maintained with a federal or
        state chartered depository institution or trust company, the long-term unsecured
        debt obligations and short-term unsecured debt obligations of which (or,
        in the
        case of a depository institution or trust company that is the principal
        subsidiary of a holding company, the debt obligations of such holding company,
        so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in
        one of its two highest long-term and its highest short-term rating categories,
        respectively, at the time any amounts are held on deposit therein; provided,
        that following a downgrade, withdrawal, or suspension of such institution's
        rating  as set forth above, each account shall promptly (and in any
        case within not more than 30 calendar days) be moved to one or more segregated
        trust accounts in the trust department of such institution, or to an account
        at
        another institution that complies with the above requirements, or (ii) a
        trust
        account or accounts maintained with the corporate trust department of a federal
        or state chartered depository institution or trust company having capital
        and
        surplus of not less than $50,000,000, acting in its fiduciary capacity or
        (iii)
        any other account acceptable to the Rating Agencies, as evidenced in writing.
        Eligible Accounts may bear interest, and may include, if otherwise qualified
        under this definition, accounts maintained with the Trustee.

       

      (e)  The
        definition of Escrow Account is deleted in its entirety and replaced with
        the
        following:

       

      Escrow
        Account: Each separate trust account or accounts created and maintained
        pursuant to Section 4.06 which shall be entitled "HSBC Mortgage Corporation
        (USA), as Servicer, in trust for Wells Fargo Bank, National
        Association, as trustee for the holders
        of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5”, and shall be established in an Eligible Account.

      

      (f)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment: Any payment or other recovery of principal on a Mortgage Loan
        full or partial which is received in advance of its scheduled Due Date,
        excluding any prepayment penalty, and which is not accompanied by an amount
        of
        interest representing scheduled interest due on any date or dates in any
        month
        or months subsequent to the month of prepayment. The Principal Prepayment,
        full
        or partial, shall be applied in accordance with the terms of the related
        Mortgage Note and or the Agreement.

       

      (g)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate: A per annum
        rate equal to 0.250% or 0.375%.

       

      (h)  Section
        3.02(nn) is deleted in its entirety and replaced with the
        following:

       

      “(nn)                      The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act;”

       

      (i)  Section
        2(f)(v) of the Purchase Agreement is hereby amended effective as of the date
        hereof by changing the reference in Section 2(f)(v) from “15 calendar days” to
“30 calendar days”.

       

      (j)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement, if a Mortgage
        Loan is in default or such default is reasonably foreseeable, the Company
        may
        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, including without limitation, to (1) capitalize
        any
        amounts owing on the Mortgage Loan by adding such amount to the outstanding
        principal balance of the Mortgage Loan, (2) defer such amounts to a later
        date
        or the final payment date of such Mortgage Loan, (3) extend the maturity
        of any
        such Mortgage Loan, (4) amend the related Mortgage Note to reduce the related
        Mortgage Interest Rate with respect to any Mortgage Loan, (5) convert the
        Mortgage Interest Rate on any Mortgage Loan from a fixed rate to an adjustable
        rate or vice versa, (6) with respect to a mortgage loan with an initial fixed
        rate period followed by an adjustable rate period, extend the fixed period
        and
        reduce the adjustable rate period, and/or (7) forgive the amount of any
        interest, principal or servicing advances owed by the related Mortgagor;
        provided that, in the Company's reasonable and prudent determination, such
        waiver, modification, postponement or indulgence: (A) is not materially adverse
        to the interests of the Purchaser on a present value basis using reasonable
        assumptions (including taking into account any estimated Realized Loss that
        might result absent such action); and (B) does not amend the related Mortgage
        Note to extend the maturity thereof later than the date of the Latest Possible
        Maturity Date (as such term is defined in the related pooling and servicing
        agreement); provided, further, with respect to any Mortgage Loan that is
        not in
        default or if default is not reasonably foreseeable, unless the Company has
        provided to the Purchaser a certification addressed to the Purchaser, based
        on
        the advice of counsel or certified public accountants that have a national
        reputation with respect to taxation of REMICs that a modification of such
        Mortgage Loan will not result in the imposition of taxes on or disqualify
        from
        REMIC status any of the REMICs and has obtained the prior written consent
        of the
        Purchaser, the Company shall not permit any modification with respect to
        any
        Mortgage Loan.  Notwithstanding the foregoing, for any waiver,
        modification, postponement or indulgence (not including any partial releases,
        assumptions of mortgages or modifications of any Mortgage Loan that is done
        in
        connection with compliance with the Servicemembers Civil Relief Act) which
        the
        Company reasonably anticipates may result in a realized loss of 20% or more
        of
        the outstanding principal balance of a Mortgage Loan, the Company shall present
        such proposed waiver, modification, postponement or indulgence, together
        with
        any supporting documentation, to the Master Servicer for consideration and
        approval.  The Company shall submit all waivers, modifications or
        variances of the terms of any Mortgage Loan with respect to partial releases,
        assumptions of mortgages or for modifications done in furtherance of compliance
        with the Servicemembers Civil Relief Act, together with any supporting
        documentation, to the Master Servicer for consideration and
        approval.

       

      (k)  4.03
        of
        the Purchase Agreement is hereby amended by adding the following paragraph
        to
        the end of the section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit K hereto to
        the Master Servicer seeking approval within 90 days of final liquidation
        of a
        Mortgage Loan.   The Master Servicer shall provide such approval
        or denial to the Company no later than thirty (30) days after receipt of
        such
        claim; provided, however, such claim must be complete with all supporting
        documentation.  The Company’s obligation to make such Servicing
        Advances and Monthly Advances as to any Mortgage Loan shall continue through
        the
        final liquidation of the Mortgaged Property, unless the Company deems such
        advance nonrecoverable and submits an officer’s certificate in accordance with
        Section 5.03.

       

      (l)  The
        following is added as Subsection 4.05(ix) of the Purchase
        Agreement:

       

      “(ix)  to
        reimburse itself for any Nonrecoverable Advances;”

       

      (m)  The
        following is added as the last paragraph of Section 4.05:

       

      Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer but only to the extent such reimbursement applies to Final Recovery
        Determination.  The Master Servicer shall provide such approval or
        denial to the Company no later than thirty (30) days after receipt of such
        claim; provided, however, the Company must submit such claim with all supporting
        documentation in order for the Master Servicer to approve or deny such claim
        within such time period.  Pending such approval, such funds shall be
        remitted by the Company to the Master Servicer to the extent such funds,
        in
        addition to any Servicing Advances and Advances, constitute an amount equal
        to
        the outstanding Stated Principal Balance of the related Mortgage Loan plus
        any
        accrued interest due and owing on such Mortgage Loan.

       

      (n)  The
        following is added to the second sentence of the third paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (o)  The
        first
        two paragraphs of Section 5.02 of the Purchase Agreement is hereby deleted
        and
        replaced with the following:

       

      Not
        later
        than the fifth Business Day of each month, the Company shall furnish to the
        Master Servicer in a format as outlined below (or in such other formats mutually
        agreed between the Servicer and the Master Servicer) (i) a monthly report
        in the
        form of Exhibit L, with respect to remittances, Exhibit K, with
        respect to realized losses and gains, Exhibit M, with respect to
        defaulted mortgage loans, Exhibit N, with respect to modified mortgage
        loans, Exhibit O, with respect to claims submitted, and Exhibit P,
        with respect to loss severity, with each such report, in each case relating
        to
        the period ending on the last day of the preceding month, (ii) all such
        information required pursuant to clause (i) above on a magnetic tape, electronic
        mail, or other similar media reasonably acceptable to the Master Servicer
        and
        (iii) all supporting documentation with respect to the information required
        pursuant to Exhibit K above. The monthly report in the form of Exhibit
        L shall contain the following:

       

      (p)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04    Governing Law.

       

      This
        Agreement shall be governed by and
        construed in accordance with the laws of the State of New York without giving
        effect to principles of conflicts of laws (other than Section 5-1401 of the
        New
        York General Obligations Law) and except to the extent preempted by Federal
        law
        and the obligations, rights and remedies of the parties hereunder shall be
        determined in accordance with such laws.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit K, a copy of which is annexed hereto as Attachment 3, or such other
        format as mutually agreed upon between the Company and the
        Assignor.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit L, a copy of which is annexed hereto as Attachment  4, or such
        other format as mutually agreed upon between the Company and the
        Assignor.

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit M, a copy of which is annexed hereto as Attachment 5, or such other
        format as mutually agreed upon between the Company and the Assignor for a
        period
        of six (6) months from the Closing Date.

       

      (t)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit N, a copy of which is annexed hereto as Attachment 6.

       

      (u)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit O, a copy of which is annexed hereto as Attachment 7.

       

      (v)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit P, a copy of which is annexed hereto as
        Attachment  8.

       

      Miscellaneous

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      
        	
                (a)     
                    

              	
                In
                  the case of Company:

              

      

       

      HSBC
        MORTGAGE CORPORATION (USA)

      Michael
        T
        Stilb/Senior Vice President

      2929
        Walden Avenue

      Depew,
        New York 14042

       

      
        	
                (b)     
                    

              	
                In
                  the case of Assignor:

              

      

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

       

       

      with
        a
        copy  to:

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Deirdre Burke

      Telecopier
        No.:  (212) 272-7646

       

      
        	
                (c)    
                   

              	
                In
                  the case of Assignee:

              

      

      

      Wells
        Fargo Bank, National Association,

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC5

      Telecopier
        No.: (410) 715-2380

       

      10.  The
        Company hereby acknowledges that EMC Mortgage Corporation (the “Master
        Servicer”) has been appointed as the master servicer of the Assigned Loans
        pursuant to the Pooling and Servicing Agreement, dated as of June 1, 2007,
        among
        the Assignor, the Assignee, Bear Stearns Asset Backed Securities I LLC and
        the
        Master Servicer, and therefor has the right to enforce all obligations of
        the
        Company, as they relate to the Assigned Loans, under the
        Agreements.  Such right will include, without limitation, the right to
        terminate the Company under the Agreements upon the occurrence of an event
        of
        default thereunder, the right to receive all remittances required to be made
        by
        the Company under the Agreements, the right to receive all monthly reports
        and
        other data required to be delivered by the Company under the Agreements,
        the
        right to examine the books and records of the Company, indemnification rights,
        and the right to exercise certain rights of consent and approval relating
        to
        actions taken by the Company.  The Company shall make all
        distributions under the Agreements, as they relate to the Assigned Loans,
        by
        wire transfer of immediately available funds to:

       

      BSABS
        I
        2007-AC5

      EMC
        Master Servicing Remittances

      Bank:  Chase
        Bank of Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007 Remit for  HSBC
        Mortgage Corporation (USA)

      Attention:  LSBO
        Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 8 herein and to the Master Servicer at:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      Email:
        mviner@bear.com

       

      11.  A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.  Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      14.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which Assignor, Assignee or Company
        may be merged or consolidated shall, without the requirement for any further
        writing, be deemed Assignor, Assignee or Company, respectively,
        hereunder.

       

      16.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Agreements to the extent of the Assigned Loans by Assignor to Assignee
        and
        the termination of the Agreements.

       

      17.  This
        AAR
        Agreement may be executed simultaneously in any number of
        counterparts.  Each counterpart shall be deemed to be an original and
        all such counterparts shall constitute one and the same instrument.

       

      18.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control.

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      
        	 	
                EMC
                  MORTGAGE CORPORATION

                Assignor
                  and Master Servicer

              	 
	 	 	 	 
	
              	
                By:
                  

              	
              	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

       

      
        	 	
                
                  WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, not individually but solely
                    as Trustee
                    for Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
                    Certificates, Series 2007-AC5

                  Assignee

                

              	 
	 	 	 	 
	
              	
                By:
                  

              	
              	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

       

      
        	 	
                
                  
                    HSBC
                      MORTGAGE CORPORATION

                    (USA)

                    Company

                  

                

              	 
	 	 	 	 
	
              	
                By:
                  

              	
              	 
	 	Name:	
              	 
	 	Title:	 	 
	 	 	 	 

      

      
                                                                  

      

       

      Acknowledged
        and Agreed:

       

      
        	
                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

              	 
	 	 	 
	
                By:
                  

              	 	 
	Name:	 	 
	Title:	 	 
	 	 	 

      

       

      ATTACHMENT
        1

       

      ASSIGNED
        LOAN SCHEDULE

       

      (Available
        upon request)

       

       

       

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

      TERM
        SHEET

       

      (Available
        upon request)

      
 

      ATTACHMENT
        3

      

      Exhibit
        K to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:                                

       

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	 	 

      

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

       

      Has
        this loan been previously
        modified?                                                                                                            Yes                                No

      Has
        this loan been crammed down in a
        bankruptcy?                                                                                       Yes                               
No

       

      If
“Yes”,
        provide amount _______________________________

       

      Liquidation
        and Acquisition Expenses:

       

       Amounts
        requiring Amortization Schedule for backup:

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

      Amounts
        requiring Additional backup:

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

       

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

       

      ATTACHMENT
        4

      

      EXHIBIT
        L to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
–Remittance Overview Report: Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

       

      REMITTANCE
        OVERVIEW REPORT

      
        	
                 

              	
                 

              	
                 

              
	
                FIELD

              	
                FIELD

              	
                FIELD

              
	
                #

              	
                NAME

              	
                DEFINITION

              
	 	 	 
	 	 	 
	
                Current
                  Monthly Remit File reported by Investor Services to Master Servicers
&
                  Investors:

              
	 	 	 
	
                1

              	
                S50YDATE

              	
                Cutoff
                  Date

              
	
                2

              	
                CLIENT

              	
                WF
                  Client Number

              
	
                3

              	
                INVNUM

              	
                WF
                  Investor Number

              
	
                4

              	
                CATNUM

              	
                WF
                  Category Number

              
	
                5

              	
                POOLNUM

              	
                Pool
                  Number

              
	
                6

              	
                LOANNUMBER

              	
                WF
                  Loan Number

              
	
                7

              	
                INVLNNO

              	
                Investor
                  Loan Number

              
	
                8

              	
                SCHPRIN

              	
                Scheduled
                  Principal Payment

              
	
                9

              	
                SCHNETINT

              	
                Scheduled
                  Net Interest Amount

              
	
                10

              	
                CURTDATE

              	
                Curtailment
                  Date

              
	
                11

              	
                CURTCOL

              	
                Total
                  Curtailment Amount

              
	
                12

              	
                CURTADJ

              	
                Total
                  Curtailment Int Adjustment Amount

              
	
                13

              	
                CURTREMIT

              	
                Total
                  Curtailment Remittance Amount

              
	
                14

              	
                INTRATE

              	
                Interest
                  Rate

              
	
                15

              	
                SFRATE

              	
                Service
                  Fee Rate

              
	
                16

              	
                YIELD

              	
                Pass
                  Through Rate

              
	
                17

              	
                PANDI

              	
                Principal
                  and Interest Payment

              
	
                18

              	
                BEGSCHPB

              	
                Beginning
                  Scheduled Balance

              
	
                19

              	
                ENDSCHPB

              	
                Ending
                  Scheduled Balance

              
	
                20

              	
                BEGPB

              	
                Beginning
                  Principal Balance

              
	
                21

              	
                ENDPB

              	
                Ending
                  Principal Balance

              
	
                22

              	
                DUEDATE

              	
                Due
                  Date

              
	
                23

              	
                PRINCOL

              	
                Principal
                  Collected

              
	
                24

              	
                INTCOL

              	
                Interest
                  Collected

              
	
                25

              	
                SFCOL

              	
                Service
                  Fee Collected

              
	
                26

              	
                BUYDOWN

              	
                Buydown
                  Amount

              
	
                27

              	
                SCHREMIT

              	
                Schedule
                  Principal and Net Interest Remittance Amount

              
	
                28

              	
                TYPE

              	
                Populated
                  if "ARM" loan

              
	
                29

              	
                PIFDATEPAID

              	
                Payoff
                  Date

              
	
                30

              	
                PIFPRINPAID

              	
                Payoff
                  Principal Paid

              
	
                31

              	
                PIFNETINTPAID

              	
                Payoff
                  Net Interest Paid

              
	
                32

              	
                PIFPENALTYINTPAID

              	
                Payoff
                  Prepayment Penalty Paid

              
	
                33

              	
                PIFREMIT

              	
                Total
                  Payoff Remittance Amount

              
	
                34

              	
                PENDING

              	
                Pending
                  Transfer Flag

              
	
                35

              	
                MESSAGE

              	
                Messages

              
	
                36

              	
                SORTABLELOANNUMBER

              	
                Loan
                  Number

              
	
                37

              	
                NOTES

              	
                Loan
                  Notes from Reporter

              
	
                38

              	
                PRINDIFF

              	
                Loan
                  Sale Difference

              
	
                39

              	
                PRINADJ

              	
                Loan
                  Sale Difference Interest Adjustment

              
	 	 	 
	
                Additional
                  Fields to be added as a result of REG AB (per
                  CTS):

              
	 	 	 
	
                40

              	
                SSCRAREMIT

              	
                Soldiers
                  and Sailors Remittance Amount

              
	
                41

              	
                CLAIMSREMIT

              	
                Claims
                  Remittance Amount

              
	
                42

              	
                MISCREMIT

              	
                Miscellaneous
                  Remittance Amount

              
	
                43

              	
                TOTALREMIT

              	
                Total
                  Remittance Amount

              
	
                44

              	
                PPPAMOUNT

              	
                Prepayment
                  Penalty Calculated Amount

              
	
                45

              	
                PPPWAIVED

              	
                Prepayment
                  Penalty Waived Amount

              
	
                46

              	
                PPPPAIDBYBORROWER

              	
                Prepayment
                  Penalty Paid by the Borrower

              
	
                47

              	
                PPPPAIDBYSERVICER

              	
                Prepayment
                  Penalty Paid by the Servicer

              
	
                48

              	
                MODEFFDATE

              	
                Modification
                  Effective Date

              
	
                49

              	
                MODTYPE

              	
                Modification
                  Type (See Mod Type tab)

              
	
                50

              	
                ACTIONCODE

              	
                Action
                  Code (See Action Code Tab - Just 63 & 65)

              
	
                51

              	
                ACTUALDUEDATE

              	
                Actual
                  loan due date

              
	
                52

              	
                ACTUALPRINBAL

              	
                Actual
                  Loan Principal Balance

              
	 	 	 
	 	
                Calculation:

              	
                 

              
	 	
                TotalRemit
                  = Remit + PIFRemit + CurtRemit + SSCRARemit + ClaimsRemit +
                  MiscRemit

              

      

      

      ATTACHMENT
        5

      

      EXHIBIT
        M to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      REPORTING
        DATA FOR DEFAULTED LOANS

       

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

      ATTACHMENT
        6

      

      EXHIBIT
        N to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      ATTACHMENT
        7

      

      EXHIBIT
        O to the Purchase Agreement

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

       

      ATTACHMENT
        8

      

      EXHIBIT
        P to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:  Provides final loan liquidation summary
        data at the deal level regarding loss severity that will be submitted to
        EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

    

     

    EXHIBIT
      R-6

    

    FORM
      OF MID AMERICA

    ASSIGNMENT
      AGREEMENT

    
      

       

      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of June 29, 2007, among EMC Mortgage Corporation (the “Assignor”), Wells
        Fargo Bank, National Association, not individually but solely as trustee
        for the
        holders of Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5 (the “Assignee”) and Mid America Bank, fsb (the
“Company”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto purchased by the Assignor from the Company and now serviced
        by
        the Company for Assignor and its successors and assigns pursuant to the
        Purchase, Warranties and Servicing Agreement, dated as of February 1, 2006,
        between Assignor and the Company, as amended by Amendment No. 1,
        dated  as February 1, 2006 (the “Purchase Agreement”) shall be subject
        to the terms of this AAR Agreement. Capitalized terms used herein but not
        defined shall have the meanings ascribed to them in the Purchase
        Agreement.

       

      Assignment
        and
        Assumption

       

      Except
        as
        expressly provided for herein, the Assignor hereby grants, transfers and
        assigns
        to the Assignee all of its right, title and interest as in, to and under
        (a) the
        Assigned Loans and (b) the Purchase Agreement with respect to the Assigned
        Loans; provided, however, that the Assignor is not assigning to the Assignee
        any
        of its right, title or interest, in, to and under the Purchase Agreement
        with
        respect to any mortgage loan other than the Assigned Loans listed on Attachment
        1.  Notwithstanding anything to the contrary contained herein, the
        Assignor specifically reserves and does not assign to the Assignee any right,
        title and interest in, to or under the representations and warranties contained
        in Section 3.01 and Section 3.02 of the Purchase Agreement, and any obligation
        of the Company to cure, repurchase or substitute for a mortgage loan and
        to
        indemnify the Assignor with respect to a breach of such representations and
        warranties pursuant to Section 3.03 and Section 8.01 of the Purchase Agreement,
        and the Assignor is retaining the right to enforce the representations and
        warranties and the obligations of the Company set forth in those sections
        against the Company.  In addition, the Assignor specifically reserves
        and does not assign to the Assignee any right, title and interest in, to
        or
        under (a) Section 2.09 of the Purchase Agreement and (b) Section 4.03 and
        Section 4.13 of the Purchase Agreement (but only insofar as such Sections
        grant
        to the Purchaser the right to terminate the servicing of defaulted Mortgage
        Loans and/or REO Properties by the Company), and the Assignor is retaining
        the
        right to enforce such sections against the Company.  Except as
        is otherwise expressly provided herein, the Assignor makes no representations,
        warranties or covenants to the Assignee and the Assignee acknowledges that
        the
        Assignor has no obligations to the Assignee under the terms of the Purchase
        Agreement or otherwise relating to the transaction contemplated herein
        (including, but not limited to, any obligation to indemnify the
        Assignee).

       

      Representations,
        Warranties and
        Covenants

       

      1.  Assignor
        warrants and represents to Assignee and the Company as of the date
        hereof:

       

      (a)  Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b)  Assignor
        is the lawful owner of the Assigned Loans with full right to transfer the
        Assigned Loans and any and all of its interests, rights and obligations under
        the Purchase Agreement as they relate to the Assigned Loans, free and clear
        from
        any and all claims and encumbrances; and upon the transfer of the Assigned
        Loans
        to Assignee as contemplated herein, Assignee shall have good title to each
        and
        every Assigned Loan, as well as any and all of Assignor’s interests, rights and
        obligations under the Purchase Agreement as they relate to the Assigned Loans,
        free and clear of any and all liens, claims and encumbrances;

       

      (c)  There
        are
        no offsets, counterclaims or other defenses available to the Company with
        respect to the Assigned Loans or the Purchase Agreement;

       

      (d)  Assignor
        has no knowledge of, and has not received notice of, any waivers under, or
        any
        modification of, any Assigned Loan;

       

      (e)  Assignor
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its incorporation, and has all requisite power and authority
        to
        acquire, own and sell the Assigned Loans;

       

      (f)  Assignor
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignor’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignor’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignor is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignor or its property is subject.  The
        execution, delivery and performance by Assignor of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on the part of
        Assignor.  This AAR Agreement has been duly executed and delivered by
        Assignor and, upon the due authorization, execution and delivery by Assignee
        and
        the Company, will constitute the valid and legally binding obligation of
        Assignor enforceable against Assignor in accordance with its terms except
        as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      (g)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignor in connection with the execution, delivery or performance by Assignor
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (h)  Neither
        Assignor nor anyone acting on its behalf has offered, transferred, pledged,
        sold
        or otherwise disposed of the Assigned Loans or any interest in the Assigned
        Loans, or solicited any offer to buy or accept a transfer, pledge or other
        disposition of the Assigned Loans, or any interest in the Assigned Loans
        or
        otherwise approached or negotiated with respect to the Assigned Loans, or
        any
        interest in the Assigned Loans with any Person in any manner, or made any
        general solicitation by means of general advertising or in any other manner,
        or
        taken any other action which would constitute a distribution of the Assigned
        Loans under the Securities Act of 1933, as amended (the “1933 Act”) or which
        would render the disposition of the Assigned Loans a violation of Section
        5 of
        the 1933 Act or require registration pursuant thereto;

       

      (i)  The
        Assignor has received from the Company, and has delivered to the Assignee,
        all
        documents required to be delivered to Assignor by the Company prior to the
        date
        hereof pursuant to the Purchase Agreement with respect to the Assigned Loans
        and
        has not received, and has not requested from the Company, any additional
        documents; and

       

      (j)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignor's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignor, would adversely affect
        Assignor's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignor's ability to perform its obligations under this
        AAR
        Agreement.

       

      2.  Assignee
        warrants and represents to, and covenants with, Assignor and the Company
        as of
        the date hereof:

       

      (a)  Assignee
        is duly organized, validly existing and in good standing under the laws of
        the
        jurisdiction of its organization and has all requisite power and authority
        to
        hold the Assigned Loans as trustee on behalf of the holders of the Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5;

       

      (b)  Assignee
        has full corporate power and authority to execute, deliver and perform its
        obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of Assignee’s business and will not
        conflict with, or result in a breach of, any of the terms, conditions or
        provisions of Assignee’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which Assignee is now a party or by which
        it
        is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which Assignee or its property is subject.  The
        execution, delivery and performance by Assignee of this AAR Agreement and
        the
        consummation by it of the transactions contemplated hereby, have been duly
        authorized by all necessary corporate action on part of Assignee. This AAR
        Agreement has been duly executed and delivered by Assignee and, upon the
        due
        authorization, execution and delivery by Assignor and the Company, will
        constitute the valid and legally binding obligation of Assignee enforceable
        against Assignee in accordance with its terms except as enforceability may
        be
        limited by bankruptcy, reorganization, insolvency, moratorium or other similar
        laws now or hereafter in effect relating to creditors’ rights generally, and by
        general principles of equity regardless of whether enforceability is considered
        in a proceeding in equity or at law;

       

      (c)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        Assignee in connection with the execution, delivery or performance by Assignee
        of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (d)  There
        is
        no action, suit, proceeding, investigation or litigation pending or, to
        Assignee's knowledge, threatened, which either in any instance or in the
        aggregate, if determined adversely to Assignee, would adversely affect
        Assignee's execution or delivery of, or the enforceability of, this AAR
        Agreement, or the Assignee's ability to perform its obligations under this
        AAR
        Agreement; and

       

      (e)  Assignee
        assumes for the benefit of each of the Assignor and the Company all of the
        rights of the Purchaser under the Purchase Agreement with respect to the
        Assigned Loans, except as set forth herein.

       

      3.  The
        Company warrants and represents to, and covenant with, Assignor and Assignee
        as
        of the date hereof:

       

      (a)  Attached
        hereto as Attachment 2 is a true and accurate copy of the Purchase Agreement,
        which agreement is in full force and effect as of the date hereof and the
        provisions of which have not been waived, amended or modified in any respect,
        nor has any notice of termination been given thereunder;

       

      (b)  The
        Company is duly organized, validly existing and in good standing under the
        laws
        of the jurisdiction of its incorporation, and has all requisite power and
        authority to service the Assigned Loans and otherwise to perform its obligations
        under the Purchase Agreement;

       

      (c)  The
        Company has full corporate power and authority to execute, deliver and perform
        its obligations under this AAR Agreement, and to consummate the transactions
        set
        forth herein.  The consummation of the transactions contemplated by
        this AAR Agreement is in the ordinary course of the Company’s business and will
        not conflict with, or result in a breach of, any of the terms, conditions
        or
        provisions of the Company’s charter or by-laws or any legal restriction, or any
        material agreement or instrument to which the Company is now a party or by
        which
        it is bound, or result in the violation of any law, rule, regulation, order,
        judgment or decree to which the Company or its property is
        subject.  The execution, delivery and performance by the Company of
        this AAR Agreement and the consummation by it of the transactions contemplated
        hereby, have been duly authorized by all necessary corporate action on the
        part
        of the Company. This AAR Agreement has been duly executed and delivered by
        the
        Company, and, upon the due authorization, execution and delivery by Assignor
        and
        Assignee, will constitute the valid and legally binding obligation of the
        Company, enforceable against the Company in accordance with its terms except
        as
        enforceability may be limited by bankruptcy, reorganization, insolvency,
        moratorium or other similar laws now or hereafter in effect relating to
        creditors’ rights generally, and by general principles of equity regardless of
        whether enforceability is considered in a proceeding in equity or at
        law;

       

      (d)  No
        consent, approval, order or authorization of, or declaration, filing or
        registration with, any governmental entity is required to be obtained or
        made by
        the Company in connection with the execution, delivery or performance by
        the
        Company of this AAR Agreement, or the consummation by it of the transactions
        contemplated hereby;

       

      (e)  The
        Company shall establish a Custodial Account and an Escrow Account under the
        Purchase Agreement in favor of the Assignee with respect to the Assigned
        Loans
        separate from the Custodial Account and Escrow Account previously established
        under the Purchase Agreement in favor of Assignor;

       

      (f)  No
        event has occurred from the Closing
        Date to the date hereof which would render the representations and warranties
        as
        to the related Assigned Loans made by the Company in Sections 3.01 and 3.02
        of
        the Purchase Agreement to be untrue in any material respect;

       

      (g)  Neither
        this AAR Agreement nor any certification, statement, report or other agreement,
        document or instrument furnished or to be furnished by the Company pursuant
        to
        this AAR Agreement contains or will contain any materially untrue statement
        of
        fact or omits or will omit to state a fact necessary to make the statements
        contained therein not misleading; and

       

      (h)  The
        Company hereby restates the representations and warranties set forth in Section
        3.01(p) of the Purchase Agreement.

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and Bear Stearns
        Asset Backed Securities I LLC (“BSABS I”) in writing of (A) legal proceedings
        pending against the Company, or proceedings known to be contemplated by
        governmental authorities against the Company which in the judgment of the
        Company would be, in each case, material to purchasers of securities backed
        by
        the Assigned Loans, (B) any affiliations or relationships of the type described
        in Item 1119(b) of Regulation AB that develop following the date hereof between
        the Company and any of the above listed parties or other parties identified
        in
        writing by the Assignor or BSABS I with respect to the Securitization
        Transaction and (ii) provide to the Assignor and BSABS I a description of
        such
        proceedings, affiliations or relationships.

      

      Each
        such
        notice/update should be sent to by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      With
        a
        copy to:

       

      Bear
        Stearns Asset Backed Securities I LLC c/o

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

       

      Notifications
        pursuant to (i)(A) above should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:
        General Counsel

      Facsimile:  (469)
        759-4714

       

      With
        copies to:

       

      Bear
        Stearns Asset Backed Securities I LLC c/o

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New,
        York, NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        TX 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      4.  Assignor
        hereby agrees to indemnify and hold the Assignee (and its successors and
        assigns) harmless against any and all claims, losses, penalties, fines,
        forfeitures, legal fees and related costs, judgments, and any other costs,
        fees
        and expenses that Assignee (and its successors and assigns) may sustain in
        any
        way related to any breach of the representations or warranties of Assignor
        set
        forth in this AAR Agreement or the breach of any covenant or condition contained
        herein.

       

      Recognition
        of
        Assignee

       

      5.  From
        and
        after the date hereof, the Company shall recognize Assignee as owner of the
        Assigned Loans, and acknowledges that the Assigned Loans will be part of
        a
        REMIC, and will service the Assigned Loans in accordance with the Purchase
        Agreement (as modified by this AAR Agreement). It is the intention of Assignor,
        the Company and Assignee that this AAR Agreement shall be binding upon and
        for
        the benefit of the respective successors and assigns of the parties hereto.
        Neither the Company nor Assignor shall amend or agree to amend, modify, waive,
        or otherwise alter any of the terms or provisions of the Purchase Agreement
        which amendment, modification, waiver or other alteration would in any way
        affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee or the Securities Administrator) to the effect that
        the
        holding by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 of such REO Property subsequent
        to
        such three-year period will not result in the imposition of taxes on “prohibited
        transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case the Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or
        allowed to continue to be rented) or otherwise used for the production of
        income
        by or on behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      6.  Notwithstanding
        any term hereof to the contrary, it is expressly understood and agreed to
        by the
        parties hereto that the execution and delivery of the AAR Agreement by the
        Assignee is solely in its capacity as trustee for Bear Stearns Asset Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 and
        not
        individually, and any recourse against the Assignee in respect of any
        obligations it may have under or pursuant to the terms of this AAR Agreement
        shall be limited solely to the assets it may hold as trustee of Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5.

       

      7.  BSABS
        I
        and the Assignor each agree to indemnify and hold harmless the Company, each
        director of the Company, each officer of the Company and each person, if
        any,
        who controls the Company within the meaning of Section 15 of the 1933 Act
        (collectively, the “Company Indemnified Party”) against any and all losses,
        claims, expenses, damages or liabilities to which the Company Indemnified
        Party
        may become subject, under the 1933 Act or otherwise, including without
        limitation, with respect to disputes between parties, insofar as such losses,
        claims, expenses, damages or liabilities (or actions in respect thereof)
        arise
        out of or are based upon any untrue statement or alleged untrue statement
        of any
        material fact contained in the Prospectus Supplement, or the omission or
        the
        alleged omission to state in the Prospectus Supplement a material fact necessary
        in order to make the statements therein not misleading, in each case to the
        extent, but only to the extent, that such untrue statement or alleged untrue
        statement or omission or alleged omission is other than the Company
        Information.

       

      Modification
        of Purchase
        Agreement

       

      8.  The
        Company and Assignor hereby amend the Purchase Agreement as
        follows:

       

      (a)  The
        definition of Eligible Account is deleted in its entirety and replaced with
        the
        following:

       

      Eligible
        Account: Any of (i) an account or accounts maintained with a federal or
        state chartered depository institution or trust company, the long-term unsecured
        debt obligations and short-term unsecured debt obligations of which (or,
        in the
        case of a depository institution or trust company that is the principal
        subsidiary of a holding company, the debt obligations of such holding company,
        so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in
        one of its two highest long-term and its highest short-term rating categories,
        respectively, at the time any amounts are held on deposit therein; provided,
        that following a downgrade, withdrawal, or suspension of such institution's
        rating  as set forth above, each account shall promptly (and in any
        case within not more than 30 calendar days) be moved to one or more segregated
        trust accounts in the trust department of such institution, or to an account
        at
        another institution that complies with the above requirements, or (ii) a
        trust
        account or accounts maintained with the corporate trust department of a federal
        or state chartered depository institution or trust company having capital
        and
        surplus of not less than $50,000,000, acting in its fiduciary capacity or
        (iii)
        any other account acceptable to the Rating Agencies, as evidenced in writing.
        Eligible Accounts may bear interest, and may include, if otherwise qualified
        under this definition, accounts maintained with the Trustee.

       

      (b)  The
        definition of Servicing Fee Rate is deleted in its entirety and replaced
        with
        the following:

       

      Servicing
        Fee Rate:  A per annum rate equal to 0.250%.

       

      (c)  The
        definition of Principal Prepayment is deleted in its entirety and replaced
        with
        the following:

       

      Principal
        Prepayment:  Any payment or other recovery of principal on a
        Mortgage Loan in full or partial which is received in advance of its scheduled
        Due Date, including any prepayment penalty or premium thereon,  and
        which is not accompanied by an amount of interest representing scheduled
        interest due on any date or dates in any month or months subsequent to the
        month
        of prepayment. Partial principal Prepayments shall be applied in accordance
        with
        the terms of the related Mortgage Note.

       

      (d)  Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with and in addition to the terms set forth in this Agreement and the related
        Term Sheet, if a Mortgage Loan is in default or such default is reasonably
        foreseeable, the Company may 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, including without limitation, to
        (1)
        capitalize any amounts owing on the Mortgage Loan by adding such amount to
        the
        outstanding principal balance of the Mortgage Loan, (2) defer such amounts
        to a
        later date or the final payment date of such Mortgage Loan, (3) extend the
        maturity of any such Mortgage Loan, (4) amend the related Mortgage Note to
        reduce the related Mortgage Interest Rate with respect to any Mortgage Loan,
        (5)
        convert the Mortgage Interest Rate on any Mortgage Loan from a fixed rate
        to an
        adjustable rate or vice versa, (6) with respect to a mortgage loan with an
        initial fixed rate period followed by an adjustable rate period, extend the
        fixed period and reduce the adjustable rate period, and/or (7) forgive the
        amount of any interest, principal or servicing advances owed by the related
        Mortgagor; provided that, in the Company's reasonable and prudent determination,
        such waiver, modification, postponement or indulgence: (A) is not materially
        adverse to the interests of the Purchaser on a present value basis using
        reasonable assumptions (including taking into account any estimated Realized
        Loss that might result absent such action); and (B) does not amend the related
        Mortgage Note to extend the maturity thereof later than the date of the Latest
        Possible Maturity Date (as such term is defined in the related pooling and
        servicing agreement); provided, further, with respect to any Mortgage Loan
        that
        is not in default or if default is not reasonably foreseeable, unless the
        Company has provided to the Purchaser a certification addressed to the
        Purchaser, based on the advice of counsel or certified public accountants
        that
        have a national reputation with respect to taxation of REMICs that a
        modification of such Mortgage Loan will not result in the imposition of taxes
        on
        or disqualify from REMIC status any of the REMICs and has obtained the prior
        written consent of the Purchaser, the Company shall not permit any modification
        with respect to any Mortgage Loan.  Notwithstanding the foregoing, for
        any waiver, modification, postponement or indulgence (not including any partial
        releases, assumptions of mortgages or modifications of any Mortgage Loan
        that is
        done in connection with compliance with the Relief Act) which the Company
        reasonably anticipates may result in a realized loss of 20% or more of the
        outstanding principal balance of a Mortgage Loan, the Company shall present
        such
        proposed waiver, modification, postponement or indulgence, together with
        any
        supporting documentation, to the Master Servicer for consideration and
        approval.  The Company shall submit all waivers, modifications or
        variances of the terms of any Mortgage Loan with respect to partial releases,
        assumptions of mortgages or for modifications done in furtherance of compliance
        with the Relief Act, together with any supporting documentation, to the Master
        Servicer for consideration and approval.

       

      (e)  Section
        4.03 is hereby amended by adding the following paragraph to the end of the
        section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit P hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan.   The Master Servicer shall provide such approval
        or denial to the Company no later than thirty (30) days after receipt of
        such
        claim; provided, however, such claim must be complete with all supporting
        documentation.  The Company’s obligation to make such Servicing
        Advances and Monthly Advances as to any Mortgage Loan shall continue through
        the
        final liquidation of the Mortgaged Property, unless the Company deems such
        advance nonrecoverable and submits an officer’s certificate in accordance with
        Section 5.03.

       

      (f)  Section
        4.05(ix) is hereby deleted in its entirety and replaced with the
        following:

       

      “(ix)to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, such claim must be complete with all supporting
        documentation.”

       

      (g)  The
        following is added as the last paragraph of Section 4.05:

       

      Notwithstanding
        the foregoing, the Company’s right to reimbursement pursuant to clauses (ii),
        (iii) and (ix) above shall be subject to the prior approval of the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, the Company must submit such claim with all supporting
        documentation in order for the Master Servicer to approve or deny such claim
        within such time period.  Pending such approval, such funds shall be
        remitted by the Company to the Master Servicer to the extent such funds,
        in
        addition to any Servicing Advances and Advances, constitute an amount equal
        to
        the outstanding Stated Principal Balance of the related Mortgage Loan plus
        any
        accrued interest due and owing on such Mortgage Loan.

       

      (h)  The
        following is added to the first sentence of the fourth paragraph of Section
        4.13
        of the Purchase Agreement:

       

      “;
        provided, however, that any REO property shall be disposed of by the Company
        before the close of the third taxable year following the taxable year in
        which
        the Mortgage Loan became an REO property, unless the Company is otherwise
        directed by the Assignee.”

       

      (i)  Section
        5.02 of the Purchase Agreement is hereby amended by deleting “no later than the
        fifth Business Day of the following month in hard copy, and” after “mutually
        agreed upon by both Purchaser and the Company, and” in the first
        paragraph.

       

      (j)  The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit E and
Exhibit S, with respect to remittances, Exhibit P, with respect to
        realized losses and gains, Exhibit F, with respect to defaulted mortgage
        loans, Exhibit T, with respect to modified mortgage loans, Exhibit
        U, with respect to claims submitted and Exhibit V, with respect to
        loss severity, with each such report. For a period of 90 days from the date
        hereof, the Company may provide monthly reports in other formats as mutually
        agreed upon between the Company and the Master Servicer.  After the
        expiration of that time, the Company shall provide the reports in the forms
        of
        the exhibits attached hereto.

       

      (k)  Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04    Governing
        Law.

       

      This
        Agreement and the related Term
        Sheet shall be governed by and construed in accordance with the laws of the
        State of New York without giving effect to principles of conflicts of laws
        (other than Section 5-1401 of the New York General Obligations Law) and except
        to the extent preempted by Federal law and the obligations, rights and remedies
        of the parties hereunder shall be determined in accordance with such
        laws.

       

      (l)  Section
        11.18 (ix) is hereby amended effective as of the date hereof by changing
        the
        reference in Section 11.18 (ix) from “15 calendar days” to “30 calendar
        days”.

       

      (m)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        F
        in its entirety and inserting a new Exhibit F, a copy of which is annexed
        hereto
        as Exhibit 1.

       

      (n)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        P
        in its entirety and inserting a new Exhibit P, a copy of which is annexed
        hereto
        as Exhibit 2.

       

      (o)  The
        Purchase Agreement is hereby amended as of the date hereof by deleting Exhibit
        E
        in its entirety and inserting a new Exhibit E, a copy of which is annexed
        hereto
        as Exhibit 3.

       

      (p)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit S, a copy of which is annexed hereto as Exhibit 4.

       

      (q)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit T, a copy of which is annexed hereto as Exhibit 5.

       

      (r)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit U, a copy of which is annexed hereto as Exhibit 6.

       

      (s)  The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit V, a copy of which is annexed hereto as Exhibit 7.

       

      

       

      Miscellaneous

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the Purchase
        Agreement and this AAR Agreement shall be in writing and shall be deemed
        to have
        been duly given if personally delivered at or mailed by registered mail,
        postage
        prepaid, as follows:

       

      (a)  In
        the
        case of the Company:

       

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:
        Theresa Mann

      Telecopier
        No.:  (630)
        799-7964

       

      With
        a
        copy to:

       

      Mid
        America Bank, fsb

      2650
        Warrenville Road, Suite 500

      Downers
        Grove, Illinois 60515

      Attention:  Ann
        Ryan

      Telecopier
        No.:  (630) 799-7964

       

      (b)
        In the case of
        Assignor:

      

      EMC
        Mortgage
        Corporation

      2780
        Lake Vista
        Drive

      Lewisville,
        Texas
        75067

      Attention:
Michelle
        Viner

      Fascimilie.:
        (214) 626-4889

      Email:
        mviner@bear.com

      

       

      (c)
        In
        the case of Assignee:

      

      Wells
        Fargo Bank, National Association,

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC5

      Telecopier
        No.: (410) 715-2380

       

      10.  The
        Company hereby acknowledges that EMC Mortgage Corporation and any successor
        thereto (the “Master Servicer”), has been appointed as master servicer of the
        Mortgage Loans pursuant to the Pooling and Servicing Agreement dated as of
        June
        1, 2007 (the “Pooling and Servicing Agreement”), among BSABS I, the Assignor, as
        seller, company and Master Servicer and the Assignee, and therefore has the
        right to enforce all obligations of the Company under the Purchase
        Agreement.  Such right will include, without limitation, the right to
        receive all remittances required to be made by the Company under the Purchase
        Agreement, the right to receive all monthly reports and other data required
        to
        be delivered by the Company under the Purchase Agreement, the right to examine
        the books and records of the Company, indemnification rights, and the right
        to
        exercise certain rights of consent and approval relating to actions taken
        by the
        Company.  The Company hereby acknowledges that the Master Servicer
        shall be obligated to notify the Assignee in accordance with the Pooling
        and
        Servicing Agreement upon the discovery of an event of default by the Company
        of
        its obligations under the Purchase Agreement and the Assignee shall have
        the
        right to terminate the Company as servicer under the Purchase Agreement upon
        the
        occurrence of such an event of default.  All remittances to be
        provided to the Master Servicer should be sent to:

       

      EMC
        Master Servicing Remittances

      Bank:  Chase
        Bank of Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007 Remit for Mid America Bank, fsb

      Attention:  LSBO
        Group-MS

      

      and
        the
        Company shall deliver all reports required to be delivered under the Purchase
        Agreement, as they relate to the Assigned Loans, to the Assignee at the address
        set forth in Section 9(c) herein and to the Master Servicer at:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas  75067

      Attention:
        Michelle Viner

      Facsimile:
        (214) 626-4889

      mviner@bear.com

      

      11.  A
        copy of
        all assessments, attestations, reports and certificates required to be delivered
        by the Servicer under this AAR Agreement and the Purchase Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein,
        and
        where such documents are required to be addressed to any party, such addresses
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      12.  Each
        party will pay any commissions it has incurred and the fees of its attorneys
        in
        connection with the negotiations for, documenting of and closing of the
        transactions contemplated by this AAR Agreement.

       

      13.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles (other than Section 5-1401
        of the New York General Obligations Law), and the obligations, rights and
        remedies of the parties hereunder shall be determined in accordance with
        such
        laws.

       

      14.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      15.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto.  Any entity into which Assignor, Assignee or the
        Company may be merged or consolidated shall, without the requirement for
        any
        further writing, be deemed Assignor, Assignee or the Company, respectively,
        hereunder.

       

      16.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans, the assignment
        of
        the Purchase Agreement to the extent of the Assigned Loans by Assignor to
        Assignee and the termination of the Purchase Agreement.

       

      17.  This
        AAR
        Agreement may be executed simultaneously in any number of
        counterparts.  Each counterpart shall be deemed to be an original and
        all such counterparts shall constitute one and the same instrument.

       

      18.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Purchase Agreement with respect to the Assigned Loans, the terms of this
        AAR
        Agreement shall control.

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR Agreement as of
        the
        day and year first above written.

       

      

      
        	
                EMC
                  MORTGAGE CORPORATION

                Assignor
                  and Master Servicer

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION, not individually but solely as
                  Trustee for the holders of Bear Stearns Asset Backed Securities
                  I Trust
                  2007-AC5, Asset-Backed Certificates, Series 2007-AC5

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                MID
                  AMERICA BANK, FSB

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      
        	
                Acknowledged
                  and Agreed:

                 

                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      ATTACHMENT
        1

       

       

      ASSIGNED
        LOAN SCHEDULE

       

       

      (Available
        upon request)

       

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      ATTACHMENT
        2

       

      PURCHASE
        AGREEMENT

       

      (Available
        upon request)

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      Exhibit
        1

      EXHIBIT
        F  to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

      

      

      Exhibit
        2

      EXHIBIT
        P to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

      

       

      Date:_____________________________

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

      

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	
                 

                 

                 

              	 

      

       

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

       

      
        	
                Has
                  this loan been previously modified?

              	
                Yes

              	
                No

              
	
                Has
                  this loan been crammed down in a bankruptcy?

              	
                Yes

              	
                No

              

      

      If
“Yes”,
        provide amount _______________________________

       

      
        	
                   Liquidation
                  and Acquisition Expenses:

              

      

       

       

       Amounts
        requiring Amortization Schedule for backup:

      

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

       

      Amounts
        requiring Additional backup:

      

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

       

      
        	
                 

              	
                Credits
                  to Loan:

              

      

       

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

       

      

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Exhibit
        3

      

      EXHIBIT
        E to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

      

      Exhibit
        4

      EXHIBIT
        S to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

       

      

      

      

      Exhibit
        5

      EXHIBIT
        T to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      

      

      Exhibit
        6

      

      EXHIBIT
        U to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

      

      

      Exhibit
        7

      

      EXHIBIT
        V to the Purchase Agreement

      

      The
        Company shall provide the Master Servicer with this Exhibit in the format
        below
        or such other format as mutually agreed upon between the Company and the
        Master
        Servicer.

      

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

      

    

     

    EXHIBIT
      R-7

    

    FORM
      OF NATIONAL CITY

    ASSIGNMENT
      AGREEMENT

    
      ASSIGNMENT,
        ASSUMPTION AND RECOGNITION AGREEMENT

       

      This
        is
        an Assignment, Assumption and Recognition Agreement (this “AAR Agreement”) made
        as of June 29, 2007, among EMC Mortgage Corporation (the “Assignor”), Wells
        Fargo Bank, National Association, not individually but solely as trustee
        for the
        holders of Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5 (the “Assignee”), National City Mortgage Co. (the
“Company”) and Bear Stearns Asset Backed Securities I LLC (“BSABS
        I”).

       

      In
        consideration of the mutual promises contained herein the parties hereto
        agree
        that the residential mortgage loans (the “Assigned Loans”) listed on Attachment
        1 annexed hereto (the “Assigned Loan Schedule”) purchased by Assignor from
        Company pursuant to (a) the Purchase, Warranties and Servicing Agreement,
        dated
        as of October 1, 2001, between Assignor and Company as amended by Amendment
        Reg
        AB to the Purchase, Warranties and Servicing Agreement, dated as of March
        1,
        2006 (the “Purchase Agreement”) and (b) those certain Term Sheets, dated August
        14, 2006, March 13, 2007 and March 23, 2007 between Assignor and Company
        (the
“Term Sheets” and together with the Purchase Agreement, the “Agreements”), shall
        be subject to the terms of this AAR Agreement. Capitalized terms used herein
        but
        not defined shall have the meanings ascribed to them in the
        Agreements.

       

      In
        consideration of the mutual promises and agreements contained herein, and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, the parties hereto agree that the Assigned Loans shall
        be
        subject to the terms of this AAR Agreement.  Capitalized terms used
        herein but not defined shall have the meanings ascribed to them in the Purchase
        Agreement.

       

      Assignment
        and Assumption

       

      1.  Assignor
        hereby grants, transfers and assigns to Assignee all of the right, title
        and
        interest of Assignor in the Assigned Loans and, as they relate to the Assigned
        Loans, all of its right, title and interest in, to and under the Agreements.
        Assignor specifically reserves and does not assign to Assignee any right
        title
        and interest in, to or under any Mortgage Loans subject to the Agreements
        other
        than those set forth on Attachment l. Notwithstanding anything to the contrary
        contained herein, the Assignor is retaining the right to enforce the
        representations and warranties set forth in Article III of the Purchase
        Agreement and in the Term Sheets, and any obligation of the Company to cure,
        repurchase or substitute for a mortgage loan and to indemnify the Assignor
        with
        respect to a breach of such representations and warranties pursuant to Section
        3.03 and Section 8.01 of the Purchase Agreement against the
        Company.  In addition, the Assignor specifically reserves and does not
        assign to the Assignee any right, title and interest in, to or under Section
        2.09 of the Purchase Agreement and Section 4.03 and Section 4.13 of the Purchase
        Agreement (but only insofar as such Sections grant to the Purchaser the right
        to
        terminate the servicing of defaulted Assigned Loans and/or REO Properties
        by the
        Company).

       

      Representations;
        Warranties and Covenants

       

      2.  Assignor
        warrants and represents to Assignee and Company as of the date
        hereof:

       

      
        	
                a.          
                    

              	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                b.          
                    

              	
                Assignor
                  is the lawful owner of the Assigned Loans with full right to transfer
                  the
                  Assigned Loans and any and all of its interests, rights and obligations
                  under the Agreements as they relate to the Assigned Loans, free
                  and clear
                  of any and all liens, claims and encumbrances; and upon the transfer
                  of
                  the Assigned Loans to Assignee as contemplated herein, Assignee
                  shall have
                  good title to each and every Assigned Loan, as well as any and
                  all of
                  Assignor's interests, rights and obligations under the Agreements
                  as they
                  relate to the Assigned Loans, free and clear of any and all liens,
                  claims
                  and encumbrances;

              

      

       

      
        	
                c.          
                    

              	
                Assignor
                  has not received notice of, and has no knowledge of, any offsets,
                  counterclaims or other defenses available to Company with respect
                  to the
                  Assigned Loans or the Agreements;

              

      

       

      
        	
                d.          
                    

              	
                Assignor
                  has not waived or agreed to any waiver under, or agreed to any
                  amendment
                  or other modifications of, the Agreements. Assignor has no knowledge
                  of,
                  and has not received notice of, any waivers under or any amendments
                  or
                  other modifications of, or assignment of rights or obligations
                  under the
                  Agreements;

              

      

       

      
        	
                e.          
                    

              	
                Assignor
                  is a corporation duly organized, validly existing and in good standing
                  under the laws of the jurisdiction of its formation, and has all
                  requisite
                  power and authority to acquire, own and sell the Assigned
                  Loans;

              

      

       

      
        	
                f.           
                    

              	
                Assignor
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignor's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignor's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignor
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignor
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignor
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignor. This AAR Agreement has been duly executed
                  and
                  delivered by Assignor and, upon the due authorization, execution
                  and
                  delivery by Assignee and Company, will constitute the valid and
                  legally
                  binding obligation of Assignor enforceable against Assignor in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors' rights generally, and
                  by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                g.          
                    

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignor in connection with the execution,
                  delivery or
                  performance by Assignor of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby. Neither Assignor nor anyone
                  acting on its behalf has offered, transferred, pledged, sold or
                  otherwise
                  disposed of the Assigned Loans or any interest in the Assigned
                  Loans, or
                  solicited any offer to buy or accept transfer, pledge or other
                  disposition
                  of the Assigned Loans, or any interest in the Assigned Loans, or
                  otherwise
                  approached or negotiated with respect to the Assigned Loans, or
                  any
                  interest in the Assigned Loans, with any Person in any manner,
                  or made any
                  general solicitation by means of general advertising or in any
                  other
                  manner, or taken any other action which would constitute a distribution
                  of
                  the Assigned Loans under the Securities Act of 1933, as amended
                  (the “1933
                  Act”) or which would render the disposition of the Assigned Loans a
                  violation of Section 5 of the 1933 Act or require registration
                  pursuant
                  thereto;

              

      

       

      
        	
                h.          
                    

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignor's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignor, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignor's ability to perform its obligations
                  under this
                  AAR Agreement; and

              

      

       

      
        	
                i.           
                    

              	
                Assignor
                  has received from Company, and has delivered to Assignee, all documents
                  required to be delivered to Assignor by Company prior to the date
                  hereof
                  pursuant to Section 2.07 of the Purchase Agreement with respect
                  to the
                  Assigned Loans.

              

      

       

      3.  Assignee
        warrants and represents to, and covenants with, Assignor and Company as of
        the
        date hereof:

       

      
        	
                 

              	
                a.

              	
                Assignee
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its organization and has all requisite power
                  and
                  authority to acquire and hold the Assigned Loans as trustee on
                  behalf of
                  the holders of Bear Stearns Asset Backed Securities I Trust 2007-AC5,
                  Asset-Backed Certificates, Series
                  2007-AC5;

              

      

       

      
        	
                 

              	
                b.

              	
                Assignee
                  has full power and authority to execute, deliver and perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Assignee's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Assignee's charter or by-laws or any
                  legal
                  restriction, or any material agreement or instrument to which Assignee
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Assignee
                  or its
                  property is subject. The execution, delivery and performance by
                  Assignee
                  of this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  action on
                  the part of Assignee. This AAR Agreement has been duly executed
                  and
                  delivered by Assignee and, upon the due authorization, execution
                  and
                  delivery by Assignor and Company, will constitute the valid and
                  legally
                  binding obligation of Assignee enforceable against Assignee in
                  accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                 

              	
                c.

              	
                No
                  material consent, approval, order or authorization of, or declaration,
                  filing or registration with, any governmental entity is required
                  to be
                  obtained or made by Assignee in connection with the execution,
                  delivery or
                  performance by Assignee of this AAR Agreement, or the consummation
                  by it
                  of the transactions contemplated hereby;
                  and

              

      

       

      
        	
                 

              	
                d.

              	
                There
                  is no action, suit, proceeding, investigation or litigation pending
                  or, to
                  Assignee's knowledge, threatened, which either in any instance
                  or in the
                  aggregate, if determined adversely to Assignee, would adversely
                  affect
                  Assignee's execution or delivery of, or the enforceability of,
                  this AAR
                  Agreement, or the Assignee's ability to perform its obligations
                  under this
                  AAR Agreement.

              

      

       

      4.  Company
        warrants and represents to, and covenants with, Assignor and Assignee as
        of the
        date hereof:

       

      
        	
                 

              	
                a.

              	
                Attached
                  hereto as Attachment 2 are true and accurate copies of the Agreements,
                  which agreements are in full force and effect as of the date hereof
                  and
                  the provisions of which have not been waived, amended or modified
                  in any
                  respect, nor has any notice of termination been given
                  thereunder;

              

      

       

      
        	
                 

              	
                b.

              	
                Company
                  is duly organized, validly existing and in good standing under
                  the laws of
                  the jurisdiction of its incorporation, and has all requisite power
                  and
                  authority to service the Assigned Loans and otherwise to perform
                  its
                  obligations under the Agreements;

              

      

       

      
        	
                 

              	
                c.

              	
                Company
                  has full corporate power and authority to execute, deliver and
                  perform its
                  obligations under this AAR Agreement, and to consummate the transactions
                  set forth herein. The consummation of the transactions contemplated
                  by
                  this AAR Agreement is in the ordinary course of Company's business
                  and
                  will not conflict with, or result in a breach of, any of the terms,
                  conditions or provisions of Company’s charter or by-laws or any legal
                  restriction, or any material agreement or instrument to which Company
                  is
                  now a party or by which it is bound, or result in the violation
                  of any
                  law, rule, regulation, order, judgment or decree to which Company
                  or its
                  property is subject. The execution, delivery and performance by
                  Company of
                  this AAR Agreement and the consummation by it of the transactions
                  contemplated hereby, have been duly authorized by all necessary
                  corporate
                  action on the part of Company. This AAR Agreement has been duly
                  executed
                  and delivered by Company, and, upon the due authorization, execution
                  and
                  delivery by Assignor and Assignee, will constitute the valid and
                  legally
                  binding obligation of Company, enforceable against Company in accordance
                  with its terms except as enforceability may be limited by bankruptcy,
                  reorganization, insolvency, moratorium or other similar laws now
                  or
                  hereafter in effect relating to creditors’ rights generally, and by
                  general principles of equity regardless of whether enforceability
                  is
                  considered in a proceeding in equity or at
                  law;

              

      

       

      
        	
                 

              	
                d.

              	
                No
                  consent, approval, order or authorization of, or declaration, filing
                  or
                  registration with, any governmental entity is required to be obtained
                  or
                  made by Company in connection with the execution, delivery or performance
                  by Company of this AAR Agreement, or the consummation by it of
                  the
                  transactions contemplated hereby;

              

      

       

      
        	
                 

              	
                e.

              	
                Company
                  shall establish a Custodial Account and an Escrow Account under
                  the
                  Purchase Agreement in favor of Assignee with respect to the Assigned
                  Loans
                  separate from the Custodial Account and the Escrow Account previously
                  established under the Purchase Agreement in favor of
                  Assignor;

              

      

       

      
        	
                 

              	
                f.

              	
                No
                  event has occurred from the applicable Closing Date to the date
                  hereof
                  which would render the representations and warranties as to the
                  related
                  Mortgage Loans made by the Company in Section 3.02 of the Purchase
                  Agreement or in the related Term Sheets to be untrue in any material
                  respect; and

              

      

       

      
        	
                 

              	
                g.

              	
                Pursuant
                  to Section 11.18 of the Purchase Agreement, the Company hereby
                  restates
                  the representations and warranties set forth in Article III of
                  the
                  Purchase Agreement and in the Term Sheets with respect to the Company
                  and
                  the Assigned Loans as of the Closing
                  Date.

              

      

       

      5.  Company
        warrants and represents to, and covenants with, Assignor and BSABS I as of
        the
        date hereof:

       

      
        	
                 

              	
                a.

              	
                Company
                  is not aware and has not received notice that any default, early
                  amortization or other performance triggering event has occurred
                  as to any
                  other securitization due to any act or failure to act of the
                  Company;

              

      

       

      
        	
                 

              	
                b.

              	
                No
                  material noncompliance with the applicable servicing criteria with
                  respect
                  to other securitizations of residential mortgage loans involving
                  the
                  Company as servicer has been disclosed or reported by the
                  Company;

              

      

       

      
        	
                 

              	
                c.

              	
                Company
                  has not been terminated as servicer in a residential mortgage loan
                  securitization, either due to a servicing default or to application
                  of a
                  servicing performance test or
                  trigger;

              

      

       

      
        	
                 

              	
                d.

              	
                No
                  material changes to the Company’s policies or procedures with respect to
                  the servicing function it will perform under the Purchase Agreement
                  and
                  this AAR Agreement for mortgage loans of a type similar to the
                  Assigned
                  Loans have occurred during the three-year period immediately preceding
                  the
                  date hereof;

              

      

       

      
        	
                 

              	
                e.

              	
                There
                  are no aspects of the Company’s financial condition that could have a
                  material adverse effect on the performance by the Company of its
                  servicing
                  obligations under the Purchase Agreement and this AAR
                  Agreement;

              

      

       

      
        	
                 

              	
                f.

              	
                There
                  are no material legal or governmental proceedings pending (or known
                  to be
                  contemplated) against the Company, any Subservicer or any third-party
                  originator; and

              

      

       

      
        	
                 

              	
                g.

              	
                There
                  are no affiliations, relationships or transactions relating to
                  the Company
                  or any Subservicer with respect to this Securitization Transaction
                  and any
                  party thereto of a type described in Item 1119 of Regulation
                  AB.

              

      

       

      Notwithstanding
        anything to the contrary in the Agreement, the Company shall (or shall cause
        any
        Third-Party Originator to) (i) immediately notify Assignor and BSABS I in
        writing of (A) legal proceedings pending against the Company, or proceedings
        known to be contemplated by governmental authorities against the Company
        which
        in the judgment of the Company would be, in each case, material to purchasers
        of
        securities backed by the Assigned Loans, (B) any affiliations or relationships
        of the type described in Item 1119(b) of Regulation AB that develop following
        the date hereof between the Company and any of the above listed parties or
        other
        parties identified in writing by the Assignor or BSABS I with respect to
        the
        Securitization Transaction and (ii) provide to the Assignor and BSABS I a
        description of such proceedings, affiliations or relationships.

       

      Each
        such
        notice/update should be sent to the Assignor by e-mail to
        regABnotifications@bear.com.  Additionally, all such notifications,
        other than those pursuant to (i)(A) above, should be sent to:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:  mviner@bear.com

      

      With
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      Notifications
        pursuant to (i)(A) above should be sent to:

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  General
        Counsel

      Facsimile:  (469)
        759-4714

      

      With
        copies to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue, 3rd Floor

      New
        York,
        NY 10179

      Attention:  Global
        Credit Administration

      Facsimile:  (212)
        272-6564

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:  mviner@bear.com

       

      6.  Notwithstanding
        any term hereof to the contrary, the execution and delivery of this AAR
        Agreement by the Assignee is solely in its capacity as trustee for Bear Stearns
        Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates, Series
        2007-AC5 and not individually, and any recourse against the Assignee in respect
        of any obligations it may have under or pursuant to the terms of this AAR
        Agreement shall be limited solely to the assets it may hold as trustee of
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5.

       

      Recognition
        of Assignee

       

      7.  From
        and
        after the date hereof, Company shall recognize Assignee as owner of the Assigned
        Loans and will service the Assigned Loans for Assignee as if Assignee and
        Company had entered into a separate servicing agreement for the servicing
        of the
        Assigned Loans in the form of the Purchase Agreement (as modified herein),
        the
        terms of which are incorporated herein by reference. In addition, Company
        hereby
        acknowledges that from and after the date hereof, the Assigned Loans will
        be
        subject to the Pooling and Servicing Agreement (the “Pooling and Servicing
        Agreement”), dated as of June 1, 2007, by and among, Bear Stearns Asset Backed
        Securities I LLC as depositor, EMC Mortgage Corporation as seller, master
        servicer (the “Master Servicer”) and company, and Wells Fargo Bank, National
        Association as trustee. Pursuant to the Pooling and Servicing Agreement,
        the
        Master Servicer has the right to monitor and enforce, on behalf of the Assignee,
        the performance by Company of its servicing obligations under this AAR
        Agreement. Such right will include, without limitation, the right to terminate
        the Company under the Purchase Agreement upon the occurrence of an event
        of
        default thereunder, the right to receive all remittances required to be made
        by
        the Company under the Purchase Agreement, the right to receive all monthly
        reports and other data required to be delivered by the Company under the
        Purchase Agreement, the right to examine the books and records of the Company,
        indemnification rights, and the right to exercise certain rights of consent
        and
        approval relating to actions taken by the Company.  In connection
        therewith, Company hereby agrees that all remittances required to be made
        with
        respect to the Assigned Loans pursuant to the Purchase Agreement will be
        made in
        accordance with the following wire transfer instructions:

       

      EMC
        Master Servicing Remittances

      Bank:  Chase
        Bank of Texas

      Branch:  Irving,
        Texas

      Account
        Name:  EMC Mortgage Corporation

      ABA
        #
        113000609

      ACCOUNT
        #
        000000709377717

      Reference:
        M/S Remittance June 1, 2007 Remit for National City Mortgage
        Company

      Attention:  LSBO
        Group-MS 

       

      and
        the
        Company shall deliver all reports and other notices required to be delivered
        under the Purchase Agreement to the Assignee and to the Master Servicer
        at:

       

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:
        Michelle Viner

      Facsimile:  (469)
        759-4714

      Email:
        mviner@bear.com

      

      It
        is the
        intention of Assignor, Company and Assignee that this AAR Agreement shall
        be
        binding upon and for the benefit of the respective successors and assigns
        of the
        parties hereto. Neither Company nor Assignor shall amend or agree to amend,
        modify, waive, or otherwise alter any of the terms or provisions of the
        Agreements which amendment, modification, waiver or other alteration would
        in
        any way affect the Assigned Loans without the prior written consent of
        Assignee.

       

      The
        Company shall prepare for and deliver to the Assignee and the Master Servicer
        (and the securities administrator, if any) a statement with respect to each
        mortgaged property acquired through foreclosure or deed-in-lieu of foreclosure
        in connection with a defaulted Assigned Loan (“REO Property”) that has been
        rented showing the aggregate rental income received and all expenses incurred
        in
        connection with the management and maintenance of such REO Property at such
        times as is necessary to enable the Assignee (or the securities administrator,
        if any) to comply with the reporting requirements of the REMIC provisions
        of the
        Code. The net monthly rental income, if any, from such REO Property shall
        be
        deposited in the related collection account no later than the close of business
        on each determination date.  The Company shall perform, or caused to
        be performed, the tax reporting and withholding related to foreclosures,
        abandonments and cancellation of indebtedness income as specified by Sections
        1445, 6050J and 6050P of the Code by preparing and filing such tax and
        information returns, as may be required.  In the event that the Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 acquires any REO Property as aforesaid or otherwise in
        connection with a default or default becoming reasonably foreseeable on an
        Assigned Loan, the Company shall cause such REO Property to be disposed prior
        to
        three years after its acquisition by the Bear Stearns Asset Backed Securities
        I
        Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 or, at the expense
        of
        the Bear Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed
        Certificates, Series 2007-AC5, request more than 60 days prior to the day
        on
        which such three-year period would otherwise expire, an extension of the
        three-year grace period unless the Assignee (or the securities administrator,
        if
        any) shall have been supplied with an opinion of counsel addressed to the
        Assignee (and the securities administrator, if any) rendered by nationally
        recognized tax counsel specializing in such matters (such opinion not to
        be an
        expense of the Trustee or the Securities Administrator) to the effect that
        the
        holding by the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 of such REO Property subsequent
        to
        such three-year period will not result in the imposition of taxes on “prohibited
transactions” of any REMIC as defined in Section 860F of the Code or cause any
        REMIC to fail to qualify as a REMIC, in which case the Bear Stearns Asset
        Backed
        Securities I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 may
        continue to hold such REO Property (subject to any conditions contained in
        such
        opinion of counsel). Notwithstanding any other provision of the Servicing
        Agreement, no REO Property acquired by the Bear Stearns Asset Backed Securities
        I Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5 shall be rented
        (or
        allowed to continue to be rented) or otherwise used for the production of
        income
        by or on behalf of the Bear Stearns Asset Backed Securities I Trust 2007-AC5,
        Asset-Backed Certificates, Series 2007-AC5 in such a manner or pursuant to
        any
        terms that would (i) cause such REO Property to fail to qualify as “foreclosure
        property” within the meaning of Section 860G(a)(8) of the Code or (ii) subject
        any REMIC to the imposition of any federal, state or local income taxes on
        the
        income earned from such REO Property under Section 860G(c) of the Code or
        otherwise, unless the Company has agreed to indemnify and hold harmless the
        Bear
        Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
        Series 2007-AC5 with respect to the imposition of any such taxes.

       

      Company
        shall indemnify and hold harmless the Assignor, each affiliate of the Assignor,
        BSABS I, the Assignee, Bear, Stearns & Co. Inc. (the “Underwriter”) and each
        affiliate of the Underwriter, each Person (including, but not limited to,
        the
        Master Servicer) responsible for the preparation, execution or filing of
        any
        report required to be filed with the Commission, or for execution of a
        certification pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange
        Act, each Person who controls the Assignor, BSABS I, the Assignee or the
        Underwriter (within the meaning of Section 15 of the Securities Act and Section
        20 of the Exchange Act); and the respective present and former directors,
        officers, employees, agents and affiliates of each of the foregoing (each,
        an
“Indemnified Party”), and shall hold each of them harmless from and against any
        claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses
        and related costs, judgments, and any other costs, fees and expenses that
        any of
        them may sustain arising out of or based upon:

       

      (i)  (A)           any
        untrue statement of a material fact
        contained or alleged to be contained in any information, report,
        certification,
        accountants’ letter or other material provided under
        Article 1 of Amendment Reg AB
by or on behalf of
        the
Company, or provided
        under
        this Article 1 by or on behalf of any Subservicer, Subcontractor or Third-Party
        Originator (collectively, the “Company Information”), or (B) the omission
        or alleged
        omission to state in the Company Information a material fact required to
        be
        stated in the Company Information or necessary in order to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided,
        by way of clarification, that clause (B)
        of this paragraph shall
        be construed solely by reference to the Company Information and not to any
        other
        information communicated in connection with a sale or purchase of securities,
        without regard to whether the Company Information or any portion thereof
        is
        presented together with or separately from such other information;
        or

       

      (ii)  any
        breach by the Company of its
        obligations under Article I of Amendment Reg AB, including particularly the
        failure by the Company, any Subservicer, any Subcontractor or any Third-Party Originator
        to deliver any
        information, report, certification, accountants’ letter or other material when
        and as required under Article I of Amendment Reg AB, including any failure
        by
        the Company to identify pursuant to Section 6(b) any Subcontractor
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB; or

       

      (iii)  any
        breach by the Company of a
        representation or warranty set forth in Section 2(a) or in a writing furnished
        pursuant to Section 2(b) and made as of a date prior to the closing date
        of the
        related Securitization Transaction, to the extent that such breach is not
        cured
        by such closing date, or any breach by the Company of a representation or
        warranty in a writing furnished pursuant to Section 2(b) to the extent made
        as
        of a date subsequent to such closing date.

       

      If
        the indemnification provided for
        herein is unavailable or insufficient to hold harmless an Indemnified Party,
        then the Company agrees that it shall contribute to the amount paid or payable
        by such Indemnified Party as a result of any claims, losses, damages or
        liabilities incurred by such Indemnified Party in such proportion as is
        appropriate to reflect the relative fault of such Indemnified Party on the
        one
        hand and the Company on the other.

       

      In
        the case of any failure of
        performance described in clause (a)(ii) of Section 7 of Amendment Reg AB,
        the
        Company shall promptly reimburse the Assignor, each affiliate of the Assignor
        and BSABS I, as applicable, and each Person responsible for the preparation,
        execution or filing of any report required to be filed with the Commission
        with
        respect to such Securitization Transaction, or for execution of a certification
        pursuant to Rule 13a-14(d) or Rule 15d-14(d) under the Exchange Act with
        respect
        to such Securitization Transaction, for all costs reasonably incurred by
        each
        such party in order to obtain the information, report,
        certification,
        accountants’ letter or other material not delivered as required by the Company,
any Subservicer, any
        Subcontractor or any Third-Party
        Originator.

       

      Modification
        of the Purchase Agreement

       

      

      8.  The
        Purchase Agreement, as it relates to the Assigned Loans, shall be amended
        by the
        Company and the Assignor as follows:

       

      (a)           Section
        1.01 of the Purchase Agreement shall be amended by adding the following
        definitions thereto:

       

      Master
        Servicer: EMC Mortgage Corporation, or its successors in interest who meet
        the qualifications of the Pooling and Servicing Agreement and this
        Agreement.

       

      Nonrecoverable
        Advance: Any advance previously made by the Company pursuant to Section 5.03
        or any Servicing Advance which, in the good faith judgment of the Company,
        may
        not be ultimately recoverable by the Company from Liquidation Proceeds or
        otherwise.  The determination by the Company that it has made a
        Nonrecoverable Advance, shall be evidenced by an Officer’s Certificate of the
        Company delivered to the Purchaser and the Master Servicer and detailing
        the
        reasons for such determination.

       

      Pooling
        and Servicing Agreement:  That certain pooling and servicing
        agreement, dated as of June 1, 2007, among Bear Stearns Asset Backed Securities
        I LLC, as depositor, EMC Mortgage Corporation, as seller, the Master Servicer,
        and company, and Wells Fargo Bank, National Association, as
        trustee.

       

      (b)           The
        definition of “Eligible Account” is deleted in its entirety and replaced with
        the following definition:

       

      Eligible
        Account: Any of (i) an account or accounts maintained with a federal or
        state chartered depository institution or trust company, the long-term unsecured
        debt obligations and short-term unsecured debt obligations of which (or,
        in the
        case of a depository institution or trust company that is the principal
        subsidiary of a holding company, the debt obligations of such holding company,
        so long as Moody’s is not a Rating Agency) are rated by each Rating Agency in
        one of its two highest long-term and its highest short-term rating categories,
        respectively, at the time any amounts are held on deposit therein; provided,
        that following a downgrade, withdrawal, or suspension of such institution's
        rating  as
        set forth above, each account
        shall promptly (and in any case within not more than 30 calendar days) be
        moved to one or more segregated trust accounts in the trust department of
        such
        institution, or to an account at another institution that complies with the
        above requirements, or (ii) a trust account or accounts maintained with the
        corporate trust department of a federal or state chartered depository
        institution or trust company having capital and surplus of not less than
        $50,000,000, acting in its fiduciary capacity or (iii) any other account
        acceptable to the Rating Agencies, as evidenced in writing. Eligible Accounts
        may bear interest, and may include, if otherwise qualified under this
        definition, accounts maintained with the Trustee. 

       

      (c)           The
        definition of “Servicing Fee Rate” is deleted in its entirety and replaced with
        the following definition:

       

      Servicing
        Fee Rate: a per annum
        rate equal to 0.25%.

       

      (d)           Subsection
        3.02(nn) of the Purchase Agreement shall be deleted in its entirety and replaced
        with the following:

       

      The
        Mortgagor has not notified the Company, and the Company has no knowledge
        of any
        relief requested or allowed to the Mortgagor under the Servicemembers Civil
        Relief Act;

       

      (e)           The
        following sentence is added as the last sentence of the definition of Principal
        Prepayment:

       

      Partial
        principal Prepayments shall be applied in accordance with the terms of the
        related Mortgage Note.

       

      (f)           Section
        4.01 of the Purchase Agreement is hereby amended by changing the first sentence
        of the second paragraph to the following:

       

      Consistent
        with the terms of this Agreement and the related Term Sheet, and in accordance
        with the guidelines of EMC’s Master Servicing Asset Authority Levels, attached
        hereto as Exhibit R, the Company may waive, modify or vary any term of any
        Mortgage Loan or consent to the postponement of any such term or in any manner
        grant indulgence to any Mortgagor if in the Company's reasonable and prudent
        determination such waiver, modification, postponement or indulgence is not
        materially adverse to the Purchaser, provided, however, that unless the Company
        has obtained the prior written consent of the Purchaser, the Company shall
        not
        permit any modification with respect to any Mortgage Loan that would change
        the
        Mortgage Interest Rate, defer for more than ninety days or forgive any payment
        of principal or interest, reduce or increase the outstanding principal balance
        (except for actual payments of principal) or change the final maturity date
        on
        such Mortgage Loan.

       

      (g)           Section
        4.03 of the Purchase Agreement is hereby amended by adding the following
        paragraph to the end of the section:

       

      The
        Master Servicer shall fully reimburse the Company for Servicing Advances
        and
        Monthly Advances related to Liquidation Proceeds on the Remittance Date after
        such Servicing Advances and Monthly Advances are approved; provided, however,
        the Company must provide documentation in the form of Exhibit P hereto to
        the
        Master Servicer seeking approval within 90 days of final liquidation of a
        Mortgage Loan.   The Master Servicer shall provide such approval
        or denial to the Company no later than thirty (30) days after receipt of
        such
        claim; provided, however, such claim must be complete with all supporting
        documentation.  The Company’s obligation to make such Servicing
        Advances and Monthly Advances as to any Mortgage Loan shall continue through
        the
        final liquidation of the Mortgaged Property, unless the Company deems such
        advance nonrecoverable and submits an officer’s certificate in accordance with
        Section 5.03.

       

      (h)           The
        following is added as Section 4.05(ix) of the Purchase Agreement:

       

      (ix)           to
        reimburse itself for Nonrecoverable Advances, to the extent not reimbursed
        pursuant to clause (ii) or clause (iii), upon prior approval from the Master
        Servicer.  The Master Servicer shall provide such approval or denial
        to the Company no later than thirty (30) days after receipt of such claim;
        provided, however, such claim must be complete with all supporting
        documentation.

       

      (i)           The
        following is added as the last paragraph of Section 4.05:

       

      Notwithstanding
        the foregoing, the
        Company’s right to reimbursement pursuant to clauses (ii), (iii) and (ix) above
        shall be subject to the prior approval of the Master Servicer.  The
        Master Servicer shall provide such approval or denial to the Company no later
        than thirty (30) days after receipt of such claim; provided, however, the
        Company must submit such claim with all supporting documentation in order
        for
        the Master Servicer to approve or deny such claim within such time
        period.  Pending such approval, such funds shall be remitted by the
        Company to the Master Servicer to the extent such funds, in addition to any
        Servicing Advances and Advances, constitute an amount equal to the outstanding
        Stated Principal Balance of the related Mortgage Loan plus any accrued interest
        due and owing on such Mortgage Loan.

       

      (j)           The
        second sentence of the second paragraph of Section 5.02 of the Purchase
        Agreement is hereby deleted and replaced with the following:

       

      The
        Company shall also provide a monthly report in the form of Exhibit K and
Exhibit L, with respect to remittances, Exhibit J (within fifteen
        (15) calendar days from remittance of liquidation proceeds), with respect
        to
        realized losses and gains, Exhibit M (within five (5) business days of
        month end), with respect to defaulted mortgage loans, Exhibit N, with
        respect to delinquent mortgage loans, Exhibit O, with respect to modified
        mortgage loans, Exhibit P, with respect to claims submitted and
Exhibit Q, with respect to loss severity, with each such
        report.

       

      (k)           Section
        6.02 of the Purchase Agreement is hereby amended by including the words “(or if
        the Company does not, the Master Servicer may)” after the word “will” and before
        the word “immediately” in the third line thereof.

       

      (l)           Section
        6.04 of the Purchase Agreement shall be deleted in its entirety.

       

      (m)           Section
        6.05 of the Purchase Agreement shall be deleted in its entirety.

       

      (n)           Section
        9.01 of the Purchase Agreement is hereby amended by adding the word “or” at the
        end of clause (ix) thereof and inserting the following as clause
        (x):

       

      (x)           failure
        by the Company to duly perform, within the required time period, its obligations
        under Section 4 and Section 5 of Article 1 of Amendment Reg. AB to the Servicing
        Agreement which failure continues unremedied for a period of ten (10) days
        after
        the date on which written notice of such failure, requiring the same to be
        remedied, shall have been given to the Company by any party to this Agreement
        or
        by any Master Servicer. This paragraph shall supersede any other provision
        of
        this Agreement or other Agreement to the contrary.

       

      (o)           The
        following is added as Subsection 4.05(vii) of the Purchase
        Agreement:

       

      (vii)           to
        reimburse itself for any Nonrecoverable Advances;

       

      (p)           Section
        11.04 of the Purchase Agreement is deleted in its entirety and replaced with
        the
        following:

       

      Section
        11.04                                Governing
        Law.

       

      This
        Agreement and the related Term Sheets shall be governed by and construed
        in
        accordance with the laws of the State of New York, without regard to principles
        of conflicts of laws other than Section 5-1401 of the New York General
        Obligations Law which shall govern.  The obligations, rights and
        remedies of the parties hereunder shall be determined in accordance with
        such
        laws.

       

      (q)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit J to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 1.

       

      (r)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit K to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 2.

       

      (s)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit L to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 3.

       

      (t)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit M to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 4.

       

      (u)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit N to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 5.

       

       
        (v)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit O to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 6.

       

      (w)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit P to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 7.

       

      (x)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit Q to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 8.

       

      (y)           The
        Purchase Agreement is hereby amended as of the date hereof by inserting a
        new
        Exhibit R to the Purchase Agreement, a copy of which is annexed hereto as
        Exhibit 9.

       

      (z)           The
        following is added as the last sentence of Section 4 of the Amendment Reg
        AB:

       

      In
        the
        event the Servicer or any subservicer or subcontractor engaged by it is
        terminated, assigns its rights and obligations under, or resigns pursuant
        to the
        terms of this Agreement, or any other applicable agreement in the case of
        a
        subservicer or subcontractor, as the case may be, such party shall provide
        an
        Annual Statement of Compliance pursuant to this Section 4 or to the related
        section of such other applicable agreement, as the case may be, as to the
        performance of its obligations with respect to the period of time it was
        subject
        to this Agreement or any other applicable agreement, as the case may be,
        notwithstanding any such termination, assignment or resignation.

       

      (aa)           The
        following is added as the last sentence of Section 5 of the Amendment Reg
        AB:

       

      In
        the event the Servicer or any
        subservicer or subcontractor engaged by it is terminated, assigns its rights
        and
        obligations under, or resigns pursuant to, the terms of this Agreement, or
        any
        other applicable agreement in the case of a subservicer or subcontractor,
        as the
        case may be, such party shall provide an Assessment of Compliance and cause
        to
        be provided an Attestation Report pursuant to this Section 5 or to the related
        section of such other applicable agreement, as the case may be, notwithstanding
        any such termination, assignment or resignation.

       

      Miscellaneous

       

      9.  All
        demands, notices and communications related to the Assigned Loans, the
        Agreements and this AAR Agreement shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by registered mail,
        postage prepaid, as follows:

       

      a.   
                 In the case of
        Company,

      

      National
        City Mortgage Co.

      3232
        Newmark Drive

      Miamisburg,
        Ohio 45342

      Attention:
        Mary Beth Criswell

      

      

      b. 
                  In the case of
        Assignor,

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067

      Attention:  Michelle
        Viner

      Facsimile:  (214)
        626-4889

      Email:
        mviner@bear.com

      

      with
        a
        copy to:

      

      Bear,
        Stearns & Co. Inc.

      383
        Madison Avenue

      New
        York,
        New York 10179

      Attention:
        Robert Durden

      Telecopier
        No.:  (212) 272-2453

      

      c.  
                  In the
        case of Assignee,

       

      Wells
        Fargo Bank, National Association

      as
        Trustee

      9062
        Old
        Annapolis Road

      Columbia,
        Maryland 21045

      Attention:
        Client Manager BSABS I 2007-AC5

      Telecopier
        No.: (410) 715-2380

      d.             In
        the case of the Master Servicer,

      

      EMC
        Mortgage Corporation

      2780
        Lake
        Vista Drive

      Lewisville,
        Texas 75067-3884

      Attention:  General
        Counsel

      Facsimile:  (469)
        759-4714

      

      10.  This
        AAR
        Agreement shall be construed in accordance with the laws of the State of
        New
        York, without regard to conflicts of law principles, and the obligations,
        rights
        and remedies of the parties hereunder shall be determined in accordance with
        such laws.

       

      11.  No
        term
        or provision of this AAR Agreement may be waived or modified unless such
        waiver
        or modification is in writing and signed by the party against whom such waiver
        or modification is sought to be enforced.

       

      12.  This
        AAR
        Agreement shall inure to the benefit of the successors and assigns of the
        parties hereto. Any entity into which Assignor, Assignee or Company may be
        merged or consolidated shall without the requirement for any further writing,
        be
        deemed Assignor, Assignee or Company, respectively hereunder. Any Master
        Servicer shall be considered a third party beneficiary of this AAR Agreement,
        entitled to all the rights and benefits accruing to any Master Servicer herein
        as if it were a direct party to this AAR Agreement.  A copy of all
        assessments, attestations, reports and certifications required to be delivered
        by the servicer under the Purchase Agreement and this AAR Agreement shall
        be
        delivered to the Master Servicer by the date(s) specified herein or therein
        and
        where such documents are required to be addressed to such party, such addressee
        shall include the Master Servicer and the Master Servicer shall be entitled
        to
        rely on such documents.

       

      13.  This
        AAR
        Agreement shall survive the conveyance of the Assigned Loans as contemplated
        in
        this AAR Agreement.

       

      14.  This
        AAR
        Agreement may be executed simultaneously in any number of counterparts. Each
        counterpart shall be deemed to be an original and all such counterparts shall
        constitute one and the same instrument.

       

      15.  In
        the
        event that any provision of this AAR Agreement conflicts with any provision
        of
        the Agreements with respect to the Assigned Loans, the terms of this AAR
        Agreement shall control.

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this AAR
        Agreement as of the day and year first above written.

       

      
        	
                EMC
                  MORTGAGE CORPORATION

                Assignor
                  and Master Servicer

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION,

                not
                  in its individual capacity but solely as Trustee

                for
                  the holders of Bear Stearns Asset Backed Securities

                I
                  Trust 2007-AC5, Asset-Backed Certificates, Series 2007-AC5,

                as
                  Assignee

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                NATIONAL
                  CITY MORTGAGE CO.

                Company

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 
	 
	 
	
                Acknowledged
                  and Agreed:

                 

                 

                BEAR
                  STEARNS ASSET BACKED

                SECURITIES
                  I LLC

                 

              
	 	 
	
                By:

              	 
	
                Name:

              	 
	
                Title:

              	 

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      ATTACHMENT
        l

      

      ASSIGNED
        LOAN SCHEDULE

      

      (Provided
        upon request)

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      ATTACHMENT
        2

      

      PURCHASE
        AGREEMENT AND TERM SHEETS

      

      (Provided
        upon request)

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      Exhibit
        1

      EXHIBIT
        J to the Purchase
        Agreement

       

      EMC
        FORM
        - CALCULATION OF GAIN-LOSS DELINQUENT LOANS

      

      EMC
        Master Servicing Calculation of Gain/Loss on Delinquent Loan
        Worksheet

       

      Date:                                __________________________

       

      
        	
                Prepared
                  By

              	
                Phone
                  Number

              	
                Email
                  Address

              
	 	 	 

      

       

       

       

      
        	
                Servicer
                  Loan Number

              	
                Servicer
                  Address

              	
                EMC
                  Loan Number

              
	 	 	 

      

       

      

       

      
        	
                Borrower
                  Name

              	
                Property
                  Address

              
	
                 

                 

                 

              	 

      

       

       

      
        	
                Liquidation
                  Type

              	
                REO

              	
                Third
                  Party

              	
                Short
                  Sale

              	
                Charge
                  off

              	
                Deed
                  In Lieu

              
	 	 	 	 	 	 

      

       

      

       

      
        	
                Has
                  this loan been previously modified?

              	
                Yes

              	
                No

              
	
                Has
                  this loan been crammed down in a bankruptcy?

              	
                Yes

              	
                No

              

      

      If
“Yes”,
        provide amount _______________________________

       

       

       

      
        	
                   Liquidation
                  and Acquisition Expenses:

              

      

       

       Amounts
        requiring Amortization Schedule for backup:

       

       

      
        	
                Actual
                  Unpaid Principal Balance of Mortgage Loan

              	 
	
                Interest
                  Accrued at Net Rate Less Servicing Fees

              	 
	
                Accrued
                  Servicing Fees

              	 

      

       

       

      Amounts
        requiring Additional backup:

       

       

      
        	
                Attorney’s
                  Fees

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Attorney’s
                  Costs

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Taxes

              	
                Payment
                  history showing disbursements

              	 
	
                Property
                  Maintenance

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Property
                  Inspection

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                PMI/Hazard
                  Insurance Premiums

              	
                Payment
                  history showing disbursements

              	 
	
                Utility
                  Expenses

              	
                Payment
                  history showing disbursements

              	 
	
                Appraisal/BPO
                  Expenses

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                HOA
                  Dues

              	
                Payment
                  history showing disbursements

              	 
	
                Cash
                  For Keys

              	
                Corporate
                  advance history defining amounts paid, reimbursed, payee and reason
                  codes

              	 
	
                Miscellaneous
                  (itemized)

              	
                Requires
                  Itemization and supporting detail

              	 
	
                Total
                  Expenses

              	
                ------------------------------------------------

              	 

      

       

      Credits
        to Loan:

       

      
        	
                Escrow
                  Balance/Advance

              	
                Payment
                  history showing disbursements and ending balance

              	 
	
                Rental
                  Receipts

              	
                Payment
                  history showing application of funds to loan

              	 
	
                Hazard
                  Claim Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                PMI
                  Funds

              	
                EOB
                  document

              	 
	
                Government
                  Insurance Funds (Part A Funds)

              	
                EOB
                  document

              	 
	
                REO
                  Proceeds

              	
                HUD
                  1 Settlement Statement

              	 
	
                Government
                  Insurance Funds (Part B Funds)

              	
                EOB
                  document

              	 
	
                Pool
                  Insurance Proceeds

              	
                Payment
                  history showing credit to account

              	 
	
                Other
                  Credits (itemized)

              	
                Payment
                  history showing credit to account

              	 
	
                Total
                  Credits

              	
                ------------------------------------------------

              	 

      

       

       

      
        	
                Total
                  Realized Loss (or Amount of Gain)

              	
                $________________

              

      

      

      

      NOTE:  Do
        not combine or net remit items.  All expenses and credits should be
        documented individually.   Claim packages are due by the fifth
        business day of the month following receipt of liquidation
        proceeds.  Late claims may result in delayed claim
        payment.  The Servicer is responsible to remit all funds pending loss
        approval and /or resolution of any disputed items.

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        2

      EXHIBIT
        K to the Purchase Agreement

      

      EMC
        FORM
– REMITTANCE OVERVIEW REPORT

      

      Remittance
        Overview Report:  Provides loan level detail regarding the
        remittance that will be submitted to EMC Master Servicing and contains the
        following data fields in the order below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	 
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	 
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        3

      EXHIBIT
        L to the Purchase Agreement

      

      EMC
        FORM
– REMITTANCE SUMMARY REPORT

      

      Remittance
        Summary Report:  Provides summary data at a deal
        (investor/category) level regarding the remittance that will be submitted
        to EMC
        Master Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        4

      EXHIBIT
        M to the Purchase Agreement

      

      EMC
        FORM
– DEFAULT OVERVIEW REPORT

      

      Default
        Overview Report:  Provides loan level detail regarding the
        defaulted loans that are being serviced and reported to EMC Master
        Servicing.  The report contains the following data fields in the order
        below:

      

      
        	
                Field

                 

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
        5

      EXHIBIT
        N to the Purchase Agreement

      

      EMC
        FORM
– DELINQUENCY SUMMARY REPORT

      

      Delinquency
        Summary Report:  Provides summary data at the servicer investor
        level regarding loan performance that will be submitted to EMC Master Servicing
        and contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

                 

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

                 

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

                 

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

                 

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

                 

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

                 

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

                 

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

                 

              	
                NUMERIC
                  (12,2)

              

      

      

       

       

       

      Exhibit
        6

      EXHIBIT
        O to the Purchase Agreement

      

      EMC
        FORM
        - MODIFIED LOANS REPORT

      

      Modified
        Loans Report:   Provides loan level data regarding all loans that
        the Servicer has modified with the first modified payment due within thirty
        days
        following the end of the reporting cycle.  The report contains the
        following data fields in the order below:

      

      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

      

      

      Exhibit
        7

      EXHIBIT
        P to the Purchase Agreement

      

      EMC
        FORM
        - CLAIMS SUBMITTED REPORT

      

      Claims
        Submitted Report:  Provides loan level detail regarding claims
        submitted by the servicer’s investor number that will be submitted to EMC Master
        Servicing and contains the following data fields in the order
        below:

      

      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

                 

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

                 

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

                 

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

                 

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

                 

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

                 

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

                 

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

                 

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  Amount Submitted

                 

              	
                NUMERIC
                  (12,2)

              

      

      

      

      Exhibit
        8

      EXHIBIT
        Q to the Purchase Agreement

      

      EMC
        FORM
        - LOSS SEVERITY SUMMARY REPORT

      

      Loss
        Severity Summary Report:  Provides summary data at the deal level
        regarding loss severity that will be submitted to EMC Master Servicing and
        contains the following data fields in the order below:

      

      
        	
                Field

              	
                Field
                  Description

                 

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

       

       

       

       

       

      Exhibit
        9

      EXHIBIT
        R to the Purchase Agreement

      

      EMC
        FORM
        - DELEGATED AUTHORITY LEVELS

      
         

          
            	
                    EMC
                      MASTER SERVICING ASSET AUTHORITY LEVELS

                    All
                      asset management decisions and claim submissions for both standard
                      and
                      delegated authority levels require the servicer to comply with
                      all
                      agency

                    (ie:
                      FNMA, FHLMC, HUD and VA) and insuring company
                      requirements.

                  
	
                    TASK

                  	
                    STANDARD
                      AUTHORITY LEVEL

                  	
                    DELEGATED
                      AUTHORITY LEVEL

                  
	 	
                    APPROVAL
                      NEEDED?

                  	
                    APPROVAL
                      NEEDED IF....

                  	
                    APPROVAL
                      NEEDED?

                  	
                    APPROVAL
                      NEEDED IF....

                  
	
                    Partial
                      Releases1

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Assumptions1

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Relief
                      Provisions1

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Forbearance
                      Plans1

                  	
                    Yes

                  	
                    ·  Plan
                      exceeds 6 months or

                    ·  Proposes
                      to suspend payments

                  	
                    Yes

                  	
                    ·  Plan
                      exceeds 12 months or

                    ·  Plan
                      proposes to suspend payments

                  
	
                    Modifications1,
                      2, 3,
                      4

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  Only
                      if the terms of the proposed modification exceed the parameters
                      of the
                      governing agreements or the loan is changed from an ARM to
                      fixed rate or
                      the rate is reduced by more than 2%

                  
	
                    Pre-Foreclosure
                      (short sales)1,
                      6

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  The
                      loss severity experienced is expected to be greater than
                      20%

                  
	
                    Foreclosure
                      Referral (1st
                      liens)1

                  	
                    Yes

                  	
                    ·  The
                      UPB is less than $30k or greater than $400k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  	
                    Yes

                  	
                    ·  The
                      UPB is less than$50k or greater than$750k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  
	
                    Foreclosure
                      Referral (2nd
                      liens)1,7

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Charge
                      Offs

                  	 	
                    ·  In
                      all instances

                  	 	
                    ·  If
                      combined LTV is less than 80%

                  
	
                    Buyout
                      of 1st
                      lien1,
                      4,6

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Foreclosure
                      Bid1,
                      6

                  	
                    Yes

                  	
                    ·  The
                      UPB is less than $30k or greater than $400k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  	
                    Yes

                  	
                    ·  The
                      UPB is less than $50k or greater than $750k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  
	
                    Third
                      Party Sales1,
                      6

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Note
                      Sales1,
                      6

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    Deed-in-Lieu
                      1,
                      6

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  	
                    Yes

                  	
                    ·  In
                      all instances

                  
	
                    REO
                      Listing Price1,
                      5

                  	
                    Yes

                  	
                    ·  The
                      UPB was less than $50k or greater than $400k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  	
                    Yes

                  	
                    ·  The
                      UPB was less than $50k or greater than $750k or

                    ·  The
                      mortgagor has paid less than 6 installments

                  
	
                    REO
                      Repairs (excluding property preservation)1

                  	
                    Yes

                  	
                    ·  The
                      necessary repairs total more than 1% of the UPB and an estimated
                      return of
                      less than 15% of cost

                  	
                    Yes

                  	
                    ·  The
                      necessary repairs total more than 2% of the UPB

                  
	
                    REO
                      Offers 1,
                      6

                  	
                    Yes

                  	
                    ·  The
                      loss severity of accepting the offer exceeds 25%

                  	
                    Yes

                  	
                    ·  The
                      loss severity of accepting the offer exceeds
                      25%

                  

          

        

      

      
         

        FOOT
          NOTES:

        1.  To
          request approval, the servicer may be required to submit the following
          documentation to the Master Servicer:  property appraisals, BPOs,
          equity analysis documentation, correspondence from/to title insurance companies,
          copies of insurer approval, loss mitigation documents and agreements with
          mortgagors, hardship documentation, closing/settlement documents, value
          reconciliations and repair estimates.  Although master servicer
          approval may have been obtained as outlined above, the master servicer
          reserves
          the right to approve

        or
          deny
          losses at the time of claim submission due to servicer performance related
          issues.

        2.  The
          Servicer agrees to provide to the Master Servicer copies of executed
          modifications within 10 days of execution.

        3.  The
          Owner
          / Master Servicer reserve the right to remove all authority to complete
          loan
          modifications to ensure compliance with limitations outlined in governing
          agreements.

        4.  The
          Servicer is to ensure that lien position is maintained in completing
          alternatives to foreclosure.

        5.  The
          Servicer agrees to provide to the Master Servicer copies of marketing plans
          for
          all REO loans.  Although the servicer may have asset authority as
          outlined above, the Master Servicer reserves the right to modify anticipated
          courses of action.

        6.  Special
          notice of the task is required to be provided to the Master
          Servicer.

        7.  The
          Servicer assumes all risks in addition to financial liability for
          amounts beyond 100% severity of the Owner / Master Servicer’s original
          position.

      

    

     

    EXHIBIT
      S

    

    REMITTANCE
      OVERVIEW REPORT

    

    Remittance
      Overview Report:  Provides loan level detail regarding the
      remittance that will be submitted to EMC Master Servicing and contains the
      following data fields in the order below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Master
                  Servicer Loan Number

              	
                NUMERIC
                  (9,0)

              
	
                Current
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Original
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Loan Number

              	
                VARCHAR
                  (15)

              
	
                Cutoff
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  Next Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Servicing
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  Rate

              	
                NUMERIC
                  (7,7)

              
	
                Scheduled
                  P&I Amount (P & I Constant)

              	
                NUMERIC
                  (12,2)

              
	
                ARM
                  Index

              	
                NUMERIC
                  (7,7)

              
	
                Pending
                  ARM Index

              	
                NUMERIC
                  (7,7)

              
	
                Beginning
                  Scheduled Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Curtailment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Principal Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Gross Interest

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Service Fee Amount

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Variance

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Remitted

              	
                NUMERIC
                  (12,2)

              
	
                PMI
                  Premium Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Additional
                  Fees Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Scheduled Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Amount Remitted Total (each loan)

              	
                NUMERIC
                  (12,2)

              
	
                Beginning
                  Actual Balance

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Principal Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Curtailments Collected

              	
                NUMERIC
                  (12,2)

              
	
                Curtailment
                  Adjustment Collected

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Collected

              	
                NUMERIC
                  (12,2)

              
	
                Service
                  Fee Collected

              	
                NUMERIC
                  (12,2)

              
	
                Actual
                  Ending Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Liquidation
                  Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Principal
                  and Interest Advanced Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Calculated
                  Loss to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Interest Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Collected
                  Interest Not Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Ending
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Soldiers
                  and Sailors Flag

              	
                VARCHAR
                  (1)

              
	
                Soldiers
                  and Sailors Old Rate

              	
                NUMERIC
                  (7,7)

              
	
                Soldiers
                  and Sailors Old P & I

              	
                NUMERIC
                  (12,2)

              
	
                Modified
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Stop
                  Advance Flag

              	
                 

              
	
                Stop
                  Advance Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                BPO
                  Value

              	
                NUMERIC
                  (12,2)

              
	
                Cash
                  Flow Group

              	
                VARCHAR
                  (2)

              
	
                MSP
                  Principal Balance

              	
                NUMERIC
                  (12,2)

              
	
                Debt
                  Forgiven / Charged Off

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  PITI Payment

              	
                NUMERIC
                  (12,2)

              
	
                Bankruptcy
                  Status

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  Status

              	
                VARCHAR
                  (2)

              
	
                Modification
                  Status

              	
                 

              
	
                Interest
                  Only Loan

              	
                VARCHAR
                  (2)

              
	
                Escrowed
                  Loan

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Escrow Deposit

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Mortgagor
                  Recoverable Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Non-Recoverable
                  Corporate Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                HUD
                  235 Loan Status

              	
                VARCHAR
                  (2)

              
	
                HUD
                  235 Balance

              	
                NUMERIC
                  (12,2)

              
	
                Late
                  Charge Balance

              	
                NUMERIC
                  (12,2)

              
	
                Buydown
                  Loan Status

              	
                VARCHAR
                  (2)

              
	
                Monthly
                  Buydown Amount

              	
                NUMERIC
                  (12,2)

              
	
                Monthly
                  Buydown Funds Balance

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Amount Waived

              	
                NUMERIC
                  (12,2)

              
	
                Prepayment
                  Penalty Waived Reason Code

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Status

              	
                VARCHAR
                  (3)

              
	
                Material
                  Breach Code

              	
                VARCHAR
                  (3)

              
	
                Prefunding
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                3rd
                  Party
                  Recoverable Expenses

              	
                NUMERIC
                  (12,2)

              

      

    

    

    

    EXHIBIT
      T

    

    REMITTANCE
      SUMMARY REPORT

    

    Remittance
      Summary Report:  Provides summary data at a deal
      (investor/category) level regarding the remittance that will be submitted to
      EMC
      Master Servicing and contains the following data fields in the order
      below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Deal

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Category

              	
                VARCHAR
                  (5)

              
	
                Principal
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailments
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Curtailment
                  Adjustments Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Liquidation
                  Proceeds Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Not Advanced (stop advance loans only)

              	
                NUMERIC
                  (15,2)

              
	
                Principal
                  Amounts Called/Collapsed

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Principal Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Interest
                  Remitted

              	
                NUMERIC
                  (15,2)

              
	
                PMI
                  Premiums Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Soldiers
                  and Sailors Difference

              	
                NUMERIC
                  (15,2)

              
	
                Net
                  Interest Not Advanced

              	
                NUMERIC
                  (15,2)

              
	
                Non
                  Comp Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Prepayment
                  Penalties Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Interest Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Arrearage
                  Amount Remitted

              	
                NUMERIC
                  (15,2)

              
	
                Aggregate
                  Loss to Trust

                Total
                  Manual Adjustments

              	
                NUMERIC
                  (15,2)

              
	
                Debt
                  Forgiven/ Charged Off

              	
                NUMERIC
                  (15,2)

              
	
                Additional
                  Fees Collected

              	
                NUMERIC
                  (15,2)

              
	
                Total
                  Remittance

              	
                NUMERIC
                  (15,2)

              

      

    

    
 

    EXHIBIT
      U

    

    CALCULATION
      OF GAIN-LOSS DELINQUENT LOANS

    

    EMC
      Master Servicing Calculation of Gain/Loss on Delinquent Loan
      Worksheet

    

    Date:    ___________________

    

    
      	
              Prepared
                By

            	
              Phone
                Number

            	
              Email
                Address

            
	 	 	 

    

    

    
      	
              Servicer
                Loan Number

            	
              Servicer
                Address

            	
              EMC
                Loan Number

            
	 	 	 

    

    

    
      	
              Borrower
                Name

            	
              Property
                Address

            
	 	 

    

    

    
      	
              Liquidation
                Type

            	
              REO

            	
              Third
                Party

            	
              Short
                Sale

            	
              Charge
                off

            	
              Deed
                In Lieu

            
	 	 	 	 	 	 

    

    

     

    
      	Has
              this loan been previously modified?  	 	Yes	 	No
	 	 	 	 	 
	Has
              this loan been crammed down in a bankruptcy?	 	No	 	No

    

      

    If
“Yes”,
      provide amount _______________________________

     

    Liquidation
      and Acquisition Expenses:

     

    Amounts
      requiring Amortization Schedule for backup:

     

    
      	
              Actual
                Unpaid Principal Balance of Mortgage Loan

            	 
	
              Interest
                Accrued at Net Rate Less Servicing Fees

            	 
	
              Accrued
                Servicing Fees

            	 

    

    

    Amounts
      requiring Additional backup:

    

    
      	
              Attorney’s
                Fees

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              Attorney’s
                Costs

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              Taxes

            	
              Payment
                history showing disbursements

            	 
	
              Property
                Maintenance

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              Property
                Inspection

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              PMI/Hazard
                Insurance Premiums

            	
              Payment
                history showing disbursements

            	 
	
              Utility
                Expenses

            	
              Payment
                history showing disbursements

            	 
	
              Appraisal/BPO
                Expenses

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              HOA
                Dues

            	
              Payment
                history showing disbursements

            	 
	
              Cash
                For Keys

            	
              Corporate
                advance history defining amounts paid, reimbursed, payee and reason
                codes

            	 
	
              Miscellaneous
                (itemized)

            	
              Requires
                Itemization and supporting detail

            	 
	
              Total
                Expenses

            	
              ------------------------------------------------

            	 

    

    

     

    
      	
               

            	
              Credits
                to Loan:

            

    

     

    

    
      	
              Escrow
                Balance/Advance

            	
              Payment
                history showing disbursements and ending balance

            	 
	
              Rental
                Receipts

            	
              Payment
                history showing application of funds to loan

            	 
	
              Hazard
                Claim Proceeds

            	
              Payment
                history showing credit to account

            	 
	
              PMI
                Funds

            	
              EOB
                document

            	 
	
              Government
                Insurance Funds (Part A Funds)

            	
              EOB
                document

            	 
	
              REO
                Proceeds

            	
              HUD
                1 Settlement Statement

            	 
	
              Government
                Insurance Funds (Part B Funds)

            	
              EOB
                document

            	 
	
              Pool
                Insurance Proceeds

            	
              Payment
                history showing credit to account

            	 
	
              Other
                Credits (itemized)

            	
              Payment
                history showing credit to account

            	 
	
              Total
                Credits

            	
              ------------------------------------------------

            	 

    

    

    Total
      Realized Loss (or Amount of Gain)        $________________

    

    NOTE:  Do
      not combine or net remit items.  All expenses and credits should be
      documented individually.   Claim packages are due by the fifth
      business day of the month following receipt of liquidation
      proceeds.  Late claims may result in delayed claim
      payment.  The Servicer is responsible to remit all funds pending loss
      approval and /or resolution of any disputed items.

     

     

    EXHIBIT
      V

    

    FORM
      OF CERTIFICATION TO BE

    PROVIDED
      BY THE TRUSTEE TO DEPOSITOR

    

    
      	
               

            	
              Re:

            	
              Bear
                Stearns Asset Backed Securities I Trust 2007-AC5 (the “Trust”), Mortgage
                Pass-Through Certificates, Series 2007-AC5, issued pursuant to the
                Pooling
                and Servicing Agreement, dated as of June 1, 2007 among Bear Stearns
                Asset
                Backed Securities I LLC, as Depositor, EMC Mortgage Corporation,
                as master
                servicer, seller and company and Wells Fargo Bank, National Association,
                as trustee.

            

    

    

    The
      Trustee hereby certifies to the Depositor, and its officers, directors and
      affiliates, and with the knowledge and intent that they will rely upon this
      certification, that:

    

    (1)           I
      have reviewed the annual report on Form 10-K for the fiscal year [____] (the
      “Annual Report”), and all reports on Form 10-D required to be filed in respect
      of period covered by the Annual Report (collectively with the Annual Report,
      the
“Reports”), of the Trust;

    

    (2)           To
      my knowledge, (a) the 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 the Annual
      Report, and (b) the Trustee’s assessment of compliance and related attestation
      report referred to below, 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 such assessment
      of
      compliance and attestation report;

    

    (3)           To
      my knowledge, the distribution information required to be provided by
      the  Trustee under the Pooling and Servicing Agreement for inclusion
      in the Reports is included in the Reports;

    

    (4)           I
      am responsible for reviewing the activities performed by the Trustee under
      the
      Pooling and Servicing Agreement, and based on my knowledge and the compliance
      review conducted in preparing the compliance statement of the Trustee required
      by the Pooling and Servicing Agreement, and except as disclosed in the Reports,
      the Trustee has fulfilled its obligations under the Pooling and Servicing
      Agreement in all material respects; and

    

    (5)           The
      report on assessment of compliance with servicing criteria applicable to
      the  Trustee for asset-backed securities of the Trustee and each
      Subcontractor utilized by the Trustee and related attestation report on
      assessment of compliance with servicing criteria applicable to it required
      to be
      included in the Annual Report in accordance with Item 1122 of Regulation AB
      and
      Exchange Act Rules 13a-18 and 15d-18 has been included as an exhibit to the
      Annual Report.  Any material instances of non-compliance are described
      in such report and have been disclosed in the Annual Report.

    

    In
      giving
      the certifications above, the Trustee has reasonably relied on information
      provided to it by the following unaffiliated parties:  [names of
      servicer(s), master servicer, subservicer, depositor, trustee,
      custodian(s)]

    

    Date:________________________________

    

    

    _____________________________________

    [Signature]

    [Title]

     

     

    EXHIBIT
      W

    

    [Reserved]

    

     

    EXHIBIT
      X

    

    CLAIMS
      SUBMITTED

    

    Claims
      Submitted Report:  Provides loan level detail regarding claims
      submitted by the servicer’s investor number that will be submitted to EMC Master
      Servicing and contains the following data fields in the order
      below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Escrow
                  Balance or Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  Escrow Balance

              	
                NUMERIC
                  (12,2)

              
	
                Replacement
                  Reserve Balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Third
                  Party Expense Balance

              	
                NUMERIC
                  (12,2)

              
	
                Charge
                  Off Amount

              	
                NUMERIC
                  (12,2)

              
	
                Side
                  Note Collections

              	
                NUMERIC
                  (12,2)

              

      

    

    
 

    EXHIBIT
      Y

    

    DEFAULT
      OVERVIEW REPORT

    

    Default
      Overview Report:  Provides loan level detail regarding the
      defaulted loans that are being serviced and reported to EMC Master
      Servicing.  The report contains the following data fields in the order
      below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  loan number

              	
                VARCHAR
                  (15)

              
	
                SBO
                  loan number

              	
                VARCHAR
                  (9)

              
	
                Zip
                  Code

              	
                VARCHAR
                  (5)

              
	
                Original
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Original
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Origination
                  date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loan
                  type

              	
                VARCHAR
                  (2)

              
	
                Actual
                  due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  loan amount

              	
                NUMERIC
                  (12,2)

              
	
                Corporate
                  expense balance

              	
                NUMERIC
                  (12,2)

              
	
                Escrow
                  balance/advance balance

              	
                NUMERIC
                  (12,2)

              
	
                Suspense
                  balance

              	
                NUMERIC
                  (12,2)

              
	
                Restricted
                  escrow balance

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  Value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Current
                  value amount

              	
                NUMERIC
                  (12,2)

              
	
                Current
                  value source

              	
                VARCHAR
                  (15)

              
	
                VA
                  LGC/ FHA Case number

              	
                VARCHAR
                  (15)

              
	
                %
                  of MI coverage

              	
                NUMERIC
                  (7,7)

              
	
                MI
                  certificate number

              	
                VARCHAR
                  (15)

              
	
                LPMI
                  Cost

              	
                NUMERIC
                  (7,7)

              
	
                Occupancy
                  status

              	
                VARCHAR
                  (1)

              
	
                First
                  vacancy date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Property
                  condition

              	
                VARCHAR
                  (2)

              
	
                Property
                  type

              	
                VARCHAR
                  (2)

              
	
                Delinquency
                  flag

              	
                VARCHAR
                  (2)

              
	
                Reason
                  for default

              	
                VARCHAR
                  (2)

              
	
                FNMA
                  action code

              	
                VARCHAR
                  (3)

              
	
                FNMA
                  delinquency reason code

              	
                VARCHAR
                  (3)

              
	
                Loss
                  mit flag

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit type

              	
                VARCHAR
                  (2)

              
	
                Loss
                  mit approval date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Loss
                  mit removal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  first due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  next due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan broken/reinstated/closed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Repay
                  plan created date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  flag

              	
                VARCHAR
                  (2)

              
	
                Foreclosure
                  attorney referral date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  first legal date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  FC sale scheduled

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Foreclosure
                  actual sale date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  redemption end date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction complete date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  eviction start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  flag

              	
                VARCHAR
                  (2)

              
	
                Actual
                  bankruptcy start date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Bankruptcy
                  chapter

              	
                VARCHAR
                  (2)

              
	
                Bankruptcy
                  Case Number

              	
                VARCHAR
                  (15)

              
	
                Post
                  petition due date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  discharge date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  relief/dismissal granted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim filed date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Actual
                  MI claim amount filed

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim amount paid

              	
                NUMERIC
                  (12,2)

              
	
                MI
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  approval letter received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Title
                  package HUD/VA date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011A transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part A funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  27011 B transmitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                FHA
                  Part B funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  NOE submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  first funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                VA
                  first funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim funds received date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claim submitted date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                VA
                  claims funds received amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  flag

              	
                VARCHAR
                  (2)

              
	
                REO
                  repaired value

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value (as is)

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  value date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  value source

              	
                VARCHAR
                  (15)

              
	
                REO
                  original list date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  original list price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment amount

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  list price adjustment date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer received

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Date
                  REO offer accepted

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  scheduled close date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  actual closing date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                REO
                  sales price

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  net sales proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Estimated
                  loss

              	
                NUMERIC
                  (12,2)

              

      

    EXHIBIT
      Z

    

    DELINQUENT
      SUMMARY REPORT

    

    Delinquency
      Summary Report:  Provides summary data at the servicer investor
      level regarding loan performance that will be submitted to EMC Master Servicing
      and contains the following data fields in the order below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Performance
                  type (Current, 30 days, 60 days, 90+ days, Foreclosure, Bankruptcy
                  or
                  PIF)

              	
                VARCHAR
                  (6)

              
	
                Count
                  of Loans

              	
                NUMERIC
                  (10,0)

              
	
                Percent
                  of Investor Number

              	
                NUMERIC
                  (7,7)

              
	
                Deal
                  UPB

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Deal UPB

              	
                NUMERIC
                  (7,7)

              
	
                Arrears
                  Balance

              	
                NUMERIC
                  (14,2)

              
	
                Percent
                  of Arrears Balance

              	
                NUMERIC
                  (7,7)

              
	
                Foreclosure
                  Quick Sale

              	
                NUMERIC
                  (12,2)

              
	
                REO
                  Book Value

              	
                NUMERIC
                  (12,2)

              

      

    

     

     

    EXHIBIT
      AA

    

    LOSS
      SEVERITY SUMMARY REPORT

    

    Loss
      Severity Summary Report:  Provides summary data at the deal level
      regarding loss severity that will be submitted to EMC Master Servicing and
      contains the following data fields in the order below:

     

    
      
        	
                Field

              	
                Field
                  Description

              
	
                Month
                  End

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Deal
                  Name

              	
                VARCHAR
                  (15)

              
	
                Servicer
                  Investor Number

              	
                VARCHAR
                  (5)

              
	
                Servicer
                  Investor Category

              	
                VARCHAR
                  (5)

              
	
                Mortgage
                  Group

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Number

              	
                VARCHAR
                  (15)

              
	
                Liquidation
                  Type

              	
                VARCHAR
                  (1)

              
	
                Loan
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                PIF
                  Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Gross
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Net
                  Interest Rate

              	
                NUMERIC
                  (7,7)

              
	
                Service
                  Fee Rate

              	
                NUMERIC
                  (7,7)

              
	
                P
                  & I Constant

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Beginning Balance

              	
                NUMERIC
                  (12,2)

              
	
                Arrearage
                  Balance

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Legal and Other Expenses

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Advanced Interest

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Liquidated Amount

              	
                NUMERIC
                  (12,2)

              
	
                Gross
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                P
                  & I Advance Balance

              	
                NUMERIC
                  (12,2)

              
	
                Delinquent
                  Service Fee

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidation Proceeds

              	
                NUMERIC
                  (12,2)

              
	
                Scheduled
                  Net Interest

              	
                NUMERIC
                  (12,2)

              
	
                Net
                  Liquidated Funds Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) Amount

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Trust

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss (Gain) to Servicer

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Loss Severity %

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Loss Severity % to Trust

              	
                NUMERIC
                  (7,7)

              
	
                Total
                  Liquidated Remitted

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Trust Loss

              	
                NUMERIC
                  (12,2)

              
	
                Claim
                  on Servicer Loss

              	
                NUMERIC
                  (12,2)

              
	
                Total
                  Claim Amount

              	
                NUMERIC
                  (12,2)

              

      

    

    
 

    EXHIBIT
      BB

    

    MODIFIED
      LOANS REPORT

    

    Modified
      Loans Report:   Provides loan level data regarding all loans that
      the Servicer has modified with the first modified payment due within thirty
      days
      following the end of the reporting cycle.  The report contains the
      following data fields in the order below:

     

    
      
        	
                Field
                  Description

              	
                Field
                  Description

              
	
                Loan

              	
                VARCHAR
                  (15)

              
	
                Investor

              	
                VARCHAR
                  (5)

              
	
                Original
                  Category

              	
                VARCHAR
                  (5)

              
	
                Current
                  Category

              	
                VARCHAR
                  (5)

              
	
                Stop
                  Adv Flag

              	
                VARCHAR
                  (3)

              
	
                Modified
                  Due Date

              	
                DATE
                  (MM/DD/YYYY)

              
	
                Mod
                  Loan Curtailment

              	
                NUMERIC
                  (15,2)

              
	
                Mod
                  Loan Curt Adjustment

              	
                NUMERIC
                  (15,2) 

              
	
                Principal
                  Advanced Capped

              	
                NUMERIC
                  (15,2) 

              
	
                Net
                  Interest Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Service
                  Fee Advanced Capped

              	
                NUMERIC
                  (15,2)

              
	
                Third
                  Party Bal Capped

              	
                NUMERIC
                  (15,2)

              
	
                Amount
                  of Other Capped

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Interest Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Fee Code Arrearage Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Borrower
                  Principal Contribution

              	
                NUMERIC
                  (15,2)

              
	
                Amt
                  Forgiven

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Delq Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Prin Bal

              	
                NUMERIC
                  (15,2)

              
	
                Beg
                  Pre Int Bal

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Int Adjust

              	
                NUMERIC
                  (15,2)

              
	
                Excess
                  Interest on Mod

              	
                NUMERIC
                  (15,2)

              

      

    

     

     

    EXHIBIT
      CC

    

    FORM
      OF TRANSFEROR AFFIDAVIT

     

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )

            	
              ss.:

            
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

    The
      undersigned is the [Title of Officer] of [Name of Transferor] (the “Owner”), the
      proposed transferor of an Ownership Interest in the Bear Stearns Asset Backed
      Securities I LLC Asset-Backed Certificates, Series 2007-AC5, Class
      [R-1][R-2][R-3]Certificate (the “Certificate”) issued pursuant to the Pooling
      and Servicing Agreement, dated as of June 1, 2007 (the “Agreement”), among Bear
      Stearns Asset Backed Securities I LLC, as depositor, EMC Mortgage Corporation,
      as seller, master servicer and company and Wells Fargo Bank, National
      Association, as trustee (the “Trustee”), and makes this affidavit on behalf of
      the Owner for the benefit of the Depositor and the
      Trustee.  Capitalized terms used, but not defined herein, shall have
      the meanings ascribed to such terms in the Agreement.

     

    1.           The
      Owner is not transferring the Certificate to impede the assessment or collection
      of any tax.

     

    2.           The
      Owner has no actual knowledge that the proposed transferee of the Certificate:
      (i) has insufficient assets to pay any taxes that would be owed by such
      transferee as Holder of the Certificate; (ii) may become insolvent or subject
      to
      a bankruptcy proceeding for so long as the Certificate remains outstanding;
      and
      (iii) is not a Permitted Transferee.

     

    3.           The
      Owner understands that the proposed transferee has delivered to the Trustee
      and
      the Depositor a transfer affidavit and agreement in the form attached to the
      Agreement as Exhibit C.  The Owner does not know or believe that any
      representation contained therein is false.

     

    4.           At
      the time of transfer, the Owner has conducted a reasonable investigation of
      the
      financial condition of the proposed transferee as contemplated by Treasury
      Regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation,
      the
      Owner has determined that the proposed transferee has historically paid its
      debts as they became due and has found no significant evidence to indicate
      that
      the proposed transferee will not continue to pay its debts as they become due
      in
      the future. The Owner understands that the transfer of the Certificate may
      not
      be respected for U.S. federal income tax purposes (and the Owner may continue
      to
      be liable for U.S. federal income taxes associated therewith) unless the Owner
      has conducted such an investigation.

     

     

    IN
      WITNESS WHEREOF, the Investor has caused this instrument to be executed on
      its
      behalf, pursuant to authority of its Board of Directors, by its [Title of
      Officer] this ____ day of _________, 20__.

     

    
      	 	
              [NAME
                OF OWNER]

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	
              Name:

            	
              [Name
                of Officer]

            	 
	 	
              Title:

            	
              [Title
                of Officer]

            	 
	 	 	 	 

    

     

    Personally
      appeared before me the above-named [Name of Officer], known or proved to me
      to
      be the same person who executed the foregoing instrument and to be the [Title
      of
      Officer] 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 the ___ day of ___________________, 20___.

    

     

    EXHIBIT
      DD

    

    TRUSTEE
      CERTIFICATION OF EXCHANGE ACT REPORTING

    

    [Date]

    

    Bear
      Stearns Asset Backed Securities I LLC

    383
      Madison Avenue

    New
      York,
      New York 10179

     

    EMC
      Mortgage Corporation

    2780
      Lake
      Vista Drive

    Lewisville,
      Texas 75067

    Attention:
      Michelle D. Viner

    

    RE:
      Bear
      Stearns Asset Backed Securities I Trust 2007-AC5, Asset-Backed Certificates,
      Series 2007-AC5

    

    Ladies
      and Gentlemen:

    

    Reference
      is made to the Pooling and Servicing Agreement, dated as of June 1, 2007 (the
      “Pooling and Servicing Agreement”), among Bear Stearns Asset Backed Securities I
      LLC, as depositor, Wells Fargo Bank, National Association, as trustee, and
      EMC
      Mortgage Corporation, as master servicer, seller and company.  This
      certification is being provided pursuant to Section 4.18.

    

    The
      Trustee hereby certifies that it has timely filed all required filings with
      the
      Securities and Exchange Commission for the certificate payment on [___], 20[__]
      pursuant to Section 4.18.  Except as indicated in the attached
      schedule, each such filing was complete, accurate and in agreement with the
      information provided by the Master Servicer in all material respects with
      respect to the information contained therein and no information was omitted
      that
      should have been reported, in each case as it relates to such bond payment
      and
      the related reporting period.

     

    
      	 	 	 Wells
              Fargo Bank, National Association,
              as
                trustee

            	 
	 	 	 	 
	
               

            	
               

            	 	 
	 	 	
              By:
                

            	 
	 	 	Title:Exhibit 4.8

                         SUBSCRIPTION RECEIPT AGREEMENT

                                      among

                           ZARLINK SEMICONDUCTOR INC.

                                     - and -

                             CIBC WORLD MARKETS INC.

                                     - and -

                      COMPUTERSHARE TRUST COMPANY OF CANADA

                           Providing for the Issue of
                              Subscription Receipts

                           Dated as of July [30], 2007

<PAGE>

                                TABLE OF CONTENTS

ARTICLE 1 INTERPRETATION...................................................... 2

   1.1   Definitions.......................................................... 2
   1.2   Headings............................................................. 5
   1.3   References........................................................... 5
   1.4   Certain Rules of Interpretation...................................... 5
   1.5   Day Not a Business Day............................................... 6
   1.6   Applicable Law....................................................... 6
   1.7   Conflict............................................................. 6
   1.8   Currency............................................................. 6
   1.9   Severability......................................................... 6
   1.10  Actions by the Underwriters.......................................... 6

ARTICLE 2 ISSUE OF SUBSCRIPTION RECEIPTS...................................... 6

   2.1   Issue of Subscription Receipts....................................... 6
   2.2   Payment Acknowledgement.............................................. 7
   2.3   Terms of Subscription Receipts....................................... 8
   2.4   Fractional Subscription Receipts..................................... 8
   2.5   Register for Subscription Receipts................................... 8
   2.6   Registers Open for Inspection........................................ 8
   2.7   Receiptholder not a Debentureholder or a Shareholder................. 8
   2.8   Subscription Receipts to Rank Pari Passu............................. 9
   2.9   Signing of Subscription Receipt Certificates......................... 9
   2.10  Certification by the Subscription Receipt Agent...................... 9
   2.11  Issue in Substitution for Subscription Receipt
         Certificates Lost, etc............................................... 9
   2.12  Exchange of Subscription Receipt Certificates....................... 10
   2.13  Charges for Exchange................................................ 10
   2.14  Transfer and Registration of Subscription Receipts.................. 10
   2.15  Global Subscription Receipt......................................... 12
   2.16  Proceeds to be Placed in Escrow..................................... 13
   2.17  Subscription Receipts and Trading................................... 13
   2.18  Right of Rescission................................................. 14
   2.19  Cancellation of Surrendered Subscription
         Receipt Certificates................................................ 14

ARTICLE 3 ISSUANCE OF UNDERLYING CONVERTIBLE DEBENTURES OR
REFUND  OF SUBSCRIPTION PRICE................................................ 14

   3.1   Notice of Acquisition............................................... 14
   3.2   Release of Funds on Acquisition Closing Date........................ 14
   3.3   Issue of Underlying Convertible Debentures.......................... 15
   3.4   Fractions........................................................... 15
   3.5   Payment on Termination.............................................. 16

<PAGE>
                                      -ii-

ARTICLE 4 INVESTMENT OF ESCROWED FUNDS AND PAYMENT OF INTEREST............... 17
   4.1   Investment of Escrowed Funds........................................ 17
   4.2   Segregation of Escrowed Funds....................................... 17
   4.3   Third Party Interest................................................ 17

ARTICLE 5 RIGHTS AND COVENANTS OF ZARLINK.................................... 17

   5.1   Optional Purchases by Zarlink....................................... 17
   5.2   General Covenants................................................... 18
   5.3   Subscription Receipt Agent's Remuneration, Expenses
         and Indemnification................................................. 19
   5.4   Performance of Covenants by Subscription Receipt Agent.............. 19
   5.5   Accounting.......................................................... 19
   5.6   Payments by Subscription Receipt Agent.............................. 20
   5.7   Regulatory Matters.................................................. 20
   5.8   Anti-Money Laundering and Privacy................................... 20

ARTICLE 6 ENFORCEMENT........................................................ 21

   6.1   Suits by Receiptholders............................................. 21

ARTICLE 7 MEETINGS OF RECEIPTHOLDERS......................................... 21

   7.1   Right to Convene Meetings........................................... 21
   7.2   Notice.............................................................. 22
   7.3   Chairperson......................................................... 22
   7.4   Quorum.............................................................. 22
   7.5   Power to Adjourn.................................................... 22
   7.6   Show of Hands....................................................... 22
   7.7   Poll and Voting..................................................... 23
   7.8   Regulations......................................................... 23
   7.9   Zarlink and Subscription Receipt Agent may be Represented........... 24
   7.10  Powers Exercisable by Special Resolution............................ 24
   7.11  Meaning of Special Resolution....................................... 25
   7.12  Powers Cumulative................................................... 26
   7.13  Minutes............................................................. 26
   7.14  Instruments in Writing.............................................. 27
   7.15  Binding Effect of Resolutions....................................... 27
   7.16  Holdings by Zarlink Disregarded..................................... 27

ARTICLE 8 SUPPLEMENTAL AGREEMENTS............................................ 27

   8.1   Provision for Supplemental Agreements for Certain Purposes.......... 27

ARTICLE 9 CONCERNING THE SUBSCRIPTION RECEIPT AGENT.......................... 28

   9.1   Rights and Duties of Subscription Receipt Agent..................... 28
   9.2   Evidence, Experts and Advisers...................................... 29

<PAGE>
                                     -iii-

   9.3   Documents, etc. Held by Subscription Receipt Agent.................. 30
   9.4   Actions by Subscription Receipt Agent to Protect Interest........... 31
   9.5   Subscription Receipt Agent not Required to Give Security............ 31
   9.6   Protection of Subscription Receipt Agent............................ 31
   9.7   Replacement of Subscription Receipt Agent; Successor by Merger...... 32
   9.8   Conflict of Interest................................................ 33
   9.9   Acceptance of Appointment........................................... 33
   9.10  Subscription Receipt Agent Not to be Appointed Receiver............. 33

ARTICLE 10 GENERAL........................................................... 33

   10.1  Notice to Zarlink, Subscription Receipt Agent and the
         Lead Underwriter, on behalf of the Underwriters..................... 33
   10.2  Notice to Receiptholders............................................ 35
   10.3  Ownership of Subscription Receipts.................................. 35
   10.4  Evidence of Ownership............................................... 36
   10.5  Satisfaction and Discharge of Agreement............................. 36
   10.6  Provisions of Agreement and Subscription Receipts for
         the Sole Benefit of Parties and Receiptholders...................... 37
   10.7  Subscription Receipts Owned by Zarlink or its
         Subsidiaries Certificate to be Provided............................. 37
   10.8  Effect of Execution................................................. 37
   10.9  Time of Essence..................................................... 37
   10.10 Counterparts........................................................ 37

Schedule A - Form of Subscription Receipt Certificate....................... A-1

Schedule B - Form of Notice................................................. B-1

<PAGE>

                         SUBSCRIPTION RECEIPT AGREEMENT

            THIS  SUBSCRIPTION  RECEIPT  AGREEMENT  made as of the [30th] day of
July, 2007.

AMONG:

            ZARLINK  SEMICONDUCTOR  INC., a company duly incorporated  under the
            laws of Canada (hereinafter referred to as "Zarlink")

                                     - and -

            CIBC WORLD MARKETS INC. on behalf of the  underwriters who are party
            to the Underwriting  Agreement (as defined herein) providing for the
            issue and sale to  investors  of  Subscription  Receipts (as defined
            herein) (hereinafter referred to as the "Lead Underwriter")

                                     - and -

            COMPUTERSHARE  TRUST  COMPANY OF CANADA,  a trust  company  existing
            under  the  laws  of  Canada   (hereinafter   referred   to  as  the
            "Subscription Receipt Agent")

            WHEREAS Zarlink is proposing to issue and sell Subscription Receipts
representing,  among other things, the right to receive  Convertible  Debentures
(as defined herein);

            AND  WHEREAS  Zarlink  and the Lead  Underwriter,  on  behalf of the
Underwriters, (as defined herein), have agreed that:

      (a)   the Proceeds (as defined  herein) are to be delivered to and held by
            the Subscription  Receipt Agent and invested on behalf of Zarlink in
            the manner set forth herein;

      (b)   on the Acquisition  Closing Date (as defined herein),  provided that
            such date occurs on or before the Deadline (as defined herein), each
            Receiptholder  shall  automatically  receive,  without  any  further
            action required by such Receiptholder and without the payment of any
            additional   consideration,   one  Convertible  Debenture  for  each
            Subscription Receipt held by the Receiptholder;

      (c)   if  a  Termination  Event  (as  defined  herein)  occurs,  (i)  this
            Agreement  and all issued  and  outstanding  Subscription  Receipts,
            shall  be   automatically   terminated  and   cancelled,   and  each
            Receiptholder  shall,  on  the  third  Business  Day  following  the
            Termination  Date be entitled to receive a  Termination  Payment (as
            defined herein).

            AND WHEREAS all things  necessary  have been done and  performed  to
make the Subscription Receipts, when certified by the Subscription Receipt Agent
and issued as provided in this Agreement,  legal, valid and binding  obligations
of Zarlink with the benefits and subject to the terms of this Agreement;

<PAGE>
                                       2

            AND WHEREAS the  foregoing  recitals  are made by Zarlink and not by
the Subscription Receipt Agent or the Lead Underwriter;

            NOW THEREFORE  THIS  AGREEMENT  WITNESSES that for good and valuable
consideration  mutually given and received, the receipt and sufficiency of which
is hereby acknowledged, it is hereby agreed and declared as follows:

                                   ARTICLE 1
                                 INTERPRETATION

1.1      Definitions

In this  Agreement  and the  recitals,  unless there is something in the subject
matter or context inconsistent therewith or unless otherwise expressly provided,
the  following  terms  shall  have the  respective  meanings  set out  below and
grammatical variations of such terms shall have corresponding meanings:

      "Acquisition"  means the  acquisition  by  Zarlink  of LHI by means of the
      Merger pursuant to the Acquisition Agreement;

      "Acquisition  Agreement"  means an agreement and plan of merger dated June
      25, 2007,  between Merger Sub, LHI and Navigant Capital Advisors,  LLC, as
      representative  of LHI's  stockholders,  pursuant  to which  Zarlink  will
      indirectly acquire Legerity through the cash merger of Merger Sub with and
      into LHI as the surviving company of such Merger;

      "Acquisition  Closing  Date"  means the closing  date of the  Acquisition,
      which is expected to occur on or about July [30], 2007;

      "Affiliate"  has the meaning  attributed  to it under the Canada  Business
      Corporations Act (Canada);

      "Agreement"  means this agreement,  as amended,  supplemented or otherwise
      modified from time to time in accordance with the provisions hereof;

      "Book-Entry Only System" means the book-based  securities  transfer system
      administered  by CDS in accordance with its operating rules and procedures
      in force from time to time;

      "Business  Day"  means  any day  which  is not  Saturday  or  Sunday  or a
      statutory  holiday  in the  Province  of Ontario or any other day on which
      businesses of the Subscription  Receipt Agent and Canadian chartered banks
      are generally closed;

      "CDS" means CDS Clearing and  Depository  Services Inc. and its successors
      in interest;

      "Convertible   Debenture"  means  $1,000   principal  amount   convertible
      unsecured subordinated debentures of Zarlink bearing interest at a rate of
      6.0% per annum to be issued under and governed by the Trust Indenture;

<PAGE>
                                       3

      "Counsel"  means a  barrister  or  solicitor  or a firm of  barristers  or
      solicitors, who may be counsel for Zarlink, acceptable to the Subscription
      Receipt Agent, acting reasonably;

      "Deadline" means 5:00 p.m. (Toronto time) on September 28, 2007;

      "Debentureholders"  means the holder from time to time of the  Convertible
      Debentures;

      "Designated  Office"  means the  principal  corporate  trust office of the
      Subscription Receipt Agent from time to time in Toronto, Ontario;

      "Earned  Interest"  means  the  interest  or other  income  earned  on the
      investment  of the  Escrowed  Funds  from  the  date  hereof  to,  but not
      including,  the earlier to occur of (i) the  Acquisition  Closing Date and
      (ii) the Termination Date;

      "Escrow Account" has the meaning attributed thereto in Section 2.2(a);

      "Escrowed  Funds"  means an amount  equal to the  Proceeds  minus any fees
      payable to the  Underwriters on the Offering  Closing Date plus the Earned
      Interest thereon at any given time;

      "Global  Subscription  Receipts"  has the  meaning  attributed  thereto in
      Section 2.15;

      "Issue Time" means 5:00 p.m.  (Toronto  time) on the  Acquisition  Closing
      Date, provided that such date occurs on or before the Deadline;

      "Lead Underwriter" means CIBC World Markets Inc.;

      "Legerity" means, collectively, LHI and Legerity Inc.;

      "LHI" means Legerity Holdings Inc;

      "Merger Sub" means ZLE Inc., a wholly-owned subsidiary of Zarlink;

      "NYSE" means the New York Stock Exchange;

      "Offering"  means the offering of  Subscription  Receipts  pursuant to the
      Prospectus;

      "Offering Closing Date" means the date hereof;

      "Optioned Subscription Receipts" means the Subscription Receipts which may
      be issued pursuant to the exercise of the Over-Allotment Option;

      "Original Purchasers" has the meaning attributed thereto in Section 2.18;

      "Over-Allotment   Option"  has  the  meaning   ascribed   thereto  in  the
      Underwriting Agreement;

      "Person"   means   and   includes   individuals,   corporations,   limited
      partnerships,   general  partnerships,   joint  stock  companies,  limited
      liability  companies,  joint ventures,  associations,

<PAGE>
                                       4

      companies,  trusts, banks, trust companies, pension funds, business trusts
      or other  organizations,  whether or not legal  entities and  governments,
      governmental agencies and political subdivisions thereof;

      "Proceeds"  means  the  aggregate   Subscription  Price  of  the  Offering
      (including the Optioned Subscription Receipts, if any);

      "Prospectus"  means the English and French language  versions  (unless the
      context  indicates  otherwise)  of the (final) short form  prospectus  and
      amended  registration  statement in Form F-10 of Zarlink  dated July [23],
      2007,  qualifying,  respectively,  among other things, the distribution of
      the Subscription Receipts in all of the provinces of Canada and the United
      States of America  and  includes  all  documents  incorporated  therein by
      reference and any amendments thereto;

      "Receiptholders"  or  "holders"  means  the  Persons  who are  holders  of
      Subscription Receipts;

      "Receiptholders'  Request"  means  an  instrument  signed  in one or  more
      counterparts by Receiptholders  entitled to acquire,  on exchange of their
      Subscription Receipts, in the aggregate not less than 25% of the aggregate
      number of  Underlying  Convertible  Debentures  which could be acquired on
      exchange of all  Subscription  Receipts then  outstanding,  requesting the
      Subscription  Receipt  Agent to take some action or  proceeding  specified
      therein;

      "Special  Resolution"  shall have the meaning  ascribed thereto in Section
      7.11;

      "Subscription Price" means the sum of $1,000 per Subscription Receipt;

      "Subscription  Receipt Agent" means  Computershare Trust Company of Canada
      or its successors from time to time under this Agreement;

      "Subscription   Receipt   Certificate"  means  a  certificate   evidencing
      Subscription  Receipts  substantially  in the form  attached as Schedule A
      hereto with such  appropriate  insertions,  deletions,  substitutions  and
      variations as may be required or permitted by the terms of this  Agreement
      or as may be  required  to  comply  with  any  law  or  the  rules  of any
      securities  exchange or as may be not inconsistent  with the terms of this
      Agreement  and as Zarlink may deem  necessary or  desirable  and until the
      termination of the Book-Entry Only System such certificate shall be in the
      form of a Global Subscription Receipt;

      "Subscription  Receipts" means the subscription receipts of Zarlink issued
      and certified  hereunder and from time to time outstanding  (including the
      Optioned  Subscription   Receipts,  if  any),  each  Subscription  Receipt
      evidencing the rights provided for herein;

      "Termination Date" means the date on which a Termination Event occurs;

      "Termination  Event" means any one of the following  described events: (i)
      the  Acquisition  Closing  Date does not occur on or before the  Deadline,
      (ii) the other conditions to the exchange of the Subscription Receipts are
      not  satisfied  by  the  Deadline,  (iii)  the  Acquisition

<PAGE>
                                       5

      Agreement is  terminated  at any earlier time, or (iv) Zarlink has advised
      the  Underwriters  or  announced  to the public that it does not intend to
      proceed with the Acquisition;

      "Termination  Payment" means, in respect of each Subscription  Receipt, an
      aggregate amount equal to (i) the Subscription  Price of such Subscription
      Receipt plus (ii) the Termination Premium;

      "Termination  Premium" means, in respect of each Subscription Receipt,  an
      amount  equal to the  amount of  interest  that  would  have  accrued on a
      Convertible  Debenture if such  Convertible  Debenture had been issued and
      outstanding  (and  interest  thereon  had  accrued at the rate of 6.0% per
      annum) from the Offering Closing Date until the Termination Date;

      "Trust  Indenture" means the trust indenture dated July [30], 2007 between
      Zarlink and  Computershare  Trust Company of Canada or its successors from
      time to time  under the Trust  Indenture,  providing  for the issue of the
      Convertible Debentures;

      "TSX" means the Toronto Stock Exchange;

      "Underlying  Convertible  Debentures"  means  the  Convertible  Debentures
      automatically  issuable to Receiptholders on the Acquisition Closing Date,
      provided  that such date  occurs on or before the  Deadline,  without  any
      further action  required by such  Receiptholders  or payment of additional
      consideration;

      "Underwriters" means, collectively, CIBC World Markets Inc., National Bank
      Financial  Inc., RBC Dominion  Securities  Inc. and Scotia Capital Markets
      Inc.;

      "Underwriting  Agreement"  means the  amended  and  restated  underwriting
      agreement  dated July 17, 2007  between  Zarlink and the  Underwriters  in
      respect of the Offering;

      "Zarlink" means Zarlink Semiconductor Inc.

1.2      Headings

The  headings,  the table of contents  and the division of this  Agreement  into
Articles and Sections are for convenience of reference only and shall not affect
the interpretation of this Agreement.

1.3      References

Unless otherwise specified in this Agreement:

      (a)   references  to Articles,  Sections,  and  Schedules are to Articles,
            Sections, and Schedules in this Agreement; and

      (b)   "hereto",  "herein",  "hereby",  "hereunder",  "hereof"  and similar
            expressions,  without reference to a particular provision,  refer to
            this Agreement.

1.4      Certain Rules of Interpretation

Unless otherwise specified in this Agreement:
<PAGE>
                                       6

      (a)   the singular includes the plural and vice versa; and

      (b)   references to any gender shall include references to all genders.

1.5      Day Not a Business Day

In the event that any day on or before  which any action is required to be taken
hereunder is not a Business  Day, then such action shall be required to be taken
at or before the requisite  time on the next  succeeding  day that is a Business
Day.

1.6      Applicable Law

This Agreement and the Subscription  Receipts shall be governed by and construed
in  accordance  with the laws of the Province of Ontario and the federal laws of
Canada applicable therein.

1.7      Conflict

In the event of a conflict or  inconsistency  between a provision in the body of
this Agreement and in the Subscription Receipt Certificate issued hereunder, the
provision  in the body of this  Agreement  shall  prevail  to the  extent of the
inconsistency.

1.8      Currency

All dollar amounts expressed in this Agreement and in the Subscription  Receipts
are in lawful money of Canada and all payments required to be made hereunder and
thereunder shall be made in Canadian dollars.

1.9      Severability

Each of the  provisions  in this  Agreement  is  distinct  and  severable  and a
declaration  of invalidity  or  unenforceability  of any such  provision or part
thereof by a court of  competent  jurisdiction  shall not affect the validity or
enforceability of any of the other provisions hereof.

1.10     Actions by the Underwriters

All steps which must or may be taken by the Underwriters in connection with this
Agreement,  shall be taken by the Lead  Underwriter,  on its own  behalf  and on
behalf  of the  Underwriters.  The  Lead  Underwriter,  shall  consult  with the
Underwriters  as necessary prior to taking any action on their behalf and shall,
in any event, advise the Underwriters of steps taken on their behalf.

                                   ARTICLE 2
                         ISSUE OF SUBSCRIPTION RECEIPTS

2.1      Issue of Subscription Receipts

      (a)   An  aggregate of 75,000  Subscription  Receipts (up to 86,250 if the
            Optioned  Subscription  Receipts are issued prior to the Acquisition
            Closing Date as a result of

<PAGE>
                                       7

            the exercise in full of the Over-Allotment Option) providing for the
            exchange of such Subscription Receipts in certain circumstances,  as
            provided  herein,  to acquire  an  aggregate  of 75,000  Convertible
            Debentures (up to 86,500 if the Optioned  Subscription  Receipts are
            issued  prior to the  Acquisition  Closing  Date as a result  of the
            exercise in full of the  Over-Allotment  Option) are hereby  created
            and authorized to be issued by Zarlink for a price per  Subscription
            Receipt equal to the Subscription Price, and a Subscription  Receipt
            Certificate in the form of one or more Global Subscription  Receipts
            evidencing  such  Subscription  Receipts  shall be executed by or on
            behalf of  Zarlink,  certified  by or on behalf of the  Subscription
            Receipt Agent and delivered to the  Underwriters  in accordance with
            this Agreement.

      (b)   Subject  to the  terms  and  conditions  hereof,  each  Subscription
            Receipt  will  be   automatically   exchanged  for  one   Underlying
            Convertible  Debenture without any further action on the part of the
            holder thereof and without  payment of additional  consideration  at
            the Issue Time.

2.2      Payment Acknowledgement

      (a)   As of  the  date  hereof,  the  Subscription  Receipt  Agent  hereby
            acknowledges   receipt  from  the  Underwriters  of  funds  by  wire
            transfer, in the aggregate amount of $o and confirms that such funds
            have been  deposited in a segregated  account in the name of Zarlink
            (the "Escrow  Account") or as otherwise  directed by Zarlink and the
            Lead Underwriter, on behalf of the Underwriters and will be invested
            in accordance  with Section 4.1 hereof and paid in  accordance  with
            Article 3 hereof;

      (b)   Zarlink hereby:

            (i)   acknowledges  that the amounts  received  by the  Subscription
                  Receipt Agent  pursuant to Section  2.2(a) in accordance  with
                  Zarlink's direction to the Lead Underwriter,  on behalf of the
                  Underwriters,  represents  payment in full by the Underwriters
                  of the aggregate  Subscription  Price for 75,000  Subscription
                  Receipts  less any fees  payable  to the  Underwriters  on the
                  Offering Closing Date;

            (ii)  irrevocably  directs the Subscription  Receipt Agent to retain
                  such amounts in  accordance  with the terms of this  Agreement
                  pending  payment of such amounts in accordance  with the terms
                  of this Agreement; and

            (iii) irrevocably   directs   the   Subscription    Receipt   Agent,
                  immediately  following  the  execution  and  delivery  of this
                  Agreement,  to certify and deliver to CDS, in accordance  with
                  written directions,  one or more Global Subscription  Receipts
                  representing  75,000  Subscription  Receipts registered in the
                  name of CDS (or its nominee).

      (c)   Upon  the  exercise  of  the   Over-Allotment   Option   before  the
            Acquisition  Closing Date,  the  Underwriters  shall transfer to the
            Subscription  Receipt Agent an amount equal to the product  obtained
            when (i) the number of Optioned  Subscription  Receipts  acquired by
            the Underwriters upon the exercise of the  Over-Allotment  Option is

<PAGE>
                                       8

            multiplied by (ii) the Subscription  Price, minus an amount equal to
            1.5%  of  the   aggregate   Subscription   Price  for  the  Optioned
            Subscription  Receipts.  Upon  receipt  thereof by the  Subscription
            Receipt  Agent,  these funds will be deposited in the Escrow Account
            to be dealt with in accordance  with the terms hereof.  Zarlink will
            then direct the Subscription Receipt Agent to certify and deliver to
            CDS or its nominee, a Global Subscription  Receipt  representing the
            Optioned Subscription Receipts acquired by the Underwriters upon the
            exercise of the Over-Allotment Option.

2.3      Terms of Subscription Receipts

Each Subscription  Receipt shall evidence the right of the holder to receive the
securities  and/or the  amounts  specified  in Sections  3.3 and 3.5 hereof,  as
applicable.

2.4      Fractional Subscription Receipts

No fractional  Subscription  Receipts shall be issued or otherwise  provided for
hereunder.

2.5      Register for Subscription Receipts

Zarlink  hereby  appoints the  Subscription  Receipt Agent as transfer agent and
registrar of the  Subscription  Receipts,  and Zarlink shall cause to be kept by
the Subscription  Receipt Agent at the Designated Office, a securities  register
in which shall be entered  the names and  addresses  of holders of  Subscription
Receipts  and the other  particulars,  prescribed  by law,  of the  Subscription
Receipts held by them.  Zarlink shall also cause to be kept by the  Subscription
Receipt Agent at the Designated  Office the register of transfers,  and may also
cause  to be  kept  by the  Subscription  Receipt  Agent,  branch  registers  of
transfers  in which  shall be  recorded  the  particulars  of the  transfers  of
Subscription Receipts, registered in that branch register of transfers.

2.6      Registers Open for Inspection

The registers  hereinbefore  referred to shall be open at all  reasonable  times
during regular business hours of the Subscription  Receipt Agent on any Business
Day for  inspection  by Zarlink,  the  Underwriters  or any  Receiptholder.  The
Subscription  Receipt Agent shall,  from time to time when requested so to do by
Zarlink,   furnish   Zarlink  with  a  list  of  the  names  and   addresses  of
Receiptholders  entered in the registers kept by the Subscription  Receipt Agent
and showing the number of Underlying  Convertible Debentures which might then be
acquired  upon the  exchange  of the  Subscription  Receipts  held by each  such
holder.

2.7      Receiptholder not a Debentureholder or a Shareholder

Holders of  Subscription  Receipts are not  Debentureholders  or shareholders or
creditors of the Corporation. Holders of Subscription Receipts are entitled only
to receive  Convertible  Debentures on exchange of their Subscription  Receipts,
which  will  occur   automatically   on  the   Acquisition   Closing   Date,  or
alternatively,  if the Subscription Receipts terminate,  holders of Subscription
Receipts are entitled only to receive the  Termination  Payment  (including  the
Termination Premium).

<PAGE>
                                       9

2.8      Subscription Receipts to Rank Pari Passu

Each Subscription Receipt shall rank pari passu with respect to all other issued
and outstanding Subscription Receipts, regardless of the actual date of issue of
same.

2.9      Signing of Subscription Receipt Certificates

The  Subscription  Receipt  Certificates  shall be  signed  by two  officers  of
Zarlink.  The  signature of such  officers  may be  mechanically  reproduced  on
facsimile and Subscription Receipt certificates bearing such facsimile signature
shall,  subject  to  Section  2.10,  be  binding  on Zarlink as if they had been
manually  signed  by  such  officers.  Notwithstanding  that  an  officer  whose
signature appears on any Subscription Receipt Certificate as such officer may no
longer hold such position at the date of such Subscription  Receipt  Certificate
or at the date of certification or delivery  thereof,  any Subscription  Receipt
Certificate  signed as aforesaid  shall,  subject to Section  2.10, be valid and
binding upon Zarlink and the holder thereof shall be entitled to the benefits of
this Agreement.

2.10     Certification by the Subscription Receipt Agent

      (a)   No Subscription  Receipt  Certificate shall be issued or, if issued,
            shall be valid for any purpose or entitle the holder to the benefits
            hereof  until it has been  certified  by manual  signature  by or on
            behalf of the Subscription  Receipt Agent, and such certification by
            the  Subscription   Receipt  Agent  upon  any  Subscription  Receipt
            Certificate shall be conclusive evidence as against Zarlink that the
            Subscription  Receipt  Certificate so certified has been duly issued
            hereunder and that the holder is entitled to the benefits hereof.

      (b)   The certification of the Subscription  Receipt Agent on Subscription
            Receipt  Certificates  issued  hereunder shall not be construed as a
            representation  or warranty by the Subscription  Receipt Agent as to
            the  validity  of  this  Agreement  or  the   Subscription   Receipt
            Certificates   (except  the  due  certification   thereof)  and  the
            Subscription  Receipt  Agent  shall  in  no  respect  be  liable  or
            answerable for the use made of the Subscription Receipt Certificates
            or any of them or of the consideration  therefor except as otherwise
            specified   herein.   The   certificate  by  or  on  behalf  of  the
            Subscription  Receipt  Agent on  Subscription  Receipt  Certificates
            shall constitute a  representation  and warranty by the Subscription
            Receipt Agent that the said Subscription  Receipt  Certificates have
            been duly  certified  by or on behalf  of the  Subscription  Receipt
            Agent pursuant to the provisions of this Agreement.

2.11     Issue in Substitution for Subscription Receipt Certificates Lost, etc.

      (a)   In case any of the Subscription  Receipt  Certificates  shall become
            mutilated  or be lost,  destroyed  or  stolen,  Zarlink,  subject to
            applicable  laws and compliance  with Section  2.11(b) below,  shall
            issue and thereupon the Subscription Receipt Agent shall certify and
            deliver, a new Subscription Receipt Certificate of like tenor as the
            one  mutilated,  lost,  destroyed  or stolen in exchange  for and in
            place  of and  upon  cancellation  of  such  mutilated  Subscription
            Receipt  Certificate,  or in lieu of and in  substitution  for  such
            lost, destroyed or stolen Subscription Receipt Certificate,  and the
            substituted  Subscription  Receipt  Certificate  shall  be in a form
            approved by the

<PAGE>
                                       10

            Subscription  Receipt  Agent and shall be entitled  to the  benefits
            hereof and shall rank equally in accordance  with its terms with all
            other  Subscription  Receipt  Certificates  issued  or to be  issued
            hereunder.

      (b)   The  applicant  for  the  issue  of  a  new   Subscription   Receipt
            Certificate pursuant to this Section 2.11 shall bear the cost of the
            issue thereof and in case of loss,  destruction or theft shall, as a
            condition precedent to the issue thereof,  furnish to Zarlink and to
            the Subscription Receipt Agent such evidence of ownership and of the
            loss,  destruction or theft of the Subscription  Receipt Certificate
            so lost, destroyed or stolen as shall be satisfactory to Zarlink and
            to the Subscription Receipt Agent in their sole discretion, and such
            applicant  may also be required to furnish an  indemnity  and surety
            bond or security in amount and form  satisfactory to Zarlink and the
            Subscription Receipt Agent, in their sole discretion,  and shall pay
            the reasonable charges of Zarlink and the Subscription Receipt Agent
            in connection therewith.

2.12     Exchange of Subscription Receipt Certificates

      (a)   Subscription  Receipt  Certificates  may, upon  compliance  with the
            reasonable  requirements  of  the  Subscription  Receipt  Agent,  be
            exchanged   for  another   Subscription   Receipt   Certificate   or
            Subscription Receipt  Certificates  entitling the holder thereof to,
            in the  aggregate,  the same  number  of  Subscription  Receipts  as
            represented by the Subscription Receipt Certificates so exchanged.

      (b)   Subscription  Receipt  Certificates  may be surrendered for exchange
            only at the  Designated  Office of the  Subscription  Receipt  Agent
            during regular business hours of the Subscription Receipt Agent.

2.13     Charges for Exchange

Except as otherwise herein provided, the Subscription Receipt Agent may charge
to the holder requesting an exchange a reasonable sum for each new Subscription
Receipt Certificate issued in exchange for Subscription Receipt Certificate(s).
Payment of such charges and reimbursement of the Subscription Receipt Agent or
Zarlink for any and all stamp taxes or governmental or other charges required to
be paid shall be made by such holder as a condition precedent to such exchange.

2.14     Transfer and Registration of Subscription Receipts

      (a)   The  Subscription  Receipts may only be  transferred on the register
            kept at the Designated  Office of the Subscription  Receipt Agent by
            the  holder  or  its  legal  representatives  or its  attorney  duly
            appointed  by  an   instrument  in  writing.   Upon   surrender  for
            registration of transfer of Subscription  Receipts at the Designated
            Office of the  Subscription  Receipt Agent,  Zarlink shall issue and
            thereupon the Subscription Receipt Agent shall certify and deliver a
            new  Subscription  Receipt  Certificate of like tenor in the name of
            the  designated  transferee.  If  less  than  all  the  Subscription
            Receipts  evidenced by the Subscription  Receipt  Certificate(s)  so
            surrendered  are  transferred,  the transferor  shall be entitled to
            receive, in the same manner, a new Subscription  Receipt Certificate
            registered  in its name  evidencing  the

<PAGE>
                                       11

            Subscription Receipts not transferred.  However, notwithstanding the
            foregoing, Subscription Receipts shall only be transferred upon:

            (i)   payment to the Subscription  Receipt Agent of a reasonable sum
                  for each new Subscription Receipt Certificate issued upon such
                  transfer,  and reimbursement of the Subscription Receipt Agent
                  or  Zarlink  for any and all stamp  taxes or  governmental  or
                  other charges required to be paid in respect of such transfer;
                  and

            (ii)  such reasonable requirements as the Subscription Receipt Agent
                  may  prescribe  and as required  pursuant to the terms of this
                  Agreement,  and all such transfers shall be duly noted in such
                  register by the Subscription Receipt Agent.

      (b)   Zarlink and the  Subscription  Receipt Agent will deem and treat the
            registered owner of any Subscription Receipt as the beneficial owner
            thereof for all  purposes and neither  Zarlink nor the  Subscription
            Receipt Agent shall be affected by any notice to the contrary.

      (c)   The transfer  register in respect of Subscription  Receipts shall be
            closed at 5:00 p.m. (Toronto time) at the Designated  Office, on the
            earlier to occur of the Acquisition Closing Date and the Termination
            Date.  Trades  settling after the  Acquisition  Closing Date will be
            completed by the delivery of Convertible Debentures.

      (d)   The  Subscription  Receipt Agent will promptly advise Zarlink of any
            requested  transfer  of  Subscription  Receipts.   Zarlink  will  be
            entitled,  and may direct the Subscription  Receipt Agent, to refuse
            to recognize  any transfer,  or enter the name of any  transferee of
            any  Subscription  Receipts  on the  registers  referred  to in this
            Article  if  such  transfer  would  constitute  a  violation  of the
            securities  laws of any  jurisdiction  or the rules,  regulations or
            policies of any regulatory authority having  jurisdiction,  or would
            be contrary to the terms of the  constating  documents of Zarlink or
            this Agreement.

      (e)   Subject to the provisions of this  Agreement and  applicable  law, a
            Receiptholder  shall  be  entitled  to  the  rights  and  privileges
            attaching  to the  Subscription  Receipts.  Either  (a) the issue of
            Convertible  Debentures  as  provided  in  Section  3.3,  or (b) the
            payment of the  Termination  Payment,  less  applicable  withholding
            taxes,  if any, as provided in Section 3.5, all in  accordance  with
            the terms and  conditions  herein  contained,  shall  discharge  all
            responsibilities of Zarlink and the Subscription  Receipt Agent with
            respect to such  Subscription  Receipts and neither  Zarlink nor the
            Subscription  Receipt Agent shall be bound to inquire into the title
            of a Receiptholder.

      (f)   Without  limitation,  signatures must be guaranteed by an authorized
            officer  of a  Canadian  chartered  bank or a major  Canadian  trust
            company or by a  medallion  signature  guarantee  from a member of a
            recognized medallion signature guarantee program.

<PAGE>
                                       12

      (g)   The  Subscription  Receipt  Agent  shall  have no duty to  determine
            compliance of the transferor or transferee of Subscription  Receipts
            with applicable securities laws.

2.15     Global Subscription Receipt

      (a)   Unless  the  Book-Entry  Only  System  is  terminated,  Subscription
            Receipt  Certificates will only be issued in the form of one or more
            global subscription  receipt  certificates (the "Global Subscription
            Receipts")  which will be  registered  in the name of and  deposited
            with CDS or its nominee.

      (b)   Upon the  termination  of the  Book-Entry  Only  System,  owners  of
            beneficial  interests  in the  Subscription  Receipts  shall  not be
            entitled to have  Subscription  Receipts  registered in their names,
            shall not  receive or be entitled  to receive  Subscription  Receipt
            Certificates in definitive  form and shall not be considered  owners
            or  holders  thereof  under  this  Agreement  or  any   supplemental
            agreement   except  in   circumstances   where  (i)  required  under
            applicable  law,  (ii) the  Book-Entry  Only System ceases to exist,
            (iii) Zarlink determines, at its option, to terminate the Book-Entry
            Only  System,  and (iv)  Zarlink  or CDS  advises  the  Subscription
            Receipt  Agent  that CDS is no longer  willing  or able to  properly
            discharge its  responsibilities  as  depository  with respect to the
            Subscription  Receipts  and  Zarlink is unable to locate a qualified
            successor.  Beneficial interests in the Global Subscription Receipts
            will  be  represented  only  through  the  Book-Entry  Only  System.
            Transfers of Subscription  Receipts between CDS  participants  shall
            occur in  accordance  with CDS'  applicable  rules  and  procedures.
            Neither  Zarlink nor the  Subscription  Receipt Agent shall have any
            responsibility  or liability for any aspects of the records relating
            to or  payments  made by CDS,  or its  nominee,  on  account  of the
            beneficial  interests in the Subscription  Receipts.  Nothing herein
            shall prevent the owners of beneficial interests in the Subscription
            Receipts from voting such Subscription  Receipts using duly executed
            proxies.

      (c)   All references  herein to actions by, notices given or payments made
            to  Receiptholders  shall,  where  Subscription  Receipts  are  held
            through CDS, refer to actions taken by, or notices given or payments
            made  to,  CDS  upon   instruction  from  the  CDS  participants  in
            accordance  with its rules and  procedures.  For the purposes of any
            provision hereof requiring or permitting actions with the consent of
            or  at  the  direction  of  Receiptholders  evidencing  a  specified
            percentage of the aggregate Subscription Receipts outstanding,  such
            direction  or  consent  may be  given  by  holders  of  Subscription
            Receipts  acting  through  CDS  and  the  CDS  participants   owning
            Subscription  Receipts  evidencing  the requisite  percentage of the
            Subscription   Receipts.   The  rights  of  a  Receiptholder   whose
            Subscription  Receipts are held through CDS shall be exercised  only
            through CDS and the CDS  participants  and shall be limited to those
            established  by law and  agreements  between  such  holders  and CDS
            and/or  the CDS  participants  or  upon  instructions  from  the CDS
            participants. Each of the Subscription Receipt Agent and Zarlink may
            deal with CDS for all purposes (including the making of payments) as
            the authorized  representative of the respective  Receiptholders and
            such dealing with CDS shall constitute  satisfaction or performance,
            as applicable, of their respective obligations hereunder.

<PAGE>
                                       13

      (d)   For so long as  Subscription  Receipts  are held through CDS, if any
            notice  or  other   communication   is   required  to  be  given  to
            Receiptholders,  the  Subscription  Receipt  Agent  will  give  such
            notices and communications to CDS.

      (e)   Upon the termination of the Book-Entry Only System on the occurrence
            of  one of the  conditions  specified  in  Subsection  2.15(b)  with
            respect to the Subscription Receipts, the Subscription Receipt Agent
            shall notify all  applicable  owners of beneficial  interests in the
            Subscription Receipts (through CDS if available) of the availability
            of definitive  Subscription Receipt Certificates.  Upon surrender by
            CDS of  the  certificate(s)  representing  the  Global  Subscription
            Receipts  and  receipt of new  registration  instructions  from CDS,
            Zarlink shall issue and the Subscription Receipt Agent shall certify
            and deliver  the  aggregate  number of  Subscription  Receipts  then
            outstanding   in  the  form  of  definitive   Subscription   Receipt
            Certificates  to the  holders  thereof  in  accordance  with the new
            registration  instructions  and  thereafter,  the  registration  and
            transfer  of such  Subscription  Receipts  will be  governed  by the
            remaining Sections of this Agreement.

2.16     Proceeds to be Placed in Escrow

Upon the  issuance  of  Subscription  Receipts,  the  Escrowed  Funds in respect
thereof  shall  be  delivered  by  the  Lead  Underwriter,   on  behalf  of  the
Underwriters,  to the Subscription Receipt Agent by electronic transfer of funds
into an Escrow Account as directed by the Subscription  Receipt Agent to be held
pursuant to the terms hereof.  The  Subscription  Receipt Agent hereby agrees to
hold the same as agent on behalf of  Zarlink  and to invest,  disburse  and deal
with the same as provided herein.

2.17     Subscription Receipts and Trading

      (a)   Zarlink confirms that the  Subscription  Receipts will be listed for
            trading on the TSX.

      (b)   Notwithstanding any provision of this Agreement,  in order to comply
            with the policies of the TSX, Zarlink agrees to the following:

            (i)   when  Zarlink  reasonably  expects the  Acquisition  to close,
                  Zarlink  will,  without  delay,  provide the TSX with  written
                  notice to that  effect  specifying  the  expected  Acquisition
                  Closing Date.  At the Issue Time,  the  Subscription  Receipts
                  will  automatically  convert into the  Underlying  Convertible
                  Debentures; and,

            (ii)  in the event of a Termination Event, Zarlink will, on or prior
                  to the Termination Date, give notice to the TSX and holders of
                  Subscription  Receipts on such  Termination  Date will be paid
                  the amounts set forth in Section 3.5 of this  Agreement on the
                  third Business Day following the Termination Date.

      (c)   Zarlink will  request that the TSX halt trading of the  Subscription
            Receipts  at 8:00 a.m.  (Toronto  time) on the  Acquisition  Closing
            Date.

<PAGE>
                                       14

2.18     Right of Rescission

      (a)   If (i) the Prospectus contains a misrepresentation  (as such term is
            defined   in   the   Securities   Act   (Ontario))   and  it  was  a
            misrepresentation  on the date hereof,  purchasers  of  Subscription
            Receipts to whom the  Prospectus  was sent or delivered and who were
            the original purchasers of the Subscription  Receipts (the "Original
            Purchasers"), or (ii) the Prospectus is not delivered to an Original
            Purchaser,  the affected Original Purchaser(s) shall have a right of
            action against Zarlink for rescission,  exerciseable on notice given
            to Zarlink not more than 180 days  subsequent  to the date hereof to
            receive a refund  of the  Subscription  Price  paid by them for each
            Subscription  Receipt  purchased  by them.  The right of action  for
            rescission is only available to an Original  Purchaser  either while
            it is a holder of the Subscription Receipts purchased or while it is
            a holder of the  Underlying  Convertible  Debentures  issuable  upon
            surrender of such Subscription Receipts.

      (b)   In no event shall  Zarlink be liable  under this Section 2.18 if the
            Original   Purchaser   purchased  the  Subscription   Receipts  with
            knowledge of the misrepresentation.

2.19     Cancellation of Surrendered Subscription Receipt Certificates

All Subscription  Receipt  Certificates  surrendered to the Subscription Receipt
Agent pursuant to Sections 2.11,  2.12, 2.14, 3.3, 3.5 and 5.1 shall be returned
to or  received  by the  Subscription  Receipt  Agent for  cancellation  and, if
required by Zarlink, the Subscription Receipt Agent shall furnish Zarlink with a
cancellation  certificate  identifying the Subscription  Receipt Certificates so
cancelled and the number of Subscription Receipts evidenced thereby.

                                   ARTICLE 3
          ISSUANCE OF UNDERLYING CONVERTIBLE DEBENTURES OR TERMINATION
                          OF THE SUBSCRIPTION RECEIPTS

3.1      Notice of Acquisition

If the Acquisition Closing Date occurs on or before the Deadline,  Zarlink:  (a)
shall  forthwith (and in any event no later than the  Acquisition  Closing Date)
cause a notice of the same executed by or on behalf of Zarlink,  to be delivered
to the  Subscription  Receipt  Agent  (substantially  in the  form  attached  as
Schedule  B), and (b) shall issue a press  release  disclosing  the  Acquisition
Closing Date and that the Underlying  Convertible Debentures have been issued to
Receiptholders  through the  facilities of CDS and that  Book-Entry  Only System
customer  confirmations will be entered on the second Business Day following the
Acquisition Closing Date. The notice delivered to the Subscription Receipt Agent
shall specify the amounts to be released pursuant to Section 3.2 and Section 3.3
and to whom such amounts should be released.

3.2      Release of Funds on Acquisition Closing Date

If the Acquisition Closing Date occurs on or before the Deadline, Zarlink shall:
(i) be entitled to receive  from the  Subscription  Receipt  Agent the  Escrowed
Funds;  (ii) pay or cause to be paid to the Lead  Underwriter,  on behalf of the
Underwriters,  an amount equal to 1.5% of the Proceeds. The Subscription Receipt
Agent shall deliver the funds referred to in (i) of this Section 3.2 to Zarlink,
and

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                                       15

Zarlink  shall  deliver or cause to be  delivered  to the Lead  Underwriter,  on
behalf of the Underwriters,  the amount referred to in (ii) of this Section 3.2,
forthwith  upon the  delivery  of the notice and press  release  referred  to in
Section 3.1 and in any event not later than the Issue Time. Any notice delivered
to the Subscription  Receipt Agent shall be received by the Subscription Receipt
Agent no later than 12:00 p.m.  (Toronto time) on the day on which the funds are
to be released.  Any notice  received by the  Subscription  Receipt  Agent after
12:00 p.m. or received on a non-Business  Day shall be deemed to have been given
prior to 12:00 p.m. on the next Business Day.

3.3      Issue of Underlying Convertible Debentures

      (a)   If the  Acquisition  Closing Date occurs on or before the  Deadline,
            the Underlying  Convertible Debentures shall be, and shall be deemed
            to be,  automatically issued at the Issue Time to the Receiptholders
            pursuant to the Trust  Indenture  notwithstanding  that a Book-Entry
            Only System customer  confirmation in a holder's account may not yet
            have been so entered,  and each  Receiptholder  shall  automatically
            receive,  without any further action required by such  Receiptholder
            and  without  the  payment  of  any  additional  consideration,  one
            Convertible  Debenture  for each  Subscription  Receipt held by such
            Receiptholder, and such Receiptholder shall be deemed to have become
            the holder of record of such  Underlying  Convertible  Debentures at
            the Issue Time.

      (b)   Upon the issuance or deemed  issuance of the Underlying  Convertible
            Debentures,   Zarlink,  subject  to  the  provisions  of  the  Trust
            Indenture, shall cause to be entered and issued, as the case may be,
            to the  Person or  Persons  in whose  name or names  the  Underlying
            Convertible  Debentures  have been issued,  a Book-Entry Only System
            customer confirmation.

      (c)   Effective  immediately after the Underlying  Convertible  Debentures
            have been, or have been deemed to be, issued as contemplated by this
            Section 3.3 and Zarlink has caused a Book-Entry Only System customer
            confirmation  to be  entered as  provided  in  Section  3.3(b),  the
            Subscription Receipts relating thereto shall be void and of no value
            or effect.

      (d)   The  Subscription   Receipt  Agent  shall  not  be  responsible  for
            calculating the amounts owing under Section 3.2 and Section 3.3, but
            shall be entitled to rely  absolutely  on the written  direction  of
            Zarlink  specifying  the payments to be made pursuant to Section 3.2
            and Section 3.3.

3.4      Fractions

Notwithstanding  anything herein contained,  Zarlink shall not be required, upon
the  exchange  or  deemed  exchange  of  the  Subscription  Receipts,  to  issue
Convertible  Debentures  in  principal  amounts  other than $ 1,000 and integral
multiples  thereof or to  distribute  certificates  which  evidence  Convertible
Debentures  in  principal  amounts  other  than  $1,000 and  integral  multiples
thereof.

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                                       16

3.5      Payment on Termination

      (a)   If a Termination  Event occurs,  Zarlink shall forthwith  notify the
            Lead   Underwriter,   on  behalf  of  the   Underwriters,   and  the
            Subscription  Receipt Agent and shall issue a press release  setting
            forth the Termination Date.

      (b)   If  a  Termination  Event  occurs,  the  rights  evidenced  by  each
            Subscription Receipt shall be automatically terminated and cancelled
            and each  Receiptholder  shall only be entitled  to receive,  on the
            third  Business Day  following the  Termination  Date, a Termination
            Payment.

      (c)   The  Termination  Payment shall be satisfied by the Escrowed  Funds;
            any amount not satisfied by the Escrowed Funds shall be satisfied by
            Zarlink who shall  deposit an amount equal to such  shortfall in the
            Escrow  Account  prior to the time that the amount is payable to the
            Receiptholders  under this  Section 3.5.  The  Subscription  Receipt
            Agent shall only make payments  under this Section 3.5 to the extent
            that the  Escrowed  Funds and the monies  which have been  deposited
            with it pursuant to this Section 3.5 are sufficient.

      (d)   If a  Termination  Event  occurs,  registers  shall be closed at the
            close of business on the Termination  Date (subject to settlement in
            accordance with this Section 3.5).

      (e)   The  obligation  to make the  payment  of the  amount  specified  in
            Section  3.5(b)  shall be  satisfied  by  mailing  payment by cheque
            payable to the registered holder of the Subscription  Receipt at its
            registered  address or by making a wire  transfer for the account of
            such holder through CDS.

      (f)   Upon the mailing or delivery of any cheque or the making of any wire
            transfer as provided in Section 3.5(e) (and provided any such cheque
            has been honoured for payment,  if presented for payment  within six
            months of the date thereof) all rights evidenced by the Subscription
            Receipts  relating thereto shall be satisfied and such  Subscription
            Receipts shall be void and of no value or effect.

      (g)   Zarlink (i) shall be entitled to deduct and  withhold  from  amounts
            payable  under this  Agreement to holders of  Subscription  Receipts
            that are  non-residents  of Canada (within the meaning of the Income
            Tax Act (Canada) ("Non-Resident  Holders") and any applicable income
            tax  convention),  such amounts  required by law,  whether  foreign,
            federal,  provincial or otherwise, to be deducted or withheld for or
            on account of income tax or other taxes levied, collected,  withheld
            or assessed by any governmental  authority  ("Withholding  Amount"),
            (ii)  shall  remit  the   Withholding   Amount  to  the  appropriate
            governmental authority on a timely basis, and (iii) shall provide to
            Non-Resident  Holders a copy of the receipt of payment or such other
            proof of remittance issued by the authority.  The Withholding Amount
            shall be deemed to have been paid to the Non-Resident Holders on the
            due dates of the amounts payable under this Agreement, provided that
            such amount is remitted to the appropriate governmental authority on
            a timely basis. In particular, Zarlink will

<PAGE>
                                       17

            deduct  and  withhold  from  the  Termination   Payment  payable  to
            Non-Resident  Holders  an  amount  equal  to 25% of the  Termination
            Premium.

                                   ARTICLE 4
              INVESTMENT OF ESCROWED FUNDS AND PAYMENT OF INTEREST

4.1      Investment of Escrowed Funds

Pending disbursement of the Escrowed Funds, the Subscription Receipt Agent shall
hold,  invest and reinvest the Escrowed Funds on behalf of Zarlink in short-term
obligations  of, or  guaranteed  by, the  Government  of Canada,  a province  of
Canada,  or a Canadian  chartered  bank (which may include an  Affiliate  of the
Subscription  Receipt Agent) or corporate  commercial paper,  provided that such
obligation is rated at least R1 (middle) by Dominion Bond Rating Service Limited
or an  equivalent  rating  service,  as  directed  in writing by  Zarlink.  Such
direction  to the  Subscription  Receipt  Agent  shall be provided by Zarlink no
later than 9:00 a.m.  (Toronto time) on the day on which the investment is to be
made. Any direction  received by the Subscription  Receipt Agent after 9:00 a.m.
or on a day which is not a  Business  Day,  shall be  deemed to have been  given
prior to 9:00 a.m. on the next Business  Day. If at any time the Escrowed  Funds
include cash that is not invested and Zarlink has not provided directions to the
Subscription  Receipt Agent to invest such cash, the Subscription  Receipt Agent
shall  deposit  all  such  uninvested  cash in an  account,  a term  deposit  or
guaranteed  investment  certificates  of the  Subscription  Receipt  Agent  or a
Canadian  chartered bank, having either no fixed term or no irrevocable term and
which pays interest on the daily balance.  The Subscription  Receipt Agent shall
have no liability  with respect to any loss in value of investments as permitted
to be made  hereunder.  In making any payment,  the  Subscription  Receipt Agent
shall  not be  liable  for any  loss  sustained  from  early  termination  of an
investment if such termination is required to make a payment hereunder.

4.2      Segregation of Escrowed Funds

The Escrowed Funds received by the Subscription Receipt Agent and any securities
or  other  instruments  received  by the  Subscription  Receipt  Agent  upon the
investment or  reinvestment  of such  Escrowed  Funds shall be received as agent
for, and shall be segregated and kept apart by, the  Subscription  Receipt Agent
as agent for Zarlink.

4.3      Third Party Interest

Zarlink hereby represents to the Subscription  Receipt Agent that any account to
be opened by, or  interest to be held by, the  Subscription  Receipt  Agent,  in
connection with this Agreement, for or to the credit of Zarlink, is not intended
to be used by or on behalf of any third party.

                                   ARTICLE 5
                         RIGHTS AND COVENANTS OF ZARLINK

5.1      Optional Purchases by Zarlink

Subject to applicable laws, Zarlink may, from time to time,  purchase by private
contract or otherwise any of the Subscription Receipts.

<PAGE>
                                       18

5.2      General Covenants

      (a)   Zarlink  covenants with the Subscription  Receipt Agent and the Lead
            Underwriter,  on  behalf  of the  Underwriters,  that so long as any
            Subscription Receipts remain outstanding:

            (i)   it will use its best efforts to maintain its existence;

            (ii)  it will make all requisite  filings under applicable  Canadian
                  and  United  States  securities  legislation  including  those
                  necessary to remain a reporting  issuer not in default in each
                  of  the  provinces  of  Canada  in  which  it is  currently  a
                  reporting issuer;

            (iii) it will announce by press release the Acquisition Closing Date
                  or the Termination Date, and any new Outside Date, as the case
                  may be, in accordance with the provisions hereof; and

            (iv)  it will  perform and carry out all of the acts or things to be
                  done by it as provided in this Agreement.

      (b)   In addition,  Zarlink covenants with the Subscription  Receipt Agent
            and the Lead Underwriter, on behalf of the Underwriters,  that, from
            the date hereof to the earlier of the  Acquisition  Closing  Date or
            Termination Date, it will not do any of the following:

            (i)   subdivide or redivide  its  outstanding  common  shares into a
                  greater number of common shares;

            (ii)  reduce,  combine or consolidate the outstanding  common shares
                  into a smaller number of common shares;

            (iii) issue common shares to holders of all or substantially  all of
                  the  outstanding  common  shares  by  way  of  a  dividend  or
                  distribution (other than the issue of common shares to holders
                  of common shares who have elected to receive  dividends in the
                  form of common  shares in lieu of cash  dividends  paid in the
                  ordinary course on the common shares);

            (iv)  fix a record  date for the  issuance  of  options,  rights  or
                  warrants  to all  or  substantially  all  the  holders  of its
                  outstanding common shares;

            (v)   fix a record date for the making of a  distribution  to all or
                  substantially all the holders of its outstanding common shares
                  of (i) common  shares of any class  other than  common  shares
                  distributed  to holders of common  shares who have  elected to
                  receive dividends in the form of such common shares in lieu of
                  dividends paid in the ordinary course, (ii) rights, options or
                  warrants, (iii) evidences of its indebtedness,  or (iv) assets
                  (excluding  dividends  or  distributions  paid in the ordinary
                  course); or

<PAGE>
                                       19

            (vi)  undertake  a  reorganization  of Zarlink  or a  consolidation,
                  amalgamation,  arrangement or merger of Zarlink with any other
                  Person  or  other  entity,  or a  sale  or  conveyance  of the
                  property and assets of Zarlink as an entirety or substantially
                  as an entirety to any other Person or entity or a liquidation,
                  dissolution or winding-up of Zarlink.

5.3      Subscription Receipt Agent's Remuneration, Expenses and Indemnification

      (a)   Zarlink  covenants  that it  will  pay to the  Subscription  Receipt
            Agent, from time to time,  reasonable  remuneration for its services
            hereunder and will pay or reimburse the  Subscription  Receipt Agent
            upon its  request for all  reasonable  expenses,  disbursements  and
            advances  incurred or made by the Subscription  Receipt Agent in the
            administration  or  execution  of  this  Agreement   (including  the
            reasonable compensation and the disbursements of its counsel and all
            other  advisers  and  assistants  not  regularly in its employ) both
            before any default  hereunder and thereafter until all duties of the
            Subscription  Receipt  Agent  hereunder  shall be finally  and fully
            performed,  except any such expense,  disbursement or advance as may
            arise  out  of or  result  from  the  Subscription  Receipt  Agent's
            negligence,  misconduct or bad faith. Any amount owing hereunder and
            remaining  unpaid  after 30 days  from the  invoice  date  will bear
            interest  at the  then  current  rate  charged  by the  Subscription
            Receipt  Agent  against  unpaid  invoices  and shall be  payable  on
            demand.

      (b)   Zarlink  hereby  indemnifies  and saves  harmless  the  Subscription
            Receipt Agent and its officers, directors, employees and agents from
            and against any and all liabilities,  losses, costs, claims, actions
            or demands  whatsoever which may be brought against the Subscription
            Receipt Agent or which it may suffer or incur as a result or arising
            out of the  performance  of its  duties and  obligations  under this
            Agreement,  save only in the event of the negligence,  misconduct or
            bad faith of the  Subscription  Receipt Agent.  It is understood and
            agreed that this  indemnification  shall survive the  termination or
            the discharge of this Agreement or the resignation or replacement of
            the Subscription Receipt Agent.

5.4      Performance of Covenants by Subscription Receipt Agent

If  Zarlink  shall  fail  to  perform  any of its  covenants  contained  in this
Agreement,  the Subscription Receipt Agent may notify the Receiptholders and the
Lead Underwriter, on behalf of the Underwriters,  of such failure on the part of
Zarlink  or may  itself  perform  any of the  said  covenants  capable  of being
performed by it, but shall be under no obligation  to perform said  covenants or
to notify the  Receiptholders  of such  performance  by it. All sums expended or
advanced by the  Subscription  Receipt  Agent in so doing shall be  repayable as
provided in Section  5.3.  No such  performance,  expenditure  or advance by the
Subscription  Receipt Agent shall relieve Zarlink of any default hereunder or of
its continuing obligations under the covenants contained herein.

5.5      Accounting

The  Subscription  Receipt  Agent shall  maintain  accurate  books,  records and
accounts of the transactions  effected or controlled by the Subscription Receipt
Agent hereunder and the receipt,

<PAGE>
                                       20

investment,  reinvestment  and  disbursement  of the Escrowed  Funds,  and shall
provide  to  Zarlink  and  the  Underwriters   records  and  statements  thereof
periodically  upon written  request.  Zarlink  shall have the right to audit any
such books, records, accounts and statements.

5.6      Payments by Subscription Receipt Agent

In the event that any funds to be disbursed by the Subscription Receipt Agent in
accordance  herewith are received by the Subscription  Receipt Agent in the form
of an uncertified  cheque or cheques,  the  Subscription  Receipt Agent shall be
entitled to delay the time for  disbursement  of such funds hereunder until such
uncertified  cheque or cheques have cleared in the ordinary course the financial
institution upon which the same are drawn.  The Subscription  Receipt Agent will
disburse monies  according to this Agreement only to the extent that monies have
been deposited with it.

5.7      Regulatory Matters

Zarlink shall file all such documents,  notices and  certificates  and take such
steps and do such things as may be necessary under applicable securities laws to
permit  the  issuance  of  the  Convertible   Debentures  in  the  circumstances
contemplated  by Section  3.3 such that (i) such  issuance  will comply with the
prospectus and registration  requirements of applicable  securities laws in each
of the provinces of Canada and in the United  States of America,  (ii) the first
trade in  Convertible  Debentures  other than from the holdings of a Person who,
alone or in combination with others, hold sufficient  Convertible  Debentures to
materially  affect  control of Zarlink will not be subject to, or will be exempt
from, the prospectus or registration  requirements of applicable securities laws
in each of the provinces of Canada and the United  States of America,  and (iii)
the conversion of the Convertible  Debentures into common shares of Zarlink will
not be subject  to, or will be exempt  from,  the  prospectus  and  registration
requirements  of applicable  securities  laws of each of the provinces of Canada
and the United States of America.

5.8      Anti-Money Laundering and Privacy

The  Subscription  Receipt Agent shall retain the right not to act and shall not
be liable for refusing to act if, due to a lack of  information or for any other
reason whatsoever,  the Subscription Receipt Agent, in its sole judgment, acting
reasonably, determines that such act might cause it to be in non-compliance with
any applicable anti-money laundering or anti-terrorist  legislation,  regulation
or  guideline.  Further,  should the  Subscription  Receipt  Agent,  in its sole
judgment,  acting  reasonably,  determine at any time that its acting under this
Agreement  has  resulted  in its  being in  non-compliance  with any  applicable
anti-money  laundering or anti-terrorist  legislation,  regulation or guideline,
then it shall have the right to resign on ten days' prior written notice sent to
all parties  provided that (i) the  Subscription  Receipt Agent's written notice
shall describe the circumstances of such  non-compliance;  and (ii) that if such
circumstances  are rectified to the  Subscription  Receipt Agent's  satisfaction
within such ten day period, then such resignation shall not be effective.

The parties  acknowledge that the Subscription  Receipt Agent may, in the course
of providing services hereunder, collect or receive financial and other personal
information about such parties and/or their representatives,  as individuals, or
about other  individuals  related to the  subject  matter  hereof,  and use such
information for the following purposes:

<PAGE>
                                       21

      (a)   to provide the  services  required  under this  Agreement  and other
            services that may be requested from time to time;

      (b)   to  help  the  Subscription   Receipt  Agent  manage  its  servicing
            relationships with such individuals;

      (c)   to meet  the  Subscription  Receipt  Agent's  legal  and  regulatory
            requirements; and

      (d)   if Social Insurance Numbers or Social Security Numbers are collected
            by the  Subscription  Receipt Agent, to perform tax reporting and to
            assist in  verification  of an  individual's  identity  for security
            purposes.

Each party  acknowledges  and agrees  that the  Subscription  Receipt  Agent may
receive,  collect,  use and  disclose  personal  information  provided  to it or
acquired by it in the course of this Agreement for the purposes  described above
and,  generally,  in the manner and on the terms  described in its privacy code,
which the Subscription Receipt Agent shall make available on its website or upon
request,  including revisions thereto.  Further, each party agrees that it shall
not  provide  or cause to be  provided  to the  Subscription  Receipt  Agent any
personal  information  relating  to an  individual  who is not a  party  to this
Agreement unless that party has assured itself that such individual  understands
and has consented to the aforementioned uses and disclosures.

                                    ARTICLE 6
                                   ENFORCEMENT

6.1      Suits by Receiptholders

Subject to the powers of Receiptholders exercisable by special resolutions,  all
or any of the rights conferred upon any Receiptholder by any of the terms of the
Subscription  Receipts or of this Agreement,  or of both, may be enforced by the
Receiptholder  by  appropriate  proceedings  but without  prejudice to the right
which is hereby conferred upon the Subscription  Receipt Agent to proceed in its
own name to  enforce  each and all of the  provisions  contained  herein for the
benefit of the Receiptholders.

                                   ARTICLE 7
                           MEETINGS OF RECEIPTHOLDERS

7.1      Right to Convene Meetings

The Subscription Receipt Agent may, at any time and from time to time, and shall
on receipt of a written request of Zarlink or of a  Receiptholders'  Request and
upon being funded and  indemnified to its reasonable  satisfaction by Zarlink or
by the  Receiptholders  signing such  Receiptholders'  Request  against the cost
which may be  incurred  in  connection  with the  calling  and  holding  of such
meeting,  convene  a  meeting  of  the  Receiptholders.  In  the  event  of  the
Subscription  Receipt Agent failing to so convene a meeting  within fifteen (15)
days after  receipt of such written  request of Zarlink or such  Receiptholders'
Request  and  funding  and  indemnity  given  as  aforesaid,   Zarlink  or  such
Receiptholders, as the case may be, may convene such meeting. Every such meeting
shall be held in Ottawa,  Ontario or at such other place as may be determined by
the Subscription Receipt Agent and approved by Zarlink.

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                                       22

7.2      Notice

At least ten (10) days' prior notice of any meeting of  Receiptholders  shall be
given to the  Receiptholders  in the manner  provided  for in Section 10.2 and a
copy of such  notice  shall be sent by mail to the  Subscription  Receipt  Agent
(unless the meeting has been called by the  Subscription  Receipt  Agent) and to
Zarlink (unless the meeting has been called by Zarlink). Such notice shall state
the date (which should be a Business Day) and time when, and the place where the
meeting,  is to be held,  and shall  state  briefly  the  general  nature of the
business to be  transacted  thereat and shall  contain  such  information  as is
reasonably necessary to enable the Receiptholders to make a reasoned decision on
the  matter,  but it shall not be  necessary  for any such notice to set out the
terms of any  resolution to be proposed or any of the provisions of this Article
7.

7.3      Chairperson

An  individual  (who need not be a  Receiptholder)  designated in writing by the
Subscription  Receipt  Agent  shall  be  chairperson  of the  meeting  and if no
individual is so  designated,  or if the individual so designated is not present
within  fifteen (15) minutes from the time fixed for the holding of the meeting,
the  Receiptholders  present in person or by proxy shall choose some  individual
present to be chairperson.

7.4      Quorum

Subject to the provisions of Section 7.11, at any meeting of the  Receiptholders
a quorum shall consist of not less than two (2) Receiptholders present in person
or by proxy and holding 25% of the then outstanding  Subscription Receipts. If a
quorum of the  Receiptholders  shall not be present  within  thirty (30) minutes
from the time fixed for holding any  meeting,  the  meeting,  if summoned by the
Receiptholders  or on a Receiptholders'  Request shall be dissolved;  but in any
other  case the  meeting  shall be  adjourned  to the same day in the next  week
(unless  such day is not a Business  Day, in which case it shall be adjourned to
the next following Business Day) at the same time and place and no notice of the
adjournment  need be given.  Any business may be brought before or dealt with at
an adjourned meeting which might have been dealt with at the original meeting in
accordance  with the notice calling the same. No business shall be transacted at
any meeting unless a quorum be present at the commencement of such business.  At
the  adjourned  meeting the  Receiptholders  present in person or by proxy shall
form a quorum and may transact the business for which the meeting was originally
convened  notwithstanding  that  they  may not  hold at  least  25% of the  then
outstanding Subscription Receipts.

7.5      Power to Adjourn

The  chairperson  of any  meeting  at which a quorum  of the  Receiptholders  is
present may, with the consent of the  Receiptholders  present,  adjourn any such
meeting and no notice of such adjournment  need be given except such notice,  if
any, as the meeting may prescribe.

7.6      Show of Hands

Every  question  submitted to a meeting shall be decided in the first place by a
majority  of the votes  given on a show of hands  except that votes on a special
resolution  shall be  given  in the  manner  hereinafter  provided.  At any such
meeting, unless a poll is duly demanded as herein provided, a

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                                       23

declaration  by the  chairperson  that a resolution  has been carried or carried
unanimously  or by a particular  majority or lost or not carried by a particular
majority shall be conclusive evidence of the fact.

7.7      Poll and Voting

On every special  resolution,  and on any other question  submitted to a meeting
and after a vote by show of hands when demanded by the  chairperson or by one or
more of the Receiptholders  acting in person or by proxy and holding at least 5%
of the  Subscription  Receipts then  outstanding,  a poll shall be taken in such
manner as the chairperson  shall direct.  Questions other than those required to
be determined by special  resolution shall be decided by a majority of the votes
cast on the poll.

On a show of hands, every Person who is present and entitled to vote, whether as
a  Receiptholder  or as proxy for one or more  absent  Receiptholders,  or both,
shall  have one  vote.  On a poll,  each  Receiptholder  present  in  person  or
represented by a proxy duly appointed by instrument in writing shall be entitled
to one vote in  respect  of each  Convertible  Debenture  that  such  person  is
entitled  to  receive  pursuant  to the  Subscription  Receipt(s)  then  held or
represented by such person. A proxy need not be a Receiptholder.  In the case of
joint holders,  any one of them present in person or by proxy at the meeting may
vote in the  absence of the other or  others,  but in case more than one of them
shall be present in person or by proxy,  they shall vote  together in respect of
Subscription   Receipts  of  which  they  are  joint  registered  holders.   The
chairperson  of any meeting shall be entitled,  both on a show of hands and on a
poll, to vote in respect of the Subscription  Receipts, if any, that are held or
represented by the chairperson.

7.8      Regulations

The Subscription Receipt Agent, or Zarlink with the approval of the Subscription
Receipt  Agent,  may from  time to time  make and from  time to time  vary  such
regulations as it shall think fit for:

      (a)   the  setting  of  the  record  date  for a  meeting  of  holders  of
            Subscription Receipts for the purpose of determining  Receiptholders
            entitled to receive notice of and vote at such meeting;

      (b)   the issue of voting certificates by any bank, trust company or other
            depositary  satisfactory to the  Subscription  Receipt Agent stating
            that the Subscription  Receipt  Certificates  specified therein have
            been  deposited with it by a named Person and will remain on deposit
            until after the meeting,  which voting certificate shall entitle the
            Persons named therein to be present and vote at any such meeting and
            at any  adjournment  thereof  or to  appoint a proxy or  proxies  to
            represent  them and vote  for  them at any such  meeting  and at any
            adjournment  thereof in the same  manner and with the same effect as
            though the  Persons so named in such  voting  certificates  were the
            actual holders of the Subscription  Receipt  Certificates  specified
            therein;

      (c)   the  deposit  of  voting  certificates  and  instruments  appointing
            proxies at such place and time as the  Subscription  Receipt  Agent,
            Zarlink or the  Receiptholders,  convening the meeting,  as the case
            may be, may in the notice convening the meeting direct;

<PAGE>
                                       24

      (d)   the  deposit  of  voting  certificates  and  instruments  appointing
            proxies  at some  approved  place or places  other than the place at
            which the  meeting is to be held and  enabling  particulars  of such
            instruments appointing proxies to be mailed or telecopied before the
            meeting to Zarlink or to the Subscription Receipt Agent at the place
            where  the  same is to be held  and for the  voting  of  proxies  so
            deposited as though the instruments  themselves were produced at the
            meeting;

      (e)   the form of the  instrument  of proxy  and the  manner  in which the
            instrument of proxy must be executed; and

      (f)   generally  for the  calling of meetings  of  Receiptholders  and the
            conduct of business thereat.

Any  regulations  so made shall be binding and  effective and the votes given in
accordance  therewith  shall  be  valid  and  shall  be  counted.  Save  as such
regulations may provide, the only Persons who shall be recognized at any meeting
as a  Receiptholder,  or be  entitled  to vote or be present  at the  meeting in
respect  thereof  (subject to Section  7.9),  shall be  Receiptholders  or their
counsel, or duly appointed proxies of Receiptholders.

7.9      Zarlink and Subscription Receipt Agent may be Represented

Zarlink and the  Subscription  Receipt  Agent,  by their  respective  authorized
agents,  and the counsel for Zarlink and for the Subscription  Receipt Agent may
attend any meeting of the Receiptholders,  but shall have no vote as such unless
in their capacity as Receiptholder or a proxy holder.

7.10     Powers Exercisable by Special Resolution

In addition to all other powers  conferred upon them by any other  provisions of
this Agreement or by law, the Receiptholders at a meeting shall,  subject to the
provisions of Section 7.11, have the power, subject to all applicable regulatory
and exchange approvals, exercisable from time to time by special resolution:

      (a)   to agree to any modification,  abrogation, alteration, compromise or
            arrangement  of the  rights of  Receiptholders  or the  Subscription
            Receipt Agent  (subject to the consent of the  Subscription  Receipt
            Agent)  against  Zarlink or against its  undertaking,  property  and
            assets or any part  thereof  whether  such  rights  arise under this
            Agreement or the Subscription Receipts or otherwise;

      (b)   to amend, alter or repeal any special  resolution  previously passed
            or sanctioned by the Receiptholders;

      (c)   to direct or to authorize the Subscription  Receipt Agent to enforce
            any of the  covenants  on the  part  of  Zarlink  contained  in this
            Agreement  or the  Subscription  Receipts  or to enforce  any of the
            rights of the Receiptholders in any manner specified in such special
            resolution or to refrain from enforcing any such covenant or right;

      (d)   to waive, and to direct the Subscription Receipt Agent to waive, any
            default on the part of Zarlink in complying  with any  provisions of
            this Agreement or the

<PAGE>
                                       25

            Subscription Receipts either  unconditionally or upon any conditions
            specified in such special resolution;

      (e)   to restrain any  Receiptholder  from taking or instituting any suit,
            action or proceeding  against  Zarlink for the enforcement of any of
            the  covenants  on the  part of  Zarlink  in this  Agreement  or the
            Subscription  Receipts  or to  enforce  any  of  the  rights  of the
            Receiptholders;

      (f)   to direct any  Receiptholder  who,  as such,  has  brought any suit,
            action or proceeding to stay or to  discontinue or otherwise to deal
            with the same  upon  payment  of the  costs,  charges  and  expenses
            reasonably and properly incurred by such Receiptholder in connection
            therewith;

      (g)   to assent to any  modification  of,  change in or omission  from the
            provisions contained in the Subscription Receipts and this Agreement
            or any ancillary or supplemental  instrument  which may be agreed to
            by Zarlink,  and to  authorize  the  Subscription  Receipt  Agent to
            concur  in and  execute  any  ancillary  or  supplemental  agreement
            embodying the change or omission;

      (h)   with the consent of Zarlink  (such  consent  not to be  unreasonably
            withheld), to remove the Subscription Receipt Agent or its successor
            in office and to appoint a new  subscription  receipt  agent to take
            the place of the Subscription Receipt Agent so removed; and

      (i)   to assent to any  compromise  or  arrangement  with any  creditor or
            creditors or any class or classes of creditors,  whether  secured or
            otherwise, and with holders of any common shares or other securities
            of Zarlink.

7.11     Meaning of Special Resolution

      (a)   The  expression  "special  resolution"  when used in this  Agreement
            means,  subject as hereinafter  provided in this Section 7.11 and in
            Section 7.14, a resolution  proposed at a meeting of  Receiptholders
            duly  convened  for that  purpose  and held in  accordance  with the
            provisions of this Agreement at which two (2) or more Receiptholders
            are present in person either holding  personally or  representing as
            proxies not less in aggregate than 25% of the number of Subscription
            Receipts then  outstanding  and passed by the  affirmative  votes of
            Receiptholders  holding more than 66?% of the Subscription  Receipts
            represented at the meeting and voted on a poll upon such resolution.

      (b)   Notwithstanding  Section 7.11(a),  if, at any meeting called for the
            purpose  of  passing  a  special   resolution,   at  least  two  (2)
            Receiptholders  holding not less in  aggregate  than 25% of the then
            outstanding  Subscription  Receipts  are not present in person or by
            proxy within  thirty (30) minutes  after the time  appointed for the
            meeting,  then the meeting,  if convened by  Receiptholders  or on a
            Receiptholders'  Request, shall be dissolved;  but in any other case
            it shall stand adjourned to such day, being not less than twenty-one
            (21) nor more than sixty (60) days later, and to such place and time
            as may be  determined  by the  chairperson.  Not less  than ten (10)
            days'  prior  notice

<PAGE>
                                       26

            shall be given of the time and place of such  adjourned  meeting  in
            the manner  provided  for in Section  10.2.  Such notice shall state
            that at the adjourned meeting the  Receiptholders  present in person
            or by proxy shall form a quorum but it shall not be necessary to set
            forth the  purposes for which the meeting was  originally  called or
            any other particulars. At the adjourned meeting:

            (i)   if the special  resolution  purports  to  exercise  any of the
                  powers  conferred  pursuant  to Sections  7.10(a),  7.10(d) or
                  7.10(i) or purports to change the  provisions  of this Section
                  7.11 or of Section 7.14 or purports to amend,  alter or repeal
                  any special resolution  previously passed or sanctioned by the
                  Receiptholders  in exercise of the powers  referred to in this
                  paragraph,  a quorum for the  transaction  of  business  shall
                  consist of  Receiptholders  holding  more than 25% of the then
                  outstanding  Subscription  Receipts  present  in  person or by
                  proxy; and

            (ii)  in any other case,  a quorum for the  transaction  of business
                  shall consist of such  Receiptholders as are present in person
                  or by proxy.

      (c)   At  any  such  adjourned  meeting,  any  resolution  passed  by  the
            requisite  votes as provided in Section  7.11(a)  shall be a special
            resolution within the meaning of this Agreement notwithstanding that
            Receiptholders  holding  more  than  25%  of  the  then  outstanding
            Subscription  Receipts are not present in person or by proxy at such
            adjourned meeting.

      (d)   Votes on a special resolution shall always be given on a poll and no
            demand for a poll on a special resolution shall be necessary.

7.12     Powers Cumulative

Any one or more of the powers or any combination of the powers in this Agreement
stated  to be  exercisable  by  the  Receiptholders  by  special  resolution  or
otherwise may be exercised from time to time and the exercise of any one or more
of such  powers  or any  combination  of powers  from time to time  shall not be
deemed to exhaust  the right of the  Receiptholders  to  exercise  such power or
powers or combination of powers then or thereafter from time to time.

7.13     Minutes

Minutes of all resolutions  and  proceedings at every meeting of  Receiptholders
shall be made and duly  entered  in books to be  provided  from time to time for
that purpose by the  Subscription  Receipt Agent at the expense of Zarlink,  and
any such minutes as aforesaid,  if signed by the chairperson or the secretary of
the meeting at which such  resolutions  were passed or proceedings had or by the
chairperson  or  secretary  of the next  succeeding  meeting held shall be prima
facie evidence of the matters  therein stated and, until the contrary is proved,
every such meeting in respect of the  proceedings  of which  minutes  shall have
been  made  shall be  deemed  to have  been  duly  convened  and  held,  and all
resolutions  passed  thereat or  proceedings  taken shall be deemed to have been
duly passed and taken.

<PAGE>
                                       27

7.14     Instruments in Writing

All  actions  which may be taken and all  powers  that may be  exercised  by the
Receiptholders at a meeting held as provided in this Article 7 may also be taken
and exercised by an instrument in writing signed in one or more  counterparts by
such  Receiptholders  in person or by attorney  duly  appointed  in writing,  by
Receiptholders  holding  at  least  66?% of the  then  outstanding  Subscription
Receipts  with  respect to a special  resolution,  and the  expression  "special
resolution" when used in this Agreement shall include an instrument so signed by
Receiptholders  holding  at  least  66?% of the  then  outstanding  Subscription
Receipts.

7.15     Binding Effect of Resolutions

Every  resolution  and every special  resolution  passed in accordance  with the
provisions  of this  Article 7 at a meeting of  Receiptholders  shall be binding
upon all the Receiptholders, whether present at or absent from such meeting, and
every instrument in writing signed by  Receiptholders in accordance with Section
7.14 shall be binding upon all the  Receiptholders,  whether signatories thereto
or not, and each and every  Receiptholder  and the  Subscription  Receipt  Agent
(subject to the provisions  for indemnity  herein  contained)  shall be bound to
give effect accordingly to every such resolution and instrument in writing.

7.16     Holdings by Zarlink Disregarded

In determining whether Receiptholders are present at a meeting of Receiptholders
for the  purpose  of  determining  a quorum or have  concurred  in any  consent,
waiver, special resolution,  Receiptholders'  Request or other action under this
Agreement, Subscription Receipts owned legally or beneficially by Zarlink or any
affiliated  entity  of  Zarlink  shall be  disregarded  in  accordance  with the
provisions of Section 10.7.

                                   ARTICLE 8
                             SUPPLEMENTAL AGREEMENTS

8.1      Provision for Supplemental Agreements for Certain Purposes

From time to time Zarlink, the Lead Underwriter,  on behalf of the Underwriters,
and the  Subscription  Receipt Agent may,  subject to the provisions  hereof and
subject to regulatory  approval,  and they shall, when so directed in accordance
with the  provisions  hereof,  execute  and  deliver by their  proper  officers,
agreements supplemental hereto, which thereafter shall form part hereof, for any
one or more or all of the following purposes:

      (a)   adding  to the  provisions  hereof  such  additional  covenants  and
            enforcement  provisions as, in the opinion of Counsel, are necessary
            or advisable in the circumstances, provided that the same are not in
            the opinion of the  Subscription  Receipt  Agent relying on Counsel,
            prejudicial to the interests of the Receiptholders;

      (b)   giving effect to any special  resolution  passed in accordance  with
            Article 7;

      (c)   making such provisions not  inconsistent  with this Agreement as may
            be  necessary  or  desirable  with  respect to matters or  questions
            arising  hereunder,  provided that such

<PAGE>
                                       28

            provisions  are not,  in the  opinion  of the  Subscription  Receipt
            Agent,  relying on  Counsel,  prejudicial  to the  interests  of the
            Receiptholders;

      (d)   adding  to or  altering  the  provisions  hereof in  respect  of the
            transfer of Subscription Receipts, making provision for the exchange
            of Subscription Receipt Certificates, and making any modification in
            the form of the  Subscription  Receipt  Certificates  which does not
            affect the substance thereof;

      (e)   modifying  any  of  the  provisions  of  this  Agreement,  including
            relieving  Zarlink  from  any  of  the  obligations,  conditions  or
            restrictions  herein  contained,  provided that such modification or
            relief shall be or become  operative  or  effective  only if, in the
            opinion of the  Subscription  Receipt Agent,  such  modification  or
            relief in no way prejudices any of the rights of the  Receiptholders
            or of the Subscription  Receipt Agent, and provided further that the
            Subscription  Receipt Agent may, in its sole discretion,  decline to
            enter into any such supplemental  agreement which in its opinion may
            not afford  adequate  protection to the  Subscription  Receipt Agent
            when the same shall become operative; and

      (f)   for any  other  purpose  not  inconsistent  with  the  terms of this
            Agreement,   including  the  correction  or   rectification  of  any
            ambiguities,  defective or inconsistent provisions, errors, mistakes
            or  omissions   herein,   provided   that  in  the  opinion  of  the
            Subscription  Receipt Agent the rights of the  Subscription  Receipt
            Agent and of the Receiptholders are in no way prejudiced thereby.

                                    ARTICLE 9
                    CONCERNING THE SUBSCRIPTION RECEIPT AGENT

9.1      Rights and Duties of Subscription Receipt Agent

      (a)   In the exercise of the rights and duties  prescribed or conferred by
            the terms of this Agreement,  the  Subscription  Receipt Agent shall
            exercise that degree of care,  diligence and skill that a reasonably
            prudent  subscription  receipt  agent would  exercise in  comparable
            circumstances.  No provision of this Agreement shall be construed to
            relieve the  Subscription  Receipt Agent from  liability for its own
            negligent  action,  its own  negligent  failure  to act,  or its own
            misconduct or bad faith.

      (b)   The  obligation  of the  Subscription  Receipt  Agent to commence or
            continue any act,  action or proceeding for the purpose of enforcing
            any rights of the Subscription  Receipt Agent or the  Receiptholders
            hereunder shall be conditional upon the  Receiptholders  furnishing,
            when  required  by  notice  by  the   Subscription   Receipt  Agent,
            sufficient  funds to  commence or to  continue  such act,  action or
            proceeding  and  an  indemnity   reasonably   satisfactory   to  the
            Subscription  Receipt  Agent to  protect  and to hold  harmless  the
            Subscription Receipt Agent against the costs, charges,  expenses and
            liabilities  to be  incurred  thereby and any loss and damage it may
            suffer by reason thereof.  None of the provisions  contained in this
            Agreement shall require the Subscription  Receipt Agent to expend or
            to risk its own funds or otherwise to

<PAGE>
                                       29

            incur financial liability in the performance of any of its duties or
            in the exercise of any of its rights or powers unless indemnified as
            aforesaid.

      (c)   The Subscription Receipt Agent may, before commencing or at any time
            during  the  continuance  of any such  act,  action  or  proceeding,
            require the Receiptholders at whose instance it is acting to deposit
            with the Subscription  Receipt Agent the Subscription  Receipts held
            by them, for which  Subscription  Receipts the Subscription  Receipt
            Agent shall issue receipts.

      (d)   Every  provision of this  Agreement  that by its terms  relieves the
            Subscription  Receipt Agent of liability or entitles it to rely upon
            any evidence  submitted to it is subject to the  provisions  of this
            Section 9.1 and of Section 9.2.

      (e)   The  Subscription  Receipt  Agent shall have no duties  except those
            expressly set forth herein,  and it shall not be bound by any notice
            of a claim or demand with  respect to, or any waiver,  modification,
            amendment,  termination  or rescission  of, this  Agreement,  unless
            received  by it in writing  and signed by the other  parties  hereto
            and, if its duties herein are  affected,  unless it shall have given
            its prior written consent thereto.

      (f)   The Subscription Receipt Agent shall not be responsible for ensuring
            that  the  Proceeds  are  used  in the  manner  contemplated  by the
            Prospectus.

      (g)   The Subscription Receipt Agent shall retain the right not to act and
            shall not be held liable for  refusing to act unless it has received
            clear and reasonable  documentation which complies with the terms of
            this Agreement, which documentation does not require the exercise of
            any discretion or independent judgment.

      (h)   The Subscription  Receipt Agent shall incur no liability  whatsoever
            with respect to the  delivery or  non-delivery  of any  certificates
            whether delivery by hand, mail or any other means;

      (i)   The Subscription Receipt Agent shall not be responsible or liable in
            any manner whatsoever for the deficiency,  correctness,  genuineness
            or validity of any securities deposited with it.

9.2      Evidence, Experts and Advisers

      (a)   In  addition  to  the  reports,  certificates,  opinions  and  other
            evidence  required by this  Agreement,  Zarlink shall furnish to the
            Subscription  Receipt Agent such  additional  evidence of compliance
            with any provision  hereof,  and in such form,  as the  Subscription
            Receipt Agent may reasonably require by written notice to Zarlink.

      (b)   In the exercise of its rights and duties hereunder, the Subscription
            Receipt Agent may, if it is acting in good faith, act and rely as to
            the  truth  of the  statements  and  the  accuracy  of the  opinions
            expressed  in statutory  declarations,  opinions,  reports,  written
            requests, consents, or orders of Zarlink, certificates of Zarlink or
            other

<PAGE>
                                       30

            evidence furnished to the Subscription Receipt Agent pursuant to any
            provision  hereof  or  pursuant  to a  request  of the  Subscription
            Receipt Agent.

      (c)   Whenever it is provided in this Agreement that Zarlink shall deposit
            with  the  Subscription  Receipt  Agent  resolutions,  certificates,
            reports,  opinions,  requests,  orders  or  other  documents,  it is
            intended  that the truth,  accuracy and good faith on the  effective
            date thereof and the facts and opinions stated in all such documents
            so  deposited  shall,  in each and every  such case,  be  conditions
            precedent to the right of Zarlink to have the  Subscription  Receipt
            Agent take the action to be based thereon.

      (d)   Proof of the  execution  of an  instrument  in writing,  including a
            Receiptholders'  Request,  by any  Receiptholder  may be made by the
            certificate  of a notary  public,  or  other  officer  with  similar
            powers, that the Person signing such instrument  acknowledged to him
            the  execution  thereof,  or by an  affidavit  of a witness  to such
            execution  or in any other  manner  which the  Subscription  Receipt
            Agent may consider adequate.

      (e)   The  Subscription  Receipt  Agent  may act and  rely  and  shall  be
            protected  in acting and relying upon any  resolution,  certificate,
            statement,  instrument,  opinion, report, notice, request,  consent,
            order,  letter, or other paper document believed by it to be genuine
            and to have been  signed,  sent or  presented by or on behalf of the
            proper party or parties.

      (f)   The  Subscription  Receipt  Agent may employ or retain such Counsel,
            accountants,  appraisers  or other  experts  or  advisers  as it may
            reasonably  require for the purpose of determining  and  discharging
            its duties  hereunder and may pay  reasonable  remuneration  for all
            services so performed by any of them,  without  taxation of costs of
            any Counsel,  and shall not be  responsible  for any  misconduct  or
            negligence on the part of any such experts or advisers who have been
            appointed with due care by the Subscription Receipt Agent.

      (g)   The  Subscription  Receipt  Agent  may act and  rely  and  shall  be
            protected  in acting and  relying  in good  faith on the  opinion or
            advice of or information  obtained from Counsel,  or any accountant,
            appraiser, or other expert or advisor,  whether retained or employed
            by Zarlink or by the Subscription  Receipt Agent with respect to any
            matter arising in relation to the Agreement.

9.3      Documents, etc. Held by Subscription Receipt Agent

Any securities,  documents of title or other instruments that may at any time be
held by the Subscription  Receipt Agent pursuant to this Agreement may be placed
in the  deposit  vaults of the  Subscription  Receipt  Agent or of any  Canadian
chartered  bank  or  deposited  for  safekeeping  with  any  such  bank.  If the
Subscription  Receipt Agent has not received a direction  under Section 4.1, any
monies  so  held  pending  the  application  or  withdrawal  thereof  under  any
provisions of this  Agreement  may be deposited in the name of the  Subscription
Receipt Agent in any Canadian  chartered  bank, or in the deposit  department of
the Subscription  Receipt Agent or any other loan or

<PAGE>
                                       31

trust  company  authorized  to  accept  deposits  under  the laws of Canada or a
province  thereof,  at the rate of  interest  (if any) then  current  on similar
deposits.

9.4      Actions by Subscription Receipt Agent to Protect Interest

The Subscription Receipt Agent shall have the power to institute and to maintain
such  actions and  proceedings  as it may  consider  necessary  or  expedient to
preserve,   protect  or  enforce  its   interests   and  the  interests  of  the
Receiptholders.

9.5      Subscription Receipt Agent not Required to Give Security

The  Subscription  Receipt  Agent  shall  not be  required  to give  any bond or
security in respect of the  execution of this  Agreement or otherwise in respect
of the premises.

9.6      Protection of Subscription Receipt Agent

By way of supplement to the provisions of any law for the time being relating to
trustees, it is expressly declared and agreed as follows:

      (a)   the Subscription  Receipt Agent shall not be liable for or by reason
            of any  statements  of fact or recitals in this  Agreement or in the
            Subscription   Receipt   Certificates   (except  the  representation
            contained in Section 9.8 or in the  certificate of the  Subscription
            Receipt  Agent  on  the  Subscription  Receipt  Certificates)  or be
            required to verify the same, but all such statements or recitals are
            and shall be deemed to be made by Zarlink;

      (b)   nothing  herein   contained  shall  impose  any  obligation  on  the
            Subscription  Receipt Agent to see to or to require  evidence of the
            registration or filing (or renewal thereof) of this Agreement or any
            instrument ancillary or supplemental hereto;

      (c)   the Subscription  Receipt Agent shall not be bound to give notice to
            any Person or Persons of the execution hereof;

      (d)   the  Subscription  Receipt  Agent shall not incur any  liability  or
            responsibility  whatever  or be  in  any  way  responsible  for  the
            consequence  of any  breach  on the  part of  Zarlink  of any of the
            covenants   herein  contained  or  of  any  acts  of  any  officers,
            employees, agents or servants of Zarlink; and

      (e)   Zarlink shall indemnify and save harmless the  Subscription  Receipt
            Agent and its  officers,  directors,  employees  and agents from and
            against any and all liabilities,  losses, costs, claims,  actions or
            demands  whatsoever  brought against the Subscription  Receipt Agent
            which it may  suffer or incur as a result of or  arising  out of the
            performance  of its duties  and  obligations  under this  Agreement,
            including any and all  reasonable  legal fees and  disbursements  of
            whatever  kind or  nature,  save only in the event of the  negligent
            action, the negligent failure to act, or the misconduct or bad faith
            of the Subscription  Receipt Agent. It is understood and agreed that
            this  indemnification  shall survive the termination or discharge of
            this  Agreement or the  resignation  or removal of the  Subscription
            Receipt Agent.

<PAGE>
                                       32

9.7      Replacement of Subscription Receipt Agent; Successor by Merger

      (a)   The  Subscription  Receipt Agent may resign its  appointment  and be
            discharged from all other duties and liabilities hereunder,  subject
            to this  Section  9.7, by giving to Zarlink not less than sixty (60)
            days'  prior  notice in  writing  or such  shorter  prior  notice as
            Zarlink  may accept as  sufficient.  The  Receiptholders  by special
            resolution  shall  have  power at any time to  remove  the  existing
            Subscription Receipt Agent and to appoint a new subscription receipt
            agent. In the event of the  Subscription  Receipt Agent resigning or
            being removed as aforesaid or being  dissolved,  becoming  bankrupt,
            going into  liquidation  or otherwise  becoming  incapable of acting
            hereunder,  the Lead  Underwriter,  on behalf  of the  Underwriters,
            shall forthwith  appoint a new  subscription  receipt agent unless a
            new  subscription  receipt  agent has already been  appointed by the
            Receiptholders; failing such appointment by the Lead Underwriter, on
            behalf of the Underwriters,  the retiring Subscription Receipt Agent
            (at the expense of Zarlink)  or any  Receiptholder  may apply to the
            Ontario  Superior  Court of Justice on such notice as such court may
            direct, for the appointment of a new subscription receipt agent; but
            any  new  subscription  receipt  agent  so  appointed  by  the  Lead
            Underwriter, on behalf of the Underwriters, or by the Court shall be
            subject to  removal  as  aforesaid  by the  Receiptholders.  Any new
            subscription  receipt  agent  appointed  under any provision of this
            Section  9.7  shall  be a  corporation  authorized  to  carry on the
            business  of a trust  company in the  Province  of Ontario  and,  if
            required by the applicable  legislation for any other provinces,  in
            such other  provinces.  On any such appointment the new subscription
            receipt agent shall be vested with the same powers,  rights,  duties
            and  responsibilities  as if it had been originally  named herein as
            Subscription  Receipt Agent hereunder.  At the request of Zarlink or
            the  new  subscription  receipt  agent,  the  retiring  Subscription
            Receipt  Agent,  upon  payment  of the  amounts,  if any,  due to it
            pursuant to Section 5.3, shall duly assign,  transfer and deliver to
            the new  subscription  receipt agent all property and money held and
            all  records  kept  by  the  retiring   Subscription  Receipt  Agent
            hereunder or in connection herewith.

      (b)   Upon the  appointment  of a successor  subscription  receipt  agent,
            Zarlink  shall  promptly  notify the  Receiptholders  thereof in the
            manner provided for in Article 10 hereof.

      (c)   Any corporation  into or with which the  Subscription  Receipt Agent
            may be merged or  consolidated  or  amalgamated,  or any corporation
            resulting therefrom to which the Subscription Receipt Agent shall be
            a  party,  or any  corporation  succeeding  to the  corporate  trust
            business of the Subscription Receipt Agent shall be the successor to
            the Subscription  Receipt Agent hereunder without any further act on
            its  part  or  any  of  the  parties  hereto,   provided  that  such
            corporation  would  be  eligible  for  appointment  as  a  successor
            subscription receipt agent under Section 9.7(a).

      (d)   Any Subscription Receipt Certificate  certified but not delivered by
            a  predecessor  Subscription  Receipt  Agent may be delivered by the
            successor  subscription receipt agent in the name of the predecessor
            or successor Subscription Receipt Agent.

<PAGE>
                                       33

9.8      Conflict of Interest

      (a)   The  Subscription  Receipt Agent  represents to Zarlink and the Lead
            Underwriter,  on  behalf  of the  Underwriters,  that at the time of
            execution  and  delivery  hereof no  material  conflict  of interest
            exists  between its role as a subscription  receipt agent  hereunder
            and its role in any other capacity and agrees that in the event of a
            material  conflict of interest  arising  hereafter  it will,  within
            thirty  (30)  days  after  ascertaining  that it has  such  material
            conflict  of  interest,  either  eliminate  the same or  assign  its
            appointment as  Subscription  Receipt Agent hereunder to a successor
            subscription  receipt  agent  approved  by Zarlink  and  meeting the
            requirements  set  forth  in  Section  9.7(a).  Notwithstanding  the
            foregoing  provisions of this Section  9.8(a),  if any such material
            conflict of interest exists or hereafter  shall exist,  the validity
            and  enforceability of this Agreement and the Subscription  Receipts
            shall not be affected in any manner whatsoever by reason thereof.

      (b)   Subject to Section 9.8(a),  the  Subscription  Receipt Agent, in its
            personal  or any  other  capacity,  may buy,  lend  upon and deal in
            securities  of Zarlink and  generally  may  contract  and enter into
            financial  transactions  with  Zarlink or any  affiliated  entity of
            Zarlink without being liable to account for any profit made thereby.

9.9      Acceptance of Appointment

The  Subscription  Receipt Agent hereby accepts the  appointment as subscription
receipt agent in this Agreement and agrees to perform its duties  hereunder upon
the terms and conditions herein set forth.

9.10     Subscription Receipt Agent Not to be Appointed Receiver

The  Subscription  Receipt  Agent and any  person  related  to the  Subscription
Receipt  Agent  shall not be  appointed a  receiver,  a receiver  and manager or
liquidator of all or any part of the assets or undertaking of Zarlink.

                                   ARTICLE 10
                                     GENERAL

10.1     Notice to Zarlink, Subscription Receipt Agent and the Lead Underwriter,
         on behalf of the Underwriters

      (a)   Unless herein otherwise expressly  provided,  any notice to be given
            hereunder to Zarlink,  the Underwriters or the Subscription  Receipt
            Agent  shall be  deemed to be  validly  given if  delivered  by hand
            courier or if transmitted by telecopier:

            (i)   if to Zarlink:

                  Zarlink Semiconductor Inc.
                  400 March Road
                  Ottawa, (Ontario) K2K 3H4

                  Fax No.:         (613) 270-7403
<PAGE>
                                       34

                  Attention:       President and Chief Executive Officer

            with a copy to:

                  McCarthy Tetrault LLP
                  Suite 2500
                  1000 De La Gauchetiere Street West
                  Montreal (Quebec)  H3B 0A2

                  Attention: Sonia Struthers
                  Facsimile No.: 514-875-6246

            (ii)  if to the Lead Underwriter, on behalf of the Underwriters:

                  CIBC World Markets
                  BCE Place
                  161 Bay Street
                  6th Floor
                  Toronto (Ontario)
                  M5J 2C8

                  Attention:  Marwan A. Kubursi, Executive Director
                  Facsimile No.:  416-594-7226

            with a copy to:

                  Blake, Cassels & Graydon LLP
                  199 Bay Street, Suite 2800
                  Commerce Court West
                  P.O. Box 25, Station Commerce Court
                  Toronto (Ontario) M5L 1A9

                  Attention:  Frank P. Arnone
                  Facsimile:  416-863-2653

            (iii) if to the Subscription Receipt Agent:

                  Computershare Trust Company of Canada
                  100 University Avenue
                  9th Floor, North Tower
                  Toronto (Ontario)
                  M5J 2Y1

                  Attention:       Manager, Corporate Trust
                  Facsimile:       416-981-9777

<PAGE>
                                       35

            and any such notice delivered in accordance with the foregoing shall
            be deemed  to have  been  received  on the date of  delivery  or, if
            telecopied,  by 4:00 p.m. (Toronto Time), on the day of transmission
            or, if such day is not a Business  Day,  on the first  Business  Day
            following the day of  transmission.  Accidental error or omission in
            giving  notice  or   accidental   failure  to  mail  notice  to  any
            Receiptholder  will not invalidate any action or proceeding  founded
            thereon.

      (b)   Zarlink, the Lead Underwriter, on behalf of the Underwriters, or the
            Subscription  Receipt  Agent,  as the case may be,  may from time to
            time  notify the other  parties in the  manner  provided  in Section
            10.1(a) of a change of address  which,  from the  effective  date of
            such notice and until  changed by like notice,  shall be the address
            of Zarlink, the Lead Underwriter, on behalf of the Underwriters,  or
            the Subscription Receipt Agent, as the case may be, for all purposes
            of this Agreement.

10.2     Notice to Receiptholders

      (a)   Any  notice  to the  Receiptholders  under  the  provisions  of this
            Agreement  shall be valid  and  effective  if  delivered  or sent by
            letter or  circular  through the  ordinary  post  addressed  to such
            holders at their post office  addresses  appearing  on the  register
            hereinbefore  mentioned and shall be deemed to have been effectively
            given on the date of delivery or, if mailed,  five (5) Business Days
            following actual posting of the notice.

      (b)   If, by reason of a strike, lockout or other work stoppage, actual or
            threatened,  involving postal  employees,  any notice to be given to
            the Receiptholders hereunder could reasonably be considered unlikely
            to reach its  destination,  such notice shall be valid and effective
            only if it is  delivered  personally  to such  Receiptholders  or if
            delivered  to the address for such  Receiptholders  contained in the
            register of  Subscription  Receipts  maintained by the  Subscription
            Receipt Agent.

      (c)   All  notices to joint  holders of any  Subscription  Receipt  may be
            given to whichever one of the holders  thereof is named first in the
            appropriate register hereinbefore mentioned, and any notice so given
            shall  be  sufficient  notice  to  all  such  joint  holders  of the
            Subscription Receipt.

10.3     Ownership of Subscription Receipts

Zarlink and the  Subscription  Receipt  Agent may deem and treat the  registered
owner of any  Subscription  Receipt  Certificate or, in the case of a transferee
who has surrendered a Subscription Receipt Certificate in accordance with and as
contemplated in Sections 3.3 and 3.5, such transferee,  as the absolute owner of
the Subscription  Receipt represented thereby for all purposes,  and Zarlink and
the Subscription  Receipt Agent shall not be affected by any notice or knowledge
to the  contrary  except  where  Zarlink or the  Subscription  Receipt  Agent is
required  to  take  notice  by  statute  or by  order  of a court  of  competent
jurisdiction.  A Receiptholder shall be entitled to the rights evidenced by such
Subscription  Receipt Certificate free from all equities or rights of set off or
counterclaim between Zarlink and the original or any intermediate holder thereof
and all Persons may act  accordingly  and the receipt of any such  Receiptholder
for the Convertible Debentures which

<PAGE>
                                       36

may be acquired  pursuant  thereto shall be a good  discharge to Zarlink and the
Subscription Receipt Agent for the same and neither Zarlink nor the Subscription
Receipt Agent shall be bound to inquire into the title of any such holder except
where  Zarlink or the  Subscription  Receipt Agent is required to take notice by
statute or by order of a court of competent jurisdiction.

10.4     Evidence of Ownership

      (a)   Upon receipt of a  certificate  of any bank,  trust company or other
            depositary  satisfactory to the  Subscription  Receipt Agent stating
            that the Subscription Receipts specified therein have been deposited
            by a named Person with such bank,  trust company or other depositary
            and  will  remain  so  deposited  until  the  expiry  of the  period
            specified  therein,  Zarlink and the Subscription  Receipt Agent may
            treat the  Person so named as the  owner,  and such  certificate  as
            sufficient  evidence  of  the  ownership  by  such  Person  of  such
            Subscription  Receipt  during  such  period,  for the purpose of any
            requisition,  direction, consent, instrument or other document to be
            made,  signed or given by the holder of the Subscription  Receipt so
            deposited.

      (b)   Zarlink and the Subscription  Receipt Agent may accept as sufficient
            evidence  of the fact and date of the  signing  of any  requisition,
            direction,  consent,  instrument or other document by any Person (i)
            the signature of any officer of any bank,  trust  company,  or other
            depositary satisfactory to the Subscription Receipt Agent as witness
            of such  execution,  (ii) the  certificate  of any notary  public or
            other  officer  authorized to take  acknowledgements  of deeds to be
            recorded at the place where such certificate is made that the Person
            signing  acknowledged  to him  the  execution  thereof,  or  (iii) a
            statutory declaration of a witness of such execution.

10.5     Satisfaction and Discharge of Agreement

Upon the earliest of:

      (a)   the entering of a Book-Entry  Only System  customer  confirmation of
            Underlying  Convertible  Debentures  in a CDS account for holders of
            Subscription  Receipts  and the payment of monies if any required to
            be paid to Zarlink pursuant to Section 3.2; or

      (b)   the  payment  of all monies  required  where  Termination  occurs as
            provided in Section 3.5(b),

this Agreement shall cease to be of further effect and the Subscription  Receipt
Agent,  on demand of and at the cost and expense of Zarlink and upon delivery to
the  Subscription  Receipt  Agent of a certificate  of Zarlink  stating that all
conditions  precedent to the  satisfaction  and discharge of this Agreement have
been complied with, shall execute proper instruments acknowledging  satisfaction
of  and  discharging  this  Agreement.   Notwithstanding   the  foregoing,   the
indemnities  provided to the  Subscription  Receipt  Agent by Zarlink  hereunder
shall  remain in full force and  effect  and  survive  the  termination  of this
Agreement.

<PAGE>
                                       37

10.6     Provisions of Agreement and Subscription Receipts  for the Sole Benefit
         of Parties and Receiptholders

Nothing in this Agreement or in the Subscription Receipt Certificates, expressed
or  implied,  shall give or be  construed  to give to any Person  other than the
parties hereto, the Receiptholders and the transferees of Subscription  Receipts
as  contemplated  in  Sections  3.3 and 3.5,  as the case may be,  any  legal or
equitable right, remedy or claim under this Agreement,  or under any covenant or
provision herein or therein  contained,  all such covenants and provisions being
for the  sole  benefit  of the  parties  hereto,  the  Receiptholders  and  such
transferees.

10.7     Subscription Receipts Owned by  Zarlink or its Subsidiaries Certificate
         to be Provided

For the purpose of  disregarding  any  Subscription  Receipts  owned  legally or
beneficially  by Zarlink or any affiliated  entity of Zarlink as contemplated in
Section 7.16, Zarlink shall provide to the Subscription Receipt Agent, from time
to  time,  a  certificate  of  Zarlink  setting  forth  as at the  date  of such
certificate the number of Subscription Receipts owned legally or beneficially by
Zarlink or any affiliated entity of Zarlink, and the Subscription Receipt Agent,
in making the  computations  in Section 7.16,  shall be entitled to rely on such
certificate without requiring further evidence thereof.

10.8     Effect of Execution

Notwithstanding any provision of this Agreement, should any Subscription Receipt
Certificates  be issued and certified in accordance  with the terms hereof prior
to  the  actual  time  of  execution  of  this  Agreement  by  Zarlink  and  the
Subscription  Receipt Agent, any such Subscription Receipt Certificates shall be
void and of no value and effect until such actual execution.

10.9     Time of Essence

Time is and shall remain of the essence of this Agreement.

10.10    Counterparts

This Agreement may be executed and delivered in counterparts, each of which when
so  executed  and  delivered  shall  be  deemed  to  be  an  original  and  such
counterparts   together  shall  constitute  one  and  the  same  instrument  and
notwithstanding  their date of execution  they shall be deemed to be dated as of
the date hereof.

                            [Signature page follows]

<PAGE>
                                       38

IN WITNESS  WHEREOF the parties  hereto have executed  this  agreement as of the
date first written above.

                                    ZARLINK SEMICONDUCTOR INC.

                                    By: (s)o
                                        ----------------------------------------
                                        Name: o
                                        Title: o

                                    By: (s)o
                                        ----------------------------------------
                                        Name: o
                                        Title: o

                                    CIBC WORLD MARKETS INC.

                                    By: (s)o
                                        ----------------------------------------
                                        Name: o
                                        Title: o

                                    COMPUTERSHARE TRUST COMPANY OF CANADA

                                    By: (s)o
                                        ----------------------------------------
                                        Name: o
                                        Title: o

                                    By: (s)o
                                        ----------------------------------------
                                        Name: o
                                        Title: o

<PAGE>

                                  SCHEDULE "A"
                    FORM OF SUBSCRIPTION RECEIPT CERTIFICATE

Unless this  Certificate  is presented by an  authorized  representative  of CDS
Clearing and Depository  Services Inc. ("CDS") to ZARLINK  SEMICONDUCTOR INC. or
its agent for registration of transfer, exchange or payment, and any certificate
issued in respect  thereof is  registered  in the name of CDS & Co.,  or in such
other  name as is  requested  by an  authorized  representative  of CDS (and any
payment  is made to CDS & Co.  or to such  other  entity as is  requested  by an
authorized  representative of CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the  registered  holder
hereof, CDS & Co., has an interest herein.

                           ZARLINK SEMICONDUCTOR INC.
                     (A corporation duly incorporated under
                               the laws of Canada)

Number: o                                CUSIP:o

            THIS IS TO CERTIFY  THAT ____o_  (the  "Holder")  is the  registered
holder of ______o______________ Subscription Receipts represented hereby.

            The Subscription  Receipts  represented by this Subscription Receipt
certificate  ("Certificate")  are  issued  pursuant  to a  Subscription  Receipt
Agreement ("Agreement") dated July [30], 2007 between ZARLINK SEMICONDUCTOR INC.
("Zarlink"),  COMPUTERSHARE  TRUST COMPANY OF CANADA (the "Subscription  Receipt
Agent"), and CIBC WORLD MARKETS INC. on its own behalf and on behalf of NATIONAL
BANK  FINANCIAL  INC.,  RBC DOMINION  SECURITIES  INC.  and SCOTIA  CAPITAL INC.
(collectively, the "Underwriters").

            Capitalized terms used in the Agreement have the same meaning herein
as therein, unless otherwise defined.

            Each  Subscription  Receipt  entitles  the  holder  to  receive,  in
accordance  with  the  terms  of,  and  subject  to,  the  Subscription  Receipt
Agreement:

      (a)   if the Acquisition Closing Date occurs on or before the Deadline, to
            automatically  receive,  without any further action required by such
            holder and without the payment of any additional consideration,  one
            Convertible  Debenture  for each  Subscription  Receipt  held by the
            Receiptholder; or

      (b)   if the  Acquisition  Closing  Date does not  occur on or before  the
            Deadline or if a Termination Event occurs, to receive,  on the third
            Business Day following the Termination Date, a Termination Payment.

            The Subscription  Receipts  represented  hereby are issued under and
pursuant to the Agreement. Reference is hereby made to the Agreement and any and
all other  instruments  supplemental or ancillary thereto for a full description
of the rights of the  holders  of the  Subscription  Receipts  and the terms and
conditions upon which such  Subscription  Receipts are, or are to be,

<PAGE>
                                       A-2

issued and held,  all to the same effect as if the  provisions  of the Agreement
and all instruments supplemental or ancillary thereto were herein set forth, and
to all of  which  provisions  the  holder  of  these  Subscription  Receipts  by
acceptance hereof assents.  In the event of a conflict or inconsistency  between
the terms of the  Agreement  and this  Certificate,  the terms of the  Agreement
shall prevail.

            The Agreement contains provisions making binding upon all holders of
Subscription Receipts outstanding  thereunder  resolutions passed at meetings of
such holders held in  accordance  with such  provisions  and by  instruments  in
writing  signed  by the  holders  of a  specified  majority  of the  outstanding
Subscription Receipts.

            The  Subscription  Receipts  evidenced  by this  Certificate  may be
transferred  on the  register  kept at the offices of the  Subscription  Receipt
Agent by the  registered  holder  hereof  or his  legal  representatives  or his
attorney  duly  appointed  by an  instrument  in writing  in form and  execution
satisfactory to the Subscription Receipt Agent, only upon payment of the charges
provided  for  in  the  Agreement  and  upon  compliance  with  such  reasonable
requirements  as the  Subscription  Receipt  Agent may  prescribe.  The transfer
register shall be closed at 5:00 p.m. (Toronto time) on the Termination Date.

            This Certificate  shall not be valid for any purpose whatever unless
and until it has been countersigned by or on behalf of the Subscription  Receipt
Agent.

<PAGE>
                                       A-3

            Time shall be of the essence hereof. This Certificate is governed by
the laws of the Province of Ontario and the laws of Canada applicable therein.

            IN WITNESS WHEREOF Zarlink has caused this  Certificate to be signed
by a duly authorized representative as of July o, 2007.

Countersigned by

                                      ZARLINK SEMICONDUCTOR INC.,

                                      By:
                                            ------------------------------------
                                      Name:
                                      Title:

                                      By:
                                            ------------------------------------
                                      Name:
                                      Title:

                                      COMPUTERSHARE TRUST COMPANY OF CANADA
                                      as Subscription Receipt Agent

                                      By:
                                            ------------------------------------
                                      Name:
                                      Title:

                                      By:
                                            ------------------------------------
                                      Name:
                                      Title:

<PAGE>

                                  SCHEDULE "B"
                                 FORM OF NOTICE

TO:   COMPUTERSHARE TRUST COMPANY OF CANADA (the "Subscription Receipt Agent")

Reference is made to the Subscription  Receipt Agreement (the "Agreement") dated
as of July [30], 2007 among the undersigned,  CIBC World Markets Inc., on behalf
of the Underwriters,  and the Subscription Receipt Agent (capitalized terms used
herein without definition having the meanings specified therein).

            In  accordance  with  the  provisions  of the  Subscription  Receipt
Agreement,  Zarlink Semiconductor Inc. ("Zarlink") is writing to advise you that
the Acquisition Closing Date has occurred on or before the Deadline.

            In accordance with Section 3.2 of the Agreement,  the Escrowed Funds
are to be released as follows:

      (a)   as to $o to CIBC World  Markets Inc, on behalf of the  Underwriters;
            and

      (b)   as to the balance to Zarlink.

      Payment is to be made forthwith and to be delivered prior to Issue Time as
            follows:

      (c)   as to the above $_____ : to CIBC World Markets Inc.;

      (d)   as to the balance to Zarlink at:_______ .

            The  Subscription  Receipt  Agent in its  capacity as trustee of the
Convertible  Debentures,  is hereby irrevocably directed and authorized to issue
and deliver on behalf of Zarlink a global certificate  registered in the name of
CDS or its nominee,  representing o Convertible  Debentures  effective as at the
Acquisition  Closing Date,  which is o, 2007,  all as provided in Section 3.3 of
the Agreement.  The Convertible  Debentures  shall be deemed to be issued at the
Acquisition Closing Date  notwithstanding  that the certificate  evidencing such
Convertible  Debentures has not been issued. Zarlink Semiconductor Inc. confirms
that the  allotment  and  issue of these  Convertible  Debentures  has been duly
authorized by all necessary action.

            The foregoing  direction is irrevocable  and shall  constitute  your
good and sufficient authority for making such payments as directed above.

                         [Signatures on following page]

<PAGE>
                                      B-2

DATED the   ________   day of ______________________, 2007.

                                      ZARLINK SEMICONDUCTOR INC.,

                                      By:
                                         ---------------------------------------
                                         Authorized Signing Officer

                                      By:
                                         ---------------------------------------
                                         Authorized Signing Officer

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